EV/Ebitda

Yeah.

If I listed the last 10 transactions in private airports, in average, I would say the companies have been valued at around 20 times EV EBITDA, sometimes a bit higher, 20, 25 times.

And then I take the average of the listed airports, it's below 10 times.

A multiple from one to two between the two.

You're at a 63% premium.

on forward earnings multiple 68% premium on EV EBITDA multiple 74% premium on EV EBIT multiple and 104% premium on EV sales multiple.

So we're talking a really big valuation.

But at this point in time, at this moment, this is the time you got to pay up.

And if you kind of look at the historical comparison, all the other charts we pulled up today on valuation multiples, they were reading 20% premium to normal valuations, 30% premium to normal valuations, 50% premium to normal valuations.

Zscaler is at a 30% discount on its forward earnings multiple to its trailing 24-month average P multiple.

28% discount on EV EBITDA, 27% discount on EV EBIT, 22% discount on EV revenues, and 35% discount on price to book.

So where everyone else is trading at a 20, 30, 40, 50% premium to their average valuation multiples, you have Zscaler trading at a 20, 30% discount to its average valuation multiples, despite the fact that it is a big grower with rising estimates with great AI strategy.

We're below the five-year average BORP multiple, 13% below.

We're 14% below the five-year average EV EBITDA multiple.

We're 15% below the five-year average EV EBIT multiple.

So, I mean, across the board, outside of price to book value, which nobody really cares about book value on a semiconductor company like this, we're discounted on a five-year average multiple.

And if you look at you know, how the copper stocks have run, right, on the back of this AI and electrification theme.

You know, you're looking at, I mean, this is Freeport-McMoran's forward EV EBITDA, you know, up to just about sort of two-town standard deviations above its 20-year average right now.

And if you look at a lot of the copper stocks, right, If you look at a lot of the copper stocks, you know, Southern Copper and others, you're in that same dynamic.

So you need to be careful about underwriting it.

So there are some earnings tailwinds coming through from a stronger copper price.

But for us, it's had a big EV EBITDA re-rate recently, and so it's a hold.

Sure, I think Charles touched on it there.

Big dividend, a lot of big numbers coming out of results.