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  "documentTitle": "Keynote address",
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  "authorName": "J.P. Morgan",
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  "notes": "The chart illustrates the 'growth premium' by comparing top quartile, median, and bottom quartile revenue growth firms.",
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      "text": "Even as valuations have increased across the market, the relative premium for growth has remained at record highs",
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      "text": "EV / NTM EBITDA multiple: 17.6x",
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      "text": "Source: Bloomberg, FactSet. Note: Annual reflects 12/31 data for each respective year; Current as of 12/31/2023 and reflects reported data as of this date. 1 Median of S&P 500 constituents as of 12/31 in each year and excludes financials; growth measured as 2-yr forecasted revenue growth CAGR",
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      "text": "Within the S&P 500, growth premium remains...",
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      "kind": "title",
      "text": "S&P 500 EV / NTM EBITDA MULTIPLES OVER TIME FOR FIRMS WITH DIFFERENT EXPECTED REVENUE GROWTH LEVELS",
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