I'm looking at a business that's got substantial swings in EBITDA from the COVID years. It's clearly valued by the 2022 EBITDA, but the last time EBITDA was remotely close to that was 2018.

2022- $1M
2021- $450K
2020- $377K
2019- $361K
2018- $801k

No doubt this industry was hit hard by COVID, so it seems somewhat unfair to value this based on that time frame, but the margins are tight at around 20%, so this could go south very quickly if EBITDA drops below $600K.

How would you approach this valuation?