Non-standard metrics are not inherently dishonest. Many of them genuinely describe the business better than the statutory figure. The question is always the same: what is being left out, and does the exclusion recur?
The recurrence test
If a cost has been excluded as one-off in three consecutive years, it is a cost.
The reconciliation test
A metric you cannot reconcile back to the statements in two steps is a metric you should not use in a valuation.
