I can't answer for Wini, but for myself I would be looking at similar companies in similar sectors where possible and drawing comparisions. Multiples are generally lower for low growth companies and higher for higher growth companies simply because you are trying to buy future earnings and future earnings are higher for higher growth companies. There are also a number of reasons why some companies deserve to trade at lower multiples, and most of them are to do with risks. Risks include market cap (smaller companies are generally more risky investments), balance sheet strength (highly indebted companies are riskier than companies with net cash), competitive advantages (or lack of), barriers to entry (or lack of), industry position, management quality and track record, and so on. Some companies trade at a quality premium. CSL is an obvious one, but there are smaller companies (smaller than CSL I mean) that also trade at a quality premium based on just how well the company has been managed and run for many years, and one example of that is ARB Corporation (ASX: ARB). So higher multiples are often enjoyed by larger quality companies, high growth companies, and companies who have strong competitive advantages (moats) or a very strong industry reputation/position. Smaller and riskier companies tend to trade at much lower multiples. Hope that helps.

Sorry mate I missed this so sorry for the late reply. 8x largely due to size, illiquidity and nature of lumpy contracted revenue. Personally I think the business is better than the market realises but always try to be conservative.