Gross Operating Margin (or EBITDA) is an important guide in M&A operations. In the approach phase between the parties (and sometimes even in the sales contract). Although the valuation methods that use EBITDA have theoretical limits, we believe it is essential to understand how this measure is constructed and what logics can be followed to isolate extraordinary or non-recurring events.
This article by Marsilii and Gagliardi contributes to deepen the topic.

Amministrazione e Finanza, 5/2017