Ok, that’s your view, but general principal for market valuation and any multiple (PE, PB, EV/EBITDA) is always on forward looking basis – be it 1 yr or more, else why would someone worry about Earnings growth in future?
I agree with you on DCF, but my experience is that DCF is highly dependent on near-term growth and terminal value (say 10 years). DCF is therefore a good metric to value a company in cyclical industry or in matured phase but not high growth/underpenetrated industry like Amusement parks. May be 2-3 year forward earnings multiple is a better valuation metric for Wonderla, definitely not FY24!
Appreciate others comments as well.
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