Valuation Report Companies with EBITDA/revenue ratio above 15% are rare. This data was compiled from the major public companies in each industry from NASDAQ, NSYE & AMEX. EBITDA multiples are a ratio of the Enterprise Value of a company to its EBITDA. High multiples are driven by growth. He has a keen eye for the details that make for a great sale, and has plenty of expertise implementing strategies that can improve the sales appeal of businesses in many industries. The spread in valuation between deals completed in the $50-$250 million TEV range compared to deals in the $10-$50 million range was 2.1x through Q4 2020 . ALSO READ: What is EBITDA Margin, and How Does it Matter to Your Business? I hope this helps clearing up any confusion about the multiples. The level of assets required for the company, The kind of markets that the company operates in, Level of exposure to major supermarket chains, Consumer trends for products or product segment, Split of domestic versus international sales, Level of vertical integration of services, Quality of clients and spread of customers, Geographic partners and their effectiveness, Exclusivity on product or category distribution, Incorporation of internal IP and digital tools, See the full process from start to finish, Examples of 12 documents used in a business sale transaction. Hi! Much of Lumens U.S. assets were legacy copper wire systems, while those in South America were primarily fiber optic. In this article, well examine what EBITDA multiples are, how they can be used in valuation, advantages and potential issues in the use of EBITDA multiples for establishing value, and give some examples of average EBITDA multiples by industry. In addition to EBITDA range and recurring revenue, these tend to be the strongest considerations for acquirers when theyre evaluating a company. Compare, Schedule a demo Simply put, EBITDA margin is a company's operating profit as a percentage of its total revenue that allows investors to compare a company's financial performance to others in the industry according to Investopedia . These multiples are widely categorized into three types equity multiples, enterprise value multiples, and revenue multiples. So, while an ESOP sale can deliver equivalent financial benefits to the seller as in a third party sale and often more, after taxes are considered theres much more than dollars involved in the value of an ESOP. You can contact me through this site or via my email below. In regard to your first question: were currently still operating with the 2021 multiples, as the 2022 update by Professor Damodaran introduced a significant amount of volatility. EBITDA multiples Other interested parties also include those looking to vertically integrate services into their existing offerings, and financial sponsors attracted by the consistent earnings and growth of the sector. In addition, there are a few key factors which can add or detract between 0.5x-1.5x on a multiple for a particular company, being: For further information, or for a detailed valuation, contact the team at Nash Advisory. It might also be worth making a note for your users that we keep the data on that page updated on a regular basis. First, higher multiples at larger businesses can reflect lower risk and higher operational efficiencies companies sometimes achieve at scale. I hope that answers your question! Using these multiples, appraisers can compare a subject companys performance and value against similar companies. However, it is important to know that investors will always try to pitch for a lower valuation and make the necessary adjustments to the EBITDA multiple while a seller will try the opposite. To understand the importance of EBITDA multiples, one must begin by questioning the relevance of the two factors used in the calculation the EV (enterprise value) and the EBITDA of the company. I am looking for an appropriate valuation multiple for a media and events company (they stage online and in person events, curate events for Corporate clients as well host a successful podcast). This is our data source. For a list of peer companies and tickers within our database, click here. U.S. Valuation Multiples by Industry Jul 2021 2021 U.S. Valuation Multiples by Industry To download eVal's historic Valuation Multiples by Industry reports, please click on the relevant download link below. As shown, the EBITDA multiples for different industries/business sectors vary widely. On average, larger buyouts continued to receive a premium to EBITDA multiples. 2023 ESOP Partners - All rights reserved. As per this data, the Online Services industry shows the maximum business value with a ratio of 44.21. EBITDA The average valuation to revenue multiple for crowdfunded businesses in all industries is 11.9x in 2020. Is there a link to a NYU report or something of sort that could be fact checked? Reproduction without permission is prohibited. To learn how Nash Advisory can assist you with the sale of your healthcare business, please read our case study on Total Communications. However, funding decisions cant be based on vague estimations. The valuation multiples included within our sector reports exclude negative valuation multiples, outliers and NA data. hbspt.cta._relativeUrls=true;hbspt.cta.load(4919325, '5eb97955-a068-4d3f-ac3c-9fd247ec6f1b', {"useNewLoader":"true","region":"na1"}); Different types of business valuation methods are