Limited free cash flow for shareholders despite a $3 billion market cap. This data set summarizes growth rates from fundamentals (ROE * Retention Ratio) by industry group, reflecting what these companies can grow earnings per share at in steady state, if margins don't change. Learn more about how Statista can support your business. (July 31, 2021). Access to this and all other statistics on 80,000 topics from, Show sources information Year to date (YTD) volume was up 5% year over year (YoY) with 161 completed transactions and YTD value was up 43% - quite impressive given what the global economy has experienced since the pandemic began. Please create an employee account to be able to mark statistics as favorites. EBIDTA multiples in 2022 have continued to trend in a positive direction as the median selling price per EBITDA across all industries increased from 3.5x at Q3 2021 to 3.9x at Q4 2021 and to 4.5x at Q1 2022. [Online]. Get full access to all features within our Business Solutions. should growth exceed current forecasted levels and multiples continue to . Chart. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). The food & beverage industry has experienced a remarkable roller coaster of a ride in the past 18 months. Enterprise value to EBITDA is a popular multiple that is used to measure the value of a corporation. [Online]. Values are as of January each year. (2022). Change in new home construction costs in the Netherlands 2013-2021; . Significantly, the large number of middle market companies used to create the Lincoln MMI helps ensure that the confidentiality of all company-specific information used in the Index is maintained. And not only did the number of amendments decrease but, the percentage of amendments relating to deferrals of principal and interest and liquidity cures also declined from their pandemic highs, indicating that the days of widespread liquidity shortfalls may be behind us. FTSE 100 / 250 / All-Share Dividend Yield & Total Return, Canada Stock Market P/E Ratio, CAPE & Earnings, CAPE & P/E Ratios by Sector (U.S. Large Cap). For complete, up-to-date data, check the data subscriptions provided by Siblis Research. Private Company Values Continue to be Supported by Robust Growth Expectations and All-Time High Enterprise Valuation Multiples. Leonard N. Stern School of Business. A summary of TEV/EBITDA multiples by transaction size is detailed in the table below. Statista. Accessed May 02, 2023. https://www.statista.com/statistics/953641/sandp-500-ev-to-ebitda-multiples/, Siblis Research. You can only download this statistic as a Premium user. Investors should consider the risks of seeing ROIC and operating income margins fall back to pre-pandemic levels. To continue learning more about other valuation multiples, please see these additional resources: Within the finance and banking industry, no one size fits all. In, Siblis Research. As a Premium user you get access to background information and details about the release of this statistic. During the 12-month period ended December 31, 2021, A&L had unaudited revenue of $26.7 million and EBITDA of $11.6 million. The multiples are calculated using the 500 largest public U.S. companies. EBITDA is an acronym that stands for earnings before interest, tax, depreciation, and amortization. Currently, you are using a shared account. ", Leonard N. Stern School of Business, Average EV/EBITDA multiples in the metals & electronics sector worldwide from 2019 to 2022, by industry Statista, https://www.statista.com/statistics/1030114/enterprise-value-to-ebitda-in-the-metals-and-electronics-sector-worldwide/ (last visited May 02, 2023), Average EV/EBITDA multiples in the metals & electronics sector worldwide from 2019 to 2022, by industry [Graph], Leonard N. Stern School of Business, January 5, 2022. Show publisher information Get full access to all features within our Business Solutions. However, investors should be aware of the risk of seeing the ROIC decline back to pre-pandemic levels. In this article, I will delve into various aspects of the company's performance, including: Although the current valuation may appear appealing at first glance, it is crucial to undertake a thorough analysis to determine whether the current margins are sustainable due to a moat or market dynamics. Upon examining the company's free cash flow, it is evident that Rush has generated less than $1 billion over the past ten years, excluding acquisitions. You need at least a Starter Account to use this feature. Available: https://www.statista.com/statistics/1030142/enterprise-value-to-ebitda-in-the-construction-sector-worldwide/, Average