U

Topic 11

VALUING A FIRM (II)

TOPIC 11 : CONTENT U
B

1.- Valuing equity: the expected dividends method

2.- Valuation by comparables

11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
How common stock is valued (valuation methods):

This is a situation when an investor places his capital and waits for a
financial return.

The profitability of a minority shareholder is obtained by the two ways:

from the dividends and price difference.

In the case of listed shares, taking into consideration that the markets
are not perfect, there are differences between the share value and its
market price that lead to the different valuation methods.

The value of any stock is the present value of its future cash flows that
is represented by the DCF formula (discounted cash flows formula).
Dividends represent the future cash flows of the firm.

PV (share) = PV (expected future dividends)

11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
The theoretical and intrinsic value of a share,

if we are holding a share for one year:

D1 + P1
P0 =
(1 + re)

Where:

P0 = Present value of a share/ Theoretical price of a share at the present moment,

in m.u.
D1 = Expected dividend per share at the end of the year 1, in m.u.
P1 = Expected price per share at the year 1, in m.u.
re = Market capitalization rate in % (expected return on comparable securities)
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
The theoretical and intrinsic value of a share

Assuming that the market is efficient the market price per share at the end
of the year 1 can be determined as follows:

D2 + P2
P1 =
2
(1 + re)

Where:

P1 = Expected price per share at the end of year 1, in m.u.

D2 = Expected dividend at the end of year 2, in m.u.
P2 = Expected price per share at the end of year 2, in m.u.
re = Market capitalization rate in % (expected return on comparable securities)
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
The theoretical and intrinsic value of a share

If we substitute (11.2) in (11.1):

D1 D2 + P2
P0 = +
( 1 + re) ( 1 + re)2

Where:

P0 = Present value of a share, in m.u.

D1 = Expected dividend at the end of year 1, in m.u.
D2 = Expected dividend at the end of year 2, in m.u.
P2 = Expected price per share at the end of year 2, in m.u.
re = Market capitalization rate in % (expected return on comparable securities).
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
Example

Current forecasts for XZ Company are to pay dividends of $3; $3.24 and
$3.50 over the next three years respectively. At the end of three years you
anticipate selling your stock at a market price of $94.48. What is the
estimated price of the stock given a 12% expected return?

3.00 3.24 3.50 + 94.48

PV = + +
(1+0.12)1 (1+0.12)2 (1+0.12)3

PV = 75.00 $
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
The theoretical and intrinsic value of a share

If we continue this reasoning with P2, P3, etc., going to infinity, we

obtain the general formula of valuing the common stock via the
expected dividends:

D1 D2 D3 Dj
P0
( 1 + re) ( 1 + re)2 ( 1 + re)3 j=1 ( 1 + re)j

The present value of a stock is just the sum of the present values of the
expected dividends streams.
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
The theoretical and intrinsic value of a share

Gordon and Shapiro developed a simplified version of the Dividend Discount

Model (1956). They assumed that dividends grow at a constant annual expected
rate g for the following two reasons:

a) The necessity to lessen (reduce) the negative effect that annual

inflation produces on dividends.

b) The reinvestment of earnings per share not distributed as dividends

that will result in a higher dividends in the next years.
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
The theoretical and intrinsic value of a share

Gordon and Shapiro (1956) model:

D1 D1(1+g) D1(1+g)2 D1 (1+g)j-1

P0
(1 + re) (1 + re)2 (1 + re)3 j= 1 (1 + re)j

If we take D1 as a common factor we get the following formula:

D1
P0 =
re - g
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
The theoretical and intrinsic value of a share
The Gordon and Shapiro model can be applied at any period of time:

Dn+1 Dn
Pn = = (1 + g)
re - g re - g

The annual average growth rate g can be determined multiplying the rate of
retained benefits b (Plowback ratio) by return on share ROE Return on
Equity = EPS/ book equity per share.

g = b x ROE
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
The theoretical and intrinsic value of a share
A company s plowback ratio (the opposite of the dividend payout ratio) is calculated as
follows:
Plowback ratio = 1 (Annual Dividend Per Share / Earnings Per Share)

Example: Let s assume Company XX reported earnings per share of $5 last year and paid
$1 in dividends. Using the formula above, Company XX s dividend payout ratio is:
$1 / $5 = 20%
Company XX distributed 20% of its income in dividends and reinvested the rest back into
the company. That means that the company plowed the remaining 80% back into the
company. Using the formula and the information above, we can show it this way:
Plowback ratio = 1 ($1/$5) = 1 0,20 = 0,80 or 80%

Plowback ratios indicate how much profit is being reinvested in the company rather than
paid out to investors. Some investors prefer the cash distributions associated with low
plowback-ratio companies, while other investors prefer the capital gains expected from a
company s reinvestment of earnings. More mature companies generally have a lower
plowback ratio than fast-growing companies, which are more focused on reinvesting cash in
order to grow the business. Thus, the ratio is one way to identify growth companies.
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
Example 1: Determining g

The expected ROE of a company is equal to 20% and the plow-back ratio is
equal to 56.8 %. What is the corresponding rate of the dividends growth g?