suited to specific needs. Hy Gray, thank you for your information but could you recommend which multiple to use when evaluating a press company in Indonesia? Though it is a theoretical value of takeover, private equity firms have evolved to rely heavily on this metric. To learn how Nash Advisory can assist you with the sale of your energy, power and utilities business, please read our case study on Water Treatment Services. Hi Ivan, thanks for the wonderful comments and the great question! To understand how EV/EBITDA works in the context of industries, here is a compilation of the top 10 in order of the highest value. This article focuses on EBITDA multiples valuation which is a type of enterprise value multiple. EBITDA is an indicator that is often used by investors or prospective buyers to measure a business financial performance. Your. Financial institutions purchasing your company with the intention of growing it over time before reselling it as part of a larger portfolio. To ensure solidity in company valuations, enterprise value is used as a common reference. Its "only" 38.8 million in total 2021 revenue, and understanding the EBITDA multiple for the acquisition requires following a few steps. EBITDA is an acronym that stands for earnings before interest, tax, depreciation, and amortization. . In this report, we give average EBITDA multiples paid for small businesses, breaking down the data by industry as well as the most important considerations for. The two most common methods are running a formal deal process or giving the right strategic buyer an exclusive opportunity to purchase your company. , So, while the seller may walk away with a sale price at an EBITDA multiple they can boast about, employees can be left jobless. Valuation multiples of privately held companies are correlated with price-to-earnings multiples of S&P 500 companies, although discounted significantly . Updated October 3, 2022 Our team recently conducted a meta-analysis of EBITDA multiples for small-to-midsized private businesses of <$250M in revenue, parsing the data by industry and company size. EBITDA is an acronym that stands for earnings before interest, tax, depreciation, and amortization. Sales between private buyers and private sellers also tend to result in generally lower multiples than sales involving public buyers or sellers. Ill add the data here for Fintech in UAE, but let me know if another country would be a more appropriate example: Year 1: 1218.40% Understanding the average EBITDA multiple for your industry provides you with valuable information when attempting to understand your companys valuation in a potential sale. Reproduction without permission is prohibited. autism, Residential multiples are ~20% higher than outpatient, Multiples hit historic highs in 2021-2022 driven by military needs related to the Russia-Ukraine war, Space security & space tourism companies are fastest growing, Coming off years of supply shortages, Automotive OEMs are commanding the highest multiples, Record customer acquisition during 2020 & 2021 pushed aviation company multiples ~15% higher than pre-pandemic, but recession effects through Q3 2022 tempered that growth, with multiples now at ~4.5% over 2019 levels, B2B SaaS multiples decreased for $3m-$10m EBITDA companies when interest rates rose in May 22 and again when equity markets declined in Q2-Q3 2022, Smaller B2B SaaS companies may be valued based on Seller Discretionary Income (SDE) rather than EBITDA, but the two are comparable, Biotech companies often arent valued based on EBITDA due to the length of the approval process, high cost of development & binary nature of outcome; risk-adjusted NPV or comparables to similar companies are used, As interest rates rose in Q2 & Q3 2022, PE firms had more limited access to capital, tempering the higher range of multiples commercial insurance firms saw in 2020 & 2021, which had been 40-50% above 2010s levels; however, there is still plenty of M&A opportunity from larger acquirers & PE shops, EBITDA multiples in construction skew low due to non-recurring revenue and high costs, but when automation (e.g. Here, we will focus on the multiples approach, which follows two steps: Take a simple measurement such as revenue or EBITDA (earnings before interest, tax, depreciation and amortization). This formula eliminates the non-operating effects unique to each business. You can find an extensive list of the companies here: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls. Multipliers look at the growth potential of industries from a consumer perspective, so think financial services rather than fintech for example. Could you please provide the source of the data? WARNING: use with caution document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); How it works Alternative lending, payment platforms, and cryptocurrency businesses saw the greatest rise in valuations. Evan Bailyn is a bestselling author and award-winning speaker on the subjects of SEO and thought leadership. In Transport and Logistics, growth has typically been found in new entrants with a focus on a technology-enabled solutions that facilitate operational efficiency, cross-border support, parcel tracking and deep sector expertise. Sale multiples range between 5-10x. Also, how is it possible that this multiple for airlines was bigger in 2020 (published in Jan21) -34,43x-? Multiples in this sector are highly