EV/EBITDA multiples in the construction sector worldwide from 2019 to 2022, by industry, Available to download in PNG, PDF, XLS format, Real estate construction in the Netherlands, Annual growth of homes in the Netherlands 1921-2021, Total number of commercial buildings constructed in the Netherlands 2012-2021, Number of new commercial buildings Netherlands 2012-2022, by province, Number of office buildings constructed in the Netherlands 2012-2022, Number of new office buildings in the Netherlands 2017-2020, by province, New logistics real estate in the Netherlands 2007-2017, Annual change in construction costs in the Netherlands 1996-2020, Monthly price index for new home construction in the Netherlands 2012-2023, Change in new home construction costs in the Netherlands 2013-2021, Input price index buildings costs new residential property Netherlands 1995-2018, Revenue of Royal BAM Group 2018, by company sector, Export Dutch construction services for real estate 2014-2021, Export value construction services Netherlands 2015-2019, by EU- and non-EU countries, Net value construction services real estate in the Netherlands 2014-2021, Import construction services for real estate in the Netherlands 2014-2019, Monthly confidence in construction sector in Netherlands compared to Europe 2018-2021, Forecast change value added of ten economic sectors in the Netherlands 2019-2021, EV/EBITDA in the construction sector in emerging markets 2019-2022, by industry, EV/EBITDA in the construction sector in the U.S. 2019-2022, by industry, EV/EBITDA in the construction sector in China 2019-2022, by industry, EV/EBITDA in media and advertising in emerging markets 2019-2022, by industry, EV/EBITDA in the metals and electronics sector in China 2019-2022, by industry, EV/EBITDA in the chemicals and resources sector in the China 2019-2022, by industry, EV/EBITDA in the metals and electronics sector in the U.S. 2019-2022, by industry, EV/EBITDA in the energy & environmental services sector in the U.S. 2022, by industry, EV/EBITDA in the health and pharmaceuticals sector in emerging markets 2019-2022, EV/EBITDA in the retail and trade sector in China 2019-2022, by industry, EV/EBITDA in finance, insurance and real estate in emerging markets 2019-2022, EV/EBITDA in the chemicals and resources sector in Europe 2019-2022, by industry, EV/EBITDA in the media and advertising sector in China 2019-2022, by industry, EV/EBITDA in transportation and logistics in the U.S. 2019-2022, by industry, EV/EBITDA in the consumer goods & FMCG sector in the U.S. 2019-2022, by industry, EV/EBITDA in the consumer goods & FMCG sector in China 219-2022, by industry, EV/EBITDA in the finance, insurance and real estate sector in the U.S. 2019-2022, EV/EBITDA in the retail and trade sector in emerging markets 2019-2022, by industry, EV/EBITDA in the transportation and logistics sector in China 2019-2022, by industry, EV/EBITDA in the retail and trade sector in the U.S. 2019-2022, by industry. Please do not hesitate to contact me. Retail sales at current prices in Poland 2010-2021; . I wrote this article myself, and it expresses my own opinions. Available: https://www.statista.com/statistics/1030077/enterprise-value-to-ebitda-in-the-retail-and-trade-sector-worldwide/, Average EV/EBITDA multiples in the retail & trade sector worldwide from 2019 to 2022, by industry, Immediate access to statistics, forecasts & reports, Market value of FMCG segment in Poland 2021-2022, Market shares of retail stores in Poland 2020-2024, by store format, Shopping center turnover growth in Poland 2020, by store size, Retail stock in major city agglomerations in Poland 2022, Available storage space of shopping centers in Poland 2022, by major city, Number of stores per channel in Poland 2017-2020, Number of shopping centers in Poland 2021-2022, by major city, Number of hypermarkets in Poland 2010-2021, Number of supermarkets in Poland 2010-2021, Number of discount stores in Poland 2018-2021, Number of grocery stores in Poland 2018-2021, by store size, Number of Lidl stores in Poland 2018-2022, Number of Kaufland stores in Poland 2018-2022, Financial results of Kaufland in Poland 2019-2022, Number of Carrefour stores in Poland 2020-2022, by format, Sales value of Carrefour in Poland 2018-2022, Retail sales at current prices in Poland 2010-2021, Retail sales per capita in Poland 2010-2021, Non-food consumer goods: retail sales value in Poland 2010-2021, Value of retail sales of goods in retail sales outlets in Poland 2010-2021, Value of retail sales of goods