If there is valuable software, database or other asset that is not currently contributing to the income - or will influence the earnings trend upwards - this could increase the price the site reaches at auction. Similarly, if there is an asset that will cease to exist after sale or a license that will revert or end post-sale this could adversely affect the price. If you haven't provided any of those figures then there may not be relevant notes to put this valuation in better context.
Time value has not been taken into account here as proxies are generally low-management. The time of the year when you list it for sale matters too as proxies tend to drop sharply in traffic (and earnings) during school holidays.
Proxy sites usually trade for a very low multiple compared with other models but it's consistent and they very rarely trade outside the usual multiple band.
Web businesses currently available for sale at various forums
