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ValueEBITDAMultiple-NYUStern
Value/EBITDA Multiple
Value/EBITDA Multiple
l The Classic Definition
Value Market Value of Equity + Market Value of Debt
EBITDA Earnings before Interest, Taxes and Depreciation
l The No-Cash Version
Value Market Value of Equity + Market Value of Debt - Cash
EBITDA Earnings before Interest, Taxes and Depreciation - Interest Income
Reasons for Increased Use
Reasons for Increased Use
1. The multiple can be computed even for firms that are reporting net
losses, since earnings before interest, taxes and depreciation are
usually positive.
2. For firms in certain industries, such as cellular, which require a
substantial investment in infrastructure and long gestation periods, this
multiple seems to be more appropriate than the price/earnings ratio.
3. In leveraged buyouts, where the key factor is cash generated by the firm
prior to all discretionary expenditures, the EBITDA is the measure of
cash flows from operations that can be used to support debt payment at
least in the short term.
4. By looking at cashflows prior to capital expenditures, it may provide a
better estimate of “optimal value”, especially if the capital
expenditures are unwise or earn substandard returns.
5. By looking at the value of the firm and cashflows to the firm it allows
for comparisons across firms with different financial leverage.
Value/EBITDA Multiples: September 1997
Value/EBITDA Multiples: September 1997
Value/EBITDA Multiples: September 1997
600
500
400
300
200
Std. Dev = 14.65
100
Mean = 12
0 N = 3820.00
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