What normalisation actually means
Normalised (or maintainable) is what the business would earn under a normal owner, in a normal year, with nothing unusual helping or hurting the figures. It is the number your is applied to, so every pound you can properly justify is worth several pounds of value.
The word doing the work is 'properly'. Normalisation is not optimism: it is a documented bridge from reported profit to maintainable profit, with each step supported by evidence.
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