Comparative analysis TNK appears to be very good value when compared to other childcare listed companies as well as other ASX listed roll-ups. Compared to other childcare companies (including Affinity Education at its acquisition price), TNK trades at an attractive 23% discount on a FY17 EV/EBIT basis. Figure 9: Listed childcare comps Source: Capital IQ, Factset, Canaccord Genuity estimates Calculate Think Childcare's 'Discount to average' rather than median based on the 'FY2017F P/E' multiple, rounded to the nearest percentage point. The FY2017F P/E 'Discount to average' is: a. 19% b. 22% c. 25% d. 28% e. 31%