Interesting one, good founder-led.
The question is what multiple you put on roll-ups?
Maybe I'm conservative but I feel like the market over-values roll-ups (once you factor in price, funding, costs, actual synergies).
Also, I don't know why they can't do this (or most of it) organically - what are they really buying (especially as they get bigger)??
Buying is obviously easier but organic is always best.
IMO pricing seems fair - not over/under valued.
Con Notes in at 14c - will we see a selldown from those not escrowed? - would be interested around that price (if it gets there).
P.S. I don't like EBITDA multiples when there's a lot going on below this line (e.g. leases)
