Answering "what would you pay for it" in PE interviews

Hello,
I am interviewing with a PE firm this week and based on input from others at the firm, am expecting to have case interviews with "what would you pay for it" as the ultimate question. Transaction multiples are one way, and another is back-calculating based on desired return. What is the easiest way to the the latter method in a "back of the envelope" manner?
Thanks

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