On screen we have a couple of tables. And in our top table we can see these are all value numbers I've got share price, that gets me to a market cap. I go over the EV bridge and that gets me to enterprise value Those figures are always constant. We don't use forward EV figures and forward share prices Always, the most up to date figures we can get However if we look to the table below with EBITDA, EBIT and diluted EPS in These figures we have for last 12 months and we also got forward years 1 and 2 In this case calendarized year's 1 and calendarized year's 2 That means that I've got value numbers which are constant but I've got value driver numbers which change Now if we look at the EBITDA figures here, they go from 150, 160 to 165. They are going up This will mean that my EV to EBITDA multiple should be going down Multiples fall as my earnings grow. Now this is a key error checking technique when looking through your multiples grid Look to see what's happening to your EBITDA, if it's going up, you should expect to see the multiple going down Also, how did we get to those EBITDA figures of 150, 160 and 165 Did I take all of my comparable companies and then just simply average their EBITDA figures? Well that is an option but much more common is to take the median of your comparable universe Why take the median? Because this will exclude any outliers that might drag your figures far away from something that's actually much more representative of the group