Solution:

(11.8) g = b x ROE = 0.568 x 0.2 = 0.1136 = 11.36 %

11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
Example 2: Determining g

The expected ROE of a company is equal to 20% and the plow-back ratio is
equal to 55 %. What is the corresponding rate of the dividends growth g?

Solution:

(11.8) g = b x ROE = 0.55 x 0.2 = 0.11 = 11 %

 11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
The return on equity (cost of equity)
The return on equity (cost of equity) can be calculated using the following
expression:
D1
re = + g
P

Expected return Return on capital gains

on dividends (Capital gains yield)

D1
From (11.6) P0 = +g
re - g
* g = the constant growth rate of the dividends

* P is the security s current market price. If we believe that P = P0 we can

detremine the required return on equity
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
Example: Determining P0

Assume that one firm planned to increase their dividends by average

annual rate of 11% anually starting form the next year. The expected
dividend at the end of the next year is 0,5 euros. The discount factor r =
14%. Determine the estimated price per share.

Solution:

D1 0.5
(11.6) P0 = = = 16.67 euros
re - g 0.14 0.11
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
Example: Determining return on equity

If the market price per share were also 16,67 euros what would be the
IRR divided into the expected dividend yield and capital earnings yield
(return on capital earnings).

Solution:
D1 0.5
(11.10) re = +g= + 0.11 = 0.03 + 0.11 = 0.14
P 16.67
Expected dividend yield = 3%
Capital gains yield (return on capital gains) = 11%
11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
Example: Determining g

If the market price per share were 24.5 euros, what would be the the
growth rate g?

Solution:

0.5
24.5 =
(0.14 g)

0.14 - g = 0.5/24.5

g = 0.14 0.5/24.5 = 0.1196 = 11.96 %

11.1. VALUING EQUITY BASING ON EXPECTED DIVIDENDS U
B
The theoretical and intrinsic value of a share

To resume, the Model of Gordon and Shapiro, for the case of a dividend that
grows at a constant and cumulative annual rate g, involves the following:

1) Dividends should grow to infinity at a constant rate g.

2) Share price will grow at the same rate g.

3) Expected dividend yield (D1 / P0) should remain constant.

4) Capital gains yield (return on capital gains) should be constant and equal to g.

5) The expected return for an investor, re, will be equal to the sum of the expected
dividend yield and the capital earnings yield.
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
B
Definition:

The method of multiples of comparable companies consists of

valuing a company, in order to quantify its market value, by looking
at a group of similar companies that could be compared through a
given variable, previously determined (for example, earnings, cash
flows, book value, sales, etc.).
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
B
Steps in valuing the comparable companies

I II III IV V
The analysis The analysis Calculation and Applying the Defining the
of a target and selection selection of results to a range of
company of comparable market based target acceptable
companies, multiples company values for a
peer group target firm
 11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U

I. The analysis of a target company

B

Once we know the main data about a company such as its activity, origin,
history, capital structure, size, etc., it is necessary to deepen the study of the
following factors (fundamentals):

To analyze internal factors

To analyze external factors

11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
B
I. The analysis of a target company

INTERNAL FACTORS: EXTERNAL FACTORS

Economic and financial indicators of How is the economy going?

performance
Industry analysis
Commercial activity indicators
Financial market situation
Technical and productivity indicators
Institutional and legal
Labor staff indicators environment
Legal and fiscal indicators
Organizational factors
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
II. The analysis and selection of a peer group
B

The key issue of this valuation method is to select companies which provide a
reliable basis for the comparison.

It is advisable to collect the data on approximately 10 companies (although in

practice it is not always possible).

It is advisable to start with a large group of companies excluding gradually

those which have their multiples far from the sample average (median).

In practice, the final range of valuation is given by two or three comparable

companies.
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
II. The analysis and selection of a peer group
B

Comparable companies have to be stock-listed and comply with the

following requrements:

To belong to the same industry as a target firm.

