id	sid	tid	token	lemma	pos
faba-307	1	1	221	221	NUM
faba-307	1	2	finance	finance	NOUN
faba-307	1	3	,	,	PUNCT
faba-307	1	4	accounting	accounting	NOUN
faba-307	1	5	and	and	CCONJ
faba-307	1	6	business	business	NOUN
faba-307	1	7	analysis	analysis	NOUN
faba-307	1	8	volume	volume	NOUN
faba-307	1	9	7	7	NUM
faba-307	1	10	issue	issue	NOUN
faba-307	1	11	2	2	NUM
faba-307	1	12	,	,	PUNCT
faba-307	1	13	2025	2025	NUM
faba-307	1	14	http://faba.bg/	http://faba.bg/	NOUN
faba-307	1	15	issn	issn	VERB
faba-307	1	16	2603	2603	NUM
faba-307	1	17	-	-	SYM
faba-307	1	18	5324	5324	NUM
faba-307	1	19	doi	doi	NOUN
faba-307	1	20	:	:	PUNCT
faba-307	1	21	https://doi.org/10.37075/faba.2025.2.08	https://doi.org/10.37075/faba.2025.2.08	NOUN
faba-307	1	22	an	an	DET
faba-307	1	23	analytical	analytical	ADJ
faba-307	1	24	approach	approach	NOUN
faba-307	1	25	to	to	ADP
faba-307	1	26	comparing	compare	VERB
faba-307	1	27	actual	actual	ADJ
faba-307	1	28	vs.	vs.	X
faba-307	1	29	fundamental	fundamental	ADJ
faba-307	1	30	“	"	PUNCT
faba-307	1	31	enterprise	enterprise	NOUN
faba-307	1	32	value	value	NOUN
faba-307	1	33	-	-	PUNCT
faba-307	1	34	to	to	ADP
faba-307	1	35	-	-	PUNCT
faba-307	1	36	ebitda	ebitda	VERB
faba-307	1	37	”	"	PUNCT
faba-307	1	38	ratios	ratio	NOUN
faba-307	1	39	on	on	ADP
faba-307	1	40	the	the	DET
faba-307	1	41	us	us	PROPN
faba-307	1	42	and	and	CCONJ
faba-307	1	43	european	european	ADJ
faba-307	1	44	stock	stock	NOUN
faba-307	1	45	markets	market	NOUN
faba-307	1	46	dimiter	dimiter	NOUN
faba-307	1	47	nenkov	nenkov	PROPN
faba-307	1	48	department	department	PROPN
faba-307	1	49	of	of	ADP
faba-307	1	50	finance	finance	NOUN
faba-307	1	51	,	,	PUNCT
faba-307	1	52	university	university	NOUN
faba-307	1	53	of	of	ADP
faba-307	1	54	national	national	ADJ
faba-307	1	55	and	and	CCONJ
faba-307	1	56	world	world	NOUN
faba-307	1	57	economy	economy	NOUN
faba-307	1	58	,	,	PUNCT
faba-307	1	59	sofia	sofia	PROPN
faba-307	1	60	,	,	PUNCT
faba-307	1	61	bulgaria	bulgaria	PROPN
faba-307	1	62	info	info	NOUN
faba-307	1	63	articles	article	NOUN
faba-307	1	64	abstract	abstract	ADJ
faba-307	1	65	history	history	NOUN
faba-307	1	66	article	article	NOUN
faba-307	1	67	:	:	PUNCT
faba-307	1	68	submitted	submit	VERB
faba-307	1	69	:	:	PUNCT
faba-307	1	70	6	6	NUM
faba-307	1	71	october	october	NOUN
faba-307	1	72	2025	2025	NUM
faba-307	1	73	revised	revise	VERB
faba-307	1	74	:	:	PUNCT
faba-307	1	75	14	14	NUM
faba-307	1	76	november	november	PROPN
faba-307	1	77	2025	2025	NUM
faba-307	1	78	accepted	accept	VERB
faba-307	1	79	:	:	PUNCT
faba-307	1	80	20	20	NUM
faba-307	1	81	november	november	PROPN
faba-307	1	82	2025	2025	NUM
faba-307	1	83	purpose	purpose	NOUN
faba-307	1	84	:	:	PUNCT
faba-307	1	85	the	the	DET
faba-307	1	86	subject	subject	NOUN
faba-307	1	87	of	of	ADP
faba-307	1	88	this	this	DET
faba-307	1	89	research	research	NOUN
faba-307	1	90	paper	paper	NOUN
faba-307	1	91	is	be	AUX
faba-307	1	92	the	the	DET
faba-307	1	93	level	level	NOUN
faba-307	1	94	of	of	ADP
faba-307	1	95	the	the	DET
faba-307	1	96	ev	ev	PROPN
faba-307	1	97	/	/	SYM
faba-307	1	98	ebitda	ebitda	NOUN
faba-307	1	99	market	market	NOUN
faba-307	1	100	ratios	ratio	NOUN
faba-307	1	101	on	on	ADP
faba-307	1	102	the	the	DET
faba-307	1	103	us	us	PROPN
faba-307	1	104	and	and	CCONJ
faba-307	1	105	the	the	DET
faba-307	1	106	european	european	ADJ
faba-307	1	107	stock	stock	NOUN
faba-307	1	108	markets	market	NOUN
faba-307	1	109	.	.	PUNCT
faba-307	2	1	the	the	DET
faba-307	2	2	interest	interest	NOUN
faba-307	2	3	was	be	AUX
faba-307	2	4	aroused	arouse	VERB
faba-307	2	5	by	by	ADP
faba-307	2	6	the	the	DET
faba-307	2	7	continuously	continuously	ADV
faba-307	2	8	rising	rise	VERB
faba-307	2	9	levels	level	NOUN
faba-307	2	10	of	of	ADP
faba-307	2	11	the	the	DET
faba-307	2	12	indexes	index	NOUN
faba-307	2	13	on	on	ADP
faba-307	2	14	the	the	DET
faba-307	2	15	leading	lead	VERB
faba-307	2	16	stock	stock	NOUN
faba-307	2	17	markets	market	NOUN
faba-307	2	18	,	,	PUNCT
faba-307	2	19	on	on	ADP
faba-307	2	20	one	one	NUM
faba-307	2	21	hand	hand	NOUN
faba-307	2	22	,	,	PUNCT
faba-307	2	23	and	and	CCONJ
faba-307	2	24	the	the	DET
faba-307	2	25	very	very	ADV
faba-307	2	26	wide	wide	ADJ
faba-307	2	27	use	use	NOUN
faba-307	2	28	of	of	ADP
faba-307	2	29	the	the	DET
faba-307	2	30	ev	ev	PROPN
faba-307	2	31	/	/	SYM
faba-307	2	32	ebitda	ebitda	NOUN
faba-307	2	33	multiples	multiple	NOUN
faba-307	2	34	by	by	ADP
faba-307	2	35	financial	financial	ADJ
faba-307	2	36	analysts	analyst	NOUN
faba-307	2	37	,	,	PUNCT
faba-307	2	38	on	on	ADP
faba-307	2	39	the	the	DET
faba-307	2	40	other	other	ADJ
faba-307	2	41	hand	hand	NOUN
faba-307	2	42	.	.	PUNCT
faba-307	3	1	the	the	DET
faba-307	3	2	purpose	purpose	NOUN
faba-307	3	3	is	be	AUX
faba-307	3	4	:	:	PUNCT
faba-307	3	5	1/	1/	NUM
faba-307	3	6	to	to	PART
faba-307	3	7	compare	compare	VERB
faba-307	3	8	the	the	DET
faba-307	3	9	two	two	NUM
faba-307	3	10	markets	market	NOUN
faba-307	3	11	in	in	ADP
faba-307	3	12	terms	term	NOUN
faba-307	3	13	of	of	ADP
faba-307	3	14	their	their	PRON
faba-307	3	15	actual	actual	ADJ
faba-307	3	16	ev	ev	ADJ
faba-307	3	17	/	/	SYM
faba-307	3	18	ebitda	ebitda	PROPN
faba-307	3	19	ratios	ratio	NOUN
faba-307	3	20	,	,	PUNCT
faba-307	3	21	and	and	CCONJ
faba-307	3	22	2/	2/	NUM
faba-307	3	23	to	to	PART
faba-307	3	24	analyze	analyze	VERB
faba-307	3	25	to	to	ADP
faba-307	3	26	what	what	DET
faba-307	3	27	extent	extent	NOUN
faba-307	3	28	the	the	DET
faba-307	3	29	levels	level	NOUN
faba-307	3	30	of	of	ADP
faba-307	3	31	these	these	DET
faba-307	3	32	multiples	multiple	NOUN
faba-307	3	33	are	be	AUX
faba-307	3	34	supported	support	VERB
faba-307	3	35	by	by	ADP
faba-307	3	36	the	the	DET
faba-307	3	37	respective	respective	ADJ
faba-307	3	38	key	key	ADJ
faba-307	3	39	fundamental	fundamental	ADJ
faba-307	3	40	indicators	indicator	NOUN
faba-307	3	41	.	.	PUNCT
faba-307	4	1	design	design	NOUN
faba-307	4	2	/	/	SYM
faba-307	4	3	methodology	methodology	NOUN
faba-307	4	4	/	/	SYM
faba-307	4	5	approach	approach	NOUN
faba-307	4	6	:	:	PUNCT
faba-307	4	7	the	the	DET
faba-307	4	8	dynamics	dynamic	NOUN
faba-307	4	9	of	of	ADP
faba-307	4	10	the	the	DET
faba-307	4	11	actual	actual	ADJ
faba-307	4	12	ev	ev	ADJ
faba-307	4	13	/	/	SYM
faba-307	4	14	ebitda	ebitda	NOUN
faba-307	4	15	ratio	ratio	NOUN
faba-307	4	16	in	in	ADP
faba-307	4	17	recent	recent	ADJ
faba-307	4	18	years	year	NOUN
faba-307	4	19	is	be	AUX
faba-307	4	20	reviewed	review	VERB
faba-307	4	21	for	for	SCONJ
faba-307	4	22	each	each	PRON
faba-307	4	23	of	of	ADP
faba-307	4	24	the	the	DET
faba-307	4	25	us	us	PROPN
faba-307	4	26	and	and	CCONJ
faba-307	4	27	european	european	PROPN
faba-307	4	28	developed	develop	VERB
faba-307	4	29	stock	stock	NOUN
faba-307	4	30	markets	market	NOUN
faba-307	4	31	.	.	PUNCT
faba-307	5	1	in	in	ADP
faba-307	5	2	addition	addition	NOUN
faba-307	5	3	to	to	ADP
faba-307	5	4	the	the	DET
faba-307	5	5	comparison	comparison	NOUN
faba-307	5	6	of	of	ADP
faba-307	5	7	these	these	DET
faba-307	5	8	ratios	ratio	NOUN
faba-307	5	9	between	between	ADP
faba-307	5	10	the	the	DET
faba-307	5	11	two	two	NUM
faba-307	5	12	markets	market	NOUN
faba-307	5	13	,	,	PUNCT
faba-307	5	14	fundamental	fundamental	ADJ
faba-307	5	15	ev	ev	PROPN
faba-307	5	16	/	/	SYM
faba-307	5	17	ebitda	ebitda	PROPN
faba-307	5	18	ratios	ratio	NOUN
faba-307	5	19	are	be	AUX
faba-307	5	20	also	also	ADV
faba-307	5	21	derived	derive	VERB
faba-307	5	22	,	,	PUNCT
faba-307	5	23	based	base	VERB
faba-307	5	24	on	on	ADP
faba-307	5	25	key	key	ADJ
faba-307	5	26	financial	financial	ADJ
faba-307	5	27	-	-	PUNCT
faba-307	5	28	performance	performance	NOUN
faba-307	5	29	indicators	indicator	NOUN
faba-307	5	30	,	,	PUNCT
faba-307	5	31	in	in	ADP
faba-307	5	32	order	order	NOUN
faba-307	5	33	to	to	PART
faba-307	5	34	be	be	AUX
faba-307	5	35	used	use	VERB
faba-307	5	36	as	as	ADP
faba-307	5	37	a	a	DET
faba-307	5	38	more	more	ADV
faba-307	5	39	reasonable	reasonable	ADJ
faba-307	5	40	benchmark	benchmark	NOUN
faba-307	5	41	.	.	PUNCT
faba-307	6	1	findings	finding	NOUN
faba-307	6	2	:	:	PUNCT
faba-307	6	3	the	the	DET
faba-307	6	4	comparison	comparison	NOUN
faba-307	6	5	indicates	indicate	VERB
faba-307	6	6	that	that	SCONJ
faba-307	6	7	the	the	DET
faba-307	6	8	actual	actual	ADJ
faba-307	6	9	average	average	ADJ
faba-307	6	10	ev	ev	ADJ
faba-307	6	11	/	/	SYM
faba-307	6	12	ebitda	ebitda	NOUN
faba-307	6	13	of	of	ADP
faba-307	6	14	the	the	DET
faba-307	6	15	us	us	PROPN
faba-307	6	16	market	market	NOUN
faba-307	6	17	for	for	ADP
faba-307	6	18	the	the	DET
faba-307	6	19	analyzed	analyze	VERB
faba-307	6	20	period	period	NOUN
faba-307	6	21	is	be	AUX
faba-307	6	22	by	by	ADP
faba-307	6	23	38	38	NUM
faba-307	6	24	%	%	NOUN
faba-307	6	25	higher	high	ADJ
faba-307	6	26	than	than	ADP
faba-307	6	27	that	that	PRON
faba-307	6	28	of	of	ADP
faba-307	6	29	the	the	DET
faba-307	6	30	european	european	ADJ
faba-307	6	31	market	market	NOUN
faba-307	6	32	.	.	PUNCT
faba-307	7	1	for	for	ADP
faba-307	7	2	both	both	DET
faba-307	7	3	markets	market	NOUN
faba-307	7	4	,	,	PUNCT
faba-307	7	5	the	the	DET
faba-307	7	6	derived	derive	VERB
faba-307	7	7	fundamental	fundamental	ADJ
faba-307	7	8	ev	ev	PROPN
faba-307	7	9	/	/	SYM
faba-307	7	10	ebitda	ebitda	PROPN
faba-307	7	11	ratios	ratio	NOUN
faba-307	7	12	do	do	AUX
faba-307	7	13	not	not	PART
faba-307	7	14	support	support	VERB
faba-307	7	15	the	the	DET
faba-307	7	16	significantly	significantly	ADV
faba-307	7	17	higher	high	ADJ
faba-307	7	18	actual	actual	ADJ
faba-307	7	19	ev	ev	ADJ
faba-307	7	20	/	/	SYM
faba-307	7	21	ebitda	ebitda	NOUN
faba-307	7	22	multiples	multiple	NOUN
faba-307	7	23	,	,	PUNCT
faba-307	7	24	which	which	PRON
faba-307	7	25	are	be	AUX
faba-307	7	26	about	about	ADV
faba-307	7	27	twice	twice	ADV
faba-307	7	28	as	as	ADV
faba-307	7	29	high	high	ADJ
faba-307	7	30	.	.	PUNCT
faba-307	8	1	this	this	DET
faba-307	8	2	difference	difference	NOUN
faba-307	8	3	is	be	AUX
faba-307	8	4	more	more	ADV
faba-307	8	5	pronounced	pronounced	ADJ
faba-307	8	6	for	for	ADP
faba-307	8	7	the	the	DET
faba-307	8	8	us	us	PROPN
faba-307	8	9	market	market	NOUN
faba-307	8	10	.	.	PUNCT
faba-307	9	1	practical	practical	ADJ
faba-307	9	2	implications	implication	NOUN
faba-307	9	3	:	:	PUNCT
faba-307	9	4	the	the	DET
faba-307	9	5	important	important	ADJ
faba-307	9	6	implications	implication	NOUN
faba-307	9	7	for	for	ADP
faba-307	9	8	investors	investor	NOUN
faba-307	9	9	are	be	AUX
faba-307	9	10	that	that	SCONJ
faba-307	9	11	the	the	DET
faba-307	9	12	actual	actual	ADJ
faba-307	9	13	average	average	ADJ
faba-307	9	14	ev	ev	ADJ
faba-307	9	15	/	/	SYM
faba-307	9	16	ebitda	ebitda	PROPN
faba-307	9	17	levels	level	NOUN
faba-307	9	18	on	on	ADP
faba-307	9	19	the	the	DET
faba-307	9	20	us	us	PROPN
faba-307	9	21	and	and	CCONJ
faba-307	9	22	european	european	ADJ
faba-307	9	23	stock	stock	NOUN
faba-307	9	24	markets	market	NOUN
faba-307	9	25	indicate	indicate	VERB
faba-307	9	26	for	for	ADP
faba-307	9	27	an	an	DET
faba-307	9	28	unreasonably	unreasonably	ADV
faba-307	9	29	high	high	ADJ
faba-307	9	30	prices	price	NOUN
faba-307	9	31	of	of	ADP
faba-307	9	32	stocks	stock	NOUN
faba-307	9	33	as	as	ADP
faba-307	9	34	a	a	DET
faba-307	9	35	whole	whole	NOUN
faba-307	9	36	for	for	ADP
faba-307	9	37	2024	2024	NUM
faba-307	9	38	.	.	PUNCT
faba-307	10	1	originality	originality	NOUN
faba-307	10	2	/	/	SYM
faba-307	10	3	value	value	NOUN
faba-307	10	4	:	:	PUNCT
faba-307	10	5	the	the	DET
faba-307	10	6	analyses	analysis	NOUN
faba-307	10	7	of	of	ADP
faba-307	10	8	this	this	DET
faba-307	10	9	type	type	NOUN
faba-307	10	10	,	,	PUNCT
faba-307	10	11	involving	involve	VERB
faba-307	10	12	not	not	PART
faba-307	10	13	only	only	ADV
faba-307	10	14	actual	actual	ADJ
faba-307	10	15	but	but	CCONJ
faba-307	10	16	also	also	ADV
faba-307	10	17	fundamental	fundamental	ADJ
faba-307	10	18	market	market	NOUN
faba-307	10	19	ratios	ratio	NOUN
faba-307	10	20	,	,	PUNCT
faba-307	10	21	seem	seem	VERB
faba-307	10	22	to	to	PART
faba-307	10	23	be	be	AUX
faba-307	10	24	quite	quite	ADV
faba-307	10	25	limited	limited	ADJ
faba-307	10	26	among	among	ADP
faba-307	10	27	academic	academic	ADJ
faba-307	10	28	publications	publication	NOUN
faba-307	10	29	.	.	PUNCT
faba-307	11	1	to	to	ADP
faba-307	11	2	the	the	DET
faba-307	11	3	extent	extent	NOUN
faba-307	11	4	that	that	SCONJ
faba-307	11	5	they	they	PRON
faba-307	11	6	are	be	AUX
faba-307	11	7	available	available	ADJ
faba-307	11	8	for	for	ADP
faba-307	11	9	the	the	DET
faba-307	11	10	market	market	NOUN
faba-307	11	11	as	as	ADP
faba-307	11	12	a	a	DET
faba-307	11	13	whole	whole	NOUN
faba-307	11	14	,	,	PUNCT
faba-307	11	15	they	they	PRON
faba-307	11	16	mainly	mainly	ADV
faba-307	11	17	focus	focus	VERB
faba-307	11	18	on	on	ADP
faba-307	11	19	the	the	DET
faba-307	11	20	pe	pe	PROPN
faba-307	11	21	and	and	CCONJ
faba-307	11	22	pbv	pbv	VERB
faba-307	11	23	ratios	ratio	NOUN
faba-307	11	24	.	.	PUNCT
faba-307	12	1	the	the	DET
faba-307	12	2	indepth	indepth	ADJ
faba-307	12	3	academic	academic	ADJ
faba-307	12	4	study	study	NOUN
faba-307	12	5	of	of	ADP
faba-307	12	6	the	the	DET
faba-307	12	7	ev	ev	PROPN
faba-307	12	8	/	/	SYM
faba-307	12	9	ebitda	ebitda	NOUN
faba-307	12	10	multiples	multiple	NOUN
faba-307	12	11	,	,	PUNCT
faba-307	12	12	with	with	ADP
faba-307	12	13	regard	regard	NOUN
faba-307	12	14	to	to	ADP
faba-307	12	15	using	use	VERB
faba-307	12	16	them	they	PRON
faba-307	12	17	for	for	ADP
faba-307	12	18	the	the	DET
faba-307	12	19	analysis	analysis	NOUN
faba-307	12	20	of	of	ADP
faba-307	12	21	the	the	DET
faba-307	12	22	entire	entire	ADJ
faba-307	12	23	stock	stock	NOUN
faba-307	12	24	market	market	NOUN
faba-307	12	25	,	,	PUNCT
faba-307	12	26	is	be	AUX
faba-307	12	27	still	still	ADV
faba-307	12	28	not	not	PART
faba-307	12	29	a	a	DET
faba-307	12	30	well	well	ADV
faba-307	12	31	-	-	PUNCT
faba-307	12	32	covered	cover	VERB
faba-307	12	33	area	area	NOUN
faba-307	12	34	.	.	PUNCT
faba-307	13	1	paper	paper	NOUN
faba-307	13	2	type	type	NOUN
faba-307	13	3	:	:	PUNCT
faba-307	13	4	research	research	NOUN
faba-307	13	5	paper	paper	NOUN
faba-307	13	6	keywords	keyword	NOUN
faba-307	13	7	:	:	PUNCT
faba-307	13	8	us	we	PRON
faba-307	13	9	and	and	CCONJ
faba-307	13	10	european	european	ADJ
faba-307	13	11	stock	stock	NOUN
faba-307	13	12	markets	market	NOUN
faba-307	13	13	,	,	PUNCT
faba-307	13	14	actual	actual	ADJ
faba-307	13	15	ev	ev	ADJ
faba-307	13	16	/	/	SYM
faba-307	13	17	ebitda	ebitda	NOUN
faba-307	13	18	multiples	multiple	NOUN
faba-307	13	19	,	,	PUNCT
faba-307	13	20	fundamental	fundamental	ADJ
faba-307	13	21	ev	ev	PROPN
faba-307	13	22	/	/	SYM
faba-307	13	23	ebitda	ebitda	PROPN
faba-307	13	24	ratios	ratios	PROPN
faba-307	13	25	jel	jel	PROPN
faba-307	13	26	:	:	PUNCT
faba-307	13	27	g11	g11	PROPN
faba-307	13	28	,	,	PUNCT
faba-307	13	29	g12	g12	NOUN
faba-307	13	30	,	,	PUNCT
faba-307	13	31	g15	g15	PROPN
faba-307	13	32	address	address	NOUN
faba-307	13	33	correspondence	correspondence	NOUN
faba-307	13	34	:	:	PUNCT
faba-307	14	1	e	e	X
faba-307	14	2	-	-	NOUN
faba-307	14	3	mail	mail	NOUN
faba-307	14	4	:	:	PUNCT
faba-307	14	5	d.nenkovv@gmail.com	d.nenkovv@gmail.com	X
faba-307	14	6	http://faba.bg/	http://faba.bg/	NOUN
faba-307	14	7	https://doi.org/10.37075/faba.2025.2.08	https://doi.org/10.37075/faba.2025.2.08	NOUN
faba-307	14	8	mailto:d.nenkovv@gmail.com	mailto:d.nenkovv@gmail.com	X
faba-307	14	9	https://orcid.org/0009-0007-9142-1570	https://orcid.org/0009-0007-9142-1570	ADJ
faba-307	14	10	dimiter	dimiter	NOUN
faba-307	14	11	nenkov/	nenkov/	NUM
faba-307	14	12	finance	finance	NOUN
faba-307	14	13	,	,	PUNCT
faba-307	14	14	accounting	accounting	NOUN
faba-307	14	15	and	and	CCONJ
faba-307	14	16	business	business	NOUN
faba-307	14	17	analysis	analysis	NOUN
faba-307	14	18	,	,	PUNCT
faba-307	14	19	volume	volume	NOUN
faba-307	14	20	7	7	NUM
faba-307	14	21	,	,	PUNCT
faba-307	14	22	issue	issue	NOUN
faba-307	14	23	2	2	NUM
faba-307	14	24	,	,	PUNCT
faba-307	14	25	2025	2025	NUM
faba-307	14	26	222	222	NUM
faba-307	14	27	introduction	introduction	NOUN
faba-307	14	28	investing	invest	VERB
faba-307	14	29	on	on	ADP
faba-307	14	30	the	the	DET
faba-307	14	31	stock	stock	NOUN
faba-307	14	32	market	market	NOUN
faba-307	14	33	is	be	AUX
faba-307	14	34	a	a	DET
faba-307	14	35	serious	serious	ADJ
faba-307	14	36	challenge	challenge	NOUN
faba-307	14	37	and	and	CCONJ
faba-307	14	38	requires	require	VERB
faba-307	14	39	significant	significant	ADJ
faba-307	14	40	knowledge	knowledge	NOUN
faba-307	14	41	,	,	PUNCT
faba-307	14	42	skills	skill	NOUN
faba-307	14	43	and	and	CCONJ
faba-307	14	44	analyses	analysis	NOUN
faba-307	14	45	.	.	PUNCT
faba-307	15	1	the	the	DET
faba-307	15	2	term	term	NOUN
faba-307	15	3	“	"	PUNCT
faba-307	15	4	investing	investing	NOUN
faba-307	15	5	”	"	PUNCT
faba-307	15	6	here	here	ADV
faba-307	15	7	is	be	AUX
faba-307	15	8	used	use	VERB
faba-307	15	9	in	in	ADP
faba-307	15	10	the	the	DET
faba-307	15	11	sense	sense	NOUN
faba-307	15	12	given	give	VERB
faba-307	15	13	to	to	ADP
faba-307	15	14	it	it	PRON
faba-307	15	15	by	by	ADP
faba-307	15	16	benjamin	benjamin	PROPN
faba-307	15	17	graham	graham	PROPN
faba-307	15	18	and	and	CCONJ
faba-307	15	19	david	david	PROPN
faba-307	15	20	dodd	dodd	PROPN
faba-307	15	21	.	.	PUNCT
faba-307	16	1	according	accord	VERB
faba-307	16	2	to	to	ADP
faba-307	16	3	them	they	PRON
faba-307	16	4	,	,	PUNCT
faba-307	16	5	“	"	PUNCT
faba-307	16	6	one	one	NUM
faba-307	16	7	of	of	ADP
faba-307	16	8	the	the	DET
faba-307	16	9	first	first	ADJ
faba-307	16	10	things	thing	NOUN
faba-307	16	11	that	that	PRON
faba-307	16	12	need	need	VERB
faba-307	16	13	clarification	clarification	NOUN
faba-307	16	14	in	in	ADP
faba-307	16	15	connection	connection	NOUN
faba-307	16	16	with	with	ADP
faba-307	16	17	capital	capital	NOUN
faba-307	16	18	markets	market	NOUN
faba-307	16	19	,	,	PUNCT
faba-307	16	20	is	be	AUX
faba-307	16	21	the	the	DET
faba-307	16	22	meaning	meaning	NOUN
faba-307	16	23	of	of	ADP
faba-307	16	24	investor	investor	NOUN
faba-307	16	25	or	or	CCONJ
faba-307	16	26	investing	investing	NOUN
faba-307	16	27	”	"	PUNCT
faba-307	16	28	.	.	PUNCT
faba-307	17	1	they	they	PRON
faba-307	17	2	choose	choose	VERB
faba-307	17	3	to	to	PART
faba-307	17	4	use	use	VERB
faba-307	17	5	the	the	DET
faba-307	17	6	term	term	NOUN
faba-307	17	7	“	"	PUNCT
faba-307	17	8	investor	investor	NOUN
faba-307	17	9	”	"	PUNCT
faba-307	17	10	as	as	ADP
faba-307	17	11	the	the	DET
faba-307	17	12	opposite	opposite	NOUN
faba-307	17	13	to	to	PART
faba-307	17	14	“	"	PUNCT
faba-307	17	15	speculator	speculator	NOUN
faba-307	17	16	”	"	PUNCT
faba-307	17	17	(	(	PUNCT
faba-307	17	18	graham	graham	PROPN
faba-307	17	19	,	,	PUNCT
faba-307	17	20	dodd	dodd	NOUN
faba-307	17	21	,	,	PUNCT
faba-307	17	22	2009	2009	NUM
faba-307	17	23	)	)	PUNCT
faba-307	17	24	.	.	PUNCT
faba-307	18	1	in	in	ADP
faba-307	18	2	the	the	DET
faba-307	18	3	first	first	ADJ
faba-307	18	4	edition	edition	NOUN
faba-307	18	5	of	of	ADP
faba-307	18	6	their	their	PRON
faba-307	18	7	book	book	NOUN
faba-307	18	8	“	"	PUNCT
faba-307	18	9	security	security	NOUN
faba-307	18	10	analysis	analysis	NOUN
faba-307	18	11	”	"	PUNCT
faba-307	18	12	of	of	ADP
faba-307	18	13	1934	1934	NUM
faba-307	18	14	,	,	PUNCT
faba-307	18	15	they	they	PRON
faba-307	18	16	try	try	VERB
faba-307	18	17	to	to	PART
faba-307	18	18	give	give	VERB
faba-307	18	19	a	a	DET
faba-307	18	20	precise	precise	ADJ
faba-307	18	21	definition	definition	NOUN
faba-307	18	22	of	of	ADP
faba-307	18	23	the	the	DET
faba-307	18	24	difference	difference	NOUN
faba-307	18	25	between	between	ADP
faba-307	18	26	the	the	DET
faba-307	18	27	two	two	NUM
faba-307	18	28	categories	category	NOUN
