A long way from where it is right now. I'm not going to pay 13x EBITDA because they didn't have to impair their assets (yet) and because a business they bought failed to hit it's earn-out milestone. Meanwhile they're treading water at the topline and going backwards at the bottom line. This business has struggled for years until covid came along. Short of someone coming along and buying the co, I just cannot see how you can make a buy argument here.
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