I have found an interesting public link about valuation:
http://wwwnew.mandriva.com/en/content/download/13662/172379/file/KBC-
Analyse-MDK-flash-20050920-en.pdf

I'd say that at an abstract level Mandriva and IBP are in the same
boat, although Mandriva is about 20 times larger.

Based on the Mandriva sales multiple, IBP would be worth about $1
mln, and based on the EBITDA multiple about $0.4 mln. Of course there
is the small company discount to consider, so without any inside
information I think the value of 100% of IBP is in the range $200K to
$500K.

This is of course for the company "as-is", not taking into account
the positive effect of additional investment and not taking into
account the effect of market changes, positive and negative.

The main driver of value would seem to be revenue per head. This
differs enormously between companies:

IBP 2004: 180 / 6 = 30K
Mandriva 2005: 5,000 / 130 = 38K
MySQL 2004: 20,000 / 150 = 130K
MySQL 2005: 40,000 / 250 = 160K
Red Hat 2005: 200,000 / 1,000 = 200K

As a result of the above, Mandriva is struggling to grow and is
valued at 5 times sales. Red Hat is growing at a brisk pace and
valued at 35 times sales. Obviously, being whiped out by Ubuntu in
the consumer market has not helped Mandriva.

The minimum sustainable number imho is around 60K per head. IBP is
not achieving that, Janus is not achieving that, H-K might be at that
level, as might be Upscene.

Paul