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  "authorName": "10X EBITDA",
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      "text": "Company C is an EXACT duplicate of Company D. Everything about these two companies are exactly the same.",
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      "text": "“While Company Z is bigger and growing faster, Company E is trading at a higher EV/Revenue multiple. This can happen if Company E is more profitable than Company Z. This can also happen if Company Z grows Revenue through one-time sales while Company E grows Revenue through recurring sales. If Company E is larger than Company Z, it could also trade at a higher multiple just because of size advantage.”",
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      "text": "“There are many reasons that cause this. First, Company C and Company D might be acquired at different times under different stock market conditions. Second, the acquirer for Company D might be larger and more deep-pocketed than Company C. Third, the CEO of Company D might be a better negotiator than the CEO of Company C. Fourth, it could be due to natural market inefficiency. Two buyers valuing the exact same business could naturally arrive at different valuations.”",
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      "text": "179. Company Z and Company E are direct competitors in the same industry. Company Z is bigger and is growing faster than Company E. Company Z is trading at 3x EV/Revenue while Company E is trading at 5x EV/Revenue. What can cause this to happen?",
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      "text": "181. Company H is a supermarket chain. Company H recently discovered and took possession of an authentic Leonard DaVinci painting inside the supermarket. How does this affect Company H's EV/EBITDA multiple? How does this affect Company H's P/E multiple?",
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      "text": "“Different countries have different geopolitical and macroeconomic profiles. This means different countries have different levels of risks. A country facing ongoing civil wars or disputes with neighbors is riskier than a peaceful country with stable government. So that’s one reason why country location affects valuation multiples. Another reason could be due to tax rates. One country might have much higher tax rates than the other.”",
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      "text": "“EV/EBITDA is unchanged. P/E multiple should increase.”",
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      "text": "180. Company F and Company G sells the exact same products, but operate in two different countries. Company F trades at a much higher multiple than Company G. Why does the location of country affect valuation multiples?",
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      "text": "178. Company C is an EXACT duplicate of Company D. Everything about these two companies are exactly the same. Company C was acquired for 11X EV/EBITDA while Company D was acquired for 12x EV/EBITDA. What can cause this to happen?",
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      "text": "III. Valuation Multiples B. Impact to Multiples",
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