Ann: Completion of The Healthy Mummy, page-30

"If it will be the former, where do you see the fair value?"

@ASXleo, there are so many variables at play here, so it is difficult to know with any level of accuracy. If I had to guess, I would say somewhere between 4-12x EBITDA — starting at the lower end of that range and moving towards the top end of the range once fully deleveraged and at a larger scale ($10m+ EBITDA). The below chart is from the 2021 Capital Markets Report produced by the Pepperdine Private Capital Markets Project (page 49). For most businesses with EBITDA of $1,000,000 - $10,000,000, the EBITDA multiple will be in the general range of 4.0x to 7.0x, increasing as EBITDA increases. The Man Shake was reportedly sold to Pacific Equity Partners (PEP) for 12x EBITDA earlier this year (~$200m valuation).