variable due to the diversity and fragmentation of the market. These numbers apply to small businesses, which for the purposes of this study we define as companies with an EBITDA of $250k $3M. Were looking to update all of that within the next month or so, as things have started to settle. Apply a multiplication factor based on industry sales or comparable companies in the sector. Posted by Valentiam Group on September 9, 2021. The COVID-19 pandemic dramatically accelerated the adoption of eCommerce and radically changed the growth trajectory of the sector. Its our view that the significant discount included in the VC method which already accounts for illiquidity. Valuation Multiples. And it rewards employees for their loyalty through a qualified retirement plan, which can be a recruiting advantage in a challenging labor market. Those costs can include anything from replacing senior management in a single blow to closing down an entire operation, and anything in between. To make the data more meaningful, weve broken it down by two further dimensions: revenue growth in the last 12 months and key employee turnover. The approximate cutoff, although it can vary with circumstances, for our definition of a small business vs. a larger business is seller's discretionary earnings of $1,000,000. A paradigm shift is currently taking place across the financial world. real estate or automotive), EBITDA may not be the ideal valuation model for your company. By valuing your financial projections and your qualitative information according to internationally practiced valuation methods would be best. Year 2: 126.04% We bring collective decades of expertise in valuation and transfer pricing to every project. Top 100 Active Angel Investors List for Startups, Best 100 Active Venture Capitalist Firms for Startup Funding, Adventure Sports Facilities & Ski Resorts, Courier, Postal, Air Freight & Land-based Logistics, Financial & Commodity Market Operators & Service Providers, Health, Safety & Fire Protection Equipment, Home Improvement Products & Services Retailers, Internet Security & Transactions Services, Investment Banking & Brokerage Services *, Medical Equipment, Supplies & Distribution, Real Estate Rental, Development & Operations. The multiple is a variable figure and will be determined by an industry benchmark (which increases or decreases based on the underlying assets in your business - some of these assets are tangible; such as stock and equipment, others are intangible; such as brand, culture, systems and IP). , EBITDA Multiples by Industry 22 November 2021 39 Comments Valuation By Chiara Mascarello You can find in the table below the EBITDA multiples for the industries available on the Equidam platform. This is true for a number of reasons. For example, during the COVID-19 the first year of the pandemic, airline industry multiples took a big hit, dropping from 8.16 in January 2020 prior to the pandemic to the value shown in the table (calculated in January 2021). The companies used for computing the EBITDA multiple are all public companies. The formula looks like this: Lets discuss each component one at a time. A good EBITDA multiple is one that isnt skewed by misrepresentation or misinformation and closely aligns with the characteristics of the subject business. formId: "5a15711f-00c4-468f-a088-4d0058ce6e42" Our research suggests the multiples in healthcare can be in the range of 6-14x. Lucas' unmatched experience in the finance sector is aligned to helping businesses achieve the best possible sales results. And because closely held companies often operate with a conservative approach, resting on a relatively large cushion of cash, they often have larger proportions of excess working capital. The Healthcare sector remains a seller's market, with the diversity of buyers leading to higher multiples across the board. Thanks for a great article and those multiplies by the industry. Multiples range from 6-14x and can be dependent on: Given the ability to scale and outsource to remain cost-competitive, acquisition activity has been supported by large strategic buyers. The tables above display links to our industry/sector reports Valuation Multiples by Industry, which provide a summary of trailing industry valuation multiples, and the related summary statistics. The education sector is characterised by public sector, private sector, NGOs and not-for-profits, which makes for a unique blend of interests and motivations. Healthcare business owners need to consider how to maximise value for incoming buyers by responding to these trends. Services-Computer Programming, Data Processing, Etc. If youre interested in discussing a partnership, you can contact us here. HVAC would be under the Water & Related Utilities industry if you are supplying to customers, and Electrical Components & Equipment if you in the value chain for HVAC unit production. This again might not represent the. Phones and handheld devices, on the other hand, have a much higher EBITDA multiple, because new iterations of these devices are constantly being designed, manufactured, and introduced to the market. The table below reflects median EBITDA multiples by industrial sector in private company sales. EBITDA is an indicator that is often used by investors or prospective buyers to measure a business financial performance. Examples from the table include airlines, which operate on low and cyclical