And even giving it an Ebitda multiple akin to the far more profitable Disney, for example, the company is worth perhaps 70% of what Bain paid for it.

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The analyst notes that Western Europe and North America together account for about 70% of revenues But he adds that for revenus to grow fast enough to justify a 15x 2014 consensus EBITDA multiple likely requires 20% growth in those markets.

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If you take those fees and give a five multiple to the revenues or 10 or 12 multiple to the EBITDA, then we had the price of the stock.

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