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  "notes": "Contains mathematical formulas for EV/Sales, EV/EBITDA, EV/EBIT, and EV/NOPLAT multiples.",
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      "text": "Valuation is a function of value drivers – growth, return on capital, investor required return, etc. The following formulas show how value drivers can be used in a 2-stage model to derive target enterprise value multiples.",
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      "text": "The Proof",
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      "text": "Appendix: Derivation of Target Multiple Formulas",
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