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  "documentTitle": "Introduction to a dynamic market with numerous investment opportunities",
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  "notes": "The chart shows a clear divergence in valuation multiples for warehouse automation compared to process and discrete automation starting around 2016.",
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      "text": "Historical EBITDA multiples for Process, Discrete, and Warehouse automation sectors",
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      "text": "EBITDA multiple: 16.4x",
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      "kind": "source-note",
      "text": "Source: CapIQ as of 18 March 2021",
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      "text": "Publicly traded automation companies currently trade between 11.4x and 16.4x EBITDA",
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