in catering establishments in Poland 2010-2021, Value of retail sales of alcoholic beverages and tobacco in Poland 2010-2021, Value of retail sales of food and non-alcoholic beverages in Poland 2010-2021, Year-on-year retail sales value change of supermarkets in Poland 2019-2023, Share of private labels on the retail market in the CEE region 2020, Change dynamics of sales value of private labels and branded products in Poland 2021, Share of people who buy private label non-food products in Poland 2021, Private label products purchased in Poland 2020, Most popular private label non-food products purchased in Biedronka in Poland 2021, Most popular private label non-food products purchased in Lidl in Poland 2021, Most popular private label non-food products purchased in Carrefour in Poland 2021, Most popular private label non-food products purchased in Kaufland in Poland 2021, Value of online retail sales in Poland 2016-2021, Share of online shoppers in Poland 2015-2022, Change in online sales in Poland 2020-2022, by sector, Share of online shoppers in Poland 2022, by type of product, Share of sales via Internet in retail sales in Poland 2020-2022, by product type, Gross value of food and household chemistry products online sales in Poland 2017-2027, Gross value of health and beauty products online sales in Poland 2017-2027, Gross value of toys and kids products online sales in Poland 2017-2027, Popular products purchased during seasonal sales in Poland 2020, Spending during Black Friday in Poland 2020, Planned purchases on Black Friday in Poland 2022, by product category, Planned spending on Valentine's Day gifts in Poland 2023, Types of Valentine's Day gifts in Poland 2023, by gender, Amount of expenses for the International Women's Day gift in Poland 2021, Types of gifts preferred by women on International Women's Day in Poland 2022, Average spend on Easter in Poland 2017-2023, Price earning in the retail & trade sector in Europe 2022, EV/EBITDA in the retail & trade sector in Europe 2019-2022, by industry, EV/EBITDA in the retail and trade sector in the U.S. 2019-2022, by industry, EV/EBITDA in the retail and trade sector in emerging markets 2019-2022, by industry, EV/EBITDA in the retail and trade sector in China 2019-2022, by industry, EV/EBITDA in the metals & electronics sector in Europe 2019-2022, by industry, EV/EBITDA in the consumer goods & FMCG sector worldwide 2019-2022, by industry, EV/EBITDA in the media & advertising sector in Europe 2019-2022, by industry, Price earning in the consumer goods & FMCG in Europe 2022, by industry, EV/EBITDA in the health & pharmaceuticals sector in Europe 2019-2022, by industry, Price earning in the energy & environmental sector in Europe 2022, by industry, EV/EBITDA in the finance, insurance & real estate sector in Europe 2020, by industry, EV/EBITDA in energy & environmental services worldwide 2019-2022, by industry, Price earning in the chemicals and resources sector in Europe 2022, by industry, EV/EBITDA in the energy & environmental services sector Europe 2019-2022, by industry, EV/EBITDA in the technology & telecommunications sector worldwide 2022, by industry, EV/EBITDA in the consumer goods & FMCG sector in Europe 2019-2022, by industry, EV/EBITDA in the technology & telecommunications sector Europe 2019-2022, by industry, EV/EBITDA in the transportation & logistics sector in Europe 2019-2022, by industry, Compound annual growth rate of revenue in the retail and trade sector in Europe 2022, Find your information in our database containing over 20,000 reports. Leonard N. Stern School of Business. Enterprise value = Market value of equity + Market value of debt - Cash.EBITDA= Estimated by adding depreciation and amortization back to operating income (EBIT).Only positive EBITDA firms. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. What are the resulting historical and forward-looking multiples? Banks and insurance companies are most commonly evaluated using the price-to-book ratio. Please do not hesitate to contact me. statistic alerts) please log in with your personal account. For private companies, it will almost always be lower, often closer to around 4x. Multiples dropped in four of the seven sub-sectors whose . For example, the year ended December 31, 2016 (historical results) or forecasted year-end December 31, 2017 (forecast results). In, Leonard N. Stern School of Business. Please create an employee account to be able to mark statistics as favorites. Total revenue was $147.6 million, up 23% from $120.4 million a year ago. As a Premium user you get access to background