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    24 times annual profits

    I don't know how to read the following in red. How much is it? Please explain it easily.

    Maggie laid down three conditions before she could enter into negotiations ...

    First, any acquisition must be on a multiple of at least 24 times annual profits. This demand was designed to anchor the buyer to a high value, even if she only expected to get a multiple of 20 in reality.

    Thank you.

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    Re: 24 times annual profits

    It means they want a selling price to be at least 24 times their annual profit. The use of "multiple" is wrong here. It makes it sound fancy, but is incorrect.

    The way it reads they would accept 24 times the annual profit, or 48 times, or 72 times, but not 25 times or 26 times.

    This is, of course, silly.

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