faba-307	18	29	(	(	PUNCT
faba-307	18	30	nenkov	nenkov	PROPN
faba-307	18	31	2021a	2021a	NUM
faba-307	18	32	)	)	PUNCT
faba-307	18	33	.	.	PUNCT
faba-307	19	1	it	it	PRON
faba-307	19	2	is	be	AUX
faba-307	19	3	as	as	SCONJ
faba-307	19	4	follows	follow	VERB
faba-307	19	5	:	:	PUNCT
faba-307	19	6	“	"	PUNCT
faba-307	19	7	an	an	DET
faba-307	19	8	investment	investment	NOUN
faba-307	19	9	operation	operation	NOUN
faba-307	19	10	is	be	AUX
faba-307	19	11	one	one	NUM
faba-307	19	12	which	which	PRON
faba-307	19	13	,	,	PUNCT
faba-307	19	14	upon	upon	SCONJ
faba-307	19	15	thorough	thorough	ADJ
faba-307	19	16	analysis	analysis	NOUN
faba-307	19	17	promises	promise	VERB
faba-307	19	18	safety	safety	NOUN
faba-307	19	19	of	of	ADP
faba-307	19	20	principal	principal	NOUN
faba-307	19	21	and	and	CCONJ
faba-307	19	22	an	an	DET
faba-307	19	23	adequate	adequate	ADJ
faba-307	19	24	return	return	NOUN
faba-307	19	25	.	.	PUNCT
faba-307	20	1	operations	operation	NOUN
faba-307	20	2	not	not	PART
faba-307	20	3	meeting	meet	VERB
faba-307	20	4	these	these	DET
faba-307	20	5	requirements	requirement	NOUN
faba-307	20	6	are	be	AUX
faba-307	20	7	speculative	speculative	ADJ
faba-307	20	8	”	"	PUNCT
faba-307	20	9	(	(	PUNCT
faba-307	20	10	graham	graham	PROPN
faba-307	20	11	2006	2006	NUM
faba-307	20	12	)	)	PUNCT
faba-307	20	13	.	.	PUNCT
faba-307	21	1	this	this	PRON
faba-307	21	2	is	be	AUX
faba-307	21	3	what	what	PRON
faba-307	21	4	predetermines	predetermine	VERB
faba-307	21	5	the	the	DET
faba-307	21	6	challenge	challenge	NOUN
faba-307	21	7	related	relate	VERB
faba-307	21	8	to	to	ADP
faba-307	21	9	true	true	ADJ
faba-307	21	10	investing	investing	NOUN
faba-307	21	11	–	–	PUNCT
faba-307	21	12	the	the	DET
faba-307	21	13	need	need	NOUN
faba-307	21	14	to	to	PART
faba-307	21	15	identify	identify	VERB
faba-307	21	16	the	the	DET
faba-307	21	17	intrinsic	intrinsic	ADJ
faba-307	21	18	value	value	NOUN
faba-307	21	19	of	of	ADP
faba-307	21	20	stocks	stock	NOUN
faba-307	21	21	as	as	ADP
faba-307	21	22	potential	potential	ADJ
faba-307	21	23	investments	investment	NOUN
faba-307	21	24	.	.	PUNCT
faba-307	22	1	an	an	DET
faba-307	22	2	investor	investor	NOUN
faba-307	22	3	determines	determine	VERB
faba-307	22	4	the	the	DET
faba-307	22	5	value	value	NOUN
faba-307	22	6	of	of	ADP
faba-307	22	7	a	a	DET
faba-307	22	8	share	share	NOUN
faba-307	22	9	of	of	ADP
faba-307	22	10	stock	stock	NOUN
faba-307	22	11	based	base	VERB
faba-307	22	12	on	on	ADP
faba-307	22	13	the	the	DET
faba-307	22	14	value	value	NOUN
faba-307	22	15	of	of	ADP
faba-307	22	16	its	its	PRON
faba-307	22	17	businesses	business	NOUN
faba-307	22	18	.	.	PUNCT
faba-307	23	1	at	at	ADP
faba-307	23	2	the	the	DET
faba-307	23	3	same	same	ADJ
faba-307	23	4	time	time	NOUN
faba-307	23	5	,	,	PUNCT
faba-307	23	6	the	the	DET
faba-307	23	7	speculator	speculator	NOUN
faba-307	23	8	bets	bet	NOUN
faba-307	23	9	that	that	PRON
faba-307	23	10	the	the	DET
faba-307	23	11	share	share	NOUN
faba-307	23	12	price	price	NOUN
faba-307	23	13	will	will	AUX
faba-307	23	14	rise	rise	VERB
faba-307	23	15	because	because	SCONJ
faba-307	23	16	someone	someone	PRON
faba-307	23	17	else	else	ADV
faba-307	23	18	is	be	AUX
faba-307	23	19	willing	willing	ADJ
faba-307	23	20	to	to	PART
faba-307	23	21	pay	pay	VERB
faba-307	23	22	even	even	ADV
faba-307	23	23	more	more	ADJ
faba-307	23	24	for	for	ADP
faba-307	23	25	it	it	PRON
faba-307	23	26	.	.	PUNCT
faba-307	24	1	as	as	SCONJ
faba-307	24	2	graham	graham	PROPN
faba-307	24	3	notes	note	VERB
faba-307	24	4	,	,	PUNCT
faba-307	24	5	“	"	PUNCT
faba-307	24	6	investors	investor	NOUN
faba-307	24	7	judge	judge	VERB
faba-307	24	8	the	the	DET
faba-307	24	9	market	market	NOUN
faba-307	24	10	price	price	NOUN
faba-307	24	11	by	by	ADP
faba-307	24	12	established	establish	VERB
faba-307	24	13	standards	standard	NOUN
faba-307	24	14	of	of	ADP
faba-307	24	15	value	value	NOUN
faba-307	24	16	,	,	PUNCT
faba-307	24	17	while	while	SCONJ
faba-307	24	18	speculators	speculator	NOUN
faba-307	24	19	base	base	VERB
faba-307	24	20	their	their	PRON
faba-307	24	21	standards	standard	NOUN
faba-307	24	22	of	of	ADP
faba-307	24	23	value	value	NOUN
faba-307	24	24	upon	upon	SCONJ
faba-307	24	25	the	the	DET
faba-307	24	26	market	market	NOUN
faba-307	24	27	price	price	NOUN
faba-307	24	28	”	"	PUNCT
faba-307	24	29	(	(	PUNCT
faba-307	24	30	graham	graham	PROPN
faba-307	24	31	,	,	PUNCT
faba-307	24	32	b.	b.	PROPN
faba-307	24	33	,	,	PUNCT
faba-307	24	34	2006	2006	NUM
faba-307	24	35	)	)	PUNCT
faba-307	24	36	.	.	PUNCT
faba-307	25	1	at	at	ADP
faba-307	25	2	the	the	DET
faba-307	25	3	same	same	ADJ
faba-307	25	4	time	time	NOUN
faba-307	25	5	,	,	PUNCT
faba-307	25	6	it	it	PRON
faba-307	25	7	is	be	AUX
faba-307	25	8	important	important	ADJ
faba-307	25	9	to	to	PART
faba-307	25	10	note	note	VERB
faba-307	25	11	that	that	SCONJ
faba-307	25	12	determining	determine	VERB
faba-307	25	13	the	the	DET
faba-307	25	14	actual	actual	ADJ
faba-307	25	15	value	value	NOUN
faba-307	25	16	of	of	ADP
faba-307	25	17	companies	company	NOUN
faba-307	25	18	is	be	AUX
faba-307	25	19	an	an	DET
faba-307	25	20	exercise	exercise	NOUN
faba-307	25	21	of	of	ADP
faba-307	25	22	increased	increase	VERB
faba-307	25	23	difficulty	difficulty	NOUN
faba-307	25	24	.	.	PUNCT
faba-307	26	1	the	the	DET
faba-307	26	2	reason	reason	NOUN
faba-307	26	3	is	be	AUX
faba-307	26	4	very	very	ADV
faba-307	26	5	simple	simple	ADJ
faba-307	26	6	–	–	PUNCT
faba-307	26	7	the	the	DET
faba-307	26	8	value	value	NOUN
faba-307	26	9	of	of	ADP
faba-307	26	10	each	each	DET
faba-307	26	11	stock	stock	NOUN
faba-307	26	12	and	and	CCONJ
faba-307	26	13	company	company	NOUN
faba-307	26	14	is	be	AUX
faba-307	26	15	kind	kind	ADV
faba-307	26	16	of	of	ADV
faba-307	26	17	hidden	hidden	ADJ
faba-307	26	18	and	and	CCONJ
faba-307	26	19	invisible	invisible	ADJ
faba-307	26	20	(	(	PUNCT
faba-307	26	21	nenkov	nenkov	NOUN
faba-307	26	22	2021a	2021a	NUM
faba-307	26	23	)	)	PUNCT
faba-307	26	24	.	.	PUNCT
faba-307	27	1	the	the	DET
faba-307	27	2	stock	stock	NOUN
faba-307	27	3	market	market	NOUN
faba-307	27	4	is	be	AUX
faba-307	27	5	called	call	VERB
faba-307	27	6	upon	upon	SCONJ
faba-307	27	7	to	to	PART
faba-307	27	8	determine	determine	VERB
faba-307	27	9	this	this	DET
faba-307	27	10	invisible	invisible	ADJ
faba-307	27	11	intrinsic	intrinsic	ADJ
faba-307	27	12	value	value	NOUN
faba-307	27	13	.	.	PUNCT
faba-307	28	1	however	however	ADV
faba-307	28	2	,	,	PUNCT
faba-307	28	3	the	the	DET
faba-307	28	4	market	market	NOUN
faba-307	28	5	fails	fail	VERB
faba-307	28	6	to	to	PART
faba-307	28	7	perform	perform	VERB
faba-307	28	8	this	this	DET
faba-307	28	9	function	function	NOUN
faba-307	28	10	correctly	correctly	ADV
faba-307	28	11	too	too	ADV
faba-307	28	12	often	often	ADV
faba-307	28	13	.	.	PUNCT
faba-307	29	1	what	what	PRON
faba-307	29	2	we	we	PRON
faba-307	29	3	normally	normally	ADV
faba-307	29	4	see	see	VERB
faba-307	29	5	on	on	ADP
faba-307	29	6	the	the	DET
faba-307	29	7	stock	stock	NOUN
faba-307	29	8	market	market	NOUN
faba-307	29	9	is	be	AUX
faba-307	29	10	the	the	DET
faba-307	29	11	price	price	NOUN
faba-307	29	12	of	of	ADP
faba-307	29	13	the	the	DET
faba-307	29	14	stock	stock	NOUN
faba-307	29	15	.	.	PUNCT
faba-307	30	1	a	a	DET
faba-307	30	2	distinction	distinction	NOUN
faba-307	30	3	must	must	AUX
faba-307	30	4	be	be	AUX
faba-307	30	5	made	make	VERB
faba-307	30	6	between	between	ADP
faba-307	30	7	the	the	DET
faba-307	30	8	price	price	NOUN
faba-307	30	9	of	of	ADP
faba-307	30	10	the	the	DET
faba-307	30	11	stock	stock	NOUN
faba-307	30	12	and	and	CCONJ
faba-307	30	13	its	its	PRON
faba-307	30	14	true	true	ADJ
faba-307	30	15	value	value	NOUN
faba-307	30	16	.	.	PUNCT
faba-307	31	1	according	accord	VERB
faba-307	31	2	to	to	ADP
faba-307	31	3	benjamin	benjamin	PROPN
faba-307	31	4	graham	graham	PROPN
faba-307	31	5	and	and	CCONJ
faba-307	31	6	warren	warren	PROPN
faba-307	31	7	buffett	buffett	PROPN
faba-307	31	8	,	,	PUNCT
faba-307	31	9	"	"	PUNCT
faba-307	31	10	price	price	NOUN
faba-307	31	11	is	be	AUX
faba-307	31	12	what	what	PRON
faba-307	31	13	you	you	PRON
faba-307	31	14	pay	pay	VERB
faba-307	31	15	,	,	PUNCT
faba-307	31	16	value	value	NOUN
faba-307	31	17	is	be	AUX
faba-307	31	18	what	what	PRON
faba-307	31	19	you	you	PRON
faba-307	31	20	get	get	VERB
faba-307	31	21	.	.	PUNCT
faba-307	31	22	"	"	PUNCT
faba-307	32	1	(	(	PUNCT
faba-307	32	2	graham	graham	PROPN
faba-307	32	3	2006	2006	NUM
faba-307	32	4	;	;	PUNCT
faba-307	32	5	morris	morris	PROPN
faba-307	32	6	2009	2009	NUM
faba-307	32	7	)	)	PUNCT
faba-307	32	8	.	.	PUNCT
faba-307	33	1	the	the	DET
faba-307	33	2	fact	fact	NOUN
faba-307	33	3	that	that	SCONJ
faba-307	33	4	determining	determine	VERB
faba-307	33	5	value	value	NOUN
faba-307	33	6	is	be	AUX
faba-307	33	7	a	a	DET
faba-307	33	8	difficult	difficult	ADJ
faba-307	33	9	task	task	NOUN
faba-307	33	10	,	,	PUNCT
faba-307	33	11	is	be	AUX
faba-307	33	12	evident	evident	ADJ
faba-307	33	13	in	in	ADP
faba-307	33	14	the	the	DET
faba-307	33	15	very	very	ADJ
faba-307	33	16	definitions	definition	NOUN
faba-307	33	17	of	of	ADP
faba-307	33	18	value	value	NOUN
faba-307	33	19	used	use	VERB
faba-307	33	20	by	by	ADP
faba-307	33	21	appraisers	appraiser	NOUN
faba-307	33	22	and	and	CCONJ
faba-307	33	23	stock	stock	NOUN
faba-307	33	24	analysts	analyst	NOUN
faba-307	33	25	,	,	PUNCT
faba-307	33	26	as	as	ADV
faba-307	33	27	well	well	ADV
faba-307	33	28	as	as	ADP
faba-307	33	29	in	in	ADP
faba-307	33	30	valuation	valuation	NOUN
faba-307	33	31	standards	standard	NOUN
faba-307	33	32	(	(	PUNCT
faba-307	33	33	graham	graham	PROPN
faba-307	33	34	2006	2006	NUM
faba-307	33	35	;	;	PUNCT
faba-307	33	36	international	international	ADJ
faba-307	33	37	valuation	valuation	PROPN
faba-307	33	38	standards	standards	PROPN
faba-307	33	39	committee	committee	PROPN
faba-307	33	40	2001	2001	NUM
faba-307	33	41	;	;	PUNCT
faba-307	33	42	hitchner	hitchner	ADJ
faba-307	33	43	2017	2017	NUM
faba-307	33	44	;	;	PUNCT
faba-307	33	45	international	international	ADJ
faba-307	33	46	appraisal	appraisal	NOUN
faba-307	33	47	standards	standard	NOUN
faba-307	33	48	board	board	NOUN
faba-307	33	49	2020	2020	NUM
faba-307	33	50	;	;	PUNCT
faba-307	33	51	zukin	zukin	NUM
faba-307	33	52	1990	1990	NUM
faba-307	33	53	)	)	PUNCT
faba-307	33	54	.	.	PUNCT
faba-307	34	1	appraisers	appraiser	NOUN
faba-307	34	2	are	be	AUX
faba-307	34	3	often	often	ADV
faba-307	34	4	not	not	PART
faba-307	34	5	fully	fully	ADV
faba-307	34	6	aware	aware	ADJ
faba-307	34	7	of	of	ADP
faba-307	34	8	what	what	PRON
faba-307	34	9	exactly	exactly	ADV
faba-307	34	10	they	they	PRON
faba-307	34	11	are	be	AUX
faba-307	34	12	looking	look	VERB
faba-307	34	13	for	for	ADP
faba-307	34	14	in	in	ADP
faba-307	34	15	the	the	DET
faba-307	34	16	specific	specific	ADJ
faba-307	34	17	appraisal	appraisal	NOUN
faba-307	34	18	task	task	NOUN
faba-307	34	19	the	the	DET
faba-307	34	20	actual	actual	ADJ
faba-307	34	21	value	value	NOUN
faba-307	34	22	,	,	PUNCT
faba-307	34	23	or	or	CCONJ
faba-307	34	24	rather	rather	ADV
faba-307	34	25	the	the	DET
faba-307	34	26	price	price	NOUN
faba-307	34	27	that	that	PRON
faba-307	34	28	would	would	AUX
faba-307	34	29	satisfy	satisfy	VERB
faba-307	34	30	the	the	DET
faba-307	34	31	wishes	wish	NOUN
faba-307	34	32	of	of	ADP
faba-307	34	33	the	the	DET
faba-307	34	34	appraisers	appraiser	NOUN
faba-307	34	35	and	and	CCONJ
faba-307	34	36	the	the	DET
faba-307	34	37	contracting	contracting	NOUN
faba-307	34	38	counterparties	counterpartie	NOUN
faba-307	34	39	(	(	PUNCT
faba-307	34	40	nenkov	nenkov	PROPN
faba-307	34	41	2021b	2021b	NUM
faba-307	34	42	)	)	PUNCT
faba-307	34	43	.	.	PUNCT
faba-307	35	1	this	this	PRON
faba-307	35	2	is	be	AUX
faba-307	35	3	probably	probably	ADV
faba-307	35	4	one	one	NUM
faba-307	35	5	of	of	ADP
faba-307	35	6	the	the	DET
faba-307	35	7	reasons	reason	NOUN
faba-307	35	8	for	for	ADP
faba-307	35	9	prof	prof	NOUN
faba-307	35	10	.	.	PUNCT
faba-307	36	1	damodaran	damodaran	VERB
faba-307	36	2	to	to	PART
faba-307	36	3	raise	raise	VERB
faba-307	36	4	the	the	DET
faba-307	36	5	question	question	NOUN
faba-307	36	6	:	:	PUNCT
faba-307	36	7	"	"	PUNCT
faba-307	36	8	what	what	PRON
faba-307	36	9	are	be	AUX
faba-307	36	10	we	we	PRON
faba-307	36	11	looking	look	VERB
faba-307	36	12	for	for	ADP
faba-307	36	13	in	in	ADP
faba-307	36	14	the	the	DET
faba-307	36	15	evaluation	evaluation	NOUN
faba-307	36	16	the	the	DET
faba-307	36	17	price	price	NOUN
faba-307	36	18	or	or	CCONJ
faba-307	36	19	the	the	DET
faba-307	36	20	value	value	NOUN
faba-307	36	21	?	?	PUNCT
faba-307	36	22	"	"	PUNCT
faba-307	37	1	(	(	PUNCT
faba-307	37	2	are	be	AUX
faba-307	37	3	we	we	PRON
faba-307	37	4	pricing	pricing	NOUN
faba-307	37	5	or	or	CCONJ
faba-307	37	6	valuing	value	VERB
faba-307	37	7	?	?	PUNCT
faba-307	37	8	)	)	PUNCT
faba-307	37	9	"	"	PUNCT
faba-307	37	10	(	(	PUNCT
faba-307	37	11	damodaran	damodaran	VERB
faba-307	37	12	2019	2019	NUM
faba-307	37	13	)	)	PUNCT
faba-307	37	14	.	.	PUNCT
faba-307	38	1	moreover	moreover	ADV
faba-307	38	2	,	,	PUNCT
faba-307	38	3	in	in	ADP
faba-307	38	4	reality	reality	NOUN
faba-307	38	5	it	it	PRON
faba-307	38	6	turns	turn	VERB
faba-307	38	7	out	out	ADP
faba-307	38	8	that	that	SCONJ
faba-307	38	9	a	a	DET
faba-307	38	10	company	company	NOUN
faba-307	38	11	can	can	AUX
faba-307	38	12	have	have	VERB
faba-307	38	13	different	different	ADJ
faba-307	38	14	values	value	NOUN
faba-307	38	15	at	at	ADP
faba-307	38	16	the	the	DET
faba-307	38	17	same	same	ADJ
faba-307	38	18	moment	moment	NOUN
faba-307	38	19	,	,	PUNCT
faba-307	38	20	which	which	PRON
faba-307	38	21	can	can	AUX
faba-307	38	22	be	be	AUX
faba-307	38	23	illustrated	illustrate	VERB
faba-307	38	24	by	by	ADP
faba-307	38	25	the	the	DET
faba-307	38	26	“	"	PUNCT
faba-307	38	27	hexagon	hexagon	NOUN
faba-307	38	28	”	"	PUNCT
faba-307	38	29	figure	figure	NOUN
faba-307	38	30	of	of	ADP
faba-307	38	31	copeland	copeland	PROPN
faba-307	38	32	,	,	PUNCT
faba-307	38	33	murrin	murrin	NOUN
faba-307	38	34	and	and	CCONJ
faba-307	38	35	koller	koller	PROPN
faba-307	38	36	(	(	PUNCT
faba-307	38	37	copeland	copeland	PROPN
faba-307	38	38	et	et	PROPN
faba-307	38	39	.	.	PUNCT
faba-307	39	1	al	al	PROPN
faba-307	39	2	.	.	PROPN
faba-307	39	3	2000	2000	NUM
faba-307	39	4	;	;	PUNCT
faba-307	39	5	nenkov	nenkov	NOUN
faba-307	39	6	and	and	CCONJ
faba-307	39	7	hristozov	hristozov	NOUN
faba-307	39	8	2023	2023	NUM
faba-307	39	9	)	)	PUNCT
faba-307	39	10	.	.	PUNCT
faba-307	40	1	the	the	DET
faba-307	40	2	problem	problem	NOUN
faba-307	40	3	highlighted	highlight	VERB
faba-307	40	4	above	above	ADV
faba-307	40	5	carries	carry	VERB
faba-307	40	6	over	over	ADP
faba-307	40	7	from	from	ADP
faba-307	40	8	the	the	DET
faba-307	40	9	individual	individual	ADJ
faba-307	40	10	stock	stock	NOUN
faba-307	40	11	and	and	CCONJ
faba-307	40	12	company	company	NOUN
faba-307	40	13	level	level	NOUN
faba-307	40	14	to	to	ADP
faba-307	40	15	the	the	DET
faba-307	40	16	stock	stock	NOUN
faba-307	40	17	market	market	NOUN
faba-307	40	18	as	as	ADP
faba-307	40	19	a	a	DET
faba-307	40	20	whole	whole	NOUN
faba-307	40	21	.	.	PUNCT
faba-307	41	1	the	the	DET
faba-307	41	2	question	question	NOUN
faba-307	41	3	that	that	PRON
faba-307	41	4	is	be	AUX
faba-307	41	5	constantly	constantly	ADV
faba-307	41	6	asked	ask	VERB
faba-307	41	7	is	be	AUX
faba-307	41	8	whether	whether	SCONJ
faba-307	41	9	the	the	DET
faba-307	41	10	market	market	NOUN
faba-307	41	11	is	be	AUX
faba-307	41	12	undervalued	undervalue	VERB
faba-307	41	13	,	,	PUNCT
faba-307	41	14	overvalued	overvalue	VERB
faba-307	41	15	,	,	PUNCT
faba-307	41	16	or	or	CCONJ
faba-307	41	17	fairly	fairly	ADV
faba-307	41	18	valued	value	VERB
faba-307	41	19	.	.	PUNCT
faba-307	42	1	according	accord	VERB
faba-307	42	2	to	to	ADP
faba-307	42	3	nobel	nobel	PROPN
faba-307	42	4	laureate	laureate	PROPN
faba-307	42	5	robert	robert	PROPN
faba-307	42	6	shiller	shiller	PROPN
faba-307	42	7	,	,	PUNCT
faba-307	42	8	the	the	DET
faba-307	42	9	global	global	ADJ
faba-307	42	10	financial	financial	ADJ
faba-307	42	11	crisis	crisis	NOUN
faba-307	42	12	of	of	ADP
faba-307	42	13	2007	2007	NUM
faba-307	42	14	-	-	SYM
faba-307	42	15	2009	2009	NUM
faba-307	42	16	once	once	ADV
faba-307	42	17	again	again	ADV
faba-307	42	18	reminded	remind	VERB
faba-307	42	19	us	we	PRON
faba-307	42	20	of	of	ADP
faba-307	42	21	the	the	DET
faba-307	42	22	need	need	NOUN
faba-307	42	23	for	for	ADP
faba-307	42	24	a	a	DET
faba-307	42	25	qualitative	qualitative	ADJ
faba-307	42	26	analysis	analysis	NOUN
faba-307	42	27	of	of	ADP
faba-307	42	28	stocks	stock	NOUN
faba-307	42	29	and	and	CCONJ
faba-307	42	30	their	their	PRON
faba-307	42	31	price	price	NOUN
faba-307	42	32	levels	level	NOUN
faba-307	42	33	,	,	PUNCT
faba-307	42	34	both	both	PRON
faba-307	42	35	for	for	ADP
faba-307	42	36	the	the	DET
faba-307	42	37	individual	individual	ADJ
faba-307	42	38	investor	investor	NOUN
faba-307	42	39	and	and	CCONJ
faba-307	42	40	for	for	ADP
faba-307	42	41	the	the	DET
faba-307	42	42	better	well	ADJ
faba-307	42	43	functioning	functioning	NOUN
faba-307	42	44	of	of	ADP
faba-307	42	45	markets	market	NOUN
faba-307	42	46	(	(	PUNCT
faba-307	42	47	shiller	shiller	PROPN
faba-307	42	48	2012	2012	NUM
faba-307	42	49	,	,	PUNCT
faba-307	42	50	2015	2015	NUM
faba-307	42	51	)	)	PUNCT
faba-307	42	52	.	.	PUNCT
faba-307	43	1	with	with	ADP
faba-307	43	2	regard	regard	NOUN
faba-307	43	3	to	to	ADP
faba-307	43	4	this	this	DET
faba-307	43	5	need	need	NOUN
faba-307	43	6	,	,	PUNCT
faba-307	43	7	it	it	PRON
faba-307	43	8	is	be	AUX
faba-307	43	9	useful	useful	ADJ
faba-307	43	10	to	to	PART
faba-307	43	11	analyze	analyze	VERB
faba-307	43	12	stock	stock	NOUN
faba-307	43	13	market	market	NOUN
faba-307	43	14	levels	level	NOUN
faba-307	43	15	in	in	ADP
faba-307	43	16	at	at	ADP
faba-307	43	17	least	least	ADJ
faba-307	43	18	the	the	DET
faba-307	43	19	following	follow	VERB
faba-307	43	20	three	three	NUM
faba-307	43	21	breakdowns	breakdown	NOUN
faba-307	43	22	:	:	PUNCT
faba-307	43	23	1/	1/	NUM
faba-307	43	24	in	in	ADP
faba-307	43	25	dynamics	dynamic	NOUN
faba-307	43	26	,	,	PUNCT
faba-307	43	27	2/	2/	NUM
faba-307	43	28	in	in	ADP
faba-307	43	29	comparison	comparison	NOUN
faba-307	43	30	to	to	ADP
faba-307	43	31	other	other	ADJ
faba-307	43	32	markets	market	NOUN
faba-307	43	33	,	,	PUNCT
faba-307	43	34	and	and	CCONJ
faba-307	43	35	3/	3/	NUM
faba-307	43	36	in	in	ADP
faba-307	43	37	relation	relation	NOUN
faba-307	43	38	to	to	ADP
faba-307	43	39	fundamentals	fundamental	NOUN
faba-307	43	40	.	.	PUNCT
faba-307	44	1	the	the	DET
faba-307	44	2	aim	aim	NOUN
faba-307	44	3	of	of	ADP
faba-307	44	4	this	this	DET
faba-307	44	5	study	study	NOUN
faba-307	44	6	is	be	AUX
faba-307	44	7	to	to	PART
faba-307	44	8	cover	cover	VERB
faba-307	44	9	all	all	DET
faba-307	44	10	three	three	NUM
faba-307	44	11	aspects	aspect	NOUN
faba-307	44	12	in	in	ADP
faba-307	44	13	the	the	DET
faba-307	44	14	comparative	comparative	ADJ
faba-307	44	15	analysis	analysis	NOUN
faba-307	44	16	of	of	ADP
faba-307	44	17	actual	actual	ADJ
faba-307	44	18	versus	versus	ADP
faba-307	44	19	fundamental	fundamental	ADJ
faba-307	44	20	“	"	PUNCT
faba-307	44	21	enterprise	enterprise	NOUN
faba-307	44	22	value	value	NOUN
faba-307	44	23	-	-	PUNCT
faba-307	44	24	to	to	ADP
faba-307	44	25	-	-	PUNCT
faba-307	44	26	ebitda	ebitda	VERB
faba-307	44	27	”	"	PUNCT
faba-307	44	28	ratios	ratio	NOUN
faba-307	44	29	on	on	ADP
faba-307	44	30	the	the	DET
faba-307	44	31	us	us	PROPN
faba-307	44	32	and	and	CCONJ
faba-307	44	33	european	european	ADJ
faba-307	44	34	stock	stock	NOUN
faba-307	44	35	markets	market	NOUN
faba-307	44	36	.	.	PUNCT
