The real answer is that no one knows the reasons for the decline in BrightView's valuation multiple nor why its valuation multiple is lower than the multiple for large, private companies. However, we can consider some possible reasons. BrightView had a debt of $1.4 billion on Dec. 31, 2022, and equity valued at $555 million. Stock investors may be concerned about the high amount of debt in relation to equity, given the possibility of a recession. Investors may wonder how a recession will impact BrightView, specifically whether BrightView will have the sufficient cash flow to pay interest on its debt. On Dec. 31, 2022, the ratio of debt to adjusted EBITDA was 4.9. One year ago, the ratio was 4.5. In my opinion, that ratio is high and presents a significant financial risk to the company and its investors. Said differently, BrightView had free cash flow after paying for capital expenditures and interest of $104 million, just 3.7 percent of revenue, for the 12 months that ended Dec. 31, 2022.