To have the same origin and operate in the same geografical zone.
To manufacture a similar mix of the products (or provide similar sevices)
and to have a similar competitive position in the market.
To show similar profitability (operating margins).
To have similar expectations regarding the growth of activity and profits.
To have similar management style or business model.
To show similar volumes of R&D and marketing expenses
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
II. The analysis and selection of a peer group
B

In some cases it is difficult to find a sufficiently large group of the

companies with all these requirements. Then, an analyst may skip some
of the requirements in order to have a sufficiently large peer group.

To sum up, analysts try to find a firm that looks like a target firm in
terms of growth, risk characteristics and key economic dimensions.
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
III. Choosing and calculating multiplies
B

The multiples express the relationship between the market price (or
analyst s valuation), and some financial indicators( even some
pyshical indicators).

The values of multiplies can be used from last year s financial

statements (current), the last four quarters (trailing), or some future
period (forward).
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
III. Choosing and calculating multiplies
B

The most widely-used multiples are:

Price - earnings ratio PER.

Price - to-book ratio PBVR.
Price - to-sales ratio PSR.
EBITDA multiple EV/EBIDTA*.

Key data - including industry metrics and multiples - is readily available from investor
services like Multex, Reuters and Bloomberg for a small fee.

EBITDA Earnings before interests, taxes, depreciations and amortizations.

It measures company operational profitability.
EV Enterprise Value (equity + net debt).
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
IV. Applying the results to a target company
B

Once we have analyzed and calculated the multiples, we multiply these

ratios by the corresponding indicators of a target firm in order to obtain
a range of adequate values.

A range of obtained multiplies can be applied to the current data or

estimated (forecasted) data of a target firm.
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
IV. Applying the results to a target company
B

While the actual data, called sometimes historical data, is obtained

from the last Annual Report and Financial Statements issued by the
company, the future data corresponds to the estimates made for the
next years.

Normally, in this type of analysis a greater weight is given to the future

data rather than to the actual data.
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
V. Defining the range of acceptable values for a target firm
B

Finally, once we obtained the different values the target company it

is advisable to carry out an action which allows to specify the valuation
of the company basing on the analysis previously performed.

It is very useful to draw a graph where the selected multiples are

represented on the abscissa axis (X) and the valuation of the company
is represented on the ordinate axis (Y). Using this representation it is
possible to determine a range of final valuation of the target company.
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
B
Valuing a firm or an equity of a firm using a multiple model implies
the following steps:

1) To choose an appropriate measure (multiple): earnings, cash-

flows, sales etc.

2) To determine the ratio market value over the chosen measure

for a comparable firm or industry average that is listed.

3) To multiply the ratio for the comparable firm (or average

sector) by the value of a target firm for the same measure.
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
Valuing the companies using multiples
B
X (comparable) = Average value of the variable of comparable companies.
EV (comparable) = Average value of comparable companies.
X (company) = Value of the variable of the company to be valued.
EV (company) = Value of the company to be valued.

The computation of the value of the company is obtained using the following
simple relation:

X (comparable) ________________________ EV (comparable)

X (company) ________________________ EV (company)

From where:
EV (comparable)
EV (company) = x X (company)
X (comparable)

Multiple
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
Valuing the company s shares using multiple PER
B

Where: PER = Price to Earnings Ratio (PER)

P = current stock price of a share
EPS = earnings per share = Net earnings / Nº outstanding shares

P
PER earnings =
EPS

VALUE OF A SHARE (Value of equity) = PER comparable x EPS company

VALUE OF A TARGET COMPANY= PER comparable x Net earnings of a target

company.
Multiple
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
Valuing the company s shares basing on multiple PDR
B

Where: PDR = Price to Dividends Ratio (PDR)

P = Current stock price of a share.
D = Dividend per share
N = Nº of outstanding shares

P
PDR =
D

Value of a share

VALUE OF A TARGET COMPANY= PDR comparable x D company x N

Multiple
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
Valuing the company s shares basing on multiple PCFR
B
Where: PCFR = Price to Cash Flow Ratio (PCFR)
P = Current stock price of a share
CF = Cash flow per share
N = Nº of outstanding shares

P
PCFR =
CF

Value of a share

VALUE OF A TARGET COMPANY = PCFR comparable x CF company

xN
Multiple
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
Valuing the company s shares using Price Book Value Ratio
B

Where: PBVR = Price to Book Value Ratio

P = Current stock price of a share
BVS = Book value per share
N = Nº shares
Book value =Book
value of assets P
book value of
liabilities PVBR =
BVS

Value of a share

VALUE OF A TARGET COMPANY = PVBR comparable x BVS company

xN
Multiple
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
Valuing the company s shares using Price Sales Ratio
B

Where: PSR = Price to Sales Ratio (Ratio precio-ventas)

