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  "documentTitle": "Process Automation: A quickly growing market with structural tailwinds and investment opportunities",
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  "authorName": "L.E.K.",
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  "notes": "The chart shows historical trading multiples for various industry segments, with a table summarizing current and 5-year median valuations.",
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      "text": "Notes: Industrials include end-markets such as Oil & Gas, Chemicals, Pulp & Paper, and Mining & Metals; Utilities include end-markets such as Power Generation, Water & HVAC. Source: CapIQ as of November 1, 2021 (incl. available broker notes); Company websites",
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      "text": "NTM EBITDA multiple: 10x to 13x",
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      "text": "In the last five years, publicly listed process automation companies have traded between 10x to 13x NTM EBITDA",
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      "kind": "title",
      "text": "PROCESS INDUSTRY AUTOMATION COMPANIES – PUBLIC COMPARABLE MARKET PERFORMANCE BY KEY CUSTOMER END-SEGMENT",
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