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Enterprise value-to-earnings-before-interest-tax-depreciation-and-amortization ratio (EV/EBITDA) EV/EBITDA, also known as enterprise multiple, is a widely used metric in company valuation (Mauboussin, 2018). It is calculated as It is calculated as the companyβs enterprise value divided by its ETBITDA, which means the total market value of the company net of cash, divided by the its earnings before interest, tax, depreciation, and amortization (Damodaran, 2019b). πΈπ = ππ +ππ βπππ h πππ’ππ‘π¦ ππππ‘ πΈπ΅πΌππ·π΄ ππππππππ ππππππ πππ‘ππππ π‘, π‘ππ₯, πππππππππ‘πππ, πππ πππππ‘ππ§ππ‘πππ (3.4) EBITDA is a measure of the companyβs profits and is widely accepted and used in mergers and acquisitions (M&A) transactions and valuation analysis (Tracy & Tracy, n.d.). However, it does has its limits. EBITDA is subject to management manipulation and does not take into account other factors including the risks, working capital changes, or quality of earnings (Luciano, 2003). As Douyin is a private company, it is hard to obtain both its EV and EBITDA. Thus, we exclude the usage this multiple in future analysis. In our analysis, P/S ratio is used as the valuation metric for the comparable company analysis. - 24 -PDF Image | Analysis of ByteDance with a close look on Douyin TikTok
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