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valuation multiples and cost of capital. This document explains how to calculate and use multiples commonly used in equity analysis. We discuss the differences between equity and enterprise multiples, show how target or ‘fair’ multiples can be derived from underlying value drivers and discuss the ways multiples can be used in valuation. 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Calculating EV...26\nEnterprise Value Multiples...28", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:13.078+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4752a2e8-4503-4a15-b1e5-a9317f36058d", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.628, "x": 0.333, "y": 0.642 }, "kind": "list", "text": "Equity Multiples...37\nWhat Are Equity Multiples?...37\nEquity Multiples...37\nAppendix: Derivation of Target Multiple Formulas...42", "attrs": null, "canon": { 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"nDataPoints": 0, "notes": "Document is a primer from UBS Warburg dated November 2001.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:01:12.692+00", "seconds": 3.028, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-756e-76af-802b-17f806bd055d/3", "deck": "/decks/019f6b8f-756e-76af-802b-17f806bd055d", "deckAnchor": "/decks/019f6b8f-756e-76af-802b-17f806bd055d#slide-3", "deckJson": "/decks/019f6b8f-756e-76af-802b-17f806bd055d.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.59, "x": 0.33, "y": 0.43 }, "kind": "list", "text": "Enterprise multiples express the value of an entire enterprise relative to a statistic that relates to the entire enterprise, such as sales or EBIT. Equity multiples express the value of shareholders' claims relative to a statistic that applies to shareholders only.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:12.692+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "107d76b4-0815-4e35-b219-473d5ec843a1", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.59, "x": 0.33, "y": 0.65 }, "kind": "list", "text": "Simplistic: A multiple is a distillation of a great deal of information into a single number. Static: A multiple represents a snapshot of where a firm is at a point in time. Difficult to compare: Comparing multiples is an exacting art form.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:12.692+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "314fa083-d97e-46fb-828b-04a870f6c19b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.59, "x": 0.33, "y": 0.33 }, "kind": "paragraph", "text": "A valuation multiple is simply an expression of market value relative to a key statistic that is assumed to relate to that value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:12.692+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7793e2e3-b74a-46ff-8df6-8015ba2c22bf", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.59, "x": 0.33, "y": 0.13 }, "kind": "paragraph", "text": "This document is intended to be a reference manual for the calculation of commonly used valuation multiples. We explain how multiples are calculated and discuss the different variations that can be employed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:12.692+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b22336b-7f0b-4503-b935-1b7164523451", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.07, "y": 0.09 }, "kind": "title", "text": "Section 1: An Introduction to Multiples", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or 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There are two problems with this: Sales are not as unaffected by accounting policies as is commonly thought; Revenue is an incomplete measure of performance given its lack of focus on profitability and cash flow.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:15.097+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1eb2f36e-32f4-41e0-abac-fdd492806681", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.59, "x": 0.34, "y": 0.33 }, "kind": "list", "text": "EBITDA: EBITDA has become the most common measure of performance and value that supposedly overcomes the problem of accounting differences. 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These are based on limiting assumptions and should be used with care. For example, margins, depreciation, taxation and rate of investment are all assumed to remain constant, and growth is assumed to continue into perpetuity. 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A derivation of the key formulas can be found in the Appendix.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:16.728+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0595abd-998b-4bff-af0e-a5801bbd3232", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.595, "x": 0.333, "y": 0.81 }, "kind": "paragraph", "text": "These formulas are most useful in identifying which factors have the greatest impact on a multiple for which you already have a value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:16.728+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8b1ccba-a794-40e9-8ddc-d3555521b919", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.595, "x": 0.333, "y": 0.146 }, "kind": "paragraph", "text": "But it is precisely those value drivers – particularly Microsoft’s high return on capital and high growth rate requiring minimal reinvestment – that drove the share price. In 1990 Microsoft’s future success was neither apparent nor impounded in the share price. 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Note: Assumes perpetual growth arising from: (1) perpetual efficiency gains = the long-term growth rate; (2) and (5) reinvestment at a 3% premium/discount to COE; (3) reinvestment at COE; (4) inflationary growth only", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:18.283+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1092a648-1a8c-424c-acbd-98073eb8cf98", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.58, "x": 0.35, "y": 0.15 }, "kind": "paragraph", "text": "Implicit in the above formula is the assumption that efficiency gains are achieved in perpetuity. 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"Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:58.054+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef7474d9-dbc6-4684-8c64-5e37d1e7ba62", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.21, "x": 0.07, "y": 0.275 }, "kind": "callout", "text": "Where is the current multiple relative to a 'fair' or target multiple?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": 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"subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:58.054+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "610dd826-95c6-48a4-afe7-1bcf03a56885", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.597, "x": 0.333, "y": 0.75 }, "kind": "list", "text": "Multiple to growth: This includes such comparisons as PE ratio to earnings growth (the PEG ratio), EV/EBITDA to EBITDA growth and so forth. A low multiple to growth indicates potential undervaluation.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:58.054+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56e64640-4b55-406f-a695-4d8a16ac6fe4", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.597, "x": 0.333, "y": 0.135 }, "kind": "paragraph", "text": "Relative Valuation - Observed Multiple versus Comparable\nThere are several ways one can apply multiples in valuation. The common approach is to compare the current multiple to a historical multiple measured at a comparable point...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:58.054+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "532ad012-cf33-4261-8c0a-a925b62a4263", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.597, "x": 0.333, "y": 0.66 }, "kind": "paragraph", "text": "Linking Multiples and Value Drivers\nA more common way to look at multiples is to plot them relative to various value drivers. The most frequent comparisons are multiples versus growth in an underlying statistic and multiples to return on capital.