faba-307	45	1	purpose	purpose	NOUN
faba-307	45	2	,	,	PUNCT
faba-307	45	3	hypotheses	hypothesis	NOUN
faba-307	45	4	and	and	CCONJ
faba-307	45	5	methods	method	NOUN
faba-307	45	6	the	the	DET
faba-307	45	7	objective	objective	NOUN
faba-307	45	8	of	of	ADP
faba-307	45	9	this	this	DET
faba-307	45	10	research	research	NOUN
faba-307	45	11	is	be	AUX
faba-307	45	12	to	to	PART
faba-307	45	13	explore	explore	VERB
faba-307	45	14	the	the	DET
faba-307	45	15	levels	level	NOUN
faba-307	45	16	of	of	ADP
faba-307	45	17	the	the	DET
faba-307	45	18	us	us	PROPN
faba-307	45	19	and	and	CCONJ
faba-307	45	20	european	european	ADJ
faba-307	45	21	stock	stock	NOUN
faba-307	45	22	markets	market	NOUN
faba-307	45	23	,	,	PUNCT
faba-307	45	24	as	as	SCONJ
faba-307	45	25	represented	represent	VERB
faba-307	45	26	by	by	ADP
faba-307	45	27	their	their	PRON
faba-307	45	28	actual	actual	ADJ
faba-307	45	29	average	average	ADJ
faba-307	45	30	ev	ev	ADJ
faba-307	45	31	/	/	SYM
faba-307	45	32	ebitda	ebitda	NOUN
faba-307	45	33	multiples	multiple	NOUN
faba-307	45	34	,	,	PUNCT
faba-307	45	35	against	against	ADP
faba-307	45	36	the	the	DET
faba-307	45	37	background	background	NOUN
faba-307	45	38	of	of	ADP
faba-307	45	39	fundamental	fundamental	ADJ
faba-307	45	40	ev	ev	PROPN
faba-307	45	41	/	/	SYM
faba-307	45	42	ebitda	ebitda	PROPN
faba-307	45	43	ratios	ratio	NOUN
faba-307	45	44	,	,	PUNCT
faba-307	45	45	derived	derive	VERB
faba-307	45	46	for	for	ADP
faba-307	45	47	the	the	DET
faba-307	45	48	two	two	NUM
faba-307	45	49	markets	market	NOUN
faba-307	45	50	.	.	PUNCT
faba-307	46	1	the	the	DET
faba-307	46	2	object	object	NOUN
faba-307	46	3	of	of	ADP
faba-307	46	4	the	the	DET
faba-307	46	5	study	study	NOUN
faba-307	46	6	is	be	AUX
faba-307	46	7	the	the	DET
faba-307	46	8	level	level	NOUN
faba-307	46	9	and	and	CCONJ
faba-307	46	10	dynamics	dynamic	NOUN
faba-307	46	11	of	of	ADP
faba-307	46	12	stocks	stock	NOUN
faba-307	46	13	on	on	ADP
faba-307	46	14	the	the	DET
faba-307	46	15	us	us	PROPN
faba-307	46	16	and	and	CCONJ
faba-307	46	17	european	european	ADJ
faba-307	46	18	stock	stock	NOUN
faba-307	46	19	markets	market	NOUN
faba-307	46	20	.	.	PUNCT
faba-307	47	1	the	the	DET
faba-307	47	2	subject	subject	NOUN
faba-307	47	3	of	of	ADP
faba-307	47	4	the	the	DET
faba-307	47	5	research	research	NOUN
faba-307	47	6	is	be	AUX
faba-307	47	7	the	the	DET
faba-307	47	8	fundamental	fundamental	ADJ
faba-307	47	9	value	value	NOUN
faba-307	47	10	of	of	ADP
faba-307	47	11	the	the	DET
faba-307	47	12	us	us	PROPN
faba-307	47	13	stock	stock	NOUN
faba-307	47	14	market	market	NOUN
faba-307	47	15	and	and	CCONJ
faba-307	47	16	the	the	DET
faba-307	47	17	european	european	ADJ
faba-307	47	18	stock	stock	NOUN
faba-307	47	19	market	market	NOUN
faba-307	47	20	,	,	PUNCT
faba-307	47	21	and	and	CCONJ
faba-307	47	22	how	how	SCONJ
faba-307	47	23	it	it	PRON
faba-307	47	24	copes	cope	VERB
faba-307	47	25	with	with	ADP
faba-307	47	26	the	the	DET
faba-307	47	27	actual	actual	ADJ
faba-307	47	28	price	price	NOUN
faba-307	47	29	level	level	NOUN
faba-307	47	30	of	of	ADP
faba-307	47	31	the	the	DET
faba-307	47	32	two	two	NUM
faba-307	47	33	markets	market	NOUN
faba-307	47	34	,	,	PUNCT
faba-307	47	35	both	both	PRON
faba-307	47	36	measured	measure	VERB
faba-307	47	37	through	through	ADP
faba-307	47	38	the	the	DET
faba-307	47	39	ev	ev	PROPN
faba-307	47	40	/	/	SYM
faba-307	47	41	ebitda	ebitda	PROPN
faba-307	47	42	ratios	ratio	NOUN
faba-307	47	43	.	.	PUNCT
faba-307	48	1	in	in	ADP
faba-307	48	2	connection	connection	NOUN
faba-307	48	3	with	with	ADP
faba-307	48	4	the	the	DET
faba-307	48	5	realization	realization	NOUN
faba-307	48	6	of	of	ADP
faba-307	48	7	the	the	DET
faba-307	48	8	above	above	ADJ
faba-307	48	9	objective	objective	NOUN
faba-307	48	10	of	of	ADP
faba-307	48	11	the	the	DET
faba-307	48	12	research	research	NOUN
faba-307	48	13	,	,	PUNCT
faba-307	48	14	the	the	DET
faba-307	48	15	working	work	VERB
faba-307	48	16	hypotheses	hypothesis	NOUN
faba-307	48	17	are	be	AUX
faba-307	48	18	formulated	formulate	VERB
faba-307	48	19	,	,	PUNCT
faba-307	48	20	as	as	SCONJ
faba-307	48	21	follows	follow	VERB
faba-307	48	22	:	:	PUNCT
faba-307	48	23	hypothesis	hypothesis	NOUN
faba-307	48	24	1	1	NUM
faba-307	48	25	:	:	PUNCT
faba-307	48	26	the	the	DET
faba-307	48	27	fundamental	fundamental	ADJ
faba-307	48	28	,	,	PUNCT
faba-307	48	29	intrinsic	intrinsic	ADJ
faba-307	48	30	value	value	NOUN
faba-307	48	31	of	of	ADP
faba-307	48	32	each	each	PRON
faba-307	48	33	of	of	ADP
faba-307	48	34	the	the	DET
faba-307	48	35	two	two	NUM
faba-307	48	36	stock	stock	NOUN
faba-307	48	37	markets	market	NOUN
faba-307	48	38	in	in	ADP
faba-307	48	39	question	question	NOUN
faba-307	48	40	can	can	AUX
faba-307	48	41	be	be	AUX
faba-307	48	42	derived	derive	VERB
faba-307	48	43	at	at	ADP
faba-307	48	44	any	any	DET
faba-307	48	45	point	point	NOUN
faba-307	48	46	in	in	ADP
faba-307	48	47	time	time	NOUN
faba-307	48	48	,	,	PUNCT
faba-307	48	49	expressed	express	VERB
faba-307	48	50	as	as	ADP
faba-307	48	51	fundamental	fundamental	ADJ
faba-307	48	52	ev	ev	PROPN
faba-307	48	53	/	/	SYM
faba-307	48	54	ebitda	ebitda	PROPN
faba-307	48	55	ratios	ratio	NOUN
faba-307	48	56	,	,	PUNCT
faba-307	48	57	to	to	PART
faba-307	48	58	be	be	AUX
faba-307	48	59	used	use	VERB
faba-307	48	60	as	as	ADP
faba-307	48	61	a	a	DET
faba-307	48	62	reliable	reliable	ADJ
faba-307	48	63	benchmark	benchmark	NOUN
faba-307	48	64	for	for	ADP
faba-307	48	65	the	the	DET
faba-307	48	66	true	true	ADJ
faba-307	48	67	levels	level	NOUN
faba-307	48	68	of	of	ADP
faba-307	48	69	these	these	DET
faba-307	48	70	markets	market	NOUN
faba-307	48	71	.	.	PUNCT
faba-307	49	1	hypothesis	hypothesis	NOUN
faba-307	49	2	2	2	NUM
faba-307	49	3	:	:	PUNCT
faba-307	49	4	the	the	DET
faba-307	49	5	actual	actual	ADJ
faba-307	49	6	ev	ev	ADJ
faba-307	49	7	/	/	SYM
faba-307	49	8	ebitda	ebitda	NOUN
faba-307	49	9	ratios	ratio	NOUN
faba-307	49	10	on	on	ADP
faba-307	49	11	the	the	DET
faba-307	49	12	us	us	PROPN
faba-307	49	13	and	and	CCONJ
faba-307	49	14	european	european	ADJ
faba-307	49	15	markets	market	NOUN
faba-307	49	16	are	be	AUX
faba-307	49	17	most	most	ADV
faba-307	49	18	likely	likely	ADJ
faba-307	49	19	significantly	significantly	ADV
faba-307	49	20	higher	high	ADJ
faba-307	49	21	than	than	ADP
faba-307	49	22	the	the	DET
faba-307	49	23	fundamental	fundamental	ADJ
faba-307	49	24	levels	level	NOUN
faba-307	49	25	of	of	ADP
faba-307	49	26	ev	ev	PROPN
faba-307	49	27	/	/	SYM
faba-307	49	28	ebitda	ebitda	PROPN
faba-307	49	29	.	.	PUNCT
faba-307	50	1	hypothesis	hypothesis	NOUN
faba-307	50	2	3	3	NUM
faba-307	50	3	:	:	PUNCT
faba-307	50	4	the	the	DET
faba-307	50	5	deviation	deviation	NOUN
faba-307	50	6	of	of	ADP
faba-307	50	7	actual	actual	ADJ
faba-307	50	8	ev	ev	ADJ
faba-307	50	9	/	/	SYM
faba-307	50	10	ebitda	ebitda	NOUN
faba-307	50	11	multiples	multiple	NOUN
faba-307	50	12	on	on	ADP
faba-307	50	13	the	the	DET
faba-307	50	14	us	us	PROPN
faba-307	50	15	market	market	NOUN
faba-307	50	16	above	above	ADP
faba-307	50	17	their	their	PRON
faba-307	50	18	fundamental	fundamental	ADJ
faba-307	50	19	ev	ev	ADJ
faba-307	50	20	/	/	SYM
faba-307	50	21	ebitda	ebitda	PROPN
faba-307	50	22	ratios	ratio	NOUN
faba-307	50	23	is	be	AUX
faba-307	50	24	most	most	ADV
faba-307	50	25	likely	likely	ADV
faba-307	50	26	higher	high	ADJ
faba-307	50	27	than	than	ADP
faba-307	50	28	that	that	PRON
faba-307	50	29	on	on	ADP
faba-307	50	30	the	the	DET
faba-307	50	31	european	european	ADJ
faba-307	50	32	stock	stock	NOUN
faba-307	50	33	market	market	NOUN
faba-307	50	34	.	.	PUNCT
faba-307	51	1	for	for	ADP
faba-307	51	2	the	the	DET
faba-307	51	3	purpose	purpose	NOUN
faba-307	51	4	of	of	ADP
faba-307	51	5	the	the	DET
faba-307	51	6	study	study	NOUN
faba-307	51	7	,	,	PUNCT
faba-307	51	8	fundamental	fundamental	ADJ
faba-307	51	9	indicators	indicator	NOUN
faba-307	51	10	on	on	ADP
faba-307	51	11	the	the	DET
faba-307	51	12	two	two	NUM
faba-307	51	13	markets	market	NOUN
faba-307	51	14	are	be	AUX
faba-307	51	15	explored	explore	VERB
faba-307	51	16	,	,	PUNCT
faba-307	51	17	such	such	ADJ
faba-307	51	18	as	as	ADP
faba-307	51	19	:	:	PUNCT
faba-307	51	20	return	return	VERB
faba-307	51	21	dimiter	dimiter	NOUN
faba-307	51	22	nenkov/	nenkov/	NUM
faba-307	51	23	finance	finance	NOUN
faba-307	51	24	,	,	PUNCT
faba-307	51	25	accounting	accounting	NOUN
faba-307	51	26	and	and	CCONJ
faba-307	51	27	business	business	NOUN
faba-307	51	28	analysis	analysis	NOUN
faba-307	51	29	,	,	PUNCT
faba-307	51	30	volume	volume	NOUN
faba-307	51	31	7	7	NUM
faba-307	51	32	,	,	PUNCT
faba-307	51	33	issue	issue	NOUN
faba-307	51	34	2	2	NUM
faba-307	51	35	,	,	PUNCT
faba-307	51	36	2025	2025	NUM
faba-307	51	37	223	223	NUM
faba-307	51	38	on	on	ADP
faba-307	51	39	capital	capital	NOUN
faba-307	51	40	(	(	PUNCT
faba-307	51	41	roc	roc	PROPN
faba-307	51	42	)	)	PUNCT
faba-307	51	43	,	,	PUNCT
faba-307	51	44	growth	growth	NOUN
faba-307	51	45	(	(	PUNCT
faba-307	51	46	g	g	NOUN
faba-307	51	47	)	)	PUNCT
faba-307	51	48	of	of	ADP
faba-307	51	49	after	after	ADP
faba-307	51	50	-	-	PUNCT
faba-307	51	51	tax	tax	NOUN
faba-307	51	52	operating	operating	NOUN
faba-307	51	53	profit	profit	NOUN
faba-307	51	54	(	(	PUNCT
faba-307	51	55	nopat	nopat	PROPN
faba-307	51	56	)	)	PUNCT
faba-307	51	57	,	,	PUNCT
faba-307	51	58	cost	cost	NOUN
faba-307	51	59	of	of	ADP
faba-307	51	60	capital	capital	NOUN
faba-307	51	61	(	(	PUNCT
faba-307	51	62	wacc	wacc	PROPN
faba-307	51	63	)	)	PUNCT
faba-307	51	64	and	and	CCONJ
faba-307	51	65	other	other	ADJ
faba-307	51	66	relevant	relevant	ADJ
faba-307	51	67	indicators	indicator	NOUN
faba-307	51	68	.	.	PUNCT
faba-307	52	1	the	the	DET
faba-307	52	2	nature	nature	NOUN
faba-307	52	3	of	of	ADP
faba-307	52	4	this	this	DET
faba-307	52	5	research	research	NOUN
faba-307	52	6	suggests	suggest	VERB
faba-307	52	7	the	the	DET
faba-307	52	8	use	use	NOUN
faba-307	52	9	of	of	ADP
faba-307	52	10	ev	ev	ADP
faba-307	52	11	/	/	SYM
faba-307	52	12	ebitda	ebitda	PROPN
faba-307	52	13	ratios	ratio	NOUN
faba-307	52	14	,	,	PUNCT
faba-307	52	15	since	since	SCONJ
faba-307	52	16	they	they	PRON
faba-307	52	17	provide	provide	VERB
faba-307	52	18	the	the	DET
faba-307	52	19	needed	need	VERB
faba-307	52	20	comparability	comparability	NOUN
faba-307	52	21	between	between	ADP
faba-307	52	22	the	the	DET
faba-307	52	23	two	two	NUM
faba-307	52	24	stock	stock	NOUN
faba-307	52	25	markets	market	NOUN
faba-307	52	26	,	,	PUNCT
faba-307	52	27	as	as	ADV
faba-307	52	28	well	well	ADV
faba-307	52	29	as	as	ADP
faba-307	52	30	with	with	ADP
faba-307	52	31	other	other	ADJ
faba-307	52	32	stock	stock	NOUN
faba-307	52	33	markets	market	NOUN
faba-307	52	34	of	of	ADP
faba-307	52	35	the	the	DET
faba-307	52	36	global	global	ADJ
faba-307	52	37	economy	economy	NOUN
faba-307	52	38	.	.	PUNCT
faba-307	53	1	the	the	DET
faba-307	53	2	factors	factor	NOUN
faba-307	53	3	that	that	PRON
faba-307	53	4	lead	lead	VERB
faba-307	53	5	to	to	ADP
faba-307	53	6	probable	probable	ADJ
faba-307	53	7	short	short	ADJ
faba-307	53	8	-	-	PUNCT
faba-307	53	9	term	term	NOUN
faba-307	53	10	moves	move	NOUN
faba-307	53	11	of	of	ADP
faba-307	53	12	the	the	DET
faba-307	53	13	stock	stock	NOUN
faba-307	53	14	markets	market	NOUN
faba-307	53	15	are	be	AUX
faba-307	53	16	not	not	PART
faba-307	53	17	included	include	VERB
faba-307	53	18	in	in	ADP
faba-307	53	19	this	this	DET
faba-307	53	20	research	research	NOUN
faba-307	53	21	.	.	PUNCT
faba-307	54	1	a	a	DET
faba-307	54	2	combination	combination	NOUN
faba-307	54	3	of	of	ADP
faba-307	54	4	research	research	NOUN
faba-307	54	5	methods	method	NOUN
faba-307	54	6	and	and	CCONJ
faba-307	54	7	approaches	approach	NOUN
faba-307	54	8	is	be	AUX
faba-307	54	9	used	use	VERB
faba-307	54	10	.	.	PUNCT
faba-307	55	1	the	the	DET
faba-307	55	2	hypotheses	hypothesis	NOUN
faba-307	55	3	will	will	AUX
faba-307	55	4	be	be	AUX
faba-307	55	5	tested	test	VERB
faba-307	55	6	based	base	VERB
faba-307	55	7	on	on	ADP
faba-307	55	8	the	the	DET
faba-307	55	9	results	result	NOUN
faba-307	55	10	of	of	ADP
faba-307	55	11	the	the	DET
faba-307	55	12	study	study	NOUN
faba-307	55	13	.	.	PUNCT
faba-307	56	1	among	among	ADP
faba-307	56	2	the	the	DET
faba-307	56	3	methods	method	NOUN
faba-307	56	4	used	use	VERB
faba-307	56	5	in	in	ADP
faba-307	56	6	the	the	DET
faba-307	56	7	study	study	NOUN
faba-307	56	8	are	be	AUX
faba-307	56	9	comparative	comparative	ADJ
faba-307	56	10	and	and	CCONJ
faba-307	56	11	historical	historical	ADJ
faba-307	56	12	analyses	analysis	NOUN
faba-307	56	13	,	,	PUNCT
faba-307	56	14	as	as	ADV
faba-307	56	15	well	well	ADV
faba-307	56	16	as	as	ADP
faba-307	56	17	modelling	modelling	NOUN
faba-307	56	18	.	.	PUNCT
faba-307	57	1	summarized	summarize	VERB
faba-307	57	2	quantitative	quantitative	ADJ
faba-307	57	3	data	datum	NOUN
faba-307	57	4	from	from	ADP
faba-307	57	5	more	more	ADJ
faba-307	57	6	than	than	ADP
faba-307	57	7	5000	5000	NUM
faba-307	57	8	public	public	ADJ
faba-307	57	9	companies	company	NOUN
faba-307	57	10	for	for	ADP
faba-307	57	11	each	each	PRON
faba-307	57	12	of	of	ADP
faba-307	57	13	the	the	DET
faba-307	57	14	us	us	PROPN
faba-307	57	15	and	and	CCONJ
faba-307	57	16	european	european	ADJ
faba-307	57	17	stock	stock	NOUN
faba-307	57	18	markets	market	NOUN
faba-307	57	19	is	be	AUX
faba-307	57	20	used	use	VERB
faba-307	57	21	for	for	ADP
faba-307	57	22	the	the	DET
faba-307	57	23	study	study	NOUN
faba-307	57	24	.	.	PUNCT
faba-307	58	1	the	the	DET
faba-307	58	2	scientific	scientific	ADJ
faba-307	58	3	study	study	NOUN
faba-307	58	4	is	be	AUX
faba-307	58	5	a	a	DET
faba-307	58	6	mix	mix	NOUN
faba-307	58	7	of	of	ADP
faba-307	58	8	descriptive	descriptive	ADJ
faba-307	58	9	and	and	CCONJ
faba-307	58	10	experimental	experimental	ADJ
faba-307	58	11	research	research	NOUN
faba-307	58	12	.	.	PUNCT
faba-307	59	1	literature	literature	NOUN
faba-307	59	2	review	review	PROPN
faba-307	59	3	and	and	CCONJ
faba-307	59	4	theoretical	theoretical	ADJ
faba-307	59	5	framework	framework	NOUN
faba-307	59	6	as	as	SCONJ
faba-307	59	7	noted	note	VERB
faba-307	59	8	above	above	ADV
faba-307	59	9	in	in	ADP
faba-307	59	10	the	the	DET
faba-307	59	11	introduction	introduction	NOUN
faba-307	59	12	,	,	PUNCT
faba-307	59	13	the	the	DET
faba-307	59	14	opportunity	opportunity	NOUN
faba-307	59	15	for	for	ADP
faba-307	59	16	comparison	comparison	NOUN
faba-307	59	17	between	between	ADP
faba-307	59	18	the	the	DET
faba-307	59	19	two	two	NUM
faba-307	59	20	stock	stock	NOUN
faba-307	59	21	markets	market	NOUN
faba-307	59	22	,	,	PUNCT
faba-307	59	23	as	as	ADV
faba-307	59	24	well	well	ADV
faba-307	59	25	as	as	ADP
faba-307	59	26	with	with	ADP
faba-307	59	27	other	other	ADJ
faba-307	59	28	stock	stock	NOUN
faba-307	59	29	markets	market	NOUN
faba-307	59	30	,	,	PUNCT
faba-307	59	31	is	be	AUX
faba-307	59	32	an	an	DET
faba-307	59	33	important	important	ADJ
faba-307	59	34	aspect	aspect	NOUN
faba-307	59	35	of	of	ADP
faba-307	59	36	this	this	DET
faba-307	59	37	study	study	NOUN
faba-307	59	38	.	.	PUNCT
faba-307	60	1	one	one	NUM
faba-307	60	2	problem	problem	NOUN
faba-307	60	3	with	with	ADP
faba-307	60	4	the	the	DET
faba-307	60	5	prices	price	NOUN
faba-307	60	6	of	of	ADP
faba-307	60	7	stocks	stock	NOUN
faba-307	60	8	,	,	PUNCT
faba-307	60	9	expressed	express	VERB
faba-307	60	10	in	in	ADP
faba-307	60	11	absolute	absolute	ADJ
faba-307	60	12	terms	term	NOUN
faba-307	60	13	–	–	PUNCT
faba-307	60	14	in	in	ADP
faba-307	60	15	the	the	DET
faba-307	60	16	respective	respective	ADJ
faba-307	60	17	currency	currency	NOUN
faba-307	60	18	(	(	PUNCT
faba-307	60	19	us	us	PROPN
faba-307	60	20	dollars	dollar	NOUN
faba-307	60	21	,	,	PUNCT
faba-307	60	22	euro	euro	PROPN
faba-307	60	23	,	,	PUNCT
faba-307	60	24	british	british	ADJ
faba-307	60	25	pounds	pound	NOUN
faba-307	60	26	,	,	PUNCT
faba-307	60	27	etc	etc	X
faba-307	60	28	.	.	X
faba-307	60	29	)	)	PUNCT
faba-307	60	30	,	,	PUNCT
faba-307	60	31	is	be	AUX
faba-307	60	32	that	that	SCONJ
faba-307	60	33	they	they	PRON
faba-307	60	34	are	be	AUX
faba-307	60	35	not	not	PART
faba-307	60	36	comparable	comparable	ADJ
faba-307	60	37	among	among	ADP
faba-307	60	38	companies	company	NOUN
faba-307	60	39	,	,	PUNCT
faba-307	60	40	sectors	sector	NOUN
faba-307	60	41	and	and	CCONJ
faba-307	60	42	markets	market	NOUN
faba-307	60	43	.	.	PUNCT
faba-307	61	1	they	they	PRON
faba-307	61	2	are	be	AUX
faba-307	61	3	convenient	convenient	ADJ
faba-307	61	4	for	for	ADP
faba-307	61	5	analysis	analysis	NOUN
faba-307	61	6	and	and	CCONJ
faba-307	61	7	comparison	comparison	NOUN
faba-307	61	8	in	in	ADP
faba-307	61	9	historical	historical	ADJ
faba-307	61	10	aspect	aspect	NOUN
faba-307	61	11	,	,	PUNCT
faba-307	61	12	in	in	ADP
faba-307	61	13	terms	term	NOUN
faba-307	61	14	of	of	ADP
faba-307	61	15	their	their	PRON
faba-307	61	16	dynamics	dynamic	NOUN
faba-307	61	17	over	over	ADP
faba-307	61	18	the	the	DET
faba-307	61	19	years	year	NOUN
faba-307	61	20	,	,	PUNCT
faba-307	61	21	including	include	VERB
faba-307	61	22	percentage	percentage	NOUN
faba-307	61	23	increase	increase	NOUN
faba-307	61	24	or	or	CCONJ
faba-307	61	25	decrease	decrease	NOUN
faba-307	61	26	.	.	PUNCT
faba-307	62	1	however	however	ADV
faba-307	62	2	,	,	PUNCT
faba-307	62	3	they	they	PRON
faba-307	62	4	can	can	AUX
faba-307	62	5	not	not	PART
faba-307	62	6	be	be	AUX
faba-307	62	7	compared	compare	VERB
faba-307	62	8	directly	directly	ADV
faba-307	62	9	with	with	ADP
faba-307	62	10	the	the	DET
faba-307	62	11	stock	stock	NOUN
faba-307	62	12	prices	price	NOUN
faba-307	62	13	of	of	ADP
faba-307	62	14	other	other	ADJ
faba-307	62	15	companies	company	NOUN
faba-307	62	16	,	,	PUNCT
faba-307	62	17	sectors	sector	NOUN
faba-307	62	18	and	and	CCONJ
faba-307	62	19	markets	market	NOUN
faba-307	62	20	,	,	PUNCT
faba-307	62	21	because	because	SCONJ
faba-307	62	22	of	of	ADP
faba-307	62	23	difference	difference	NOUN
faba-307	62	24	in	in	ADP
faba-307	62	25	the	the	DET
faba-307	62	26	scale	scale	NOUN
faba-307	62	27	.	.	PUNCT
faba-307	63	1	this	this	PRON
faba-307	63	2	is	be	AUX
faba-307	63	3	an	an	DET
faba-307	63	4	important	important	ADJ
faba-307	63	5	reason	reason	NOUN
faba-307	63	6	to	to	PART
faba-307	63	7	involve	involve	VERB
faba-307	63	8	indicators	indicator	NOUN
faba-307	63	9	,	,	PUNCT
faba-307	63	10	which	which	PRON
faba-307	63	11	allow	allow	VERB
faba-307	63	12	for	for	ADP
faba-307	63	13	comparability	comparability	NOUN
faba-307	63	14	among	among	ADP
faba-307	63	15	different	different	ADJ
faba-307	63	16	companies	company	NOUN
faba-307	63	17	,	,	PUNCT
faba-307	63	18	sectors	sector	NOUN
faba-307	63	19	and	and	CCONJ
faba-307	63	20	markets	market	NOUN
faba-307	63	21	.	.	PUNCT
faba-307	64	1	this	this	PRON
faba-307	64	2	is	be	AUX
faba-307	64	3	the	the	DET
faba-307	64	4	main	main	ADJ
faba-307	64	5	explanation	explanation	NOUN
faba-307	64	6	for	for	ADP
faba-307	64	7	the	the	DET
faba-307	64	8	popularity	popularity	NOUN
faba-307	64	9	and	and	CCONJ
faba-307	64	10	the	the	DET
faba-307	64	11	extensive	extensive	ADJ
faba-307	64	12	use	use	NOUN
faba-307	64	13	of	of	ADP
faba-307	64	14	the	the	DET
faba-307	64	15	market	market	NOUN
faba-307	64	16	ratios	ratio	NOUN
faba-307	64	17	(	(	PUNCT
faba-307	64	18	also	also	ADV
faba-307	64	19	called	call	VERB
faba-307	64	20	market	market	NOUN
faba-307	64	21	-	-	PUNCT
faba-307	64	22	performance	performance	NOUN
faba-307	64	23	ratios	ratio	NOUN
faba-307	64	24	or	or	CCONJ
faba-307	64	25	market	market	NOUN
faba-307	64	26	multipliers	multiplier	NOUN
faba-307	64	27	)	)	PUNCT
faba-307	64	28	.	.	PUNCT
faba-307	65	1	according	accord	VERB
faba-307	65	2	to	to	ADP
faba-307	65	3	burton	burton	PROPN
