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  "notes": "Includes a technical note on handling the 'divide by zero' error when WACC equals growth rate (g) in the GVG target multiple model.",
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      "text": "Sales x M = EBIT ..... 11\nEBIT x (1 - T) = NOPLAT ..... 12\nEBITDA x (1 - D) = EBIT ..... 13",
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      "text": "Note: In using these formula there is a problem where WACC is exactly the same as g as this produces a 'divide by zero' error. However, the formula works for any values of WACC and g where these are different even if they are very close in value.",
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      "text": "If the effective rate of corporation tax is T%, depreciation as a percentage of EBITDA is D% and the EBIT margin is M%, then the following links can be derived:",
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