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  "notes": "Document is a primer from UBS Warburg dated November 2001.",
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      "kind": "list",
      "text": "Enterprise multiples express the value of an entire enterprise relative to a statistic that relates to the entire enterprise, such as sales or EBIT. Equity multiples express the value of shareholders' claims relative to a statistic that applies to shareholders only.",
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      "text": "Simplistic: A multiple is a distillation of a great deal of information into a single number. Static: A multiple represents a snapshot of where a firm is at a point in time. Difficult to compare: Comparing multiples is an exacting art form.",
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      "text": "A valuation multiple is simply an expression of market value relative to a key statistic that is assumed to relate to that value.",
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      "text": "This document is intended to be a reference manual for the calculation of commonly used valuation multiples. We explain how multiples are calculated and discuss the different variations that can be employed.",
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      "text": "Section 1: An Introduction to Multiples",
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      "text": "Advantages/Disadvantages of Multiples",
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