I think you would need more than 3 months of revenue to get a decent valuation. Also, if the advertising you are selling has long-term contracts then you can expect the revenue to be more steady, which would look better to a potential buyer. It’s tough to say what the factor is, but somewhere between 12x and 18x of average monthly revenues would seem like a reasonable valuation, especially if you can prove longer term ad purchases and a reasonable expectation that those contracts would renew. And of course as said before some expectation that traffic would continue as it is or better.