Wow. I am impressed by all of the intelligent posts on this thread. There's a lot smart cats up in here that definitely know what they are talking about.
Back in the day when I was with ISS I was involved in many large scale acquisitions throughout the SE. The formula we used every single time was -
1. The wholesale value of the iron (trucks, equipment) plus
2. Any real property that goes with it plus
3. The net profit for one year of any contracts on hand.
That was it.
There's no way the cat is netting that kind of coin out of that work. Or the description of "net" varies greatly from one guy to the next.