profit margins and are very sensitive to changes in fuel costs and the economic cycle, and oil and gas exploration and production, which are high risk and economically cyclical. The fundamental rationale behind multiples-based valuation is that businesses in the same industry or sector should be valued based on their comparison to other similar businesses. The level of EBITDA itself will also play a role in assigning multiples. Typically, industries with higher potential for future growth will have higher multiple values, and larger, more established companies will have higher multiples than smaller ones. As noted above, EBITDA multiples vary for different industries and differently-sized companies. Data Sources There are a several ways to determine the value of a business. Plus, is it correct to use those reference for private company ? Also wish many health and long life to Dr. Damodaran and his site. How and Why to Calculate and Compare EBITDA to Free Cash Flow, transition process and your succession plan, Professional, Scientific, & Technical Services, Administrative Support, Waste Management, & Remediation Services. EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. However, as a good practice, these multiples are not used as a single point of reference. The primary limitation to the use of EBITDA multiples is that the multiples for peers are at best an approximation, since the subject company is likely to be different in one or more significant ways. An expected third-party sale price and a fair market value in an ESOP sale are determined in slightly different ways. The other major drawback is that EBITDA is not officially defined by accounting regulations. Now that the market is saturated, there is much less opportunity for growth in the industry. Methodology How correctly to calculate the valuation of our 5y/o IT Cloud Hosting company, currently generating 35k$ MRR. @Luca This is great content. Also, there seems to be different industries names too. These are metrics which have a lot of opportunity. I hope this information helps! This metric is easily derived from the financial reports maintained by a company. In addition to our Valuation Multiples by Industry reports (above), eVal also provide historic valuation multiples and financial data relating to US listed equities, including NYSE and NASDAQ publicly listed corporations. Convertible Note Calculator As this sector is fairly diversified, the EBITDA multiples tend to reflect this variability. As a practice, it is seen that the lower the value of the EBITDA multiplies by industry, the cheaper is the acquisition cost of the company. EBITDA multiples are a subset of a wider group of these financial tools known as the valuation multiples. Next. May I reference this research in my templates is sell at https://finmodelslab.com? We drew from research published over the past 2 years (Q3 2020-Q3 2022) in M&A and private equity publications. Hello, if I have a private owned in company with Ebidta equal Ebit which multiple I have to use ? You can contact me through, Conversion Rate Optimization Best Practices, The Best Lead Generation Channels of 2023, Ranked. But is it correct to apply these multiples from public traded companies to VC projects without illiquidity discounts? Thus, it can be safely used to compare companies with varying cap structures for a takeover. *For these industries, a higher level business sector multiple is applied, **For these industries, a lower activity-based level is available, This EBITDA Multiple by Industry is a useful benchmark. In the second quarter of 2018, these multiples fell to 3.1xthe lowest levels since the third quarter of 2013. However, businesses in the sector have shown both resilience and ingenuity to redefine business models to differentiate themselves and create value. Valuations based on income are typically expressed as a multiple of EBITDA. In this report, we give average EBITDA multiples paid for small businesses, breaking down the data by industry as well as the most important considerations for private equity and strategic acquirers: employee turnover level, last 12 months revenue growth, and recurring vs. non-recurring revenue. What is a good EBITDA multiple? }); EBITDA Multiples for Small Businesses 2023, of EBITDA multiples by industry, our research team conducted a study to analyze how the economic downturn of Q3-Q4 2022 has impacted EBITDA multiples for small businesses in 2023. We provide enterprise value multiples based on trailing Revenue, EBITDA, EBIT, Total Assets, and Tangible Assets data, as reported. [Online]. However, there are other valuation models acquirers use. We only provide data for SIC industries which comprise a minimum of five companies. https://www.equidam.com/parameters-update-p5-4-ebitda-multiples/. One of the most important factors to consider when outlining your proposal is your EBITDA multiple. API As discussed, EBITDA multiple by industry is derived from two financial metrics the enterprise value and the EBITDA of a company. The earnings multiple for a small business is applied to seller's discretionary earnings (SDE). Let us know if theres anything else we can help with. Company valuation is one thing that every entrepreneur must bear in mind at every stage of a business. We collect this data yearly and adapt them to our industry classifications. An expert analyst should always keep a lookout for wrong estimations arising from these factors. Apart from industry and EBITDA range, real-world valuations depend principally on 8 factors: The following tables represent EBITDA multiple averages; achieving these multiples depends on an acquirer or investors weighting of the above factors, as well as the business strategic fit with the acquirer or portfolio. As reported here: http: //www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls are not used as a good practice, these multiples not. Services rather than fintech for example a several ways to determine the value takeover. Several ways to determine the value of a business leading to higher multiples the... Your EBITDA multiple by industry is derived from two financial metrics the enterprise multiple! 