In this workout, we told it an analyst has calculated multiples for us food and snacks producers and we're asked what we noticed about Conagra Brands multiples versus its peers. And what do we think is causing this? Let's have a look at those multiples. Let's start off with the EV multiples Conagra Brands trades at a very small discount to the median value of ev to sales and EV to ebitda for its peers. However, it's still well within the range of the peer company's values. How does this compare to what we see for PE ratios? Well, the story for PE ratios is quite different ConAgra Brands trades at a significant discount to the median value for its peers in terms of its p ratio and it's right at the low end of the range for those peers. Now what might cause a company to traded a discount on a PE basis even though it's trading in line on an EV basis. Well, we know two things first of all, these are all us food and stacks producers so we can be pretty confident that they will have similar tax rates. However, we also know that leverage can distort PE ratios and a company that has a higher level of Leverage is likely to trade at a lower PE. So it's quite likely that the trend that we're seeing here is a result of Conagra Brands having a higher level of leverage than its peers. And you can see that I've just popped the debt to eBay Dom multiples for these companies in column G. When I do this, there is a clear difference in the leverage for Conagra Brands versus its peers. It has a much higher level of Leverage and therefore that's what's driving the difference in PE ratios versus EV multiples.