I don't think you understand valuation and multipliers at all, no offense. Without personally doing any work on MSG it sounds like a business model that is not even remotely scalable, and sounds semi redundant. I don't see how their business model compares to a tech scalable company such as EN1 at all.
Lets not compare to that company again. IMO it's embarassing to even try to place them in the same valuation methodology tbh.
