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  "notes": "The slide uses a DCF-based logic to derive a 'fair' multiple retrospectively.",
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      "text": "A fair multiple results in a net present value of zero",
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      "text": "Chart 4: Ex-post fair EV/Sales Multiple – Microsoft",
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      "text": "4 Primarily return on capital (or equity), cost of capital (or equity), growth and duration of growth.",
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      "text": "Multiples are primarily used for relative comparisons: for a stock relative to its historical trend, relative to other companies, relative to its sector, and so forth. But it is also possible to derive a 'fair' or target multiple.",
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      "text": "Source: UBS Warburg",
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      "text": "Target Valuation Multiples",
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