faba-307	65	4	malkiel	malkiel	PROPN
faba-307	65	5	,	,	PUNCT
faba-307	65	6	market	market	NOUN
faba-307	65	7	multipliers	multiplier	NOUN
faba-307	65	8	provide	provide	VERB
faba-307	65	9	a	a	DET
faba-307	65	10	good	good	ADJ
faba-307	65	11	yardstick	yardstick	NOUN
faba-307	65	12	for	for	ADP
faba-307	65	13	comparing	compare	VERB
faba-307	65	14	different	different	ADJ
faba-307	65	15	stocks	stock	NOUN
faba-307	65	16	that	that	PRON
faba-307	65	17	have	have	VERB
faba-307	65	18	different	different	ADJ
faba-307	65	19	prices	price	NOUN
faba-307	65	20	and	and	CCONJ
faba-307	65	21	different	different	ADJ
faba-307	65	22	earnings	earning	NOUN
faba-307	65	23	per	per	ADP
faba-307	65	24	share	share	NOUN
faba-307	65	25	in	in	ADP
faba-307	65	26	absolute	absolute	ADJ
faba-307	65	27	terms	term	NOUN
faba-307	65	28	(	(	PUNCT
faba-307	65	29	malkiel	malkiel	VERB
faba-307	65	30	2015	2015	NUM
faba-307	65	31	)	)	PUNCT
faba-307	65	32	.	.	PUNCT
faba-307	66	1	there	there	PRON
faba-307	66	2	is	be	VERB
faba-307	66	3	a	a	DET
faba-307	66	4	wide	wide	ADJ
faba-307	66	5	range	range	NOUN
faba-307	66	6	of	of	ADP
faba-307	66	7	such	such	ADJ
faba-307	66	8	ratios	ratio	NOUN
faba-307	66	9	,	,	PUNCT
faba-307	66	10	starting	start	VERB
faba-307	66	11	with	with	ADP
faba-307	66	12	the	the	DET
faba-307	66	13	price	price	NOUN
faba-307	66	14	-	-	PUNCT
faba-307	66	15	to	to	ADP
faba-307	66	16	-	-	PUNCT
faba-307	66	17	earnings	earning	NOUN
faba-307	66	18	ratio	ratio	NOUN
faba-307	66	19	(	(	PUNCT
faba-307	66	20	pe	pe	NOUN
faba-307	66	21	)	)	PUNCT
faba-307	66	22	,	,	PUNCT
faba-307	66	23	price	price	NOUN
faba-307	66	24	-	-	PUNCT
faba-307	66	25	to	to	ADP
faba-307	66	26	-	-	PUNCT
faba-307	66	27	book	book	NOUN
faba-307	66	28	ratio	ratio	NOUN
faba-307	66	29	(	(	PUNCT
faba-307	66	30	pbv	pbv	ADJ
faba-307	66	31	)	)	PUNCT
faba-307	66	32	,	,	PUNCT
faba-307	66	33	price	price	NOUN
faba-307	66	34	-	-	PUNCT
faba-307	66	35	to	to	ADP
faba-307	66	36	-	-	PUNCT
faba-307	66	37	sales	sale	NOUN
faba-307	66	38	(	(	PUNCT
faba-307	66	39	ps	ps	NOUN
faba-307	66	40	)	)	PUNCT
faba-307	66	41	,	,	PUNCT
faba-307	66	42	price	price	NOUN
faba-307	66	43	-	-	PUNCT
faba-307	66	44	to	to	ADP
faba-307	66	45	-	-	PUNCT
faba-307	66	46	cash	cash	NOUN
faba-307	66	47	flow	flow	NOUN
faba-307	66	48	ratio	ratio	NOUN
faba-307	66	49	,	,	PUNCT
faba-307	66	50	price	price	NOUN
faba-307	66	51	-	-	PUNCT
faba-307	66	52	to	to	PART
faba-307	66	53	dividend	dividend	VERB
faba-307	66	54	ratio	ratio	NOUN
faba-307	66	55	,	,	PUNCT
faba-307	66	56	etc	etc	X
faba-307	66	57	.	.	X
faba-307	67	1	these	these	DET
faba-307	67	2	market	market	NOUN
faba-307	67	3	ratios	ratio	NOUN
faba-307	67	4	are	be	AUX
faba-307	67	5	a	a	DET
faba-307	67	6	part	part	NOUN
faba-307	67	7	of	of	ADP
faba-307	67	8	the	the	DET
faba-307	67	9	well	well	ADV
faba-307	67	10	-	-	PUNCT
faba-307	67	11	known	know	VERB
faba-307	67	12	financial	financial	ADJ
faba-307	67	13	ratios	ratio	NOUN
faba-307	67	14	(	(	PUNCT
faba-307	67	15	coefficients	coefficient	NOUN
faba-307	67	16	)	)	PUNCT
faba-307	67	17	for	for	ADP
faba-307	67	18	company	company	NOUN
faba-307	67	19	analysis	analysis	NOUN
faba-307	67	20	,	,	PUNCT
faba-307	67	21	based	base	VERB
faba-307	67	22	on	on	ADP
faba-307	67	23	data	datum	NOUN
faba-307	67	24	from	from	ADP
faba-307	67	25	the	the	DET
faba-307	67	26	companies	company	NOUN
faba-307	67	27	’	’	PART
faba-307	67	28	financial	financial	ADJ
faba-307	67	29	statements	statement	NOUN
faba-307	67	30	,	,	PUNCT
faba-307	67	31	such	such	ADJ
faba-307	67	32	as	as	ADP
faba-307	67	33	profitability	profitability	NOUN
faba-307	67	34	ratios	ratio	NOUN
faba-307	67	35	,	,	PUNCT
faba-307	67	36	liquidity	liquidity	NOUN
faba-307	67	37	ratios	ratio	NOUN
faba-307	67	38	and	and	CCONJ
faba-307	67	39	others	other	NOUN
faba-307	67	40	(	(	PUNCT
faba-307	67	41	brigham	brigham	PROPN
faba-307	67	42	and	and	CCONJ
faba-307	67	43	gapenski	gapenski	PROPN
faba-307	67	44	1994	1994	NUM
faba-307	67	45	;	;	PUNCT
faba-307	67	46	hristozov	hristozov	NOUN
faba-307	67	47	2020	2020	NUM
faba-307	67	48	)	)	PUNCT
faba-307	67	49	.	.	PUNCT
faba-307	68	1	one	one	NUM
faba-307	68	2	of	of	ADP
faba-307	68	3	the	the	DET
faba-307	68	4	specifics	specific	NOUN
faba-307	68	5	of	of	ADP
faba-307	68	6	market	market	NOUN
faba-307	68	7	ratios	ratio	NOUN
faba-307	68	8	is	be	AUX
faba-307	68	9	that	that	SCONJ
faba-307	68	10	they	they	PRON
faba-307	68	11	need	need	VERB
faba-307	68	12	data	datum	NOUN
faba-307	68	13	not	not	PART
faba-307	68	14	only	only	ADV
faba-307	68	15	from	from	ADP
faba-307	68	16	the	the	DET
faba-307	68	17	financial	financial	ADJ
faba-307	68	18	statements	statement	NOUN
faba-307	68	19	,	,	PUNCT
faba-307	68	20	but	but	CCONJ
faba-307	68	21	also	also	ADV
faba-307	68	22	data	datum	NOUN
faba-307	68	23	from	from	ADP
faba-307	68	24	the	the	DET
faba-307	68	25	stock	stock	NOUN
faba-307	68	26	market	market	NOUN
faba-307	68	27	.	.	PUNCT
faba-307	69	1	the	the	DET
faba-307	69	2	market	market	NOUN
faba-307	69	3	price	price	NOUN
faba-307	69	4	per	per	ADP
faba-307	69	5	share	share	NOUN
faba-307	69	6	(	(	PUNCT
faba-307	69	7	p0	p0	NOUN
faba-307	69	8	)	)	PUNCT
faba-307	69	9	is	be	AUX
faba-307	69	10	in	in	ADP
faba-307	69	11	the	the	DET
faba-307	69	12	numerator	numerator	NOUN
faba-307	69	13	of	of	ADP
faba-307	69	14	each	each	PRON
faba-307	69	15	of	of	ADP
faba-307	69	16	them	they	PRON
faba-307	69	17	.	.	PUNCT
faba-307	70	1	at	at	ADP
faba-307	70	2	the	the	DET
faba-307	70	3	end	end	NOUN
faba-307	70	4	of	of	ADP
faba-307	70	5	the	the	DET
faba-307	70	6	20th	20th	ADJ
faba-307	70	7	century	century	NOUN
faba-307	70	8	and	and	CCONJ
faba-307	70	9	during	during	ADP
faba-307	70	10	the	the	DET
faba-307	70	11	21st	21st	ADJ
faba-307	70	12	century	century	NOUN
faba-307	70	13	a	a	DET
faba-307	70	14	new	new	ADJ
faba-307	70	15	generation	generation	NOUN
faba-307	70	16	of	of	ADP
faba-307	70	17	market	market	NOUN
faba-307	70	18	ratios	ratio	NOUN
faba-307	70	19	gained	gain	VERB
faba-307	70	20	popularity	popularity	NOUN
faba-307	70	21	among	among	ADP
faba-307	70	22	financial	financial	ADJ
faba-307	70	23	analysts	analyst	NOUN
faba-307	70	24	and	and	CCONJ
faba-307	70	25	appraisers	appraiser	NOUN
faba-307	70	26	,	,	PUNCT
faba-307	70	27	which	which	PRON
faba-307	70	28	include	include	VERB
faba-307	70	29	:	:	PUNCT
faba-307	70	30	value	value	NOUN
faba-307	70	31	-	-	PUNCT
faba-307	70	32	to	to	ADP
faba-307	70	33	-	-	PUNCT
faba-307	70	34	sales	sale	NOUN
faba-307	70	35	ratio	ratio	NOUN
faba-307	70	36	,	,	PUNCT
faba-307	70	37	value	value	NOUN
faba-307	70	38	-	-	PUNCT
faba-307	70	39	to	to	ADP
faba-307	70	40	-	-	PUNCT
faba-307	70	41	ebit	ebit	NOUN
faba-307	70	42	ratios	ratio	NOUN
faba-307	70	43	,	,	PUNCT
faba-307	70	44	value	value	NOUN
faba-307	70	45	-	-	PUNCT
faba-307	70	46	to	to	ADP
faba-307	70	47	-	-	PUNCT
faba-307	70	48	ebitda	ebitda	NOUN
faba-307	70	49	ratios	ratio	NOUN
faba-307	70	50	,	,	PUNCT
faba-307	70	51	etc	etc	X
faba-307	70	52	.	.	X
faba-307	71	1	the	the	DET
faba-307	71	2	numerator	numerator	NOUN
faba-307	71	3	of	of	ADP
faba-307	71	4	each	each	PRON
faba-307	71	5	of	of	ADP
faba-307	71	6	these	these	DET
faba-307	71	7	modern	modern	ADJ
faba-307	71	8	ratios	ratio	NOUN
faba-307	71	9	is	be	AUX
faba-307	71	10	the	the	DET
faba-307	71	11	market	market	NOUN
faba-307	71	12	value	value	NOUN
faba-307	71	13	of	of	ADP
faba-307	71	14	the	the	DET
faba-307	71	15	whole	whole	ADJ
faba-307	71	16	company	company	NOUN
faba-307	71	17	,	,	PUNCT
faba-307	71	18	instead	instead	ADV
faba-307	71	19	of	of	ADP
faba-307	71	20	the	the	DET
faba-307	71	21	market	market	NOUN
faba-307	71	22	value	value	NOUN
faba-307	71	23	of	of	ADP
faba-307	71	24	equity	equity	NOUN
faba-307	71	25	only	only	ADV
faba-307	71	26	.	.	PUNCT
faba-307	72	1	this	this	DET
faba-307	72	2	value	value	NOUN
faba-307	72	3	of	of	ADP
faba-307	72	4	the	the	DET
faba-307	72	5	company	company	NOUN
faba-307	72	6	as	as	ADP
faba-307	72	7	a	a	DET
faba-307	72	8	whole	whole	NOUN
faba-307	72	9	is	be	AUX
faba-307	72	10	usually	usually	ADV
faba-307	72	11	represented	represent	VERB
faba-307	72	12	by	by	ADP
faba-307	72	13	the	the	DET
faba-307	72	14	enterprise	enterprise	NOUN
faba-307	72	15	value	value	NOUN
faba-307	72	16	(	(	PUNCT
faba-307	72	17	ev	ev	NOUN
faba-307	72	18	)	)	PUNCT
faba-307	72	19	or	or	CCONJ
faba-307	72	20	the	the	DET
faba-307	72	21	firm	firm	ADJ
faba-307	72	22	value	value	NOUN
faba-307	72	23	(	(	PUNCT
faba-307	72	24	fv	fv	NOUN
faba-307	72	25	)	)	PUNCT
faba-307	72	26	.	.	PUNCT
faba-307	73	1	this	this	PRON
faba-307	73	2	will	will	AUX
faba-307	73	3	be	be	AUX
faba-307	73	4	discussed	discuss	VERB
faba-307	73	5	in	in	ADP
faba-307	73	6	more	more	ADJ
faba-307	73	7	detail	detail	NOUN
faba-307	73	8	later	later	ADV
faba-307	73	9	.	.	PUNCT
faba-307	74	1	ebit	ebit	PROPN
faba-307	74	2	stands	stand	VERB
faba-307	74	3	for	for	ADP
faba-307	74	4	earnings	earning	NOUN
faba-307	74	5	before	before	ADP
faba-307	74	6	interest	interest	NOUN
faba-307	74	7	and	and	CCONJ
faba-307	74	8	tax	tax	NOUN
faba-307	74	9	,	,	PUNCT
faba-307	74	10	and	and	CCONJ
faba-307	74	11	ebitda	ebitda	NOUN
faba-307	74	12	stands	stand	VERB
faba-307	74	13	for	for	ADP
faba-307	74	14	earnings	earning	NOUN
faba-307	74	15	before	before	ADP
faba-307	74	16	interest	interest	NOUN
faba-307	74	17	,	,	PUNCT
faba-307	74	18	tax	tax	NOUN
faba-307	74	19	,	,	PUNCT
faba-307	74	20	amortization	amortization	NOUN
faba-307	74	21	and	and	CCONJ
faba-307	74	22	depreciation	depreciation	NOUN
faba-307	74	23	.	.	PUNCT
faba-307	75	1	market	market	NOUN
faba-307	75	2	ratios	ratio	NOUN
faba-307	75	3	are	be	AUX
faba-307	75	4	used	use	VERB
faba-307	75	5	by	by	ADP
faba-307	75	6	financial	financial	ADJ
faba-307	75	7	analysts	analyst	NOUN
faba-307	75	8	,	,	PUNCT
faba-307	75	9	appraisers	appraiser	NOUN
faba-307	75	10	,	,	PUNCT
faba-307	75	11	company	company	NOUN
faba-307	75	12	management	management	NOUN
faba-307	75	13	,	,	PUNCT
faba-307	75	14	investors	investor	NOUN
faba-307	75	15	and	and	CCONJ
faba-307	75	16	other	other	ADJ
faba-307	75	17	interested	interested	ADJ
faba-307	75	18	parties	party	NOUN
faba-307	75	19	in	in	ADP
faba-307	75	20	different	different	ADJ
faba-307	75	21	aspects	aspect	NOUN
faba-307	75	22	.	.	PUNCT
faba-307	76	1	they	they	PRON
faba-307	76	2	are	be	AUX
faba-307	76	3	widely	widely	ADV
faba-307	76	4	used	use	VERB
faba-307	76	5	for	for	ADP
faba-307	76	6	relative	relative	ADJ
faba-307	76	7	valuation	valuation	NOUN
faba-307	76	8	of	of	ADP
faba-307	76	9	stocks	stock	NOUN
faba-307	76	10	(	(	PUNCT
faba-307	76	11	multiples	multiple	NOUN
faba-307	76	12	or	or	CCONJ
faba-307	76	13	peer	peer	NOUN
faba-307	76	14	companies	company	NOUN
faba-307	76	15	approach	approach	VERB
faba-307	76	16	)	)	PUNCT
faba-307	76	17	.	.	PUNCT
faba-307	77	1	market	market	NOUN
faba-307	77	2	ratios	ratio	NOUN
faba-307	77	3	are	be	AUX
faba-307	77	4	very	very	ADV
faba-307	77	5	useful	useful	ADJ
faba-307	77	6	for	for	ADP
faba-307	77	7	the	the	DET
faba-307	77	8	analysis	analysis	NOUN
faba-307	77	9	of	of	ADP
faba-307	77	10	the	the	DET
faba-307	77	11	market	market	NOUN
faba-307	77	12	performance	performance	NOUN
faba-307	77	13	of	of	ADP
faba-307	77	14	stocks	stock	NOUN
faba-307	77	15	of	of	ADP
faba-307	77	16	public	public	ADJ
faba-307	77	17	companies	company	NOUN
faba-307	77	18	,	,	PUNCT
faba-307	77	19	as	as	SCONJ
faba-307	77	20	compared	compare	VERB
faba-307	77	21	with	with	ADP
faba-307	77	22	other	other	ADJ
faba-307	77	23	companies	company	NOUN
faba-307	77	24	,	,	PUNCT
faba-307	77	25	with	with	ADP
faba-307	77	26	the	the	DET
faba-307	77	27	sector	sector	NOUN
faba-307	77	28	as	as	ADP
faba-307	77	29	a	a	DET
faba-307	77	30	whole	whole	NOUN
faba-307	77	31	or	or	CCONJ
faba-307	77	32	with	with	ADP
faba-307	77	33	the	the	DET
faba-307	77	34	market	market	NOUN
faba-307	77	35	.	.	PUNCT
faba-307	78	1	another	another	DET
faba-307	78	2	important	important	ADJ
faba-307	78	3	advantage	advantage	NOUN
faba-307	78	4	of	of	ADP
faba-307	78	5	market	market	NOUN
faba-307	78	6	ratios	ratio	NOUN
faba-307	78	7	is	be	AUX
faba-307	78	8	that	that	SCONJ
faba-307	78	9	they	they	PRON
faba-307	78	10	give	give	VERB
faba-307	78	11	the	the	DET
faba-307	78	12	opportunity	opportunity	NOUN
faba-307	78	13	to	to	PART
faba-307	78	14	analyze	analyze	VERB
faba-307	78	15	the	the	DET
faba-307	78	16	stock	stock	NOUN
faba-307	78	17	market	market	NOUN
faba-307	78	18	as	as	ADP
faba-307	78	19	a	a	DET
faba-307	78	20	whole	whole	NOUN
faba-307	78	21	,	,	PUNCT
faba-307	78	22	including	include	VERB
faba-307	78	23	comparison	comparison	NOUN
faba-307	78	24	between	between	ADP
faba-307	78	25	markets	market	NOUN
faba-307	78	26	(	(	PUNCT
faba-307	78	27	nenkov	nenkov	PROPN
faba-307	78	28	2021b	2021b	NUM
faba-307	78	29	)	)	PUNCT
faba-307	78	30	.	.	PUNCT
faba-307	79	1	the	the	DET
faba-307	79	2	comparability	comparability	NOUN
faba-307	79	3	among	among	ADP
faba-307	79	4	companies	company	NOUN
faba-307	79	5	,	,	PUNCT
faba-307	79	6	sectors	sector	NOUN
faba-307	79	7	and	and	CCONJ
faba-307	79	8	markets	market	NOUN
faba-307	79	9	,	,	PUNCT
faba-307	79	10	provided	provide	VERB
faba-307	79	11	by	by	ADP
faba-307	79	12	market	market	NOUN
faba-307	79	13	multiples	multiple	NOUN
faba-307	79	14	comes	come	VERB
faba-307	79	15	from	from	ADP
faba-307	79	16	the	the	DET
faba-307	79	17	fact	fact	NOUN
faba-307	79	18	that	that	SCONJ
faba-307	79	19	market	market	NOUN
faba-307	79	20	ratios	ratio	NOUN
faba-307	79	21	are	be	AUX
faba-307	79	22	a	a	DET
faba-307	79	23	kind	kind	NOUN
faba-307	79	24	of	of	ADP
faba-307	79	25	"	"	PUNCT
faba-307	79	26	standardized	standardized	ADJ
faba-307	79	27	"	"	PUNCT
faba-307	79	28	share	share	NOUN
faba-307	79	29	prices	price	NOUN
faba-307	79	30	,	,	PUNCT
faba-307	79	31	or	or	CCONJ
faba-307	79	32	prices	price	NOUN
faba-307	79	33	on	on	ADP
faba-307	79	34	a	a	DET
faba-307	79	35	common	common	ADJ
faba-307	79	36	basis	basis	NOUN
faba-307	79	37	(	(	PUNCT
faba-307	79	38	damodaran	damodaran	VERB
faba-307	79	39	2012	2012	NUM
faba-307	79	40	)	)	PUNCT
faba-307	79	41	.	.	PUNCT
faba-307	80	1	this	this	PRON
faba-307	80	2	overcomes	overcome	VERB
faba-307	80	3	the	the	DET
faba-307	80	4	shortage	shortage	NOUN
faba-307	80	5	of	of	ADP
faba-307	80	6	stock	stock	NOUN
faba-307	80	7	prices	price	NOUN
faba-307	80	8	in	in	ADP
faba-307	80	9	absolute	absolute	ADJ
faba-307	80	10	terms	term	NOUN
faba-307	80	11	(	(	PUNCT
faba-307	80	12	in	in	ADP
faba-307	80	13	the	the	DET
faba-307	80	14	respective	respective	ADJ
faba-307	80	15	currency	currency	NOUN
faba-307	80	16	)	)	PUNCT
faba-307	80	17	.	.	PUNCT
faba-307	81	1	one	one	NUM
faba-307	81	2	problem	problem	NOUN
faba-307	81	3	with	with	ADP
faba-307	81	4	market	market	NOUN
faba-307	81	5	ratios	ratio	NOUN
faba-307	81	6	research	research	NOUN
faba-307	81	7	,	,	PUNCT
faba-307	81	8	however	however	ADV
faba-307	81	9	,	,	PUNCT
faba-307	81	10	is	be	AUX
faba-307	81	11	that	that	SCONJ
faba-307	81	12	relatively	relatively	ADV
faba-307	81	13	little	little	ADJ
faba-307	81	14	is	be	AUX
faba-307	81	15	written	write	VERB
faba-307	81	16	about	about	ADP
faba-307	81	17	it	it	PRON
faba-307	81	18	.	.	PUNCT
faba-307	82	1	according	accord	VERB
faba-307	82	2	to	to	ADP
faba-307	82	3	emanuel	emanuel	PROPN
faba-307	82	4	bagna	bagna	PROPN
faba-307	82	5	and	and	CCONJ
faba-307	82	6	enrico	enrico	PROPN
faba-307	82	7	ramusino	ramusino	PROPN
faba-307	82	8	,	,	PUNCT
faba-307	82	9	“	"	PUNCT
faba-307	82	10	market	market	NOUN
faba-307	82	11	multipliers	multiplier	NOUN
faba-307	82	12	are	be	AUX
faba-307	82	13	used	use	VERB
faba-307	82	14	more	more	ADJ
faba-307	82	15	than	than	SCONJ
faba-307	82	16	they	they	PRON
faba-307	82	17	are	be	AUX
faba-307	82	18	studied	study	VERB
faba-307	82	19	.	.	PUNCT
faba-307	83	1	stock	stock	NOUN
faba-307	83	2	analysts	analyst	NOUN
faba-307	83	3	,	,	PUNCT
faba-307	83	4	investment	investment	NOUN
faba-307	83	5	bankers	banker	NOUN
faba-307	83	6	and	and	CCONJ
faba-307	83	7	other	other	ADJ
faba-307	83	8	practitioners	practitioner	NOUN
faba-307	83	9	make	make	VERB
faba-307	83	10	extensive	extensive	ADJ
faba-307	83	11	use	use	NOUN
faba-307	83	12	of	of	ADP
faba-307	83	13	market	market	NOUN
faba-307	83	14	multipliers	multiplier	NOUN
faba-307	83	15	to	to	PART
faba-307	83	16	determine	determine	VERB
faba-307	83	17	the	the	DET
faba-307	83	18	value	value	NOUN
faba-307	83	19	of	of	ADP
faba-307	83	20	companies	company	NOUN
faba-307	83	21	.	.	PUNCT
faba-307	84	1	however	however	ADV
faba-307	84	2	,	,	PUNCT
faba-307	84	3	the	the	DET
faba-307	84	4	literature	literature	NOUN
faba-307	84	5	on	on	ADP
faba-307	84	6	multipliers	multiplier	NOUN
faba-307	84	7	is	be	AUX
faba-307	84	8	not	not	PART
faba-307	84	9	as	as	ADV
faba-307	84	10	rich	rich	ADJ
faba-307	84	11	as	as	ADP
faba-307	84	12	the	the	DET
faba-307	84	13	widespread	widespread	ADJ
faba-307	84	14	use	use	NOUN
faba-307	84	15	of	of	ADP
faba-307	84	16	these	these	DET
faba-307	84	17	assessment	assessment	NOUN
faba-307	84	18	tools	tool	NOUN
faba-307	84	19	in	in	ADP
faba-307	84	20	practice	practice	NOUN
faba-307	84	21	suggests	suggest	VERB
faba-307	84	22	.	.	PUNCT
faba-307	84	23	”	"	PUNCT
faba-307	85	1	(	(	PUNCT
faba-307	85	2	bagna	bagna	NOUN
faba-307	85	3	and	and	CCONJ
faba-307	85	4	ramusino	ramusino	PROPN
faba-307	85	5	2017	2017	NUM
faba-307	85	6	)	)	PUNCT
faba-307	85	7	.	.	PUNCT
faba-307	86	1	all	all	DET
faba-307	86	2	this	this	PRON
faba-307	86	3	makes	make	VERB
faba-307	86	4	the	the	DET
faba-307	86	5	literature	literature	NOUN
faba-307	86	6	review	review	NOUN
faba-307	86	7	on	on	ADP
faba-307	86	8	market	market	NOUN
faba-307	86	9	ratios	ratio	NOUN
faba-307	86	10	quite	quite	ADV
faba-307	86	11	difficult	difficult	ADJ
faba-307	86	12	.	.	PUNCT
faba-307	87	1	according	accord	VERB
faba-307	87	2	to	to	ADP
faba-307	87	3	top	top	ADJ
faba-307	87	4	experts	expert	NOUN
faba-307	87	5	in	in	ADP
faba-307	87	6	the	the	DET
faba-307	87	7	field	field	NOUN
faba-307	87	8	,	,	PUNCT
faba-307	87	9	the	the	DET
faba-307	87	10	relative	relative	ADJ
faba-307	87	11	valuation	valuation	NOUN
faba-307	87	12	methods	method	NOUN
faba-307	87	13	are	be	AUX
faba-307	87	14	implicitly	implicitly	ADV
faba-307	87	15	directed	direct	VERB
faba-307	87	16	to	to	PART
faba-307	87	17	reach	reach	VERB
faba-307	87	18	the	the	DET
faba-307	87	19	market	market	NOUN
faba-307	87	20	price	price	NOUN
faba-307	87	21	,	,	PUNCT
faba-307	87	22	rather	rather	ADV
faba-307	87	23	than	than	ADP
faba-307	87	24	the	the	DET
faba-307	87	25	intrinsic	intrinsic	ADJ
faba-307	87	26	value	value	NOUN
faba-307	87	27	of	of	ADP
faba-307	87	28	stocks	stock	NOUN
faba-307	87	29	.	.	PUNCT
faba-307	88	1	in	in	ADP
faba-307	88	2	other	other	ADJ
faba-307	88	3	words	word	NOUN
faba-307	88	4	,	,	PUNCT
faba-307	88	5	comparative	comparative	ADJ
faba-307	88	6	evaluation	evaluation	NOUN
faba-307	88	7	methods	method	NOUN
faba-307	88	8	seem	seem	VERB
faba-307	88	9	to	to	PART
faba-307	88	10	be	be	AUX
faba-307	88	11	far	far	ADV
faba-307	88	12	from	from	ADP
faba-307	88	13	fundamental	fundamental	ADJ
faba-307	88	14	analysis	analysis	NOUN
faba-307	88	15	.	.	PUNCT
faba-307	89	1	one	one	NUM
faba-307	89	2	of	of	ADP
faba-307	89	3	the	the	DET
faba-307	89	4	reasons	reason	NOUN
faba-307	89	5	for	for	ADP
faba-307	89	6	this	this	PRON
faba-307	89	7	is	be	AUX
faba-307	89	8	the	the	DET
faba-307	89	9	prevailing	prevail	VERB
faba-307	89	10	way	way	NOUN
faba-307	89	11	in	in	ADP
faba-307	89	12	which	which	PRON
faba-307	89	13	market	market	NOUN
faba-307	89	14	multiples	multiple	NOUN
faba-307	89	15	approach	approach	NOUN
faba-307	89	16	is	be	AUX
faba-307	89	17	applied	apply	VERB
faba-307	89	18	in	in	ADP
