I still dont know how you came up with '4 or 5 times profit',...

I still dont know how you came up with '4 or 5 times profit', can you give me an example of a major asset that has sold at those multiples ?

Not all value in a business can be measured, eg the market strength of a dominant infrastructure position, i do see goodwill value as being very fuzzy, but i dont think its right to just ignored it, AFAIK its unusual for a business to sell with a goodwill value of 0

debt/ebitda ratio is important because its one of the measures in the banking covenants