Global Value & Income Dispatch

The “smoke and mirrors” of financial analysis: adjusted EBITDA. Lale Topcuoglu explains the common pitfalls of using it. 

  • Adam Gittes
17 Sep 2019
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View PDF   Download PDF  
  • EBITDA is a non-GAAP figure that is subject to many “subjective” adjustments and forms the key metric in many bond covenant calculations.
  • Over time, EBITDA has morphed into adjusted EBITDA as issuers and analysts broaden the definition.
  • Lale Topcuoglu, Head of Credit and Senior Fund Manager of the Global Income Builder Fund, explains the common pitfalls of an analysis solely focused on adjusted EBITDA. 


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