Apparently TPG acquired iinet on a ev/ebitda multiple of 7.4, if that was used it might add utpo 23% to your fair value estimate, which would be $3.20.
AFAIK 6 is considered very cheap for a company with recurring revenue, and its a number more common for the mining industry, but its one of the those fuzzy numbers that people have to make their own mind on.
https://www.grantthornton.com.au/gl...publications/gtal_2016_dealtracker_290616.pdf
Forecast and DCF, page-11
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