P = Current stock price of a share
SPS = Sales per share
N = Nº shares

P
PSR =
SPS

Value of a share

VALUE OF A TARGET COMPANY = PSR comparable x SPS

company x N
Multiple
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
Valuing the company s shares using EBITDA
B

Where: EBITDAR = EBITDA Ratio

P = Current stock price of a share
EBITDA = Earnings before Interest, Taxes, Depreciation and
Amortization
N = Nº shares

P *N
EBITDAR =
EBITDA

VALUE OF A TARGET COMPANY = EBITDAR comparable x EBITDA

company
Multiple
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
Advantages of the method of Multiples
B

The method of multiples is simple and easy to use.

It is easy to understand.

It is practical.

It is based on market values values).

It is used as a method of contrast with other valuation methods. It is

a complementary method.

Normally, it is used for the initial assessments, than the DCF method
is applied (Topic 12).

It reflects short-term market fluctuations better than other methods.

11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
Disadvantages of the method of Multiples
B

It is difficult to find comparable companies with the necessary data close

to the valuation date.

It is subjective in making adjustments to differences in size,

debt, future projections, market, etc.

It is subjective in selecting a multiple and comparable companies. It

depends on the experience of the valuer (or estimator).

Specific situations are ignored as well as the possibilities for company s

growth on long term reference.

Some differences arise in the analysis that depend on the selected

multiple. Sometimes is is difficult to explain these differences.
11.2. VALUATION USING MULTIPLES OR RELATIVE EVALUATION U
B
Other comments

It is difficult to find an appropriate ratio/multiple and comparable firm/s. Regarding

the ratio or multiple, ideally, the selected multiple would have the highest/closest
relation with the market value. Regarding the choice of comparable firms, analysts
often opt for determining the industry average (however, deleting the outlier firms).

In terms of ratios/multiples, Price-to-Book ratio and Price-to Earnings ratio are most
commonly used.

In some case, it is appropriate to use other multiples, for instance, Market Value of
Equity /Total Assets, or Market Value of Equity /Sales.

Another possibility for the companies is to use instead of market equity values in
the nominator so called Enterprise Value (market value of equity + net debt).
11.2. VALUATION BY MULTIPLES - EXAMPLE U
B
Determining the value of company Virus Control using PER multiple:

PER for peer group of Virus Control:

Current Net earnings N shares PER

stock price

Medical Sim 16.32 1,000,000 1,100,000 17.95

Global Plan 19.50 1,800,000 2,000,000 21.7
Virus Solutions 6.23 3,000,000 10,000,000 20.8 outlier
PM software 12.97 4,000,000 2,000,000 6.5
11.2. VALUATION BY MULTIPLES - EXAMPLE U
B
Determining the value of company Virus Control using PER multiple:

The value of the target company after the forecasted period can be calculated by:

Average corrected PER* net earnings of Virus Control at the end of the forecasted
period.

At the end of the year Virus Control is going to get net earnings of about 2,2
million. They use the following calculation to determine their future value of
equity:

((17,95 + 21,7 + 20,8) / 3) * 2.200.000 = 44,3 million

REFERENCES TOPIC 11 U
B
Specific references

ACCID, Valoració d empreses. Bases conceptuals i aplicacions pràctiques,

Profit Editorial, 2009, págs. 11-76.

FAUS, Josep, Valoración de empresas. Un enfoque pragmático, Ediciones

Folio, 1997.

MASCAREÑAS PÉREZ-IÑIGO, Juan, Fusiones y adquisiciones de empresas,

McGraw-Hill, 2000, caps. 9 y 10.

General references

BREALEY, Richard A., MYERS, Stewart C. y ALLEN, Franklin, Principles of

Corporate Finance, McGraw Hill, 2010.
 U
B

Topic 11

Problems Set
EXERCISE 1 U
B

The following data is given for the company GOSPEL, S.A.:

(in euros) Last year Average

Net earnings 40.000 50.000
Sales Revenues 350.000 400.000
Total Dividends 24.000 30.000
Equity 530.000 600.000
EXERCISE 1 U
B
The multiples/ ratios determinded for a peer group (comparable companies) of
GOSPEL Company are given in the following table:
here, we use the average

Multiple Last year Average

PER 12 16,1
PBVR 2 1,5
book value
PSR 2,5 2,8
sales

Required: Determine the value of Gospel Company using the multiple method
and expected dividends. The expected return on equity (re) is equal
to 3 % and the average growth rate for the dividends (g) is 0,2%
EXERCISE 1 U
Solution 1/2:
B

