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Not that I matters, but I just need to go thru this exercise anyway.

Last night EAT announces that the company expects fiscal 2009 earnings per diluted share, before special items and excluding the results of Macaroni Grill, to decline between 15 -25%.

I now get EAT’s NTM EBITDA around $380 million. Using last night close of $13, that implies EAT EV/EBITDA at 5.7x. Normally, I could argue that the stock reflects the negative pre-announcement. I can’t say that today.

If the market takes EAT’s valuation down by 1 multiple point that would equals a decline of $3.75 or 25%. Unfortunately, that seems about right!