> market cap of tech companies is usually rather based on NTM EBITDA This is almost entirely false. > 40% is a valid EBITDA margin for telcos Uh what? I didn

> market cap of tech companies is usually rather based on NTM EBITDA This is almost entirely false. > 40% is a valid EBITDA margin for telcos Uh what? I didn't state that 40% wasn't valid. I simply stated that gross margin != EBITDA.