Ann: Preliminary Final Report, page-26

It's Actually trading not far off that 2 pe when you account for the cash. About $3.6m in cash. Assuming accounts receivable and payable just form part of the business. That puts current market cap just over $5m after cash is retained. Also, I think someone selling a business for 1-2 pe is going to be where you are buying a job that returns 100k per year or whatever, not a business bringing in $2m in underlying profit...not to mention how much the CEO is able to pay himself as a salary. That kind of pricing is for businesses where you don't draw a seperate salary, but you are the business. Much smaller businesses will fetch 4-5x pe in my opinion. Industry plays a role of course.