Agree but i would go a far as to say its free cashflow that is...

Agree but i would go a far as to say its free cashflow that is the important number not ebitda. Ebitda is used by bankers because it's the amount they can get there hands on when a company is in financial stress but it doesn't take into account that a portion of ebitda is required to be reinvested back into the business just to maintain its status quo...if you don't replace aging assets then you will have a very tired business in a few years.

Unfortunately a lot of our financial analysts use ebitda figures when discussing listed business well .....something that ammuses me no end