EV / EBITDA next twelve months is Enterprise Value divided by EBITDA next twelve months (calendarized EBITDA)
The calendarized EBITDA takes seasonality into consideration. It does not just consider the fiscal year, but calculates EBITDA also according to where we are in the year.
he EBITDA next twelve months or calendarized EBITDA estimate is calculated on a sliding twelve months basis:
eg. The calculation for 1st April 2006 is:
[1/12] * [1 Apr-31 Dec (mths)] * [EBITDA (e) '06] + [1/12] * [Jan 1-Apr 1 (mths)] * [EBITDA (e) '07]