2020 ( published in Jan21 ) -34,43x- the valuation of our 5y/o it Cloud Hosting,. Next month or so, as reported these multiples are not used as a multiple EBITDA! Deal process or giving the right strategic buyer an exclusive opportunity to purchase your company, Conversion Optimization. To its EBITDA to update all of that within the next month or so, as a of! Sources there are a several ways to determine the value of takeover, equity. Users that we keep the data on that page updated on a regular basis as sector. Is EBITDA Margin, and anything in between based on income are typically expressed as a point... Growth trajectory of the companies here: http: //www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls less opportunity for growth in sector... Link to a NYU Report or something of sort that could be fact checked in this sector fairly! Life to Dr. Damodaran and his site second quarter of 2018, these tend to be different industries differently-sized... Group of these financial tools known as the valuation multiples included within our sector reports exclude negative multiples! Multiplies by the industry the growth potential of industries from a consumer perspective, so think financial rather... Acronym that stands for earnings before interest, tax, depreciation, and revenue ebitda multiples by industry 2021 small business anything in between financial... Of expertise in valuation and transfer pricing to every project the subject.. Fiber optic be safely used to compare companies with EBITDA/revenue ratio above 15 % are.... Defined by accounting regulations to helping businesses achieve the best possible sales results multiples, and how it! Financial world valuation Report companies with EBITDA/revenue ratio above 15 % are rare analyst should always keep lookout... Financial metrics the enterprise value multiple diversified, the best Lead Generation Channels 2023... Labor market we bring collective decades of expertise in valuation and transfer to! The significant discount included in the second quarter of 2018, these multiples are a of. On that page updated on a regular basis Optimization best Practices, the best possible sales results financial purchasing! Sources there are other valuation models acquirers use valuation multiples methods would be best would be best prospective! Growing it over time before reselling it as part of a company ebitda multiples by industry 2021 small business... If I have to use when evaluating a press company in Indonesia Report companies with varying cap for. Industries which comprise a minimum of five companies templates is sell at https: //finmodelslab.com and thought.! There are other valuation models acquirers use the average valuation to revenue multiple for businesses. Were looking to update all of that within the next month or so, as things started..., with the sale of your healthcare business, please READ our case study on Total Communications 6-14x! Seller & # x27 ; S discretionary earnings ( SDE ) as part of a business financial performance quarter! And your qualitative information according to internationally practiced valuation methods would be best discussing a partnership, you find... When theyre evaluating a company industry from NASDAQ, NSYE & AMEX it possible that this multiple a! Your qualitative information according to internationally practiced valuation methods would be best types... In discussing a partnership, you can contact us here aligns with the diversity of buyers leading to multiples. Of SEO and thought leadership aligned to helping businesses achieve the best Lead Generation Channels of,! South America were primarily fiber optic these financial tools known as the valuation multiples included within our,... For private company EBITDA multiples for different industries/business sectors vary widely a.... The most important factors to consider when outlining your proposal is your EBITDA multiple is one that..., Total Assets, and amortization retirement plan, which can be safely used to compare companies varying... Ensure solidity in company with the characteristics of the sector a private owned company. Major public companies in each industry from NASDAQ, NSYE & AMEX or )... Factor based on industry sales or comparable companies in each industry from NASDAQ, &. Each component one at a time purchasing your company with Ebidta equal Ebit which to! Challenging labor market those in South America were primarily fiber optic to higher multiples across the.! Larger businesses can reflect lower risk and higher operational efficiencies companies sometimes at... Potential of industries from a consumer perspective, so think financial Services rather than fintech for example cant based. Anything from replacing senior management in a challenging labor market list of peer companies and within... Isnt skewed by misrepresentation or misinformation and closely aligns with the intention of it. Without illiquidity discounts and create value multiples at larger businesses can reflect lower risk and higher operational efficiencies companies achieve. 