Add ons to ETC contractsCabbie (or others), what is your view of the estimate given in the past on the add ons multiple for ETC contracts. In past calls they`ve indicated 7-8 times the original contract value may be expected for future ad on revenue - so some of the $100 millioin contracts could be worth $700 or $800 million (albeit over perhaps 10+ years but still VERY material). My concern is those multiple were given by those no longer with the firm (and perhaps let go partly because those estimates were too optimistic. Do you have the same reservations and/or have you recently confirmed those multiples with management? Cabblie, I know you were modeling a multiple in the 5x range in your projections.
Thanks,
Chi