Valuation Impact?

Hypothetical situation:

Company has been expensing some maintenance Capex during the TTM period. The Company / Ibankers now want to add-back this maintenance Capex expense to boost EBITDA. What would be the effect on valuation?

I believe there should not be any effect. Since the cash flows should not be changing. Show me that I'm wrong. Just saying that EBITDA goes up and so valuation goes up is wrong imo.

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