information and details about the release of this statistic. Investors use a companys enterprise multiple as a proxy to indicate if a company is overvalued or undervalued. As soon as this statistic is updated, you will immediately be notified via e-mail. [Online]. of offerings, such as new and used trucks, aftermarket parts, and service and repair facilities. As a Premium user you get access to the detailed source references and background information about this statistic. Therefore, it is imperative to consider the sustainability of the current ROIC levels and evaluate whether the company's performance can continue to meet or exceed the expectations of investors in the long run. Orders of $7.6 billion for the quarter, up 12% year-over-year. Significant transactions that occurred in 2020 and 2021 include: The Food & Beverage industry has experienced strong forward market multiples in the third quarter of 2021. For any questions about our data or services, please don't hesitate to be in touch. EBITDA or Earnings before Interest, Tax, Depreciation, and Amortization is the income derived from operations before non-cash expenses, income taxes, or interest expense. Cash or cash equivalents are not considered because they can reduce the net cost to a potential buyer by paying back debt. However, when accounting for acquisitions, the company has only produced a few hundred million USD of free cash flow for its shareholders over a 10 years time period! "Average EV/EBITDA multiples in the retail & trade sector worldwide from 2019 to 2022, by industry." As of June 2021, the median EBITDA multiple has increased nearly six turns since April 2020. Lincoln International makes no warranty or representation as to the accuracy or completeness of such third-party information. "S&P 500 EV/EBITDA multiple in the United States from 2014 to 2021, by sector." EBITDA Multiple = Enterprise Value / EBITDA. Commonly, a business with a low EBITDA multiple can be a good candidate for acquisition. (January 5, 2022). Assuming no further growth in 2021, Coinbase's 2021 revenue annualized at $7.2bn . Use Ask Statista Research Service. The spread in valuation between deals completed in the $50-$250 million TEV range compared to deals in the $10-$50 million TEV range was 2.0x through Q1 2021, which is in line with historical averages. Leonard N. Stern School of Business. EBITDA multiples in 2021 overall are slightly higher - For all microcap software companies globally, the average EBITDA multiple in 2021 is 19.1x compared to 18.7x in 2020. Even more interesting than the strong 2020 performance, is the double-digit earnings growth companies are projecting for 2021. In fact, the average 2021 forward EBITDA multiple was estimated to be 9.9x, which aligns precisely with the long-term historical average. This refers to the Trailing Twelve Months (TTM) Revenue of the companies in the cohort. EBITDA can also be compared to sales as an EBITDA Margin. to incorporate the statistic into your presentation at any time. The EBITDA multiple is a financial ratio that compares a company's Enterprise Value to its annual EBITDA. Unsurprisingly, this reversion is not unique to the private markets as companies in the S&P 500 demonstrate a similar trend. Are you interested in testing our business solutions? Figures for years 2019 to 2021 were previously published by the source. Note: The depreciation and amortization expense should be taken from the cash flow statement. "Average EV/EBITDA multiples in the media & advertising sector worldwide from 2019 to 2022, by industry." Beverages, Distribution, and Ingredients / Flavor segments have all approached or reached 10-year EV / Forward EBITDA highs. "S&p 500 Ev/Ebitda Multiple in The United States from 2014 to 2021, by Sector. Analysts Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. What are the resulting historical and . Furthermore, the swell in demand for healthy, natural products provided a myriad of opportunities for buyers to acquire strategic, high-growth assets in many segments. Accessed May 02, 2023. https://www.statista.com/statistics/1030077/enterprise-value-to-ebitda-in-the-retail-and-trade-sector-worldwide/. Biggest construction companies based on revenue in the Netherlands 2017, House construction costs per cubic meter Netherlands, by type of ownership 1990-2022, Forecast change value added of 11 industries in the Netherlands 2019-2021, Construction sector volume change in the Netherlands 2014-2019 with forecasts to 2022. However, when examining the company's business numbers over the past decade, it becomes apparent that there has been a shift in its performance. If you are an admin, please authenticate by logging in again. