{"id":1077,"date":"2025-09-07T12:51:10","date_gmt":"2025-09-07T08:51:10","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1077"},"modified":"2026-04-11T13:29:06","modified_gmt":"2026-04-11T09:29:06","slug":"valuation-by-multiple","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2025\/09\/07\/valuation-by-multiple\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0 \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10d7<\/span>"},"content":{"rendered":"<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">A common mistake is valuing a company by comparing its <strong>multiples<\/strong> with those of other companies in the industry in a superficial way.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The issue is that selecting both the <strong>comparable company<\/strong> and the <strong>correct multiple<\/strong> is not an easy task. When choosing a multiple, it\u2019s important to understand which parameters influence it, and based on that, select the appropriate comparable organizations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, <strong>Value\/FCF<\/strong> depends on the organization\u2019s <strong>growth rate (g)<\/strong> and <strong>risk level (r)<\/strong>\u2014and if we compare it to a company whose <strong>r<\/strong> and <strong>g<\/strong> are different, we can be misled.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-66.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"326\" height=\"69\" data-attachment-id=\"7104\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/09\/07\/valuation-by-multiple\/image-520\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-66.png?fit=326%2C69&amp;ssl=1\" data-orig-size=\"326,69\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-66.png?fit=326%2C69&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-66.png?resize=326%2C69&#038;ssl=1\" alt=\"\" class=\"wp-image-7104\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The table below shows the multiples and their corresponding parameters, which must be clarified before starting a comparison of organizations:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-67.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"833\" height=\"304\" data-attachment-id=\"7106\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/09\/07\/valuation-by-multiple\/image-521\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-67.png?fit=833%2C304&amp;ssl=1\" data-orig-size=\"833,304\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-67.png?fit=833%2C304&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-67.png?resize=833%2C304&#038;ssl=1\" alt=\"\" class=\"wp-image-7106\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, before comparing the <strong>EV\/EBIT<\/strong> multiple, we need to verify whether the comparable organizations have the same <strong>tax expense structure<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The table is based on the formulas below:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"902\" height=\"627\" data-attachment-id=\"7109\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/09\/07\/valuation-by-multiple\/mm-formulas-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/mm-formulas.png.png?fit=902%2C627&amp;ssl=1\" data-orig-size=\"902,627\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"MM formulas.png\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/mm-formulas.png.png?fit=902%2C627&amp;ssl=1\" class=\"wp-image-7109\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/mm-formulas.png.png?resize=902%2C627&#038;ssl=1\" alt=\"\"\/><br \/><br \/>\u10de.\u10e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>P.S.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For comparisons, it is often also necessary to <strong>adjust the financial statements<\/strong>. You can find more details about this here: <a href=\"https:\/\/eoninvestment.com\/ka\/2025\/09\/06\/key-adjustments-in-applying-market-multiples\/\"><em>Key Adjustments in Applying Market Multiples<\/em>.