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:

A ratio is taken of the number of months from today until the end of the year divided by twelve (number of months in the year).

This ratio is multiplied by the EBITDA estimate number for this year.

Another ratio is calculated for the number of months from January until today.

Multiply this ratio by the EBITDA estimate number for next year.

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]