faba-307	89	19	reality	reality	NOUN
faba-307	89	20	–	–	PUNCT
faba-307	89	21	with	with	ADP
faba-307	89	22	limited	limited	ADJ
faba-307	89	23	or	or	CCONJ
faba-307	89	24	no	no	PRON
faba-307	89	25	analysis	analysis	NOUN
faba-307	89	26	of	of	ADP
faba-307	89	27	the	the	DET
faba-307	89	28	factors	factor	NOUN
faba-307	89	29	(	(	PUNCT
faba-307	89	30	forces	force	NOUN
faba-307	89	31	)	)	PUNCT
faba-307	89	32	standing	stand	VERB
faba-307	89	33	behind	behind	ADP
faba-307	89	34	the	the	DET
faba-307	89	35	multiples	multiple	NOUN
faba-307	89	36	used	use	VERB
faba-307	89	37	.	.	PUNCT
faba-307	90	1	the	the	DET
faba-307	90	2	question	question	NOUN
faba-307	90	3	here	here	ADV
faba-307	90	4	is	be	AUX
faba-307	90	5	to	to	PART
faba-307	90	6	what	what	DET
faba-307	90	7	extent	extent	NOUN
faba-307	90	8	these	these	DET
faba-307	90	9	market	market	NOUN
faba-307	90	10	multiples	multiple	NOUN
faba-307	90	11	,	,	PUNCT
faba-307	90	12	as	as	ADP
faba-307	90	13	standardized	standardized	ADJ
faba-307	90	14	prices	price	NOUN
faba-307	90	15	,	,	PUNCT
faba-307	90	16	represent	represent	VERB
faba-307	90	17	the	the	DET
faba-307	90	18	intrinsic	intrinsic	ADJ
faba-307	90	19	(	(	PUNCT
faba-307	90	20	fundamental	fundamental	ADJ
faba-307	90	21	)	)	PUNCT
faba-307	90	22	value	value	NOUN
faba-307	90	23	of	of	ADP
faba-307	90	24	the	the	DET
faba-307	90	25	respective	respective	ADJ
faba-307	90	26	stocks	stock	NOUN
faba-307	90	27	.	.	PUNCT
faba-307	91	1	there	there	PRON
faba-307	91	2	is	be	VERB
faba-307	91	3	an	an	DET
faba-307	91	4	opportunity	opportunity	NOUN
faba-307	91	5	,	,	PUNCT
faba-307	91	6	however	however	ADV
faba-307	91	7	,	,	PUNCT
faba-307	91	8	to	to	PART
faba-307	91	9	use	use	VERB
faba-307	91	10	them	they	PRON
faba-307	91	11	in	in	ADP
faba-307	91	12	a	a	DET
faba-307	91	13	way	way	NOUN
faba-307	91	14	that	that	PRON
faba-307	91	15	brings	bring	VERB
faba-307	91	16	them	they	PRON
faba-307	91	17	as	as	ADV
faba-307	91	18	close	close	ADJ
faba-307	91	19	as	as	ADP
faba-307	91	20	possible	possible	ADJ
faba-307	91	21	to	to	ADP
faba-307	91	22	fundamental	fundamental	ADJ
faba-307	91	23	analysis	analysis	NOUN
faba-307	91	24	.	.	PUNCT
faba-307	92	1	burton	burton	PROPN
faba-307	92	2	malkiel	malkiel	PROPN
faba-307	92	3	,	,	PUNCT
faba-307	92	4	for	for	ADP
faba-307	92	5	example	example	NOUN
faba-307	92	6	,	,	PUNCT
faba-307	92	7	dimiter	dimiter	NOUN
faba-307	92	8	nenkov/	nenkov/	NUM
faba-307	92	9	finance	finance	NOUN
faba-307	92	10	,	,	PUNCT
faba-307	92	11	accounting	accounting	NOUN
faba-307	92	12	and	and	CCONJ
faba-307	92	13	business	business	NOUN
faba-307	92	14	analysis	analysis	NOUN
faba-307	92	15	,	,	PUNCT
faba-307	92	16	volume	volume	NOUN
faba-307	92	17	7	7	NUM
faba-307	92	18	,	,	PUNCT
faba-307	92	19	issue	issue	NOUN
faba-307	92	20	2	2	NUM
faba-307	92	21	,	,	PUNCT
faba-307	92	22	2025	2025	NUM
faba-307	92	23	224	224	NUM
faba-307	92	24	clearly	clearly	ADV
faba-307	92	25	links	link	VERB
faba-307	92	26	fundamental	fundamental	ADJ
faba-307	92	27	stock	stock	NOUN
faba-307	92	28	valuation	valuation	NOUN
faba-307	92	29	analysis	analysis	NOUN
faba-307	92	30	to	to	ADP
faba-307	92	31	the	the	DET
faba-307	92	32	use	use	NOUN
faba-307	92	33	of	of	ADP
faba-307	92	34	the	the	DET
faba-307	92	35	pe	pe	PROPN
faba-307	92	36	market	market	NOUN
faba-307	92	37	ratio	ratio	NOUN
faba-307	92	38	(	(	PUNCT
faba-307	92	39	malikel	malikel	NOUN
faba-307	92	40	,	,	PUNCT
faba-307	92	41	2015	2015	NUM
faba-307	92	42	)	)	PUNCT
faba-307	92	43	.	.	PUNCT
faba-307	93	1	since	since	SCONJ
faba-307	93	2	market	market	NOUN
faba-307	93	3	ratios	ratio	NOUN
faba-307	93	4	are	be	AUX
faba-307	93	5	standardized	standardized	ADJ
faba-307	93	6	forms	form	NOUN
faba-307	93	7	of	of	ADP
faba-307	93	8	stock	stock	NOUN
faba-307	93	9	prices	price	NOUN
faba-307	93	10	,	,	PUNCT
faba-307	93	11	they	they	PRON
faba-307	93	12	should	should	AUX
faba-307	93	13	also	also	ADV
faba-307	93	14	have	have	VERB
faba-307	93	15	fundamental	fundamental	ADJ
faba-307	93	16	value	value	NOUN
faba-307	93	17	.	.	PUNCT
faba-307	94	1	in	in	ADP
faba-307	94	2	other	other	ADJ
faba-307	94	3	words	word	NOUN
faba-307	94	4	,	,	PUNCT
faba-307	94	5	they	they	PRON
faba-307	94	6	could	could	AUX
faba-307	94	7	also	also	ADV
faba-307	94	8	be	be	AUX
faba-307	94	9	expressed	express	VERB
faba-307	94	10	as	as	ADP
faba-307	94	11	a	a	DET
faba-307	94	12	function	function	NOUN
faba-307	94	13	of	of	ADP
faba-307	94	14	the	the	DET
faba-307	94	15	three	three	NUM
faba-307	94	16	fundamental	fundamental	ADJ
faba-307	94	17	variables	variable	NOUN
faba-307	94	18	:	:	PUNCT
faba-307	94	19	the	the	DET
faba-307	94	20	earnings	earning	NOUN
faba-307	94	21	potential	potential	NOUN
faba-307	94	22	,	,	PUNCT
faba-307	94	23	the	the	DET
faba-307	94	24	expected	expect	VERB
faba-307	94	25	earnings	earning	NOUN
faba-307	94	26	growth	growth	NOUN
faba-307	94	27	and	and	CCONJ
faba-307	94	28	the	the	DET
faba-307	94	29	level	level	NOUN
faba-307	94	30	of	of	ADP
faba-307	94	31	risk	risk	NOUN
faba-307	94	32	(	(	PUNCT
faba-307	94	33	damodaran	damodaran	VERB
faba-307	94	34	2012	2012	NUM
faba-307	94	35	)	)	PUNCT
faba-307	94	36	.	.	PUNCT
faba-307	95	1	the	the	DET
faba-307	95	2	only	only	ADJ
faba-307	95	3	essential	essential	ADJ
faba-307	95	4	difference	difference	NOUN
faba-307	95	5	with	with	ADP
faba-307	95	6	dcf	dcf	PROPN
faba-307	95	7	valuation	valuation	NOUN
faba-307	95	8	is	be	AUX
faba-307	95	9	that	that	SCONJ
faba-307	95	10	under	under	ADP
faba-307	95	11	dcf	dcf	NOUN
faba-307	95	12	models	model	NOUN
faba-307	95	13	the	the	DET
faba-307	95	14	visions	vision	NOUN
faba-307	95	15	and	and	CCONJ
faba-307	95	16	expectations	expectation	NOUN
faba-307	95	17	about	about	ADP
faba-307	95	18	these	these	DET
faba-307	95	19	three	three	NUM
faba-307	95	20	fundamentals	fundamental	NOUN
faba-307	95	21	are	be	AUX
faba-307	95	22	discussed	discuss	VERB
faba-307	95	23	explicitly	explicitly	ADV
faba-307	95	24	,	,	PUNCT
faba-307	95	25	while	while	SCONJ
faba-307	95	26	in	in	ADP
faba-307	95	27	relative	relative	ADJ
faba-307	95	28	(	(	PUNCT
faba-307	95	29	multiples	multiple	NOUN
faba-307	95	30	)	)	PUNCT
faba-307	95	31	valuation	valuation	NOUN
faba-307	95	32	they	they	PRON
faba-307	95	33	are	be	AUX
faba-307	95	34	included	include	VERB
faba-307	95	35	implicitly	implicitly	ADV
faba-307	95	36	(	(	PUNCT
faba-307	95	37	nenkov	nenkov	NOUN
faba-307	95	38	and	and	CCONJ
faba-307	95	39	hristozov	hristozov	NOUN
faba-307	95	40	2023	2023	NUM
faba-307	95	41	)	)	PUNCT
faba-307	95	42	.	.	PUNCT
faba-307	96	1	this	this	DET
faba-307	96	2	link	link	NOUN
faba-307	96	3	between	between	ADP
faba-307	96	4	market	market	NOUN
faba-307	96	5	ratios	ratio	NOUN
faba-307	96	6	and	and	CCONJ
faba-307	96	7	fundamentals	fundamental	NOUN
faba-307	96	8	is	be	AUX
faba-307	96	9	in	in	ADP
faba-307	96	10	the	the	DET
faba-307	96	11	focus	focus	NOUN
faba-307	96	12	of	of	ADP
faba-307	96	13	the	the	DET
faba-307	96	14	current	current	ADJ
faba-307	96	15	research	research	NOUN
faba-307	96	16	.	.	PUNCT
faba-307	97	1	the	the	DET
faba-307	97	2	pe	pe	PROPN
faba-307	97	3	ratio	ratio	NOUN
faba-307	97	4	,	,	PUNCT
faba-307	97	5	which	which	PRON
faba-307	97	6	is	be	AUX
faba-307	97	7	the	the	DET
faba-307	97	8	oldest	old	ADJ
faba-307	97	9	market	market	NOUN
faba-307	97	10	performance	performance	NOUN
faba-307	97	11	ratio	ratio	NOUN
faba-307	97	12	,	,	PUNCT
faba-307	97	13	seems	seem	VERB
faba-307	97	14	to	to	PART
faba-307	97	15	be	be	AUX
faba-307	97	16	the	the	PRON
faba-307	97	17	most	most	ADV
faba-307	97	18	often	often	ADV
faba-307	97	19	used	use	VERB
faba-307	97	20	among	among	ADP
faba-307	97	21	market	market	NOUN
faba-307	97	22	ratios	ratio	NOUN
faba-307	97	23	for	for	ADP
faba-307	97	24	the	the	DET
faba-307	97	25	analysis	analysis	NOUN
faba-307	97	26	of	of	ADP
faba-307	97	27	the	the	DET
faba-307	97	28	market	market	NOUN
faba-307	97	29	as	as	ADP
faba-307	97	30	a	a	DET
faba-307	97	31	whole	whole	NOUN
faba-307	97	32	.	.	PUNCT
faba-307	98	1	one	one	NUM
faba-307	98	2	reason	reason	NOUN
faba-307	98	3	is	be	AUX
faba-307	98	4	the	the	DET
faba-307	98	5	sufficient	sufficient	ADJ
faba-307	98	6	available	available	ADJ
faba-307	98	7	data	datum	NOUN
faba-307	98	8	regarding	regard	VERB
faba-307	98	9	share	share	NOUN
faba-307	98	10	prices	price	NOUN
faba-307	98	11	and	and	CCONJ
faba-307	98	12	earnings	earning	NOUN
faba-307	98	13	per	per	ADP
faba-307	98	14	share	share	NOUN
faba-307	98	15	(	(	PUNCT
faba-307	98	16	eps	eps	PROPN
faba-307	98	17	)	)	PUNCT
faba-307	98	18	.	.	PUNCT
faba-307	99	1	on	on	ADP
faba-307	99	2	the	the	DET
faba-307	99	3	other	other	ADJ
faba-307	99	4	hand	hand	NOUN
faba-307	99	5	,	,	PUNCT
faba-307	99	6	it	it	PRON
faba-307	99	7	is	be	AUX
faba-307	99	8	the	the	DET
faba-307	99	9	fact	fact	NOUN
faba-307	99	10	that	that	SCONJ
faba-307	99	11	pe	pe	PROPN
faba-307	99	12	is	be	AUX
faba-307	99	13	the	the	DET
faba-307	99	14	expression	expression	NOUN
faba-307	99	15	of	of	ADP
faba-307	99	16	the	the	DET
faba-307	99	17	direct	direct	ADJ
faba-307	99	18	relationships	relationship	NOUN
faba-307	99	19	of	of	ADP
faba-307	99	20	interest	interest	NOUN
faba-307	99	21	to	to	ADP
faba-307	99	22	investors	investor	NOUN
faba-307	99	23	the	the	DET
faba-307	99	24	relationship	relationship	NOUN
faba-307	99	25	between	between	ADP
faba-307	99	26	the	the	DET
faba-307	99	27	price	price	NOUN
faba-307	99	28	they	they	PRON
faba-307	99	29	pay	pay	VERB
faba-307	99	30	per	per	ADP
faba-307	99	31	share	share	NOUN
faba-307	99	32	of	of	ADP
faba-307	99	33	stock	stock	NOUN
faba-307	99	34	and	and	CCONJ
faba-307	99	35	the	the	DET
faba-307	99	36	income	income	NOUN
faba-307	99	37	that	that	PRON
faba-307	99	38	this	this	DET
faba-307	99	39	share	share	NOUN
faba-307	99	40	brings	bring	VERB
faba-307	99	41	.	.	PUNCT
faba-307	100	1	james	james	PROPN
faba-307	100	2	o’shaughnessy	o’shaughnessy	PROPN
faba-307	100	3	says	say	VERB
faba-307	100	4	that	that	SCONJ
faba-307	100	5	“	"	PUNCT
faba-307	100	6	the	the	DET
faba-307	100	7	pe	pe	PROPN
faba-307	100	8	ratio	ratio	NOUN
faba-307	100	9	per	per	ADP
faba-307	100	10	share	share	NOUN
faba-307	100	11	is	be	AUX
faba-307	100	12	the	the	DET
faba-307	100	13	most	most	ADV
faba-307	100	14	widely	widely	ADV
faba-307	100	15	used	use	VERB
faba-307	100	16	measure	measure	NOUN
faba-307	100	17	of	of	ADP
faba-307	100	18	how	how	SCONJ
faba-307	100	19	cheap	cheap	ADJ
faba-307	100	20	or	or	CCONJ
faba-307	100	21	how	how	SCONJ
faba-307	100	22	expensive	expensive	ADJ
faba-307	100	23	a	a	DET
faba-307	100	24	stock	stock	NOUN
faba-307	100	25	is	be	AUX
faba-307	100	26	compared	compare	VERB
faba-307	100	27	to	to	ADP
faba-307	100	28	other	other	ADJ
faba-307	100	29	stocks	stock	NOUN
faba-307	100	30	(	(	PUNCT
faba-307	100	31	o’shaughnessy	o’shaughnessy	PROPN
faba-307	100	32	2005	2005	NUM
faba-307	100	33	)	)	PUNCT
faba-307	100	34	.	.	PUNCT
faba-307	101	1	however	however	ADV
faba-307	101	2	,	,	PUNCT
faba-307	101	3	since	since	SCONJ
faba-307	101	4	the	the	DET
faba-307	101	5	end	end	NOUN
faba-307	101	6	of	of	ADP
faba-307	101	7	the	the	DET
faba-307	101	8	20th	20th	ADJ
faba-307	101	9	century	century	NOUN
faba-307	101	10	until	until	ADP
faba-307	101	11	now	now	ADV
faba-307	101	12	,	,	PUNCT
faba-307	101	13	the	the	DET
faba-307	101	14	ev	ev	PROPN
faba-307	101	15	/	/	SYM
faba-307	101	16	ebitda	ebitda	PROPN
faba-307	101	17	have	have	AUX
faba-307	101	18	been	be	AUX
faba-307	101	19	very	very	ADV
faba-307	101	20	intensively	intensively	ADV
faba-307	101	21	used	use	VERB
faba-307	101	22	by	by	ADP
faba-307	101	23	analysts	analyst	NOUN
faba-307	101	24	in	in	ADP
faba-307	101	25	the	the	DET
faba-307	101	26	valuation	valuation	NOUN
faba-307	101	27	of	of	ADP
faba-307	101	28	companies	company	NOUN
faba-307	101	29	(	(	PUNCT
faba-307	101	30	damodaran	damodaran	VERB
faba-307	101	31	2012	2012	NUM
faba-307	101	32	)	)	PUNCT
faba-307	101	33	.	.	PUNCT
faba-307	102	1	it	it	PRON
faba-307	102	2	is	be	AUX
faba-307	102	3	logical	logical	ADJ
faba-307	102	4	to	to	PART
faba-307	102	5	conclude	conclude	VERB
faba-307	102	6	that	that	SCONJ
faba-307	102	7	it	it	PRON
faba-307	102	8	could	could	AUX
faba-307	102	9	be	be	AUX
faba-307	102	10	also	also	ADV
faba-307	102	11	used	use	VERB
faba-307	102	12	in	in	ADP
faba-307	102	13	the	the	DET
faba-307	102	14	analysis	analysis	NOUN
faba-307	102	15	of	of	ADP
faba-307	102	16	the	the	DET
faba-307	102	17	contemporary	contemporary	ADJ
faba-307	102	18	stock	stock	NOUN
faba-307	102	19	market	market	NOUN
faba-307	102	20	as	as	ADP
faba-307	102	21	a	a	DET
faba-307	102	22	whole	whole	NOUN
faba-307	102	23	.	.	PUNCT
faba-307	103	1	frank	frank	PROPN
faba-307	103	2	bancel	bancel	PROPN
faba-307	103	3	and	and	CCONJ
faba-307	103	4	usha	usha	PROPN
faba-307	103	5	mittoo	mittoo	PROPN
faba-307	103	6	also	also	ADV
faba-307	103	7	reach	reach	VERB
faba-307	103	8	to	to	ADP
faba-307	103	9	the	the	DET
faba-307	103	10	conclusion	conclusion	NOUN
faba-307	103	11	that	that	SCONJ
faba-307	103	12	firm	firm	ADJ
faba-307	103	13	value	value	NOUN
faba-307	103	14	/	/	SYM
faba-307	103	15	ebitda	ebitda	NOUN
faba-307	103	16	multiple	multiple	NOUN
faba-307	103	17	is	be	AUX
faba-307	103	18	the	the	DET
faba-307	103	19	most	most	ADV
faba-307	103	20	widely	widely	ADV
faba-307	103	21	used	use	VERB
faba-307	103	22	market	market	NOUN
faba-307	103	23	multiple	multiple	NOUN
faba-307	103	24	in	in	ADP
faba-307	103	25	the	the	DET
faba-307	103	26	valuation	valuation	NOUN
faba-307	103	27	of	of	ADP
faba-307	103	28	companies	company	NOUN
faba-307	103	29	.	.	PUNCT
faba-307	104	1	they	they	PRON
faba-307	104	2	make	make	VERB
faba-307	104	3	a	a	DET
faba-307	104	4	survey	survey	NOUN
faba-307	104	5	among	among	ADP
faba-307	104	6	356	356	NUM
faba-307	104	7	european	european	ADJ
faba-307	104	8	experts	expert	NOUN
faba-307	104	9	in	in	ADP
faba-307	104	10	company	company	NOUN
faba-307	104	11	valuation	valuation	NOUN
faba-307	104	12	,	,	PUNCT
faba-307	104	13	with	with	ADP
faba-307	104	14	cfa	cfa	PROPN
faba-307	104	15	certificate	certificate	NOUN
faba-307	104	16	or	or	CCONJ
faba-307	104	17	its	its	PRON
faba-307	104	18	professional	professional	ADJ
faba-307	104	19	equivalent	equivalent	NOUN
faba-307	104	20	.	.	PUNCT
faba-307	105	1	in	in	ADP
faba-307	105	2	the	the	DET
faba-307	105	3	first	first	ADJ
faba-307	105	4	place	place	NOUN
faba-307	105	5	,	,	PUNCT
faba-307	105	6	the	the	DET
faba-307	105	7	study	study	NOUN
faba-307	105	8	indicates	indicate	VERB
faba-307	105	9	that	that	SCONJ
faba-307	105	10	the	the	DET
faba-307	105	11	most	most	ADV
faba-307	105	12	popular	popular	ADJ
faba-307	105	13	are	be	AUX
faba-307	105	14	the	the	DET
faba-307	105	15	market	market	NOUN
faba-307	105	16	multiples	multiple	NOUN
faba-307	105	17	methods	method	NOUN
faba-307	105	18	,	,	PUNCT
faba-307	105	19	used	use	VERB
faba-307	105	20	by	by	ADP
faba-307	105	21	about	about	ADV
faba-307	105	22	80	80	NUM
faba-307	105	23	%	%	NOUN
faba-307	105	24	of	of	ADP
faba-307	105	25	the	the	DET
faba-307	105	26	surveyed	survey	VERB
faba-307	105	27	analysts	analyst	NOUN
faba-307	105	28	,	,	PUNCT
faba-307	105	29	followed	follow	VERB
faba-307	105	30	by	by	ADP
faba-307	105	31	79	79	NUM
faba-307	105	32	%	%	NOUN
faba-307	105	33	for	for	ADP
faba-307	105	34	the	the	DET
faba-307	105	35	dcf	dcf	PROPN
faba-307	105	36	enterprise	enterprise	PROPN
faba-307	105	37	valuation	valuation	NOUN
faba-307	105	38	model	model	NOUN
faba-307	105	39	(	(	PUNCT
faba-307	105	40	bancel	bancel	NOUN
faba-307	105	41	and	and	CCONJ
faba-307	105	42	mittoo	mittoo	NOUN
faba-307	105	43	2014	2014	NUM
faba-307	105	44	)	)	PUNCT
faba-307	105	45	.	.	PUNCT
faba-307	106	1	similar	similar	ADJ
faba-307	106	2	findings	finding	NOUN
faba-307	106	3	at	at	ADP
faba-307	106	4	a	a	DET
faba-307	106	5	global	global	ADJ
faba-307	106	6	level	level	NOUN
faba-307	106	7	are	be	AUX
faba-307	106	8	reported	report	VERB
faba-307	106	9	by	by	ADP
faba-307	106	10	pinto	pinto	NOUN
faba-307	106	11	,	,	PUNCT
faba-307	106	12	robinson	robinson	PROPN
faba-307	106	13	,	,	PUNCT
faba-307	106	14	and	and	CCONJ
faba-307	106	15	stowe	stowe	PROPN
faba-307	106	16	from	from	ADP
faba-307	106	17	the	the	DET
faba-307	106	18	cfa	cfa	PROPN
faba-307	106	19	institute	institute	PROPN
faba-307	106	20	(	(	PUNCT
faba-307	106	21	pinto	pinto	PROPN
faba-307	106	22	,	,	PUNCT
faba-307	106	23	robinson	robinson	PROPN
faba-307	106	24	and	and	CCONJ
faba-307	106	25	stowe	stowe	PROPN
faba-307	106	26	2019	2019	NUM
faba-307	106	27	)	)	PUNCT
faba-307	106	28	and	and	CCONJ
faba-307	106	29	by	by	ADP
faba-307	106	30	pablo	pablo	PROPN
faba-307	106	31	fernandez	fernandez	PROPN
faba-307	106	32	(	(	PUNCT
faba-307	106	33	fernandez	fernandez	PROPN
faba-307	106	34	,	,	PUNCT
faba-307	106	35	2017	2017	NUM
faba-307	106	36	)	)	PUNCT
faba-307	106	37	.	.	PUNCT
faba-307	107	1	in	in	ADP
faba-307	107	2	the	the	DET
faba-307	107	3	second	second	ADJ
faba-307	107	4	place	place	NOUN
faba-307	107	5	,	,	PUNCT
faba-307	107	6	bancel	bancel	NOUN
faba-307	107	7	and	and	CCONJ
faba-307	107	8	mittoo	mittoo	ADV
faba-307	107	9	illustrate	illustrate	VERB
faba-307	107	10	the	the	DET
faba-307	107	11	popularity	popularity	NOUN
faba-307	107	12	of	of	ADP
faba-307	107	13	the	the	DET
faba-307	107	14	different	different	ADJ
faba-307	107	15	market	market	NOUN
faba-307	107	16	multiples	multiple	NOUN
faba-307	107	17	(	(	PUNCT
faba-307	107	18	ratios	ratio	NOUN
faba-307	107	19	)	)	PUNCT
faba-307	107	20	.	.	PUNCT
faba-307	108	1	this	this	PRON
faba-307	108	2	is	be	AUX
faba-307	108	3	illustrated	illustrate	VERB
faba-307	108	4	in	in	ADP
faba-307	108	5	figure	figure	NOUN
faba-307	108	6	1	1	NUM
faba-307	108	7	.	.	PUNCT
faba-307	108	8	source	source	NOUN
faba-307	108	9	:	:	PUNCT
faba-307	108	10	bancel	bancel	NOUN
faba-307	108	11	and	and	CCONJ
faba-307	108	12	mittoo	mittoo	PROPN
faba-307	108	13	(	(	PUNCT
faba-307	108	14	2014	2014	NUM
faba-307	108	15	)	)	PUNCT
faba-307	108	16	figure	figure	NOUN
faba-307	108	17	1	1	NUM
faba-307	108	18	.	.	PUNCT
faba-307	108	19	most	most	ADV
faba-307	108	20	commonly	commonly	ADV
faba-307	108	21	used	use	VERB
faba-307	108	22	market	market	NOUN
faba-307	108	23	multiples	multiple	NOUN
faba-307	108	24	in	in	ADP
faba-307	108	25	relative	relative	ADJ
faba-307	108	26	valuation	valuation	NOUN
faba-307	108	27	methods	method	NOUN
faba-307	108	28	figure	figure	VERB
faba-307	108	29	1	1	NUM
faba-307	108	30	illustrates	illustrate	VERB
faba-307	108	31	that	that	SCONJ
faba-307	108	32	the	the	DET
faba-307	108	33	most	most	ADV
faba-307	108	34	widely	widely	ADV
faba-307	108	35	used	use	VERB
faba-307	108	36	is	be	AUX
faba-307	108	37	the	the	DET
faba-307	108	38	firm	firm	ADJ
faba-307	108	39	value	value	NOUN
faba-307	108	40	-	-	PUNCT
faba-307	108	41	to	to	ADP
faba-307	108	42	-	-	PUNCT
faba-307	108	43	ebitda	ebitda	NOUN
faba-307	108	44	ratio	ratio	NOUN
faba-307	108	45	.	.	PUNCT
faba-307	109	1	it	it	PRON
faba-307	109	2	is	be	AUX
faba-307	109	3	relied	rely	VERB
faba-307	109	4	on	on	ADP
faba-307	109	5	by	by	ADP
faba-307	109	6	83	83	NUM
faba-307	109	7	%	%	NOUN
faba-307	109	8	of	of	ADP
faba-307	109	9	appraisers	appraiser	NOUN
faba-307	109	10	who	who	PRON
faba-307	109	11	use	use	VERB
faba-307	109	12	several	several	ADJ
faba-307	109	13	multipliers	multiplier	NOUN
faba-307	109	14	and	and	CCONJ
faba-307	109	15	by	by	ADP
faba-307	109	16	70	70	NUM
faba-307	109	17	%	%	NOUN
faba-307	109	18	of	of	ADP
faba-307	109	19	appraisers	appraiser	NOUN
faba-307	109	20	who	who	PRON
faba-307	109	21	use	use	VERB
faba-307	109	22	only	only	ADV
faba-307	109	23	one	one	NUM
faba-307	109	24	multiplier	multipli	ADJ
faba-307	109	25	.	.	PUNCT
faba-307	110	1	second	second	ADV
