really? I know training has had its issues in the past. But a...

really? 
I know training has had its issues in the past. But a revenue run rate of 8m, was 10% EBITDA margins with rapidly increasing operating leverage (Vic has been a drag for awhile) and 15% growth rate, with what sounds like a much more sustainable model (and far fewer competitors) only worth 5m? 

Unless you think this is a cyclical and we are at its peak (which I certainly don’t think so) I would have thought 5x EBITDA would be too cheap for this sort of business...

Irrespectively it’s certainly not expensive and I would argue that given at least a couple of years of solid execution that the discounted valuation multiples should no longer be applied. I have been wrong many times before though!