Cornergas
I like to think positive, and I'm not agreeing or disagreeing with your numbers, but I believe multipliers will take some time to recover, and they recover with increasing confidence. That confidence has to be restored in the market, which may take a few years. Confidence also has to be built into companies and management teams and CLL has to rebuild this. They gained confidence in investors on how quickly POD 1 was brought on, but have done very little if anything to keep that confidence. People do have short memories and will quickly forget past bumblings but only with consistent high production numbers. Until then a multiplier of 10 is a little high.