[ThomasSmale]

You would be right to be skeptical in that case - often buyers for younger sites have teams already in place or other sites in that particular industry making it less risky. We tend to avoid "trendy" niches or at least make the valuation reflect the trend (or risk associated).

We also take into account owner time in a valuation. 2 seemingly identical businesses would be valued differently if one owner worked 5 hours a week vs. 50 hours a week by another.