Interesting idea, thank you. A couple notes/questions:
Why has share count doubled since 2020?
Why use P/OI? OI is agnostic to capital structure, but market cap is not - you need to match the two. So the right metric would be EV/OI (aka EV/EBIT) - or if you don't want to be capital structure-agnostic, good old P/E.
1. The share count is not going up, they are just converting shares of the old Opco, aggregators get that wrong. 2. I don't know what tax rate will be, and think they will have the cash flow to pay back TRA + debt, but I do get your point. Modeling is not my expertise,
Interesting idea, thank you. A couple notes/questions:
Why has share count doubled since 2020?
Why use P/OI? OI is agnostic to capital structure, but market cap is not - you need to match the two. So the right metric would be EV/OI (aka EV/EBIT) - or if you don't want to be capital structure-agnostic, good old P/E.
1. The share count is not going up, they are just converting shares of the old Opco, aggregators get that wrong. 2. I don't know what tax rate will be, and think they will have the cash flow to pay back TRA + debt, but I do get your point. Modeling is not my expertise,