I'm currently looking at a deal with the following characteristics....
- 3 years of revenue and SDE declines, but a significant increase for###-###-#### expected)
- Company is fairly saturated in terms of market share (i.e. it can grow, but I don't see it doubling / tripling)
- Fully reliant on government funding (Canada)

It is listed at 3.4x the 3-year SDE average. Of course every deal is not created equal, but I'm trying to see if there's a data-backed way to go about the valuation. Hoping to avoid two people with differing opinions on what a reasonable SDE multiple should be.

Would love some insight on how to find and validate an appropriate SDE multiple. Thanks!