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  "notes": "The chart illustrates how growth rates fluctuate over time, suggesting that valuation multiples are most comparable when companies are at similar lifecycle stages.",
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      "text": "Growth rate over time showing lifecycle curves",
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      "text": "Source: UBS Warburg",
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      "text": "Partial-forward multiples: In a partial-forward approach, a current equity value is combined with a forecast net debt figure in calculating enterprise value to be compared with forecast profit and cash flow measures.",
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      "text": "Note: Standard enterprise value multiples that appear in UBS Warburg research reports are historically priced for historical periods and partially-forward priced for forecast periods.",
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      "text": "Chart 3: Multiple Comparisons and Lifecycles",
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