Photo agencies According to the Cfo Simon Bedard, the photo agencies have gross margins of between 50-60% and net income margins of 15-20%
This does not take into account the synergies of the combined businesses.
If the acquisition purchase price is $3m with revenue of ~ $1.6m, then we have a PE multiple of 3/(1.6*0.15) = 12.5 on the high end and 3/(1.6*0.2) = 9.375 on the low end.
This is a very attractive purchase price multiple as future revenues can only increase as new products are introduced and a return to normal economic activity resumes.