SIZEABLE RETAIL FOOD & BEVERAGE BUSINESS - COVID RESILIENT
I'm looking at a food & beverage business that does most of its revenue through retail and has had very strong resilience during COVID. However, expenses haven't declined as much as revenues, which has squeezed EBITDA this year. Given its size and popularity in its market, I'm confident it's going to emerge from COVID as strong or stronger than pre-COVID, and there's no way the owners would sell on a multiple of COVID only. Does anyone have advice or thoughts on how to value a business like this, taking into account both pre-COVID and COVID earnings?