Do you think they'd leave out depreciation?
It is $240 on $60 of ebitda. A lot of people that don’t do it for a living don’t know what ebitda means so I just said pre-tax
The reality is that gunbroker has very little in terms of fixed assets and so therefore would not have much depreciation
In terms of a multiple, just on its face, 6x seems low. That said, I am sure buyers question the sustainability of the current earnings level. Furthermore, prices for many companies get driven up by private equity investors but most of them would not invest in gunbroker due to headline risk or, in many cases, a specific prohibition from their investors on investing in a company that makes its money based on firearms. That’s just the reality
