Student, currently in the interview process for Real Estate M&A: I am supposed to evaluate an operating company of short-term flats (think holiday flat). The company does not own any assets but only operates AirBnB Bookingcom accounts and rents the residential properties, which it sublets. Through cumbersome calculation I have the P&L from 2015 to 2023 and Q1 2024. How would you value such a company? According to the case study, a DCF is not desired. EV/EBITDA Multiples?
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