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u10ec\u10e7\u10d0\u10e0\u10dd:<\/strong><br \/><em>Corporate Valuation Theory, Evidence and Practice<\/em><br \/>Mark E. Zmijewski; Robert W. Holthausen, Second Edition<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>","protected":false},"excerpt":{"rendered":"<p>\u10e4\u10d0\u10e0\u10d7\u10dd\u10d3 \u10d2\u10d0\u10d5\u10e0\u10ea\u10d4\u10da\u10d4\u10d1\u10e3\u10da\u10d8 \u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d0\u10d0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0 \u10db\u10d8\u10e1\u10d8 \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10e1 (Multipliers), \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10d0\u10e8\u10d8 \u10db\u10dd\u10e5\u10db\u10d4\u10d3\u10d8, \u10e1\u10ee\u10d5\u10d0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d7\u10d0\u10dc \u10d6\u10d4\u10d3\u10d0\u10de\u10d8\u10e0\u10e3\u10da\u10d8 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d6\u10d8\u10d7. \u10e1\u10d0\u10e5\u10db\u10d4 \u10d8\u10db\u10d0\u10e8\u10d8\u10d0, \u10e0\u10dd\u10db \u10d0\u10e0\u10ea \u10e8\u10d4\u10e1\u10d0\u10d3\u10d0\u10e0\u10d4\u10d1\u10d4\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10d3\u10d0 \u10d0\u10e0\u10ea \u10e1\u10ec\u10dd\u10e0\u10d8 \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d8\u10e1 \u10e8\u10d4\u10e0\u10e9\u10d4\u10d5\u10d0 \u10d0\u10e0\u10d8\u10e1 \u10d8\u10dd\u10da\u10d8 \u10d0\u10db\u10dd\u10ea\u10d0\u10dc\u10d0. \u10e0\u10dd\u10ea\u10d0 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":7106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675951,326945227],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445728],"eon_content_type":[],"eon_source":[784445710],"eon_idea":[784445695],"eon_framework":[],"class_list":["post-1077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-valuation-theory-evidence-and-practice-by-m-e-zmijewski-r-w-holthausen","category-market-multiples","eon_level-advanced","eon_source-corporate-valuation-theory-evidence-and-practice-by-m-e-zmijewski-r-w-holthause","eon_idea-market-multiples"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Valuation By Multiple - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2025\/09\/07\/valuation-by-multiple\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Valuation By Multiple - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u10e4\u10d0\u10e0\u10d7\u10dd\u10d3 \u10d2\u10d0\u10d5\u10e0\u10ea\u10d4\u10da\u10d4\u10d1\u10e3\u10da\u10d8 \u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d0\u10d0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0 \u10db\u10d8\u10e1\u10d8 \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10e1 (Multipliers), \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10d0\u10e8\u10d8 \u10db\u10dd\u10e5\u10db\u10d4\u10d3\u10d8, \u10e1\u10ee\u10d5\u10d0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d7\u10d0\u10dc \u10d6\u10d4\u10d3\u10d0\u10de\u10d8\u10e0\u10e3\u10da\u10d8 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d6\u10d8\u10d7. \u10e1\u10d0\u10e5\u10db\u10d4 \u10d8\u10db\u10d0\u10e8\u10d8\u10d0, \u10e0\u10dd\u10db \u10d0\u10e0\u10ea \u10e8\u10d4\u10e1\u10d0\u10d3\u10d0\u10e0\u10d4\u10d1\u10d4\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10d3\u10d0 \u10d0\u10e0\u10ea \u10e1\u10ec\u10dd\u10e0\u10d8 \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d8\u10e1 \u10e8\u10d4\u10e0\u10e9\u10d4\u10d5\u10d0 \u10d0\u10e0\u10d8\u10e1 \u10d8\u10dd\u10da\u10d8 \u10d0\u10db\u10dd\u10ea\u10d0\u10dc\u10d0. \u10e0\u10dd\u10ea\u10d0 [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eoninvestment.com\/ka\/2025\/09\/07\/valuation-by-multiple\/\" \/>\n<meta property=\"og:site_name\" content=\"Eon Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/eoninvestment\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-07T08:51:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-11T09:29:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-67.png?fit=833%2C304&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"833\" \/>\n\t<meta property=\"og:image:height\" content=\"304\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"neoinsight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"neoinsight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 \u10ec\u10e3\u10d7\u10d8\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1077\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\"},\"author\":{\"name\":\"neoinsight\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/person\\\/9bb6a82e15a5231535d10233395afa89\"},\"headline\":\"\u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0 \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10d7\",\"datePublished\":\"2025-09-07T08:51:10+00:00\",\"dateModified\":\"2026-04-11T09:29:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2025\\\/09\\\/07\\\/valuation-by-multiple\\\/\"},\"wordCount\":193,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2025\\\/09\\\/07\\\/valuation-by-multiple\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/image-67.png?fit=833%2C304&ssl=1\",\"articleSection\":[\"Corporate Valuation Theory, Evidence and Practice - 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