faba-307	110	2	most	most	ADV
faba-307	110	3	trusted	trust	VERB
faba-307	110	4	is	be	AUX
faba-307	110	5	the	the	DET
faba-307	110	6	price	price	NOUN
faba-307	110	7	-	-	PUNCT
faba-307	110	8	to	to	ADP
faba-307	110	9	-	-	PUNCT
faba-307	110	10	earnings	earning	NOUN
faba-307	110	11	(	(	PUNCT
faba-307	110	12	pe	pe	NOUN
faba-307	110	13	)	)	PUNCT
faba-307	110	14	multiple	multiple	NOUN
faba-307	110	15	,	,	PUNCT
faba-307	110	16	used	use	VERB
faba-307	110	17	by	by	ADP
faba-307	110	18	68	68	NUM
faba-307	110	19	%	%	NOUN
faba-307	110	20	of	of	ADP
faba-307	110	21	respondents	respondent	NOUN
faba-307	110	22	.	.	PUNCT
faba-307	111	1	other	other	ADJ
faba-307	111	2	relatively	relatively	ADV
faba-307	111	3	widely	widely	ADV
faba-307	111	4	used	use	VERB
faba-307	111	5	ratios	ratio	NOUN
faba-307	111	6	include	include	VERB
faba-307	111	7	price	price	NOUN
faba-307	111	8	-	-	PUNCT
faba-307	111	9	to	to	ADP
faba-307	111	10	-	-	PUNCT
faba-307	111	11	book	book	NOUN
faba-307	111	12	,	,	PUNCT
faba-307	111	13	firm	firm	ADJ
faba-307	111	14	value	value	NOUN
faba-307	111	15	-	-	PUNCT
faba-307	111	16	to	to	ADP
faba-307	111	17	-	-	PUNCT
faba-307	111	18	ebit	ebit	NOUN
faba-307	111	19	,	,	PUNCT
faba-307	111	20	firm	firm	ADJ
faba-307	111	21	value	value	NOUN
faba-307	111	22	-	-	PUNCT
faba-307	111	23	to	to	ADP
faba-307	111	24	-	-	PUNCT
faba-307	111	25	sales	sale	NOUN
faba-307	111	26	(	(	PUNCT
faba-307	111	27	bancel	bancel	NOUN
faba-307	111	28	and	and	CCONJ
faba-307	111	29	mittoo	mittoo	NOUN
faba-307	111	30	2014	2014	NUM
faba-307	111	31	)	)	PUNCT
faba-307	111	32	.	.	PUNCT
faba-307	112	1	the	the	DET
faba-307	112	2	reason	reason	NOUN
faba-307	112	3	for	for	ADP
faba-307	112	4	the	the	DET
faba-307	112	5	extensive	extensive	ADJ
faba-307	112	6	use	use	NOUN
faba-307	112	7	of	of	ADP
faba-307	112	8	ebitda	ebitda	NOUN
faba-307	112	9	-	-	PUNCT
faba-307	112	10	based	base	VERB
faba-307	112	11	multiples	multiple	NOUN
faba-307	112	12	in	in	ADP
faba-307	112	13	recent	recent	ADJ
faba-307	112	14	decades	decade	NOUN
faba-307	112	15	is	be	AUX
faba-307	112	16	that	that	SCONJ
faba-307	112	17	ebitda	ebitda	NOUN
faba-307	112	18	is	be	AUX
faba-307	112	19	a	a	DET
faba-307	112	20	financial	financial	ADJ
faba-307	112	21	indicator	indicator	NOUN
faba-307	112	22	at	at	ADP
faba-307	112	23	the	the	DET
faba-307	112	24	enterprise	enterprise	NOUN
faba-307	112	25	level	level	NOUN
faba-307	112	26	(	(	PUNCT
faba-307	112	27	or	or	CCONJ
faba-307	112	28	invested	invest	VERB
faba-307	112	29	-	-	PUNCT
faba-307	112	30	capital	capital	NOUN
faba-307	112	31	level	level	NOUN
faba-307	112	32	)	)	PUNCT
faba-307	112	33	,	,	PUNCT
faba-307	112	34	which	which	PRON
faba-307	112	35	is	be	AUX
faba-307	112	36	not	not	PART
faba-307	112	37	influenced	influence	VERB
faba-307	112	38	by	by	ADP
faba-307	112	39	the	the	DET
faba-307	112	40	financial	financial	ADJ
faba-307	112	41	leverage	leverage	NOUN
faba-307	112	42	of	of	ADP
faba-307	112	43	the	the	DET
faba-307	112	44	company	company	NOUN
faba-307	112	45	.	.	PUNCT
faba-307	113	1	other	other	ADJ
faba-307	113	2	important	important	ADJ
faba-307	113	3	advantages	advantage	NOUN
faba-307	113	4	of	of	ADP
faba-307	113	5	the	the	DET
faba-307	113	6	ebitda	ebitda	NOUN
faba-307	113	7	-	-	PUNCT
faba-307	113	8	based	base	VERB
faba-307	113	9	multiples	multiple	NOUN
faba-307	113	10	are	be	AUX
faba-307	113	11	as	as	SCONJ
faba-307	113	12	follows	follow	VERB
faba-307	113	13	(	(	PUNCT
faba-307	113	14	damodaran	damodaran	VERB
faba-307	113	15	2012	2012	NUM
faba-307	113	16	):	):	PUNCT
faba-307	113	17	0	0	NUM
faba-307	113	18	%	%	NOUN
faba-307	113	19	10	10	NUM
faba-307	113	20	%	%	NOUN
faba-307	113	21	20	20	NUM
faba-307	113	22	%	%	NOUN
faba-307	113	23	30	30	NUM
faba-307	113	24	%	%	NOUN
faba-307	113	25	40	40	NUM
faba-307	113	26	%	%	NOUN
faba-307	113	27	50	50	NUM
faba-307	113	28	%	%	NOUN
faba-307	113	29	60	60	NUM
faba-307	113	30	%	%	NOUN
faba-307	113	31	70	70	NUM
faba-307	113	32	%	%	NOUN
faba-307	113	33	80	80	NUM
faba-307	113	34	%	%	NOUN
faba-307	114	1	90	90	NUM
faba-307	114	2	%	%	NOUN
faba-307	114	3	firm	firm	ADJ
faba-307	114	4	value	value	NOUN
faba-307	114	5	/	/	SYM
faba-307	114	6	ebitda	ebitda	PROPN
faba-307	114	7	pe	pe	PROPN
faba-307	114	8	ratio	ratio	NOUN
faba-307	114	9	firm	firm	PROPN
faba-307	114	10	value	value	NOUN
faba-307	114	11	/	/	SYM
faba-307	114	12	ebit	ebit	NOUN
faba-307	114	13	price	price	NOUN
faba-307	114	14	-	-	PUNCT
faba-307	114	15	book	book	NOUN
faba-307	114	16	ratio	ratio	NOUN
faba-307	114	17	firm	firm	NOUN
faba-307	114	18	value	value	NOUN
faba-307	114	19	/	/	SYM
faba-307	114	20	sales	sale	NOUN
faba-307	114	21	other	other	ADJ
faba-307	114	22	survey	survey	NOUN
faba-307	114	23	evidence	evidence	NOUN
faba-307	114	24	:	:	PUNCT
faba-307	114	25	which	which	DET
faba-307	114	26	multiples	multiple	NOUN
faba-307	114	27	are	be	AUX
faba-307	114	28	most	most	ADV
faba-307	114	29	popular	popular	ADJ
faba-307	114	30	?	?	PUNCT
faba-307	115	1	dimiter	dimiter	NOUN
faba-307	115	2	nenkov/	nenkov/	NUM
faba-307	115	3	finance	finance	NOUN
faba-307	115	4	,	,	PUNCT
faba-307	115	5	accounting	accounting	NOUN
faba-307	115	6	and	and	CCONJ
faba-307	115	7	business	business	NOUN
faba-307	115	8	analysis	analysis	NOUN
faba-307	115	9	,	,	PUNCT
faba-307	115	10	volume	volume	NOUN
faba-307	115	11	7	7	NUM
faba-307	115	12	,	,	PUNCT
faba-307	115	13	issue	issue	NOUN
faba-307	115	14	2	2	NUM
faba-307	115	15	,	,	PUNCT
faba-307	115	16	2025	2025	NUM
faba-307	115	17	225	225	NUM
faba-307	115	18	there	there	PRON
faba-307	115	19	are	be	VERB
faba-307	115	20	much	much	ADV
faba-307	115	21	fewer	few	ADJ
faba-307	115	22	companies	company	NOUN
faba-307	115	23	with	with	ADP
faba-307	115	24	negative	negative	ADJ
faba-307	115	25	ebitda	ebitda	NOUN
faba-307	115	26	than	than	SCONJ
faba-307	115	27	there	there	PRON
faba-307	115	28	are	be	VERB
faba-307	115	29	companies	company	NOUN
faba-307	115	30	with	with	ADP
faba-307	115	31	negative	negative	ADJ
faba-307	115	32	net	net	ADJ
faba-307	115	33	profit	profit	NOUN
faba-307	115	34	and	and	CCONJ
faba-307	115	35	eps	eps	PROPN
faba-307	115	36	.	.	PROPN
faba-307	116	1	thus	thus	ADV
faba-307	116	2	,	,	PUNCT
faba-307	116	3	far	far	ADV
faba-307	116	4	fewer	few	ADJ
faba-307	116	5	companies	company	NOUN
faba-307	116	6	are	be	AUX
faba-307	116	7	excluded	exclude	VERB
faba-307	116	8	from	from	ADP
faba-307	116	9	the	the	DET
faba-307	116	10	analysis	analysis	NOUN
faba-307	116	11	due	due	ADP
faba-307	116	12	to	to	ADP
faba-307	116	13	the	the	DET
faba-307	116	14	lack	lack	NOUN
faba-307	116	15	of	of	ADP
faba-307	116	16	a	a	DET
faba-307	116	17	published	publish	VERB
faba-307	116	18	ratio	ratio	NOUN
faba-307	116	19	(	(	PUNCT
faba-307	116	20	i.e.	i.e.	X
faba-307	116	21	due	due	ADP
faba-307	116	22	to	to	ADP
faba-307	116	23	a	a	DET
faba-307	116	24	negative	negative	ADJ
faba-307	116	25	ratio	ratio	NOUN
faba-307	116	26	)	)	PUNCT
faba-307	116	27	,	,	PUNCT
faba-307	116	28	as	as	SCONJ
faba-307	116	29	compared	compare	VERB
faba-307	116	30	with	with	ADP
faba-307	116	31	the	the	DET
faba-307	116	32	case	case	NOUN
faba-307	116	33	of	of	ADP
faba-307	116	34	the	the	DET
faba-307	116	35	pe	pe	PROPN
faba-307	116	36	ratios	ratio	NOUN
faba-307	116	37	.	.	PUNCT
faba-307	117	1	the	the	DET
faba-307	117	2	ebitda	ebitda	PROPN
faba-307	117	3	indicator	indicator	NOUN
faba-307	117	4	is	be	AUX
faba-307	117	5	not	not	PART
faba-307	117	6	affected	affect	VERB
faba-307	117	7	by	by	ADP
faba-307	117	8	differences	difference	NOUN
faba-307	117	9	in	in	ADP
faba-307	117	10	the	the	DET
faba-307	117	11	applied	apply	VERB
faba-307	117	12	depreciation	depreciation	NOUN
faba-307	117	13	methods	method	NOUN
faba-307	117	14	,	,	PUNCT
faba-307	117	15	unlike	unlike	ADP
faba-307	117	16	operating	operating	NOUN
faba-307	117	17	profit	profit	NOUN
faba-307	117	18	(	(	PUNCT
faba-307	117	19	ebit	ebit	PROPN
faba-307	117	20	)	)	PUNCT
faba-307	117	21	and	and	CCONJ
faba-307	117	22	net	net	ADJ
faba-307	117	23	profit	profit	NOUN
faba-307	117	24	(	(	PUNCT
faba-307	117	25	ni	ni	NOUN
faba-307	117	26	)	)	PUNCT
faba-307	117	27	.	.	PUNCT
faba-307	118	1	thus	thus	ADV
faba-307	118	2	,	,	PUNCT
faba-307	118	3	it	it	PRON
faba-307	118	4	provides	provide	VERB
faba-307	118	5	better	well	ADJ
faba-307	118	6	comparability	comparability	NOUN
faba-307	118	7	between	between	ADP
faba-307	118	8	different	different	ADJ
faba-307	118	9	companies	company	NOUN
faba-307	118	10	.	.	PUNCT
faba-307	119	1	because	because	SCONJ
faba-307	119	2	of	of	ADP
faba-307	119	3	the	the	DET
faba-307	119	4	above	above	ADJ
faba-307	119	5	reasons	reason	NOUN
faba-307	119	6	,	,	PUNCT
faba-307	119	7	price	price	NOUN
faba-307	119	8	-	-	PUNCT
faba-307	119	9	to	to	ADP
faba-307	119	10	-	-	PUNCT
faba-307	119	11	ebitda	ebitda	NOUN
faba-307	119	12	(	(	PUNCT
faba-307	119	13	p	p	NOUN
faba-307	119	14	/	/	SYM
faba-307	119	15	ebitda	ebitda	NOUN
faba-307	119	16	)	)	PUNCT
faba-307	119	17	ratios	ratio	NOUN
faba-307	119	18	gained	gain	VERB
faba-307	119	19	popularity	popularity	NOUN
faba-307	119	20	,	,	PUNCT
faba-307	119	21	replacing	replace	VERB
faba-307	119	22	in	in	ADP
faba-307	119	23	many	many	ADJ
faba-307	119	24	cases	case	NOUN
faba-307	119	25	the	the	DET
faba-307	119	26	pe	pe	PROPN
faba-307	119	27	ratios	ratio	NOUN
faba-307	119	28	in	in	ADP
faba-307	119	29	the	the	DET
faba-307	119	30	valuation	valuation	NOUN
faba-307	119	31	of	of	ADP
faba-307	119	32	stocks	stock	NOUN
faba-307	119	33	towards	towards	ADP
faba-307	119	34	the	the	DET
faba-307	119	35	end	end	NOUN
faba-307	119	36	of	of	ADP
faba-307	119	37	the	the	DET
faba-307	119	38	20th	20th	ADJ
faba-307	119	39	century	century	NOUN
faba-307	119	40	.	.	PUNCT
faba-307	120	1	there	there	PRON
faba-307	120	2	is	be	VERB
faba-307	120	3	a	a	DET
faba-307	120	4	problem	problem	NOUN
faba-307	120	5	,	,	PUNCT
faba-307	120	6	however	however	ADV
faba-307	120	7	,	,	PUNCT
faba-307	120	8	with	with	ADP
faba-307	120	9	the	the	DET
faba-307	120	10	p	p	NOUN
faba-307	120	11	/	/	SYM
faba-307	120	12	ebitda	ebitda	NOUN
faba-307	120	13	and	and	CCONJ
faba-307	120	14	p	p	X
faba-307	120	15	/	/	SYM
faba-307	120	16	ebit	ebit	NOUN
faba-307	120	17	ratios	ratio	NOUN
faba-307	120	18	,	,	PUNCT
faba-307	120	19	because	because	SCONJ
faba-307	120	20	of	of	ADP
faba-307	120	21	inconsistency	inconsistency	NOUN
faba-307	120	22	between	between	ADP
faba-307	120	23	numerator	numerator	NOUN
faba-307	120	24	and	and	CCONJ
faba-307	120	25	denominator	denominator	NOUN
faba-307	120	26	.	.	PUNCT
faba-307	121	1	the	the	DET
faba-307	121	2	denominator	denominator	NOUN
faba-307	121	3	is	be	AUX
faba-307	121	4	an	an	DET
faba-307	121	5	indicator	indicator	NOUN
faba-307	121	6	at	at	ADP
faba-307	121	7	the	the	DET
faba-307	121	8	enterprise	enterprise	NOUN
faba-307	121	9	level	level	NOUN
faba-307	121	10	(	(	PUNCT
faba-307	121	11	firm	firm	ADJ
faba-307	121	12	measure	measure	NOUN
faba-307	121	13	)	)	PUNCT
faba-307	121	14	,	,	PUNCT
faba-307	121	15	independent	independent	ADJ
faba-307	121	16	of	of	ADP
faba-307	121	17	the	the	DET
faba-307	121	18	financial	financial	ADJ
faba-307	121	19	leverage	leverage	NOUN
faba-307	121	20	,	,	PUNCT
faba-307	121	21	while	while	SCONJ
faba-307	121	22	the	the	DET
faba-307	121	23	numerator	numerator	NOUN
faba-307	121	24	is	be	AUX
faba-307	121	25	an	an	DET
faba-307	121	26	indicator	indicator	NOUN
faba-307	121	27	at	at	ADP
faba-307	121	28	the	the	DET
faba-307	121	29	equity	equity	NOUN
faba-307	121	30	level	level	NOUN
faba-307	121	31	(	(	PUNCT
faba-307	121	32	equity	equity	NOUN
faba-307	121	33	value	value	NOUN
faba-307	121	34	)	)	PUNCT
faba-307	121	35	,	,	PUNCT
faba-307	121	36	dependent	dependent	ADJ
faba-307	121	37	,	,	PUNCT
faba-307	121	38	among	among	ADP
faba-307	121	39	other	other	ADJ
faba-307	121	40	factors	factor	NOUN
faba-307	121	41	,	,	PUNCT
faba-307	121	42	on	on	ADP
faba-307	121	43	the	the	DET
faba-307	121	44	financial	financial	ADJ
faba-307	121	45	leverage	leverage	NOUN
faba-307	121	46	of	of	ADP
faba-307	121	47	the	the	DET
faba-307	121	48	company	company	NOUN
faba-307	121	49	.	.	PUNCT
faba-307	122	1	according	accord	VERB
faba-307	122	2	to	to	ADP
faba-307	122	3	damodaran	damodaran	NOUN
faba-307	122	4	,	,	PUNCT
faba-307	122	5	these	these	DET
faba-307	122	6	ratios	ratio	NOUN
faba-307	122	7	are	be	AUX
faba-307	122	8	inconsistently	inconsistently	ADV
faba-307	122	9	defined	define	VERB
faba-307	122	10	and	and	CCONJ
faba-307	122	11	can	can	AUX
faba-307	122	12	be	be	AUX
faba-307	122	13	very	very	ADV
faba-307	122	14	misleading	misleading	ADJ
faba-307	122	15	when	when	SCONJ
faba-307	122	16	comparing	compare	VERB
faba-307	122	17	companies	company	NOUN
faba-307	122	18	with	with	ADP
faba-307	122	19	significant	significant	ADJ
faba-307	122	20	difference	difference	NOUN
faba-307	122	21	in	in	ADP
faba-307	122	22	their	their	PRON
faba-307	122	23	capital	capital	NOUN
faba-307	122	24	structures	structure	NOUN
faba-307	122	25	(	(	PUNCT
faba-307	122	26	damodaran	damodaran	VERB
faba-307	122	27	2012	2012	NUM
faba-307	122	28	)	)	PUNCT
faba-307	122	29	.	.	PUNCT
faba-307	123	1	this	this	PRON
faba-307	123	2	is	be	AUX
faba-307	123	3	why	why	SCONJ
faba-307	123	4	financial	financial	ADJ
faba-307	123	5	analysts	analyst	NOUN
faba-307	123	6	switched	switch	VERB
faba-307	123	7	to	to	ADP
faba-307	123	8	value	value	NOUN
faba-307	123	9	/	/	SYM
faba-307	123	10	ebitda	ebitda	NOUN
faba-307	123	11	and	and	CCONJ
faba-307	123	12	value	value	NOUN
faba-307	123	13	/	/	SYM
faba-307	123	14	ebit	ebit	NOUN
faba-307	123	15	multiples	multiple	NOUN
faba-307	123	16	,	,	PUNCT
faba-307	123	17	where	where	SCONJ
faba-307	123	18	the	the	DET
faba-307	123	19	term	term	NOUN
faba-307	123	20	”	"	PUNCT
faba-307	123	21	value	value	NOUN
faba-307	123	22	“	"	PUNCT
faba-307	123	23	includes	include	VERB
faba-307	123	24	generally	generally	ADV
faba-307	123	25	equity	equity	NOUN
faba-307	123	26	plus	plus	CCONJ
faba-307	123	27	debt	debt	NOUN
faba-307	123	28	(	(	PUNCT
faba-307	123	29	with	with	ADP
faba-307	123	30	or	or	CCONJ
faba-307	123	31	without	without	ADP
faba-307	123	32	cash	cash	NOUN
faba-307	123	33	)	)	PUNCT
faba-307	123	34	.	.	PUNCT
faba-307	124	1	in	in	ADP
faba-307	124	2	this	this	DET
faba-307	124	3	way	way	NOUN
faba-307	124	4	both	both	CCONJ
faba-307	124	5	numerator	numerator	NOUN
faba-307	124	6	and	and	CCONJ
faba-307	124	7	denominator	denominator	NOUN
faba-307	124	8	are	be	AUX
faba-307	124	9	firm	firm	ADJ
faba-307	124	10	values	value	NOUN
faba-307	124	11	(	(	PUNCT
faba-307	124	12	invested	invest	VERB
faba-307	124	13	-	-	PUNCT
faba-307	124	14	capital	capital	NOUN
faba-307	124	15	values	value	NOUN
faba-307	124	16	)	)	PUNCT
faba-307	124	17	,	,	PUNCT
faba-307	124	18	which	which	PRON
faba-307	124	19	ensures	ensure	VERB
faba-307	124	20	the	the	DET
faba-307	124	21	needed	need	VERB
faba-307	124	22	comparability	comparability	NOUN
faba-307	124	23	between	between	ADP
faba-307	124	24	these	these	DET
faba-307	124	25	two	two	NUM
faba-307	124	26	components	component	NOUN
faba-307	124	27	of	of	ADP
faba-307	124	28	the	the	DET
faba-307	124	29	multiple	multiple	NOUN
faba-307	124	30	.	.	PUNCT
faba-307	125	1	the	the	DET
faba-307	125	2	value	value	NOUN
faba-307	125	3	/	/	SYM
faba-307	125	4	ebitda	ebitda	NOUN
faba-307	125	5	provides	provide	VERB
faba-307	125	6	better	well	ADJ
faba-307	125	7	comparability	comparability	NOUN
faba-307	125	8	between	between	ADP
faba-307	125	9	companies	company	NOUN
faba-307	125	10	with	with	ADP
faba-307	125	11	different	different	ADJ
faba-307	125	12	capital	capital	NOUN
faba-307	125	13	structures	structure	NOUN
faba-307	125	14	.	.	PUNCT
faba-307	126	1	one	one	NUM
faba-307	126	2	issue	issue	NOUN
faba-307	126	3	in	in	ADP
faba-307	126	4	this	this	DET
faba-307	126	5	regard	regard	NOUN
faba-307	126	6	is	be	AUX
faba-307	126	7	the	the	DET
faba-307	126	8	lack	lack	NOUN
faba-307	126	9	of	of	ADP
faba-307	126	10	a	a	DET
faba-307	126	11	uniform	uniform	ADJ
faba-307	126	12	interpretation	interpretation	NOUN
faba-307	126	13	of	of	ADP
faba-307	126	14	company	company	NOUN
faba-307	126	15	value	value	NOUN
faba-307	126	16	.	.	PUNCT
faba-307	127	1	the	the	DET
faba-307	127	2	two	two	NUM
faba-307	127	3	terms	term	NOUN
faba-307	127	4	most	most	ADV
faba-307	127	5	often	often	ADV
faba-307	127	6	used	use	VERB
faba-307	127	7	are	be	AUX
faba-307	127	8	“	"	PUNCT
faba-307	127	9	firm	firm	ADJ
faba-307	127	10	value	value	NOUN
faba-307	127	11	”	"	PUNCT
faba-307	127	12	(	(	PUNCT
faba-307	127	13	fv	fv	X
faba-307	127	14	)	)	PUNCT
faba-307	127	15	and	and	CCONJ
faba-307	127	16	“	"	PUNCT
faba-307	127	17	enterprise	enterprise	NOUN
faba-307	127	18	value	value	NOUN
faba-307	127	19	”	"	PUNCT
faba-307	127	20	(	(	PUNCT
faba-307	127	21	ev	ev	INTJ
faba-307	127	22	)	)	PUNCT
faba-307	127	23	.	.	PUNCT
faba-307	128	1	aswath	aswath	NOUN
faba-307	128	2	damodaran	damodaran	NOUN
faba-307	128	3	defines	define	VERB
faba-307	128	4	firm	firm	ADJ
faba-307	128	5	value	value	NOUN
faba-307	128	6	(	(	PUNCT
faba-307	128	7	fv	fv	NOUN
faba-307	128	8	)	)	PUNCT
faba-307	128	9	as	as	ADP
faba-307	128	10	the	the	DET
faba-307	128	11	total	total	ADJ
faba-307	128	12	value	value	NOUN
faba-307	128	13	of	of	ADP
faba-307	128	14	the	the	DET
faba-307	128	15	company	company	NOUN
faba-307	128	16	,	,	PUNCT
faba-307	128	17	including	include	VERB
faba-307	128	18	both	both	PRON
faba-307	128	19	operating	operate	VERB
faba-307	128	20	and	and	CCONJ
faba-307	128	21	non	non	ADJ
faba-307	128	22	-	-	ADJ
faba-307	128	23	operating	operate	VERB
faba-307	128	24	assets	asset	NOUN
faba-307	128	25	(	(	PUNCT
faba-307	128	26	operating	operating	NOUN
faba-307	128	27	value	value	NOUN
faba-307	128	28	+	+	CCONJ
faba-307	128	29	value	value	NOUN
faba-307	128	30	of	of	ADP
faba-307	128	31	non	non	ADJ
faba-307	128	32	-	-	ADJ
faba-307	128	33	operating	operate	VERB
faba-307	128	34	assets	asset	NOUN
faba-307	128	35	)	)	PUNCT
faba-307	128	36	.	.	PUNCT
faba-307	129	1	in	in	ADP
faba-307	129	2	other	other	ADJ
faba-307	129	3	words	word	NOUN
faba-307	129	4	,	,	PUNCT
faba-307	129	5	firm	firm	ADJ
faba-307	129	6	value	value	NOUN
faba-307	129	7	is	be	AUX
faba-307	129	8	supposed	suppose	VERB
faba-307	129	9	to	to	PART
faba-307	129	10	be	be	AUX
faba-307	129	11	:	:	PUNCT
faba-307	129	12	fv	fv	NOUN
faba-307	129	13	=	=	NOUN
faba-307	129	14	market	market	NOUN
faba-307	129	15	value	value	NOUN
faba-307	129	16	of	of	ADP
faba-307	129	17	equity	equity	NOUN
faba-307	129	18	+	+	CCONJ
faba-307	129	19	market	market	NOUN
faba-307	129	20	value	value	NOUN
faba-307	129	21	of	of	ADP
faba-307	129	22	deb	deb	PROPN
faba-307	129	23	(	(	PUNCT
faba-307	129	24	1	1	X
faba-307	129	25	)	)	PUNCT
faba-307	129	26	the	the	DET
faba-307	129	27	bulk	bulk	NOUN
faba-307	129	28	of	of	ADP
faba-307	129	29	non	non	ADJ
faba-307	129	30	-	-	ADJ
faba-307	129	31	operating	operate	VERB
faba-307	129	32	assets	asset	NOUN
faba-307	129	33	normally	normally	ADV
faba-307	129	34	consists	consist	VERB
faba-307	129	35	of	of	ADP
faba-307	129	36	financial	financial	ADJ
faba-307	129	37	assets	asset	NOUN
faba-307	129	38	,	,	PUNCT
faba-307	129	39	i.e.	i.e.	X
faba-307	129	40	cash	cash	NOUN
faba-307	129	41	.	.	PUNCT
faba-307	130	1	at	at	ADP
faba-307	130	2	the	the	DET
faba-307	130	3	same	same	ADJ
faba-307	130	4	time	time	NOUN
faba-307	130	5	damodaran	damodaran	VERB
faba-307	130	6	defines	define	VERB
faba-307	130	7	the	the	DET
faba-307	130	8	enterprise	enterprise	NOUN
faba-307	130	9	value	value	NOUN
faba-307	130	10	(	(	PUNCT
faba-307	130	11	ev	ev	INTJ
faba-307	130	12	)	)	PUNCT
faba-307	130	13	as	as	ADP
faba-307	130	14	the	the	DET
faba-307	130	15	value	value	NOUN
faba-307	130	16	of	of	ADP
