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  "documentTitle": "A&M Valuation Insights November 2023",
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      "text": "A comparison of forward EV/EBITDA trading multiples of US (S&P500) and German (CDAX) firms at the industry level reveals that US trading premia are highest in Information Technology (20.4x vs. 8.3x), Industrials (14.1x vs. 6.2x) and Consumer Products (14.9x vs. 7.6x).",
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      "text": "The development of EVs significantly differs between Germany and the US in some industries while yearly changes in sales growth projections seem largely in line amongst US and German industries except for Online Retail & Trade. However, US listed stocks seem to benefit far more from prosperous profitability projections (EBITDA margin) than German listed stocks.",
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      "text": "1) The analysis of forward EV/EBITDA trading multiple levels is based on all CDAX and S&P 500 firms and compares median EV/EBITDA trading multiple levels by industry as of 30 September 2023. Only firm years considered for which consistent data was available across analysed variables. Source: S&P Capital IQ, A&M Analysis.",
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