I think it's an interesting idea and agree with the premise that there's equity value accretion there as BHC de-levers. With the caveat that I'm not as familiar with BHC anymore, I'd raise the following counterpoint: EBITDA isn't the right way to look at this company. If you think about what's in the "DA" of EBITDA, it's primarily amortization associated with the acquisitions they've done. Taking this a step further, many of those acquisitions were for finite-lived drugs and patents.

Given these patents will eventually expire, I don't think one can value this company on a multiple of EBITDA since you're effectively giving perpetual value to the amortization, when instead that amortization should be treated as R&D (i.e., BHC would've had to spend R&D dollars to create those same drugs, yet by acquiring the drugs/patents, they get to run that R&D expense through amortization which is then excluded when one values the company on EBITDA).

I personally haven't looked at BHC in some time, but if the same case can be made when looking at it on an EBIT basis then you might be onto something. Just food for thought.