faba-307	130	17	operating	operate	VERB
faba-307	130	18	assets	asset	NOUN
faba-307	130	19	only	only	ADV
faba-307	130	20	(	(	PUNCT
faba-307	130	21	damodaran	damodaran	VERB
faba-307	130	22	2012	2012	NUM
faba-307	130	23	)	)	PUNCT
faba-307	130	24	.	.	PUNCT
faba-307	131	1	in	in	ADP
faba-307	131	2	other	other	ADJ
faba-307	131	3	words	word	NOUN
faba-307	131	4	:	:	PUNCT
faba-307	131	5	ev	ev	NOUN
faba-307	131	6	=	=	NOUN
faba-307	131	7	market	market	NOUN
faba-307	131	8	value	value	NOUN
faba-307	131	9	of	of	ADP
faba-307	131	10	equity	equity	NOUN
faba-307	131	11	+	+	CCONJ
faba-307	131	12	market	market	NOUN
faba-307	131	13	value	value	NOUN
faba-307	131	14	of	of	ADP
faba-307	131	15	debt	debt	NOUN
faba-307	131	16	−	−	NOUN
faba-307	131	17	cash	cash	NOUN
faba-307	131	18	(	(	PUNCT
faba-307	131	19	2	2	NUM
faba-307	131	20	)	)	PUNCT
faba-307	131	21	provided	provide	VERB
faba-307	131	22	that	that	PRON
faba-307	131	23	ebitda	ebitda	NOUN
faba-307	131	24	represents	represent	VERB
faba-307	131	25	the	the	DET
faba-307	131	26	earnings	earning	NOUN
faba-307	131	27	from	from	ADP
faba-307	131	28	the	the	DET
faba-307	131	29	use	use	NOUN
faba-307	131	30	of	of	ADP
faba-307	131	31	operating	operate	VERB
faba-307	131	32	assets	asset	NOUN
faba-307	131	33	only	only	ADV
faba-307	131	34	,	,	PUNCT
faba-307	131	35	ev	ev	X
faba-307	131	36	seems	seem	VERB
faba-307	131	37	to	to	PART
faba-307	131	38	ensure	ensure	VERB
faba-307	131	39	better	well	ADJ
faba-307	131	40	comparability	comparability	NOUN
faba-307	131	41	between	between	ADP
faba-307	131	42	numerator	numerator	NOUN
faba-307	131	43	and	and	CCONJ
faba-307	131	44	denominator	denominator	NOUN
faba-307	131	45	for	for	ADP
faba-307	131	46	the	the	DET
faba-307	131	47	value	value	NOUN
faba-307	131	48	/	/	SYM
faba-307	131	49	ebitda	ebitda	NOUN
faba-307	131	50	ratio	ratio	NOUN
faba-307	131	51	.	.	PUNCT
faba-307	132	1	this	this	PRON
faba-307	132	2	is	be	AUX
faba-307	132	3	the	the	DET
faba-307	132	4	explanation	explanation	NOUN
faba-307	132	5	why	why	SCONJ
faba-307	132	6	the	the	PRON
faba-307	132	7	most	most	ADV
faba-307	132	8	often	often	ADV
faba-307	132	9	used	use	VERB
faba-307	132	10	version	version	NOUN
faba-307	132	11	of	of	ADP
faba-307	132	12	this	this	DET
faba-307	132	13	multiple	multiple	NOUN
faba-307	132	14	is	be	AUX
faba-307	132	15	:	:	PUNCT
faba-307	132	16	ev	ev	X
faba-307	132	17	ebitda	ebitda	PROPN
faba-307	132	18	=	=	SYM
faba-307	132	19	(	(	PUNCT
faba-307	132	20	market	market	NOUN
faba-307	132	21	value	value	NOUN
faba-307	132	22	of	of	ADP
faba-307	132	23	equity	equity	NOUN
faba-307	132	24	+	+	CCONJ
faba-307	132	25	value	value	NOUN
faba-307	132	26	of	of	ADP
faba-307	132	27	debt	debt	NOUN
faba-307	132	28	−	−	NOUN
faba-307	132	29	cash	cash	NOUN
faba-307	132	30	)	)	PUNCT
faba-307	132	31	ebitda	ebitda	NOUN
faba-307	132	32	(	(	PUNCT
faba-307	132	33	3	3	X
faba-307	132	34	)	)	PUNCT
faba-307	132	35	copeland	copeland	PROPN
faba-307	132	36	,	,	PUNCT
faba-307	132	37	murrin	murrin	PROPN
faba-307	132	38	and	and	CCONJ
faba-307	132	39	koller	koller	PROPN
faba-307	132	40	have	have	VERB
faba-307	132	41	a	a	DET
faba-307	132	42	different	different	ADJ
faba-307	132	43	interpretation	interpretation	NOUN
faba-307	132	44	of	of	ADP
faba-307	132	45	the	the	DET
faba-307	132	46	term	term	NOUN
faba-307	132	47	enterprise	enterprise	NOUN
faba-307	132	48	value	value	NOUN
faba-307	132	49	(	(	PUNCT
faba-307	132	50	ev	ev	NOUN
faba-307	132	51	)	)	PUNCT
faba-307	132	52	.	.	PUNCT
faba-307	133	1	according	accord	VERB
faba-307	133	2	to	to	ADP
faba-307	133	3	them	they	PRON
faba-307	133	4	this	this	DET
faba-307	133	5	the	the	DET
faba-307	133	6	total	total	ADJ
faba-307	133	7	value	value	NOUN
faba-307	133	8	of	of	ADP
faba-307	133	9	the	the	DET
faba-307	133	10	company	company	NOUN
faba-307	133	11	,	,	PUNCT
faba-307	133	12	including	include	VERB
faba-307	133	13	both	both	PRON
faba-307	133	14	operating	operate	VERB
faba-307	133	15	and	and	CCONJ
faba-307	133	16	non	non	ADJ
faba-307	133	17	-	-	ADJ
faba-307	133	18	operating	operate	VERB
faba-307	133	19	assets	asset	NOUN
faba-307	133	20	(	(	PUNCT
faba-307	133	21	copeland	copeland	PROPN
faba-307	133	22	,	,	PUNCT
faba-307	133	23	murrin	murrin	NOUN
faba-307	133	24	and	and	CCONJ
faba-307	133	25	koller	koller	NOUN
faba-307	133	26	2000	2000	NUM
faba-307	133	27	)	)	PUNCT
faba-307	133	28	.	.	PUNCT
faba-307	134	1	in	in	ADP
faba-307	134	2	other	other	ADJ
faba-307	134	3	words	word	NOUN
faba-307	134	4	,	,	PUNCT
faba-307	134	5	for	for	ADP
faba-307	134	6	them	they	PRON
faba-307	134	7	enterprise	enterprise	NOUN
faba-307	134	8	value	value	NOUN
faba-307	134	9	is	be	AUX
faba-307	134	10	what	what	PRON
faba-307	134	11	damodaran	damodaran	VERB
faba-307	134	12	calls	call	VERB
faba-307	134	13	firm	firm	ADJ
faba-307	134	14	value	value	NOUN
faba-307	134	15	(	(	PUNCT
faba-307	134	16	fv	fv	NOUN
faba-307	134	17	)	)	PUNCT
faba-307	134	18	.	.	PUNCT
faba-307	135	1	bancel	bancel	NOUN
faba-307	135	2	and	and	CCONJ
faba-307	135	3	mittoo	mittoo	ADV
faba-307	135	4	in	in	ADP
faba-307	135	5	their	their	PRON
faba-307	135	6	study	study	NOUN
faba-307	135	7	referred	refer	VERB
faba-307	135	8	above	above	ADV
faba-307	135	9	,	,	PUNCT
faba-307	135	10	work	work	VERB
faba-307	135	11	with	with	ADP
faba-307	135	12	the	the	DET
faba-307	135	13	term	term	NOUN
faba-307	135	14	firm	firm	NOUN
faba-307	135	15	value	value	NOUN
faba-307	135	16	(	(	PUNCT
faba-307	135	17	fv	fv	NOUN
faba-307	135	18	/	/	SYM
faba-307	135	19	ebit	ebit	NOUN
faba-307	135	20	and	and	CCONJ
faba-307	135	21	fv	fv	PROPN
faba-307	135	22	/	/	SYM
faba-307	135	23	ebitda	ebitda	NOUN
faba-307	135	24	)	)	PUNCT
faba-307	135	25	.	.	PUNCT
faba-307	136	1	it	it	PRON
faba-307	136	2	does	do	AUX
faba-307	136	3	not	not	PART
faba-307	136	4	become	become	VERB
faba-307	136	5	clear	clear	ADJ
faba-307	136	6	what	what	PRON
faba-307	136	7	their	their	PRON
faba-307	136	8	interpretation	interpretation	NOUN
faba-307	136	9	is	be	AUX
faba-307	136	10	behind	behind	ADP
faba-307	136	11	fv	fv	NOUN
faba-307	136	12	.	.	PROPN
faba-307	136	13	for	for	ADP
faba-307	136	14	the	the	DET
faba-307	136	15	purpose	purpose	NOUN
faba-307	136	16	of	of	ADP
faba-307	136	17	this	this	DET
faba-307	136	18	research	research	NOUN
faba-307	136	19	,	,	PUNCT
faba-307	136	20	the	the	DET
faba-307	136	21	understanding	understanding	NOUN
faba-307	136	22	is	be	AUX
faba-307	136	23	that	that	PRON
faba-307	136	24	enterprise	enterprise	NOUN
faba-307	136	25	value	value	NOUN
faba-307	136	26	(	(	PUNCT
faba-307	136	27	ev	ev	INTJ
faba-307	136	28	)	)	PUNCT
faba-307	136	29	is	be	AUX
faba-307	136	30	the	the	DET
faba-307	136	31	operating	operating	NOUN
faba-307	136	32	value	value	NOUN
faba-307	136	33	(	(	PUNCT
faba-307	136	34	the	the	DET
faba-307	136	35	value	value	NOUN
faba-307	136	36	of	of	ADP
faba-307	136	37	operating	operating	NOUN
faba-307	136	38	assets	asset	NOUN
faba-307	136	39	)	)	PUNCT
faba-307	136	40	of	of	ADP
faba-307	136	41	the	the	DET
faba-307	136	42	company	company	NOUN
faba-307	136	43	.	.	PUNCT
faba-307	137	1	empirical	empirical	ADJ
faba-307	137	2	study	study	NOUN
faba-307	137	3	of	of	ADP
faba-307	137	4	actual	actual	ADJ
faba-307	137	5	ev	ev	ADJ
faba-307	137	6	/	/	SYM
faba-307	137	7	ebitda	ebitda	PROPN
faba-307	137	8	multiples	multiple	NOUN
faba-307	137	9	comparative	comparative	ADJ
faba-307	137	10	analysis	analysis	NOUN
faba-307	137	11	of	of	ADP
faba-307	137	12	actual	actual	ADJ
faba-307	137	13	ev	ev	ADJ
faba-307	137	14	/	/	SYM
faba-307	137	15	ebitda	ebitda	PROPN
faba-307	137	16	ratios	ratio	NOUN
faba-307	137	17	on	on	ADP
faba-307	137	18	the	the	DET
faba-307	137	19	european	european	NOUN
faba-307	137	20	and	and	CCONJ
faba-307	137	21	us	us	PROPN
faba-307	137	22	stock	stock	NOUN
faba-307	137	23	markets	market	NOUN
faba-307	137	24	table	table	VERB
faba-307	137	25	1	1	NUM
faba-307	137	26	and	and	CCONJ
faba-307	137	27	figure	figure	VERB
faba-307	137	28	2	2	NUM
faba-307	137	29	show	show	VERB
faba-307	137	30	the	the	DET
faba-307	137	31	average	average	ADJ
faba-307	137	32	ev	ev	ADJ
faba-307	137	33	/	/	SYM
faba-307	137	34	ebitda	ebitda	NOUN
faba-307	137	35	ratios	ratio	NOUN
faba-307	137	36	for	for	ADP
faba-307	137	37	non	non	ADJ
faba-307	137	38	-	-	ADJ
faba-307	137	39	financial	financial	ADJ
faba-307	137	40	companies	company	NOUN
faba-307	137	41	on	on	ADP
faba-307	137	42	the	the	DET
faba-307	137	43	developed	develop	VERB
faba-307	137	44	stock	stock	NOUN
faba-307	137	45	markets	market	NOUN
faba-307	137	46	of	of	ADP
faba-307	137	47	the	the	DET
faba-307	137	48	usa	usa	PROPN
faba-307	137	49	and	and	CCONJ
faba-307	137	50	europe	europe	PROPN
faba-307	137	51	.	.	PUNCT
faba-307	138	1	the	the	DET
faba-307	138	2	data	data	NOUN
faba-307	138	3	is	be	AUX
faba-307	138	4	for	for	ADP
faba-307	138	5	the	the	DET
faba-307	138	6	recent	recent	ADJ
faba-307	138	7	period	period	NOUN
faba-307	138	8	2019	2019	NUM
faba-307	138	9	-	-	SYM
faba-307	138	10	2024	2024	NUM
faba-307	138	11	and	and	CCONJ
faba-307	138	12	covers	cover	VERB
faba-307	138	13	more	more	ADJ
faba-307	138	14	than	than	ADP
faba-307	138	15	5	5	NUM
faba-307	138	16	000	000	NUM
faba-307	138	17	non	non	ADJ
faba-307	138	18	-	-	ADJ
faba-307	138	19	financial	financial	ADJ
faba-307	138	20	public	public	ADJ
faba-307	138	21	companies	company	NOUN
faba-307	138	22	on	on	ADP
faba-307	138	23	each	each	PRON
faba-307	138	24	of	of	ADP
faba-307	138	25	the	the	DET
faba-307	138	26	two	two	NUM
faba-307	138	27	markets	market	NOUN
faba-307	138	28	.	.	PUNCT
faba-307	139	1	dimiter	dimiter	NOUN
faba-307	139	2	nenkov/	nenkov/	NUM
faba-307	139	3	finance	finance	NOUN
faba-307	139	4	,	,	PUNCT
faba-307	139	5	accounting	accounting	NOUN
faba-307	139	6	and	and	CCONJ
faba-307	139	7	business	business	NOUN
faba-307	139	8	analysis	analysis	NOUN
faba-307	139	9	,	,	PUNCT
faba-307	139	10	volume	volume	NOUN
faba-307	139	11	7	7	NUM
faba-307	139	12	,	,	PUNCT
faba-307	139	13	issue	issue	NOUN
faba-307	139	14	2	2	NUM
faba-307	139	15	,	,	PUNCT
faba-307	139	16	2025	2025	NUM
faba-307	139	17	226	226	NUM
faba-307	139	18	table1	table1	PROPN
faba-307	139	19	.	.	PUNCT
faba-307	140	1	ev	ev	PROPN
faba-307	140	2	/	/	SYM
faba-307	140	3	ebitda	ebitda	PROPN
faba-307	140	4	and	and	CCONJ
faba-307	140	5	ev	ev	PROPN
faba-307	140	6	/	/	SYM
faba-307	140	7	ebit	ebit	NOUN
faba-307	140	8	ratios	ratio	NOUN
faba-307	140	9	on	on	ADP
faba-307	140	10	the	the	DET
faba-307	140	11	us	us	PROPN
faba-307	140	12	and	and	CCONJ
faba-307	140	13	european	european	ADJ
faba-307	140	14	stock	stock	NOUN
faba-307	140	15	markets	market	NOUN
faba-307	140	16	in	in	ADP
faba-307	140	17	the	the	DET
faba-307	140	18	period	period	NOUN
faba-307	140	19	2019	2019	NUM
faba-307	140	20	-	-	SYM
faba-307	140	21	2024	2024	NUM
faba-307	140	22	indicator	indicator	NOUN
faba-307	140	23	ev	ev	PROPN
faba-307	140	24	/	/	SYM
faba-307	140	25	ebitda	ebitda	PROPN
faba-307	140	26	ev	ev	PROPN
faba-307	140	27	/	/	SYM
faba-307	140	28	ebit	ebit	PROPN
faba-307	140	29	ebit	ebit	PROPN
faba-307	140	30	/	/	SYM
faba-307	140	31	ebitda	ebitda	PROPN
faba-307	140	32	da	da	PROPN
faba-307	140	33	/	/	SYM
faba-307	140	34	ebitda	ebitda	PROPN
faba-307	140	35	year	year	PROPN
faba-307	140	36	usa	usa	PROPN
faba-307	140	37	europe	europe	PROPN
faba-307	140	38	usa	usa	PROPN
faba-307	140	39	europe	europe	PROPN
faba-307	140	40	usa	usa	PROPN
faba-307	140	41	europe	europe	PROPN
faba-307	140	42	usa	usa	PROPN
faba-307	140	43	europe	europe	PROPN
faba-307	140	44	2019	2019	NUM
faba-307	140	45	13,75	13,75	ADJ
faba-307	140	46	10,60	10,60	NUM
faba-307	140	47	22,97	22,97	NUM
faba-307	140	48	18,22	18,22	NUM
faba-307	140	49	0,60	0,60	NUM
faba-307	140	50	0,58	0,58	NUM
faba-307	140	51	0,40	0,40	NUM
faba-307	140	52	0,42	0,42	X
faba-307	140	53	2020	2020	NUM
faba-307	140	54	16,52	16,52	NUM
faba-307	140	55	13,58	13,58	NUM
faba-307	140	56	30,62	30,62	NUM
faba-307	140	57	25,69	25,69	NUM
faba-307	140	58	0,54	0,54	NUM
faba-307	140	59	0,53	0,53	NOUN
faba-307	140	60	0,46	0,46	NOUN
faba-307	140	61	0,47	0,47	NUM
faba-307	140	62	2021	2021	NUM
faba-307	140	63	16,06	16,06	NUM
faba-307	140	64	11,86	11,86	NUM
faba-307	140	65	26,27	26,27	NUM
faba-307	140	66	16,27	16,27	NUM
faba-307	140	67	0,61	0,61	NUM
faba-307	140	68	0,73	0,73	NUM
faba-307	140	69	0,39	0,39	NOUN
faba-307	141	1	0,27	0,27	NUM
faba-307	141	2	2022	2022	NUM
faba-307	141	3	12,00	12,00	NUM
faba-307	141	4	9,00	9,00	PROPN
faba-307	141	5	18,67	18,67	NUM
faba-307	141	6	13,84	13,84	NUM
faba-307	141	7	0,64	0,64	NUM
faba-307	141	8	0,65	0,65	NUM
faba-307	141	9	0,36	0,36	PUNCT
faba-307	142	1	0,35	0,35	NOUN
faba-307	142	2	2023	2023	NUM
faba-307	142	3	14,15	14,15	NUM
faba-307	142	4	9,41	9,41	NUM
faba-307	142	5	22,06	22,06	NUM
faba-307	142	6	12,99	12,99	NOUN
faba-307	142	7	0,64	0,64	NOUN
faba-307	143	1	0,72	0,72	NOUN
faba-307	143	2	0,36	0,36	NUM
faba-307	144	1	0,28	0,28	NUM
faba-307	144	2	2024	2024	NUM
faba-307	144	3	15,83	15,83	NUM
faba-307	144	4	9,54	9,54	NUM
faba-307	144	5	24,41	24,41	NUM
faba-307	144	6	13,93	13,93	NUM
faba-307	144	7	0,65	0,65	NUM
faba-307	144	8	0,68	0,68	CCONJ
faba-307	145	1	0,35	0,35	PROPN
faba-307	145	2	0,32	0,32	PUNCT
faba-307	146	1	average	average	ADJ
faba-307	146	2	14,72	14,72	NUM
faba-307	146	3	10,67	10,67	PROPN
faba-307	146	4	24,17	24,17	PROPN
faba-307	146	5	16,82	16,82	NUM
faba-307	146	6	0,61	0,61	NUM
faba-307	146	7	0,63	0,63	X
faba-307	147	1	0,39	0,39	NOUN
faba-307	147	2	0,37	0,37	NUM
faba-307	148	1	source	source	NOUN
faba-307	148	2	:	:	PUNCT
faba-307	148	3	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	148	4	,	,	PUNCT
faba-307	148	5	calculations	calculation	NOUN
faba-307	148	6	of	of	ADP
faba-307	148	7	the	the	DET
faba-307	148	8	author	author	NOUN
faba-307	148	9	the	the	DET
faba-307	148	10	average	average	ADJ
faba-307	148	11	ev	ev	ADJ
faba-307	148	12	/	/	SYM
faba-307	148	13	ebitda	ebitda	NOUN
faba-307	148	14	multiples	multiple	NOUN
faba-307	148	15	of	of	ADP
faba-307	148	16	non	non	ADJ
faba-307	148	17	-	-	ADJ
faba-307	148	18	financial	financial	ADJ
faba-307	148	19	companies	company	NOUN
faba-307	148	20	for	for	ADP
faba-307	148	21	the	the	DET
faba-307	148	22	us	us	PROPN
faba-307	148	23	market	market	NOUN
faba-307	148	24	range	range	NOUN
faba-307	148	25	from	from	ADP
faba-307	148	26	12,00	12,00	NUM
faba-307	148	27	in	in	ADP
faba-307	148	28	2022	2022	NUM
faba-307	148	29	to	to	ADP
faba-307	148	30	16,52	16,52	PROPN
faba-307	148	31	in	in	ADP
faba-307	148	32	2020	2020	NUM
faba-307	148	33	.	.	PUNCT
faba-307	149	1	the	the	DET
faba-307	149	2	average	average	ADJ
faba-307	149	3	ev	ev	NOUN
faba-307	149	4	/	/	SYM
faba-307	149	5	ebitda	ebitda	NOUN
faba-307	149	6	multiples	multiple	NOUN
faba-307	149	7	for	for	ADP
faba-307	149	8	europe	europe	PROPN
faba-307	149	9	take	take	VERB
faba-307	149	10	values	value	NOUN
faba-307	149	11	between	between	ADP
faba-307	149	12	9,00	9,00	NOUN
faba-307	149	13	in	in	ADP
faba-307	149	14	2022	2022	NUM
faba-307	149	15	and	and	CCONJ
faba-307	149	16	13,58	13,58	NUM
faba-307	149	17	in	in	ADP
faba-307	149	18	2020	2020	NUM
faba-307	149	19	.	.	PUNCT
faba-307	150	1	not	not	PART
faba-307	150	2	surprisingly	surprisingly	ADV
faba-307	150	3	,	,	PUNCT
faba-307	150	4	for	for	ADP
faba-307	150	5	both	both	DET
faba-307	150	6	markets	market	NOUN
faba-307	150	7	the	the	DET
faba-307	150	8	minimum	minimum	NOUN
faba-307	150	9	is	be	AUX
faba-307	150	10	respectively	respectively	ADV
faba-307	150	11	in	in	ADP
faba-307	150	12	the	the	DET
faba-307	150	13	year	year	NOUN
faba-307	150	14	with	with	ADP
faba-307	150	15	the	the	DET
faba-307	150	16	highest	high	ADJ
faba-307	150	17	interest	interest	NOUN
faba-307	150	18	rates	rate	NOUN
faba-307	150	19	(	(	PUNCT
faba-307	150	20	2022	2022	NUM
faba-307	150	21	)	)	PUNCT
faba-307	150	22	,	,	PUNCT
faba-307	150	23	while	while	SCONJ
faba-307	150	24	the	the	DET
faba-307	150	25	maximum	maximum	NOUN
faba-307	150	26	is	be	AUX
faba-307	150	27	in	in	ADP
faba-307	150	28	the	the	DET
faba-307	150	29	year	year	NOUN
faba-307	150	30	with	with	ADP
faba-307	150	31	the	the	DET
faba-307	150	32	lowest	low	ADJ
faba-307	150	33	interest	interest	NOUN
faba-307	150	34	rates	rate	NOUN
faba-307	150	35	(	(	PUNCT
faba-307	150	36	2020	2020	NUM
faba-307	150	37	)	)	PUNCT
faba-307	150	38	.	.	PUNCT
faba-307	151	1	this	this	DET
faba-307	151	2	negative	negative	ADJ
faba-307	151	3	relationship	relationship	NOUN
faba-307	151	4	will	will	AUX
faba-307	151	5	be	be	AUX
faba-307	151	6	further	far	ADV
faba-307	151	7	discussed	discuss	VERB
faba-307	151	8	in	in	ADP
faba-307	151	9	the	the	DET
faba-307	151	10	next	next	ADJ
faba-307	151	11	section	section	NOUN
faba-307	151	12	.	.	PUNCT
faba-307	152	1	the	the	DET
faba-307	152	2	total	total	ADJ
faba-307	152	3	average	average	ADJ
faba-307	152	4	ev	ev	NOUN
faba-307	152	5	/	/	SYM
faba-307	152	6	ebitda	ebitda	NOUN
faba-307	152	7	for	for	ADP
faba-307	152	8	the	the	DET
faba-307	152	9	entire	entire	ADJ
faba-307	152	10	period	period	NOUN
faba-307	152	11	is	be	AUX
faba-307	152	12	14,72	14,72	NUM
faba-307	152	13	for	for	ADP
faba-307	152	14	the	the	DET
faba-307	152	15	usa	usa	PROPN
faba-307	152	16	and	and	CCONJ
faba-307	152	17	10,67	10,67	PROPN
faba-307	152	18	for	for	ADP
faba-307	152	19	europe	europe	PROPN
faba-307	152	20	.	.	PUNCT
faba-307	153	1	the	the	DET
faba-307	153	2	ev	ev	PROPN
faba-307	153	3	/	/	SYM
faba-307	153	4	ebitda	ebitda	NOUN
faba-307	153	5	of	of	ADP
faba-307	153	6	the	the	DET
faba-307	153	7	usa	usa	PROPN
faba-307	153	8	is	be	AUX
faba-307	153	9	significantly	significantly	ADV
faba-307	153	10	higher	high	ADJ
faba-307	153	11	than	than	ADP
faba-307	153	12	that	that	PRON
faba-307	153	13	of	of	ADP
faba-307	153	14	europe	europe	PROPN
faba-307	153	15	for	for	ADP
faba-307	153	16	each	each	PRON
faba-307	153	17	of	of	ADP
faba-307	153	18	the	the	DET
faba-307	153	19	years	year	NOUN
faba-307	153	20	.	.	PUNCT
faba-307	154	1	the	the	DET
faba-307	154	2	total	total	ADJ
faba-307	154	3	average	average	ADJ
faba-307	154	4	ev	ev	NOUN
faba-307	154	5	/	/	SYM
faba-307	154	6	ebitda	ebitda	NOUN
faba-307	154	7	for	for	ADP
faba-307	154	8	the	the	DET
faba-307	154	9	whole	whole	ADJ
faba-307	154	10	period	period	NOUN
faba-307	154	11	in	in	ADP
faba-307	154	12	the	the	DET
faba-307	154	13	usa	usa	PROPN
faba-307	154	14	is	be	AUX
faba-307	154	15	higher	high	ADJ
faba-307	154	16	by	by	ADP
faba-307	154	17	38	38	NUM
faba-307	154	18	%	%	NOUN
faba-307	154	19	than	than	ADP
faba-307	154	20	that	that	PRON
faba-307	154	21	of	of	ADP
faba-307	154	22	europe	europe	PROPN
faba-307	154	23	.	.	PUNCT
faba-307	155	1	source	source	NOUN
faba-307	155	2	:	:	PUNCT
faba-307	155	3	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	155	4	,	,	PUNCT
faba-307	155	5	illustrations	illustration	NOUN
faba-307	155	6	of	of	ADP
faba-307	155	7	the	the	DET
faba-307	155	8	author	author	NOUN
faba-307	155	9	figure	figure	NOUN
faba-307	155	10	2	2	NUM
faba-307	155	11	.	.	PUNCT
faba-307	155	12	ev	ev	PROPN
faba-307	155	13	/	/	SYM
faba-307	155	14	ebitda	ebitda	PROPN
faba-307	155	15	ratios	ratio	NOUN
faba-307	155	16	on	on	ADP
faba-307	155	17	the	the	DET
faba-307	155	18	us	us	PROPN
faba-307	155	19	and	and	CCONJ
faba-307	155	20	european	european	ADJ
faba-307	155	21	stock	stock	NOUN
faba-307	155	22	markets	market	NOUN
faba-307	155	23	–	–	PUNCT
faba-307	155	24	non	non	ADJ
faba-307	155	25	-	-	ADJ
faba-307	155	26	financial	financial	ADJ
faba-307	155	27	companies	company	NOUN
faba-307	155	28	2019	2019	NUM
faba-307	155	29	-	-	SYM
faba-307	155	30	2024	2024	NUM
faba-307	155	31	table	table	NOUN
faba-307	155	32	1	1	NUM
faba-307	155	33	also	also	ADV
faba-307	155	34	contains	contain	VERB
faba-307	155	35	the	the	DET
