This is still too high. If we use Regus as an example of what a sustainable version of this business looks like without being leveraged to the gills and having

This is still too high. If we use Regus as an example of what a sustainable version of this business looks like without being leveraged to the gills and having a CEO of questionable ethics, a ballpark value of $8-9B is more accurate. I have a strong suspicion that no matter what valuation they post, the company will need significant restructuring to stay alive as soon as the next recession hits.