RE: SELL,SELL,SELL,SELL,SELL,SELL Fair market value = 2.5 x EBITDA annually, however, not sure where you get $200 million for annualized EBITDA. The quarterly EBITDA this quarter alone is $146 million.
You can look at four cases, on opposite ends of the spectrum to understand fair value assessment using the 2.5 EBITDA multiplier...
Best case: If EBITDA stayed the same all year (unlikely) then 2.5*4*146 = 1.46 B fair value.
If EBITDA declines linearly by 25% over the year, then you`re looking at a mean quartery EBITDA of 128Million. In this case, Fair value = 2.5 x 4 x 128 = 1.28 B.
If EBITDA declines linearly by 50% over the year, then mean quartery EBITDA is 109.5 Million and fair value is at 1.1 Billion or so.
Worst reasonable case: Finally, if print revenue drops to zero and online does not change, then with a linear 70% EBITDA drop (since online equals 30% right now and margin is similar to print), mean quarterly EBITDA would be 95.5 million and fair value would be 955 million.