I have come across a few deals in the e-commerce space and it looks as though the mutiples are very low, in many instances###-###-#### 25X EBITDA. I suspect this mainly is due to the short life of these companies, as many of them were started over the last 2-4 years. There there any other reasons why mutliples may be so low? Do e-commerce brands (selling on Amazon or Shopify) typically rise and fall quickly? Do they often have a few good years and then fizzle out? What are the primary factors making these so low? I'm not too familiar with this field, so thanks for any input.