Apparently, the company has quite strong profitability, and the EV/EBITDA of 6 mentioned in the release doesn’t sound like a bad price. Incap seems to be trading on the stock exchange at EV/EBITDA 8 and Scanfil at EV/EBITDA 10.
"Kasdon reported revenues of just over GBP 12 million in 2024/2025 and has ambitious growth plans. The company has approximately 50 employees and is led by Steven Stockley and his son Ryan, who will remain post-acquisition.
The initial purchase price is GBP 28.2 million on a cash/debt-free basis, with a potential earnout of up to GBP 5.9 million bringing the total to GBP 34.1 million,"
From a 12 million turnover, over 28 million, and the price can rise to over 34 million.
Incap P/S=1.3 and EV/S=1.1
Scanfil P/S=0.8 and EV/S=0.9
You probably can’t get good things cheaply, but the price of everything connected to defense, data centers, and AI seems to be high 