VALUE OF A TARGET FIRM = PER comparable x Earnings per share x N

VALUE OF A TARGET FIRM = PER comparable x Net earnings of a target firm =
= 16,1 x 50.000 = 805.000

VALUE OF A TARGET FIRM = PBVR comparable x BVS company x N

VALUE OF A TARGET FIRM = PBVR comparable x BV company =
= 1,5 x 600.000 = 900.000

VALUE OF A TARGET FIRM = PSR comparable x SPS company x N

VALUE OF A TARGET FIRM = PSR comparable x S company
= 2,8 x 400.000 = 1.120.000
EXERCISE 1 U
Solution 2/2:
B

D 30.000
VALUE based on expected dividend without growth = = = 1.000.000
re 0,03

D 30.000
VALUE based on expected dividend = = = 1.071.429
with an annual average growth rate re - g 0,03-0,002
Exercise 2

PROXIM is a leading company in the food distribution sector.

Characteristics:
It has 10 supermarkets, mainly in Catalonia, two of which are owned by it.
The rest are leased.
Its Debt ratio in recent years is 60%.
Its growth rate in recent years is 40%.

In view of the possible entry of a foreign partner that wishes to take over
40% of the company, a valuation of the company based on the multiples
approach has been requested.
Exercise 2

A search for comparable companies that have been transferred in the last year was
performed, using the following selection criteria:

Similar growth
That have made few property investments
That operate in Spain
With a similar centre size
Similar Debt ratio.

Four companies were ultimately selected: A, B, C and D. The following

five years:
Exercise 2

Concept COMPANY A COMPANY B COMPANY C COMPANY D

Share prices (P)* 323.840 286.400 298.450 116.620

EBITDA 17.600 16.000 18.900 9.800
Amortisations 5.400 3.200 3.600 5.200

Taxes 5.000 6.200 5.670 0.800

Sales 297.100 260.000 220.500 194.360
Value of the debt 150.400 120.800 140.300 95.600

* The share prices (P) correspond to the whole company, i.e., without deducting
debts.
 Exercise 2

Concept
Sales 172.886
EBITDA 10.800
Amortisations 2.225
Taxes 3.441
Debt 110.400

Calculate the value of the PROXIM company using the following multiple approaches
of comparable companies,
PSR = Share price/Sales
EBITDAR = Share price/EBITDA
EBITR= Share price/EBIT (or alternatively NOPAT Net Operating Profit
After Tax)
Exercise 2
Solution 1/4
Concept
COMPANY A COMPANY B COMPANY C COMPANY D Average PROXIM

(1) Share prices 323.840 286.400 298.450 116.620

(2) EBITDA 17.600 16.000 18.900 9.800

(3)
Amortisations 5.400 3.200 3.600 5.200
(4) Taxes 5.000 6.200 5.670 0.800

(5) Sales 297.100 260.000 220.500 194.360

(6) Value of the debt 150.400 120.800 140.300 95.600

(7) = EBIT

(8) = NOPAT
 Exercise 2

Solution 2/4:
Concept
COMPANY A COMPANY B COMPANY C COMPANY D Average PROXIM

(1) Share prices 323.840 286.400 298.450 116.620 256.328

(2) EBITDA 17.600 16.000 18.900 9.800 15.575 10.800

(3) Amortisations 5.400 3.200 3.600 5.200 4.350 2.225

(4) Taxes 5.000 6.200 5.670 0.800 4.418 3.441

(5) Sales 297.100 260.000 220.500 194.360 242.990 172.886

(6) Value of the debt 150.400 120.800 140.300 95.600 126.775 110.400

(7) = (2) - (3) EBIT 12.200 12.800 15.300 4.600 11.225 8.575

(8) = (7) - (4)

NOPAT 7.200 6.600 9.630 3.800 6.808 5.134
Exercise 2

Solution 3/4:

Comparable Company Company Debt Net Equity

Multiple multiples variable Value

PSR = Share price/Sales

EBITR = Share price/EBIT

EBITDAR = Share price/EBITDA

NOPAT= Share price/(NOPAT)

 Exercise 2

Solution 4/4:
Comparable Company Company Debt Net
Multiple multiples variable Value Equity

(1)/(5) PSR = Share price/Sales 1.055 * 172.886 = 182.376 - 110.400 = 71.976

(1)/(7) EBITR = Share price/EBIT 22.835 8.575 195.814 110.400 85.414

(1)/(2) EBITDAR = Share price/EBITDA 16.458 10.800 177.742 110.400 67.342

(1)/(8) NOPAT= Share price/(NOPAT) 37.651 5.134 193.300 110.400 82.930