valuation multiples primer

valuation-multiples-primer
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
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01
Slide 1
This is a cover page for a research report.front_matter
02
Includes contact information for four authors on the left side.front_matter
03
Document is a primer from UBS Warburg dated November 2001.establish_context
Open slide detailBeat · Problem
04
The slide includes a footnote regarding EVA (Economic Value Added).summarize
Open slide detailBeat · Problem
05
The slide includes a table comparing EV and Equity multiples, followed by a list of reasons for multiple variance and detailed explanations of the first two reacompare_peers
Open slide detailBeat · SolutionLoop · Golden Circle
06
Includes two tables (Table 3 and Table 4) illustrating the impact of accounting choices on valuation metrics.analyze_data
Open slide detailBeat · SolutionLoop · Golden Circle
07
Document from November 2001, UBS Warburg.analyze_data
Open slide detailBeat · SolutionLoop · Golden Circle
08
The slide discusses the limitations of accounting-based metrics and advocates for cash-flow based adjustments.analyze_data
Open slide detailBeat · SolutionLoop · Golden Circle
09
The slide uses a table to demonstrate earnings volatility and a line chart to show the inverse relationship between PE ratios and EPS during recessions.analyze_data
10
The slide contains a dual-axis line chart showing General Motors share price and 5-year moving average EPS from 1973 to 2001.analyze_data
11
Includes a formula for forward price and a conceptual note on maturity.present_framework
12
The chart illustrates how growth rates fluctuate over time, suggesting that valuation multiples are most comparable when companies are at similar lifecycle staganalyze_data
13
The slide uses a DCF-based logic to derive a 'fair' multiple retrospectively.establish_context
14
The slide discusses the relationship between value drivers (return on capital, growth) and valuation multiples, referencing a specific UBS Warburg calculator.present_solution
15
The slide outlines the mathematical derivation of target multiples based on ROIC, WACC, and growth rates, extending into a two-stage DCF-style formula.analyze_data
16
The slide uses mathematical formulas to demonstrate how ROE, cost of equity, and growth rates impact P/E multiples.present_framework
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Includes a specific mathematical example of a PE ratio calculation.present_framework
18
Technical primer on valuation theory from UBS Warburg.establish_context
Open slide detailLoop · Hypothesis Test
19
The chart illustrates how different growth drivers (ROE vs COE) impact valuation multiples over time.analyze_data
Open slide detailLoop · Hypothesis Test
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This is a page from a UBS Warburg primer on valuation multiples.illustrate_case
Open slide detailLoop · Hypothesis Test
21
The slide highlights the limitations of simple linear regression in valuation and emphasizes the importance of return on capital.analyze_data
22
The slide includes a scatter plot showing the relationship between Price/book value and (ROE-g)/(COE-g).analyze_data
23
The charts demonstrate that OpFCF CAGR has a much stronger correlation (R²=0.7235) with valuation multiples than EBITDA CAGR (R²=0.069).analyze_data
24
Includes a conceptual diagram of EV components and a table defining Total, Operating, and Core EV.establish_context
Open slide detailBeat · Market Size
25
Includes a conceptual diagram of Enterprise Value components and a comparative table illustrating the impact of cash/debt on valuation multiples.establish_context
Open slide detailBeat · Market Size
26
The slide acts as a technical primer on valuation methodology, specifically focusing on the nuances of EV calculation.present_framework
Open slide detailBeat · Market Size
27
Includes a detailed Profit & Loss extract table for Nestlé to illustrate the adjustments required for associate income.analyze_data
Open slide detailBeat · Market Size
28
This is a page from a valuation primer document.present_framework
Open slide detailBeat · Market Size
29
Includes a specific formula for adjusting sales multiples based on operating margins and a theoretical formula for EV/EBITDA.present_framework
Open slide detailBeat · Market Size
30
The slide uses three charts to demonstrate how capital intensity impacts valuation multiples, emphasizing the need for peer group homogeneity.analyze_data
Open slide detailBeat · Market Size
31
Includes a specific table demonstrating how to normalize depreciation for comparability.analyze_data
32
Includes a table detailing the components of Operating Free Cash Flow.present_framework
33
Page 33 from a UBS Warburg primer on valuation multiples.present_framework
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Includes a table for FCF calculation and qualitative guidance on non-cash transactions and historical FCF usage.analyze_data
35
Discusses consistency between EV and invested capital, alternative capital definitions, and the relationship to ROIC.present_framework
36
This slide explains the theoretical basis for using capacity-based valuation multiples in finance.present_framework
37
This slide acts as a primer on P/E ratios, discussing accounting adjustments and the impact of capital structure.establish_context
Open slide detailBeat · Product
38
Includes a footnote formula for cost of equity related to financial leverage.present_framework
Open slide detailBeat · Product
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Page 39 of a UBS Warburg report from November 2001.analyze_data
Open slide detailBeat · Product
40
Includes a dual-axis chart comparing PEG and PE ratios against earnings growth.analyze_data
Open slide detailBeat · Product
41
Part of a series on valuation multiples; focuses on dividend yield methodology.present_framework
Open slide detailBeat · Product
42
Contains mathematical formulas for EV/Sales, EV/EBITDA, EV/EBIT, and EV/NOPLAT multiples.appendix
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This slide presents a series of algebraic derivations for corporate valuation formulas, specifically focusing on the relationship between ROIC, WACC, and growthpresent_framework
44
Includes a technical note on handling the 'divide by zero' error when WACC equals growth rate (g) in the GVG target multiple model.analyze_data
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The slide contains only the document header and footer.filler
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The slide contains only the document header and footer.filler