re: How much would a company like Turner Industries be worth?

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Zero chance, that’s a 5x rev multiple. Assuming a ~15% margin profile, that’s 30+x EBITDA.

Don’t follow these types if companies, but I’d guess this is a 9-11x type of business.

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So assuming 15% margin, $2B revenue, and a 10x multiple that would put them in the neighborhood of… $3B valuation?

So ballpark, call it a $2-4B company?

Although I wouldn’t be surprised if their actual margins were considerably lower than 15%. It’s a highly competitive business, and a large portion of their work is maintenance - i.e. reimbursable - which is generally very low margin business.

Also I have no idea if that $2B revenue number is accurate. Just going by what others have said ITT.