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:58.054+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88151883-1570-4b32-8f32-96f74a2bdba1", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.597, "x": 0.333, "y": 0.255 }, "kind": "paragraph", "text": "Relative Valuation - Observed Multiple versus Target Multiple\nHowever, one can also compare a stock's current multiple to a calculated fair or target multiple...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:01:58.054+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b275f00-557d-4a07-9cd5-00c1f453ee08", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.574, "x": 0.356, "y": 0.815 }, "kind": "paragraph", "text": "But not all growth adds value, as we discuss above; this type of comparison ignores profitability, which determines whether growth adds or subtracts value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, 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detailing the components of Operating Free Cash Flow.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:01:23.647+00", "seconds": 4.374, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-756e-76af-802b-17f806bd055d/32", "deck": "/decks/019f6b8f-756e-76af-802b-17f806bd055d", "deckAnchor": "/decks/019f6b8f-756e-76af-802b-17f806bd055d#slide-32", "deckJson": "/decks/019f6b8f-756e-76af-802b-17f806bd055d.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.2, "x": 0.07, "y": 0.44 }, "kind": "callout", "text": "EV/NOPLAT is equivalent to a degeared PE", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": 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"groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:23.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b24d5b7-54e2-44ec-9b1e-d857bef3c213", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.33, "y": 0.39 }, "kind": "list", "text": "However, the calculation of NOPLAT introduces a measure of subjectivity. This makes it harder to compare to other parties' calculations of NOPLAT.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:23.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29367144-825a-42b0-889c-b1fbd7a664cf", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.33, "y": 0.44 }, "kind": "list", "text": "The NOPLAT multiple is effectively a degeared PE and is a perfectly reasonable statistic to use provided it is measured on a consistent basis across companies. EV/NOPLAT can be used as a substitute for EV/EBIT.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:23.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4e7b75c-6199-418f-bd75-16176a8acbec", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.6, "x": 0.33, "y": 0.32 }, "kind": "list", "text": "NOPLAT is a more sophisticated and complete form of EBIT that allows for differences in tax efficiency and effective tax rates. If the company were all equity-financed, NOPLAT would equal earnings.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:23.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fafec095-54d2-47e2-8324-ccd5c8b2e507", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.33, "y": 0.85 }, "kind": "paragraph", "text": "Formula: EV/OpFCF = (ROIC - g) / (ROIC x (WACC - g) x (1 - T))", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:23.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22dc8acb-1eea-4de6-85b6-d18f6fb55f7f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.33, "y": 0.15 }, "kind": "paragraph", "text": "NOPLAT is post-tax EBIT. However, as commonly used, NOPLAT (or NOPAT) refers to EBI after adjustments to accounting profit to better reflect economic profit.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:23.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42e55056-b237-4e27-8224-cba14abf53a5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.33, "y": 0.26 }, "kind": "paragraph", "text": "Formula: EV/NOPLAT = (ROIC - g) / (ROIC x (WACC - g))", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:23.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4608a5e0-a09f-464b-b289-bf32b55f43a5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.33, "y": 0.54 }, "kind": "paragraph", "text": "Definition: Core EV/operating free cash flow (OpFCF). 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slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:23.647+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da9ac5ab-a446-418e-b25a-80b9a49db7be", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.6, "x": 0.33, "y": 0.64 }, "kind": "table", "text": "Table 12: Components of Operating Free Cash Flow", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 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}, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:41.038+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e1aa900-3e17-4577-a2a9-77b5ba227407", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.07, "y": 0.185 }, "kind": "callout", "text": "OpFCF is a suitable basis for valuation than either EBITDA or EBIT", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:41.038+00", "model": 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"d4c7ad6a-becb-44cd-a638-6cb40431303b", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.6, "x": 0.33, "y": 0.265 }, "kind": "list", "text": "EV/OpFCF is preferable to EV/EBITDA for comparing companies within a sector, or for comparing companies across sectors or markets where companies have widely varying degrees of capital intensity.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:41.038+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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Use normalised OpFCF or a forward-priced multiple instead.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:41.038+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44a19faf-d133-4f59-a781-a2806f61c744", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.4, "x": 0.33, "y": 0.66 }, "kind": "list", "text": "To pay interest or repay debt\nTo build cash balances or other investments\nTo pay dividends or buy back shares", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:41.038+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "853f9a97-c13e-47eb-8b79-29cebe06bc6c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.33, "y": 0.12 }, "kind": "list", "text": "EV/OpFCF is a price to cash flow measure similar to EV/EBIT. OpFCF is not a true cash flow, however, as it does not include actual capital expenditure or change in working capital; it is a normalised EBIT or a smoothed cash flow.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:41.038+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1cbf006-293b-4cab-9115-abf917e9338d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.6, "x": 0.33, "y": 0.335 }, "kind": "list", "text": "Operating free cash flow is a smoothed measure of free cash flow to the firm, for which historical figures can be highly volatile. Because of this, multiples using OpFCF can be easier to interpret than those using free cash flow.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:41.038+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3e40000-d456-4b8a-b870-92bea5f5b21b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.33, "y": 0.515 }, "kind": "paragraph", "text": "Formula: EV/FCF = 1/(WACC - g)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:41.038+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "365770a1-2891-4085-90d4-2627a88b1989", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.33, "y": 0.475 }, "kind": "paragraph", "text": "Definition: Core EV/normalised after-tax core enterprise free cash flow (or FCF, also known as free cash flow to the firm). 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Earnings are subject to different accounting policies. Price to earnings multiples cannot be used when earnings are negative. Use when earnings are representative. 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"019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:01:26.689+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2435a73-fd9c-43d0-94d0-416ae267f728", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.34, "y": 0.9 }, "kind": "other", "text": "11 For a more detailed discussion of PEG ratios, see our report Price Earnings Growth: A PEG for Your Valuations, November 1997.", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no 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