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. To Determine the Enterprise Value and EBITDA: Lets walk through an example together of how to calculate a companys EBITDA multiple. If you are an admin, please authenticate by logging in again. Robert Half based on its current profitability . You only have access to basic statistics. A paid subscription is required for full access. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). The company's operating income margin has jumped from 3% to 6-7% in the past two years due to increased gross profit, which may not be sustainable if market dynamics change. CHICAGO--(BUSINESS WIRE)--In the first quarter of 2021, the Lincoln Middle Market Index (Lincoln MMI) increased 5.7%, which compared favorably to the S&P 500 which grew 4.2% over the same period. The current EV/EBITDA multiple of 6.2 is below the 10-year average of 9, indicating potential for a 50% increase in stock appreciation if the multiple were to normalize. Chart. Monthly Dow Jones Industrial Average index performance 2013-2023, Annual performance of the Dow Jones Composite Index 2000-2022, Largest point losses of the Dow Jones Average 2022, Largest point gains of the Dow Jones Average 2022, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. A total of 1,181 companies were included in the calculation for 2022, 1,201 for 2021, 1,132 for 2020 and 1,128 for 2019. The pause in activity at the outset of the second quarter of 2020 allowed sellers to prioritize both operational and cost efficiencies within their companies. The ratio can be seen as a capital structure-neutral alternative for Price/Earnings ratio. "Average Ev/Ebitda Multiples in The Construction Sector Worldwide from 2019 to 2022, by Industry. Using P/E ratio for comparative analysis can be misleading due to different amounts of leverage, different accounting practices related to depreciation and different tax rates. Retail sales at current prices in Poland 2010-2021; . . Please do not hesitate to contact me. Available: https://www.statista.com/statistics/1030114/enterprise-value-to-ebitda-in-the-metals-and-electronics-sector-worldwide/, Average EV/EBITDA multiples in the metals & electronics sector worldwide from 2019 to 2022, by industry, Immediate access to statistics, forecasts & reports, Electrical and electronics (E&E) industry in Malaysia, EV/EBITDA in the metals & electronics sector worldwide 2019-2022, by industry, Electrical equipment manufacturing as share of GDP in Malaysia 2015-2021, Share of electronic components manufacturing in Malaysia 2012-2021, Electronic components manufacturing value added in Malaysia 2012-2021, Sales value of the electrical and electronics industry Malaysia 2015-2021, Sales value of manufactured consumer electronics in Malaysia 2019-2022, Investment value of electrical and electronics Malaysia 2012-2021, Foreign investment value of electrical and electronics Malaysia 2012-2021, Domestic investment value of electrical and electronics Malaysia 2012-2021, Number of people employed in the electronics industry in Malaysia 2015-2022, Production index of electronics and electrical products Malaysia 2015-2022, Production of electronic transistors in Malaysia 2013-2022, Production of integrated circuits in Malaysia 2013-2022, Export value of electrical and electronic products Malaysia 2013-2022, Export value of electrical and electronic products in Malaysia 2021, by segment, Export value of electronic integrated circuits in Malaysia 2017-2021, Import value of electrical and electronic products Malaysia 2013-2022, Import value of electrical and electronic products in Malaysia 2021, by segment, Import value of electronic integrated circuits in Malaysia 2017-2021, Revenue of Unisem (M) Bhd in Malaysia 2013-2021, Malaysian Pacific Industries Berhads revenue 2014-2022, Globetronics Technology Bhds revenue 2013-2021, EV/EBITDA in the metals & electronics sector in Europe 2019-2022, by industry, EV/EBITDA in the retail & trade sector in Europe 2019-2022, by industry, EV/EBITDA in the retail & trade sector worldwide 2019-2022, by industry, EV/EBITDA in the media & advertising sector in Europe 2019-2022, by industry, EV/EBITDA in the finance, insurance & real estate sector in Europe 2020, by industry, EV/EBITDA in energy & environmental services worldwide 2019-2022, by industry, Price earning in the chemicals and resources sector in Europe 2022, by industry, EV/EBITDA in the energy & environmental services sector Europe 