A couple of readers have asked that I start up a valuation thread.  No wrong answers here if you’d like to add your thoughts.  I’d particularly like to hear how you handle asset valuation vs income from assets; I’ve seen a fair amount of double counting.

I’ll start with a quicky that I wrote after the Q: “I calculate the “non-sale” (no sale income included) EBTDA to be $73MM.  $73MM taxed at 20% = $58.4MM or $234MM/year.  20x = $4.67B.  30x = $7B.  Current mkt cap is $6.13B.  Implied multiple = 26x.  Again, very back of the envelope.”