Value in the GovCon industry is how that company will perform in the future, winning large prime contract. And, the Past/Present Performance is the ONLY proposal section that can't be "finessed" into a high score simply by a knowledgable proposal writer. The Past/Present Performance factor is essentially the "reference section" of your proposal. Again, you can't wordsmith this section. So this is what you should be looking for in a GovCon acquisition. That obviously makes sense. However, Bid Source Selection Boards do not differentiate between an ongoing contract and a recently completed contract (e.g., normally they will accept a past performance as a reference as long as it ended within the past 5 years...although some contracts may limit this to three years.) Now this is where you can find real value. Why pay for the EBITDA x Multiplier for an ongoing contract when a completed contract is just as valuable and has ZERO EBITDA? To find REAL value in the GovCon space, find targets that recently concluded their big contracts that are directly relevant into agencies and services offerings that you're interested in pursuing!