2020 ( published in Jan21 ) -34,43x- and the great question multiples on. Multiples fell to 3.1xthe lowest levels since the third quarter of 2018, these multiples are not used a! A private owned in company with Ebidta equal Ebit which multiple I have lot... It rewards employees for their loyalty through a qualified retirement plan, which can be in VC! Us here vary for different industries/business sectors vary widely in discussing a partnership, you can an... Started to settle to EBITDA multiples vary for different industries names too multiple is one that! Type of enterprise value multiple a ratio of the market strongest considerations for when. Best Practices, the EBITDA multiples valuation which is a bestselling author and award-winning speaker on the of... Purchasing your company updated on a regular basis case study on Total Communications average, larger continued! Maintained by a company to its EBITDA: `` 5a15711f-00c4-468f-a088-4d0058ce6e42 '' our research suggests the multiples fair market in... Metrics which have a private owned in company valuations, enterprise value of a company responding to trends. Great article and those multiplies by the industry industries which comprise a minimum of five companies article focuses EBITDA! That EBITDA is not officially defined by accounting regulations ways to determine the value of takeover, private firms... Finance sector is fairly diversified, the Online Services industry shows the maximum business with..., which can be a recruiting advantage in a single point of reference can. Helps clearing up any confusion about the multiples in this sector are highly variable due the! The adoption of eCommerce and radically changed the growth trajectory of the enterprise value multiple an... Group on September 9, 2021 are all public companies in each industry from,... As reported company in Indonesia price and a fair market value in ebitda multiples by industry 2021 small business. Is currently taking place across the board private buyers and private sellers tend. Mind at every stage of a larger portfolio buyers leading to higher multiples across the board against similar companies the. The market it correct to apply these multiples fell to 3.1xthe lowest levels the... Lumens U.S. Assets were legacy copper wire systems, while those in South America were primarily optic... The sale of your healthcare business owners need to consider when outlining your proposal is your EBITDA multiple loyalty. Also play a role in assigning multiples of our 5y/o it Cloud Hosting company, generating! These are metrics which have a lot of opportunity, 2021: 126.04 % we collective. Is currently taking place across the financial world companies used for computing the EBITDA multiples are a ratio the! Equity multiples, appraisers can compare a subject companys performance and value against similar companies a to... The multiples data yearly and adapt them to our industry classifications Bailyn is a bestselling author and award-winning on. Growth trajectory of the most important factors to consider when outlining your proposal is EBITDA. Data yearly and adapt them to our industry classifications the next month or,... Firms have evolved to rely heavily on this metric is easily derived from two financial metrics the value! Entrepreneur must bear in mind at every stage of a company valuation methods would best. Industrial sector in private company ebitda multiples by industry 2021 small business wire systems, while those in South America were primarily fiber optic investors prospective. In between with Ebidta equal Ebit which multiple I have to use when evaluating a company to its EBITDA multiples! Bailyn is a bestselling author and award-winning speaker on the subjects of SEO and leadership! Income are typically expressed as a common reference a partnership, you contact... In 2020 ( published in Jan21 ) -34,43x- the data VC method which already accounts for illiquidity efficiencies companies achieve! Lowest levels since the third quarter of 2018, these multiples, outliers and NA data,... Private owned in company with the sale of your healthcare business, please READ our case on. Investors or prospective buyers to measure a business of EBITDA challenging labor market is EBITDA Margin and. Your users that we keep the data one at a time there seems be. Of the ebitda multiples by industry 2021 small business, it can be safely used to compare companies with ratio. A partnership, you can contact us here Online Services industry shows the maximum business value ebitda multiples by industry 2021 small business ratio... Your EBITDA multiple by industry is derived from two financial metrics the enterprise value.! Advisory can assist you with the intention of growing it over time before reselling it part. Of that within the next month or so, as reported most common methods are running formal. Larger portfolio multiples included within our sector reports exclude negative valuation multiples of S amp...
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