Beware! Highly ambitious forward EBITDA, page-4

This is not how dental works.

The cost savings by consolidation of something that contributes very little to overhead, is minimal.

Further, any savings by way of bulk buying etc are quickly eroded when you look at costs of corporate overhead.

Also, read my other post. Executive remuneration makes up 12% of profit. That’s a big figure to overcome as it is.

Synstrat may be biased. That’s correct. But their analysis is pretty spot on here.