2019-2022, by industry, EV/EBITDA in the technology & telecommunications sector worldwide 2022, by industry, Price earning in the consumer goods & FMCG in Europe 2022, by industry, EV/EBITDA in the health & pharmaceuticals sector in Europe 2019-2022, by industry, EV/EBITDA in the consumer goods & FMCG sector worldwide 2019-2022, by industry, Price earning in the energy & environmental sector in Europe 2022, by industry, EV/EBITDA in the transportation & logistics sector in Europe 2019-2022, by industry, EV/EBITDA in the consumer goods & FMCG sector in Europe 2019-2022, by industry, Major companies in the extractive industry in Romania 2019, by number of employees, EV/EBITDA in consumer goods & FMCG in emerging markets 2019-2022, by industry, EV/EBITDA in the health and pharmaceuticals sector in China 2019-2022, by industry, Revenue distribution of Bharat Forge FY 2020, by segment, Find your information in our database containing over 20,000 reports. Average purchasing power in Poland 2018-2022, Financial results of Lidl in Poland 2021-2022, Number of Biedronka stores in Poland 2018-2022, Sales value of Biedronka in Poland 2018-2022, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. The ideal entry-level account for individual users. I am not receiving compensation for it (other than from Seeking Alpha). You need at least a Starter Account to use this feature. October 4, 2021 As a Premium user you get access to the detailed source references and background information about this statistic. Figures for years 2019 to 2021 were previously published by the source. . The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? to incorporate the statistic into your presentation at any time. While ~50% equity contributions are still required in most cases, elevated purchase multiples and excess . February - Ann Hanna, Tyler Carlson and Mike Schroeder discussed current M&A market dynamics at . As soon as this statistic is updated, you will immediately be notified via e-mail. Then you can access your favorite statistics via the star in the header. It reflects the companys financial performance in terms of profitability prior to certain uncontrollable or non-operational expenses. . Q1 2021 also marked the third consecutive quarter of decline in loan amendments executed since the height of the pandemic, with amendments being cut in half since Q2 2020. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. Learn more about how Statista can support your business. Show sources information Conversely, should growth exceed current forecasted levels and multiples continue to revert towards historical norms, further enterprise value growth could be achieved. What are the resulting historical and forward-looking multiples? In light of the company's $3 billion market capitalization, this performance is not particularly exceptional. Use Ask Statista Research Service. to incorporate the statistic into your presentation at any time. Note: The ratio is not available for the Financials sector as EBITDA is not a meaningful item for financial companies. Date of Analysis: . We hope this guide to EV/EBITDA multiples has been helpful. Revenue of $5.7 billion for the quarter, up 18% year-over-year. Are you interested in testing our business solutions? Values are as of January each year. An EV/EBITDA multiple of about 8x can be considered a very broad average for public companies in some industries, while in others, it could be higher or lower than that. However, over the past two years, the margin has increased significantly to 6% and 7%. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Enterprise Value is the total value of a company, including common shares equity or market capitalization, short-term and long-term debts, minority interest, and preferred equity, while excluding cash or cash equivalents. Enterprise value = Market value of equity + Market value of debt - Cash.EBITDA= Estimated by adding depreciation and amortization back to operating income (EBIT).Only positive EBITDA firms. Enterprise value = Market value of equity + Market value of debt - Cash.EBITDA = Estimated by adding depreciation and amortization back to operating income (EBIT). Only positive EBITDA firms: All firms: Industry Name: Number of firms: EV/EBITDAR&D: EV/EBITDA: EV/EBIT: EV/EBIT (1-t) EV/EBITDAR&D2: EV/EBITDA3: EV/EBIT4: EV/EBIT (1-t)5: Advertising: 58: 9.46: 10.36: 17.03: 22.66: In my opinion, the market may have already factored in a potential normalization, as the current multiple may appear cheap at first glance but looks fair after accounting for a potential normalization.