faba-307	155	36	ev	ev	PROPN
faba-307	155	37	/	/	SYM
faba-307	155	38	ebit	ebit	NOUN
faba-307	155	39	ratios	ratio	NOUN
faba-307	155	40	for	for	ADP
faba-307	155	41	the	the	DET
faba-307	155	42	two	two	NUM
faba-307	155	43	markets	market	NOUN
faba-307	155	44	,	,	PUNCT
faba-307	155	45	also	also	ADV
faba-307	155	46	quite	quite	ADV
faba-307	155	47	intensively	intensively	ADV
faba-307	155	48	used	use	VERB
faba-307	155	49	by	by	ADP
faba-307	155	50	analysts	analyst	NOUN
faba-307	155	51	.	.	PUNCT
faba-307	156	1	the	the	DET
faba-307	156	2	average	average	ADJ
faba-307	156	3	ev	ev	ADJ
faba-307	156	4	/	/	SYM
faba-307	156	5	ebit	ebit	NOUN
faba-307	156	6	multiples	multiple	NOUN
faba-307	156	7	for	for	ADP
faba-307	156	8	the	the	DET
faba-307	156	9	us	us	PROPN
faba-307	156	10	market	market	NOUN
faba-307	156	11	range	range	NOUN
faba-307	156	12	from	from	ADP
faba-307	156	13	18,67	18,67	NUM
faba-307	156	14	in	in	ADP
faba-307	156	15	2022	2022	NUM
faba-307	156	16	to	to	ADP
faba-307	156	17	30,62	30,62	NUM
faba-307	156	18	in	in	ADP
faba-307	156	19	2020	2020	NUM
faba-307	156	20	.	.	PUNCT
faba-307	157	1	the	the	DET
faba-307	157	2	average	average	ADJ
faba-307	157	3	ev	ev	ADJ
faba-307	157	4	/	/	SYM
faba-307	157	5	ebit	ebit	NOUN
faba-307	157	6	multiples	multiple	NOUN
faba-307	157	7	for	for	ADP
faba-307	157	8	europe	europe	PROPN
faba-307	157	9	range	range	VERB
faba-307	157	10	from	from	ADP
faba-307	157	11	12,99	12,99	NUM
faba-307	157	12	in	in	ADP
faba-307	157	13	2023	2023	NUM
faba-307	157	14	to	to	PART
faba-307	157	15	25,69	25,69	NUM
faba-307	157	16	in	in	ADP
faba-307	157	17	2020	2020	NUM
faba-307	157	18	.	.	PUNCT
faba-307	158	1	the	the	DET
faba-307	158	2	total	total	ADJ
faba-307	158	3	average	average	ADJ
faba-307	158	4	ev	ev	NOUN
faba-307	158	5	/	/	SYM
faba-307	158	6	ebit	ebit	NOUN
faba-307	158	7	for	for	ADP
faba-307	158	8	the	the	DET
faba-307	158	9	entire	entire	ADJ
faba-307	158	10	period	period	NOUN
faba-307	158	11	is	be	AUX
faba-307	158	12	24,17	24,17	ADJ
faba-307	158	13	for	for	ADP
faba-307	158	14	the	the	DET
faba-307	158	15	usa	usa	PROPN
faba-307	158	16	and	and	CCONJ
faba-307	158	17	16,82	16,82	NUM
faba-307	158	18	for	for	ADP
faba-307	158	19	europe	europe	PROPN
faba-307	158	20	.	.	PUNCT
faba-307	159	1	the	the	DET
faba-307	159	2	ev	ev	PROPN
faba-307	159	3	/	/	SYM
faba-307	159	4	ebit	ebit	NOUN
faba-307	159	5	of	of	ADP
faba-307	159	6	the	the	DET
faba-307	159	7	usa	usa	PROPN
faba-307	159	8	is	be	AUX
faba-307	159	9	again	again	ADV
faba-307	159	10	significantly	significantly	ADV
faba-307	159	11	higher	high	ADJ
faba-307	159	12	than	than	ADP
faba-307	159	13	that	that	PRON
faba-307	159	14	of	of	ADP
faba-307	159	15	europe	europe	PROPN
faba-307	159	16	for	for	ADP
faba-307	159	17	each	each	PRON
faba-307	159	18	of	of	ADP
faba-307	159	19	the	the	DET
faba-307	159	20	years	year	NOUN
faba-307	159	21	.	.	PUNCT
faba-307	160	1	the	the	DET
faba-307	160	2	total	total	ADJ
faba-307	160	3	average	average	ADJ
faba-307	160	4	ev	ev	NOUN
faba-307	160	5	/	/	SYM
faba-307	160	6	ebit	ebit	NOUN
faba-307	160	7	for	for	ADP
faba-307	160	8	the	the	DET
faba-307	160	9	whole	whole	ADJ
faba-307	160	10	period	period	NOUN
faba-307	160	11	in	in	ADP
faba-307	160	12	the	the	DET
faba-307	160	13	usa	usa	PROPN
faba-307	160	14	is	be	AUX
faba-307	160	15	higher	high	ADJ
faba-307	160	16	by	by	ADP
faba-307	160	17	44	44	NUM
faba-307	160	18	%	%	NOUN
faba-307	160	19	than	than	ADP
faba-307	160	20	that	that	PRON
faba-307	160	21	of	of	ADP
faba-307	160	22	europe	europe	PROPN
faba-307	160	23	.	.	PUNCT
faba-307	161	1	other	other	ADJ
faba-307	161	2	average	average	ADJ
faba-307	161	3	ratios	ratio	NOUN
faba-307	161	4	were	be	AUX
faba-307	161	5	also	also	ADV
faba-307	161	6	derived	derive	VERB
faba-307	161	7	for	for	ADP
faba-307	161	8	the	the	DET
faba-307	161	9	two	two	NUM
faba-307	161	10	stock	stock	NOUN
faba-307	161	11	markets	market	NOUN
faba-307	161	12	from	from	ADP
faba-307	161	13	the	the	DET
faba-307	161	14	ev	ev	PROPN
faba-307	161	15	/	/	SYM
faba-307	161	16	ebitda	ebitda	PROPN
faba-307	161	17	and	and	CCONJ
faba-307	161	18	the	the	DET
faba-307	161	19	ev	ev	PROPN
faba-307	161	20	/	/	SYM
faba-307	161	21	ebit	ebit	PROPN
faba-307	161	22	ratios	ratio	NOUN
faba-307	161	23	,	,	PUNCT
faba-307	161	24	such	such	ADJ
faba-307	161	25	as	as	ADP
faba-307	161	26	the	the	DET
faba-307	161	27	ebit	ebit	PROPN
faba-307	161	28	/	/	SYM
faba-307	161	29	ebitda	ebitda	PROPN
faba-307	161	30	and	and	CCONJ
faba-307	161	31	da	da	PROPN
faba-307	161	32	/	/	SYM
faba-307	161	33	ebitda	ebitda	NOUN
faba-307	161	34	.	.	PUNCT
faba-307	162	1	the	the	DET
faba-307	162	2	first	first	ADJ
faba-307	162	3	indicates	indicate	VERB
faba-307	162	4	the	the	DET
faba-307	162	5	average	average	ADJ
faba-307	162	6	proportion	proportion	NOUN
faba-307	162	7	of	of	ADP
faba-307	162	8	ebit	ebit	NOUN
faba-307	162	9	in	in	ADP
faba-307	162	10	ebitda	ebitda	PROPN
faba-307	162	11	,	,	PUNCT
faba-307	162	12	while	while	SCONJ
faba-307	162	13	the	the	DET
faba-307	162	14	second	second	NOUN
faba-307	162	15	indicates	indicate	VERB
faba-307	162	16	the	the	DET
faba-307	162	17	average	average	ADJ
faba-307	162	18	proportion	proportion	NOUN
faba-307	162	19	of	of	ADP
faba-307	162	20	depreciation	depreciation	NOUN
faba-307	162	21	and	and	CCONJ
faba-307	162	22	amortization	amortization	NOUN
faba-307	162	23	in	in	ADP
faba-307	162	24	ebitda	ebitda	PROPN
faba-307	162	25	.	.	PUNCT
faba-307	163	1	the	the	DET
faba-307	163	2	average	average	ADJ
faba-307	163	3	ebit	ebit	PROPN
faba-307	163	4	/	/	SYM
faba-307	163	5	ebitda	ebitda	PROPN
faba-307	163	6	is	be	AUX
faba-307	163	7	0,61	0,61	NUM
faba-307	163	8	for	for	ADP
faba-307	163	9	the	the	DET
faba-307	163	10	usa	usa	PROPN
faba-307	163	11	and	and	CCONJ
faba-307	163	12	0,63	0,63	NUM
faba-307	163	13	for	for	ADP
faba-307	163	14	europe	europe	PROPN
faba-307	163	15	.	.	PUNCT
faba-307	164	1	the	the	DET
faba-307	164	2	average	average	ADJ
faba-307	164	3	da	da	PROPN
faba-307	164	4	/	/	SYM
faba-307	164	5	ebitda	ebitda	NOUN
faba-307	164	6	,	,	PUNCT
faba-307	164	7	respectively	respectively	ADV
faba-307	164	8	,	,	PUNCT
faba-307	164	9	is	be	AUX
faba-307	164	10	0,39	0,39	ADP
faba-307	164	11	for	for	ADP
faba-307	164	12	the	the	DET
faba-307	164	13	usa	usa	PROPN
faba-307	164	14	and	and	CCONJ
faba-307	164	15	0,37	0,37	NUM
faba-307	164	16	for	for	ADP
faba-307	164	17	europe	europe	PROPN
faba-307	164	18	.	.	PUNCT
faba-307	165	1	each	each	PRON
faba-307	165	2	of	of	ADP
faba-307	165	3	them	they	PRON
faba-307	165	4	is	be	AUX
faba-307	165	5	needed	need	VERB
faba-307	165	6	and	and	CCONJ
faba-307	165	7	will	will	AUX
faba-307	165	8	be	be	AUX
faba-307	165	9	used	use	VERB
faba-307	165	10	in	in	ADP
faba-307	165	11	the	the	DET
faba-307	165	12	derivation	derivation	NOUN
faba-307	165	13	of	of	ADP
faba-307	165	14	the	the	DET
faba-307	165	15	fundamental	fundamental	ADJ
faba-307	165	16	ev	ev	PROPN
faba-307	165	17	/	/	SYM
faba-307	165	18	ebitda	ebitda	PROPN
faba-307	165	19	ratios	ratio	NOUN
faba-307	165	20	in	in	ADP
faba-307	165	21	the	the	DET
faba-307	165	22	next	next	ADJ
faba-307	165	23	section	section	NOUN
faba-307	165	24	.	.	PUNCT
faba-307	166	1	0.00	0.00	NUM
faba-307	166	2	2.00	2.00	NUM
faba-307	166	3	4.00	4.00	NUM
faba-307	166	4	6.00	6.00	NUM
faba-307	166	5	8.00	8.00	NUM
faba-307	166	6	10.00	10.00	NUM
faba-307	166	7	12.00	12.00	NUM
faba-307	166	8	14.00	14.00	NUM
faba-307	166	9	16.00	16.00	NUM
faba-307	166	10	18.00	18.00	NUM
faba-307	166	11	2019	2019	NUM
faba-307	166	12	2020	2020	NUM
faba-307	166	13	2021	2021	NUM
faba-307	166	14	2022	2022	NUM
faba-307	166	15	2023	2023	NUM
faba-307	166	16	2024	2024	NUM
faba-307	166	17	average	average	ADJ
faba-307	166	18	ev	ev	NOUN
faba-307	166	19	/	/	SYM
faba-307	166	20	ebitda	ebitda	PROPN
faba-307	166	21	non	non	ADJ
faba-307	166	22	-	-	ADJ
faba-307	166	23	financial	financial	ADJ
faba-307	166	24	firms	firm	NOUN
faba-307	166	25	,	,	PUNCT
faba-307	166	26	usa	usa	PROPN
faba-307	166	27	&	&	CCONJ
faba-307	166	28	europe	europe	PROPN
faba-307	166	29	,	,	PUNCT
faba-307	166	30	2019	2019	NUM
faba-307	166	31	-	-	SYM
faba-307	166	32	2024	2024	NUM
faba-307	166	33	ev	ev	NOUN
faba-307	166	34	/	/	SYM
faba-307	166	35	ebitda	ebitda	PROPN
faba-307	166	36	usa	usa	PROPN
faba-307	166	37	ev	ev	PROPN
faba-307	166	38	/	/	SYM
faba-307	166	39	ebitda	ebitda	PROPN
faba-307	166	40	europe	europe	PROPN
faba-307	166	41	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	PROPN
faba-307	166	42	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	PROPN
faba-307	166	43	dimiter	dimiter	NOUN
faba-307	166	44	nenkov/	nenkov/	NUM
faba-307	166	45	finance	finance	NOUN
faba-307	166	46	,	,	PUNCT
faba-307	166	47	accounting	accounting	NOUN
faba-307	166	48	and	and	CCONJ
faba-307	166	49	business	business	NOUN
faba-307	166	50	analysis	analysis	NOUN
faba-307	166	51	,	,	PUNCT
faba-307	166	52	volume	volume	NOUN
faba-307	166	53	7	7	NUM
faba-307	166	54	,	,	PUNCT
faba-307	166	55	issue	issue	NOUN
faba-307	166	56	2	2	NUM
faba-307	166	57	,	,	PUNCT
faba-307	166	58	2025	2025	NUM
faba-307	166	59	227	227	NUM
faba-307	166	60	ev	ev	ADJ
faba-307	166	61	/	/	SYM
faba-307	166	62	ebitda	ebitda	NOUN
faba-307	166	63	multiples	multiple	NOUN
faba-307	166	64	and	and	CCONJ
faba-307	166	65	fundamentals	fundamental	VERB
faba-307	166	66	fundamental	fundamental	ADJ
faba-307	166	67	models	model	NOUN
faba-307	166	68	for	for	ADP
faba-307	166	69	determining	determine	VERB
faba-307	166	70	theoretical	theoretical	ADJ
faba-307	166	71	ev	ev	ADJ
faba-307	166	72	/	/	SYM
faba-307	166	73	ebitda	ebitda	PROPN
faba-307	166	74	ratios	ratio	VERB
faba-307	166	75	the	the	DET
faba-307	166	76	levels	level	NOUN
faba-307	166	77	of	of	ADP
faba-307	166	78	ev	ev	PROPN
faba-307	166	79	/	/	SYM
faba-307	166	80	ebitda	ebitda	PROPN
faba-307	166	81	ratios	ratio	NOUN
faba-307	166	82	are	be	AUX
faba-307	166	83	function	function	NOUN
faba-307	166	84	,	,	PUNCT
faba-307	166	85	among	among	ADP
faba-307	166	86	other	other	ADJ
faba-307	166	87	things	thing	NOUN
faba-307	166	88	,	,	PUNCT
faba-307	166	89	of	of	ADP
faba-307	166	90	certain	certain	ADJ
faba-307	166	91	fundamental	fundamental	ADJ
faba-307	166	92	variables	variable	NOUN
faba-307	166	93	.	.	PUNCT
faba-307	167	1	fundamental	fundamental	ADJ
faba-307	167	2	(	(	PUNCT
faba-307	167	3	theoretical	theoretical	ADJ
faba-307	167	4	)	)	PUNCT
faba-307	167	5	ratios	ratio	NOUN
faba-307	167	6	can	can	AUX
faba-307	167	7	be	be	AUX
faba-307	167	8	determined	determine	VERB
faba-307	167	9	on	on	ADP
faba-307	167	10	the	the	DET
faba-307	167	11	basis	basis	NOUN
faba-307	167	12	of	of	ADP
faba-307	167	13	these	these	DET
faba-307	167	14	variables	variable	NOUN
faba-307	167	15	.	.	PUNCT
faba-307	168	1	the	the	DET
faba-307	168	2	most	most	ADV
faba-307	168	3	suitable	suitable	ADJ
faba-307	168	4	starting	starting	NOUN
faba-307	168	5	point	point	NOUN
faba-307	168	6	for	for	ADP
faba-307	168	7	developing	develop	VERB
faba-307	168	8	and	and	CCONJ
faba-307	168	9	illustrating	illustrate	VERB
faba-307	168	10	the	the	DET
faba-307	168	11	logic	logic	NOUN
faba-307	168	12	of	of	ADP
faba-307	168	13	the	the	DET
faba-307	168	14	fundamental	fundamental	ADJ
faba-307	168	15	model	model	NOUN
faba-307	168	16	for	for	ADP
faba-307	168	17	determining	determine	VERB
faba-307	168	18	such	such	ADJ
faba-307	168	19	fundamental	fundamental	ADJ
faba-307	168	20	ev	ev	ADJ
faba-307	168	21	/	/	SYM
faba-307	168	22	ebitda	ebitda	NOUN
faba-307	168	23	ratios	ratio	NOUN
faba-307	168	24	is	be	AUX
faba-307	168	25	the	the	DET
faba-307	168	26	dcf	dcf	PROPN
faba-307	168	27	enterprise	enterprise	PROPN
faba-307	168	28	valuation	valuation	NOUN
faba-307	168	29	model	model	NOUN
faba-307	168	30	.	.	PUNCT
faba-307	169	1	this	this	PRON
faba-307	169	2	is	be	AUX
faba-307	169	3	due	due	ADJ
faba-307	169	4	to	to	ADP
faba-307	169	5	the	the	DET
faba-307	169	6	fact	fact	NOUN
faba-307	169	7	that	that	SCONJ
faba-307	169	8	the	the	DET
faba-307	169	9	numerator	numerator	NOUN
faba-307	169	10	of	of	ADP
faba-307	169	11	the	the	DET
faba-307	169	12	ev	ev	PROPN
faba-307	169	13	/	/	SYM
faba-307	169	14	ebitda	ebitda	PROPN
faba-307	169	15	multiple	multiple	NOUN
faba-307	169	16	is	be	AUX
faba-307	169	17	the	the	DET
faba-307	169	18	enterprise	enterprise	NOUN
faba-307	169	19	value	value	NOUN
faba-307	169	20	(	(	PUNCT
faba-307	169	21	operating	operating	NOUN
faba-307	169	22	value	value	NOUN
faba-307	169	23	)	)	PUNCT
faba-307	169	24	of	of	ADP
faba-307	169	25	the	the	DET
faba-307	169	26	company	company	NOUN
faba-307	169	27	.	.	PUNCT
faba-307	170	1	if	if	SCONJ
faba-307	170	2	we	we	PRON
faba-307	170	3	assume	assume	VERB
faba-307	170	4	that	that	SCONJ
faba-307	170	5	the	the	DET
faba-307	170	6	company	company	NOUN
faba-307	170	7	is	be	AUX
faba-307	170	8	going	go	VERB
faba-307	170	9	to	to	PART
faba-307	170	10	follow	follow	VERB
faba-307	170	11	a	a	DET
faba-307	170	12	stable	stable	ADJ
faba-307	170	13	growth	growth	NOUN
faba-307	170	14	rate	rate	NOUN
faba-307	170	15	from	from	ADP
faba-307	170	16	now	now	ADV
faba-307	170	17	until	until	ADP
faba-307	170	18	infinity	infinity	NOUN
faba-307	170	19	,	,	PUNCT
faba-307	170	20	we	we	PRON
faba-307	170	21	can	can	AUX
faba-307	170	22	use	use	VERB
faba-307	170	23	the	the	DET
faba-307	170	24	short	short	ADJ
faba-307	170	25	,	,	PUNCT
faba-307	170	26	one	one	NUM
faba-307	170	27	-	-	PUNCT
faba-307	170	28	stage	stage	NOUN
faba-307	170	29	version	version	NOUN
faba-307	170	30	of	of	ADP
faba-307	170	31	the	the	DET
faba-307	170	32	model	model	NOUN
faba-307	170	33	,	,	PUNCT
faba-307	170	34	according	accord	VERB
faba-307	170	35	to	to	ADP
faba-307	170	36	which	which	PRON
faba-307	170	37	the	the	DET
faba-307	170	38	operating	operating	NOUN
faba-307	170	39	(	(	PUNCT
faba-307	170	40	enterprise	enterprise	NOUN
faba-307	170	41	)	)	PUNCT
faba-307	170	42	value	value	NOUN
faba-307	170	43	of	of	ADP
faba-307	170	44	the	the	DET
faba-307	170	45	company	company	NOUN
faba-307	170	46	is	be	AUX
faba-307	170	47	:	:	PUNCT
faba-307	170	48	𝐸𝑉	𝐸𝑉	PROPN
faba-307	170	49	=	=	SYM
faba-307	171	1	𝐹𝐶𝐹𝐹1	𝐹𝐶𝐹𝐹1	PROPN
faba-307	171	2	𝑊𝐴𝐶𝐶	𝑊𝐴𝐶𝐶	PROPN
faba-307	171	3	−	−	PROPN
faba-307	171	4	𝑔	𝑔	PROPN
faba-307	171	5	(	(	PUNCT
faba-307	171	6	4	4	NUM
faba-307	171	7	)	)	PUNCT
faba-307	171	8	where	where	SCONJ
faba-307	171	9	:	:	PUNCT
faba-307	171	10	fcff1	fcff1	X
faba-307	171	11	=	=	SYM
faba-307	171	12	expected	expect	VERB
faba-307	171	13	free	free	ADJ
faba-307	171	14	cash	cash	NOUN
faba-307	171	15	flow	flow	NOUN
faba-307	171	16	to	to	ADP
faba-307	171	17	the	the	DET
faba-307	171	18	firm	firm	NOUN
faba-307	171	19	,	,	PUNCT
faba-307	171	20	wacc	wacc	PROPN
faba-307	171	21	=	=	PRON
faba-307	171	22	weighted	weight	VERB
faba-307	171	23	average	average	ADJ
faba-307	171	24	cost	cost	NOUN
faba-307	171	25	of	of	ADP
faba-307	171	26	capital	capital	NOUN
faba-307	171	27	of	of	ADP
faba-307	171	28	the	the	DET
faba-307	171	29	company	company	NOUN
faba-307	171	30	,	,	PUNCT
faba-307	171	31	g	g	PROPN
faba-307	171	32	=	=	PUNCT
faba-307	171	33	expected	expect	VERB
faba-307	171	34	long	long	ADJ
faba-307	171	35	-	-	PUNCT
faba-307	171	36	term	term	NOUN
faba-307	171	37	average	average	ADJ
faba-307	171	38	growth	growth	NOUN
faba-307	171	39	rate	rate	NOUN
faba-307	171	40	of	of	ADP
faba-307	171	41	net	net	ADJ
faba-307	171	42	operating	operating	NOUN
faba-307	171	43	profit	profit	NOUN
faba-307	171	44	(	(	PUNCT
faba-307	171	45	nopat	nopat	PROPN
faba-307	171	46	,	,	PUNCT
faba-307	171	47	after	after	ADP
faba-307	171	48	-	-	PUNCT
faba-307	171	49	tax	tax	NOUN
faba-307	171	50	operating	operating	NOUN
faba-307	171	51	profit	profit	NOUN
faba-307	171	52	)	)	PUNCT
faba-307	171	53	.	.	PUNCT
faba-307	172	1	by	by	ADP
faba-307	172	2	expressing	express	VERB
faba-307	172	3	the	the	DET
faba-307	172	4	free	free	ADJ
faba-307	172	5	cash	cash	NOUN
faba-307	172	6	flow	flow	NOUN
faba-307	172	7	to	to	ADP
faba-307	172	8	the	the	DET
faba-307	172	9	firm	firm	NOUN
faba-307	172	10	via	via	ADP
faba-307	172	11	its	its	PRON
faba-307	172	12	determinants	determinant	NOUN
faba-307	172	13	,	,	PUNCT
faba-307	172	14	we	we	PRON
faba-307	172	15	arrive	arrive	VERB
faba-307	172	16	at	at	ADP
faba-307	172	17	(	(	PUNCT
faba-307	172	18	damodaran	damodaran	VERB
faba-307	172	19	2012	2012	NUM
faba-307	172	20	):	):	PUNCT
faba-307	172	21	𝐹𝐶𝐹𝐹	𝐹𝐶𝐹𝐹	NOUN
faba-307	172	22	=	=	PUNCT
faba-307	173	1	𝐸𝐵𝐼𝑇	𝐸𝐵𝐼𝑇	ADJ
faba-307	173	2	×	×	NOUN
faba-307	173	3	(	(	PUNCT
faba-307	173	4	1	1	NUM
faba-307	173	5	−	−	PROPN
faba-307	173	6	𝑇	𝑇	PROPN
faba-307	173	7	)	)	PUNCT
faba-307	173	8	−	−	PROPN
faba-307	174	1	(	(	PUNCT
faba-307	174	2	𝐶𝐴𝑃𝐸𝑋	𝐶𝐴𝑃𝐸𝑋	VERB
faba-307	174	3	−	−	NUM
faba-307	174	4	𝐷𝐴	𝐷𝐴	NOUN
faba-307	174	5	+	+	CCONJ
faba-307	174	6	∆𝑊𝐶	∆𝑊𝐶	NOUN
faba-307	174	7	)	)	PUNCT
faba-307	174	8	=	=	SYM
faba-307	175	1	=	=	PUNCT
faba-307	175	2	(	(	PUNCT
faba-307	175	3	𝐸𝐵𝐼𝑇𝐷𝐴	𝐸𝐵𝐼𝑇𝐷𝐴	NOUN
faba-307	175	4	−	−	PROPN
faba-307	175	5	𝐷𝐴	𝐷𝐴	PROPN
faba-307	175	6	)	)	PUNCT
faba-307	175	7	×	×	NOUN
faba-307	175	8	(	(	PUNCT
faba-307	175	9	1	1	NUM
faba-307	175	10	−	−	PROPN
faba-307	175	11	𝑇	𝑇	PROPN
faba-307	175	12	)	)	PUNCT
faba-307	175	13	−	−	PROPN
faba-307	176	1	(	(	PUNCT
faba-307	176	2	𝐶𝐴𝑃𝐸𝑋	𝐶𝐴𝑃𝐸𝑋	VERB
faba-307	176	3	−	−	NUM
faba-307	176	4	𝐷𝐴	𝐷𝐴	NOUN
faba-307	176	5	+	+	CCONJ
faba-307	176	6	∆𝑊𝐶	∆𝑊𝐶	NOUN
faba-307	176	7	)	)	PUNCT
faba-307	176	8	=	=	PUNCT
faba-307	177	1	=	=	SYM
faba-307	177	2	𝐸𝐵𝐼𝑇𝐷𝐴	𝐸𝐵𝐼𝑇𝐷𝐴	PROPN
faba-307	177	3	×	×	NOUN
faba-307	177	4	(	(	PUNCT
faba-307	177	5	1	1	NUM
faba-307	177	6	−	−	PROPN
faba-307	177	7	𝑇	𝑇	PROPN
faba-307	177	8	)	)	PUNCT
faba-307	177	9	−	−	NOUN
faba-307	178	1	𝐷𝐴	𝐷𝐴	NOUN
faba-307	178	2	×	×	NOUN
faba-307	178	3	(	(	PUNCT
faba-307	178	4	1	1	NUM
faba-307	178	5	−	−	PROPN
faba-307	178	6	𝑇	𝑇	PROPN
faba-307	178	7	)	)	PUNCT
faba-307	178	8	−	−	PROPN
faba-307	179	1	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡	PROPN
faba-307	179	2	(	(	PUNCT
faba-307	179	3	5	5	NUM
faba-307	179	4	)	)	PUNCT
faba-307	179	5	where	where	SCONJ
faba-307	179	6	:	:	PUNCT
faba-307	179	7	ebit	ebit	NOUN
faba-307	179	8	=	=	PUNCT
faba-307	179	9	profit	profit	NOUN
faba-307	179	10	before	before	ADP
faba-307	179	11	interest	interest	NOUN
faba-307	179	12	and	and	CCONJ
faba-307	179	13	tax	tax	NOUN
faba-307	179	14	(	(	PUNCT
faba-307	179	15	operating	operate	VERB
faba-307	179	16	profit	profit	NOUN
faba-307	179	17	before	before	ADP
faba-307	179	18	tax	tax	NOUN
faba-307	179	19	)	)	PUNCT
faba-307	179	20	,	,	PUNCT
faba-307	179	21	ebitda	ebitda	NOUN
faba-307	179	22	=	=	PUNCT
faba-307	179	23	profit	profit	NOUN
faba-307	179	24	before	before	ADP
faba-307	179	25	interest	interest	NOUN
faba-307	179	26	,	,	PUNCT
faba-307	179	27	tax	tax	NOUN
faba-307	179	28	,	,	PUNCT
faba-307	179	29	depreciation	depreciation	NOUN
faba-307	179	30	and	and	CCONJ
faba-307	179	31	amortization	amortization	NOUN
faba-307	179	32	t	t	NOUN
faba-307	179	33	=	=	PUNCT
faba-307	179	34	corporate	corporate	ADJ
faba-307	179	35	tax	tax	NOUN
faba-307	179	36	rate	rate	NOUN
faba-307	179	37	,	,	PUNCT
faba-307	179	38	da	da	NOUN
faba-307	179	39	=	=	SYM
faba-307	179	40	depreciation	depreciation	NOUN
faba-307	179	41	and	and	CCONJ
faba-307	179	42	amortization	amortization	NOUN
faba-307	179	43	,	,	PUNCT
faba-307	179	44	capex	capex	NOUN
faba-307	179	45	=	=	SYM
faba-307	179	46	capital	capital	NOUN
faba-307	179	47	expenditures	expenditure	NOUN
faba-307	179	48	(	(	PUNCT
faba-307	179	49	investments	investment	NOUN
faba-307	179	50	for	for	ADP
faba-307	179	51	acquiring	acquire	VERB
faba-307	179	52	of	of	ADP
faba-307	179	53	non	non	ADJ
faba-307	179	54	-	-	ADJ
faba-307	179	55	current	current	ADJ
faba-307	179	56	assets	asset	NOUN
faba-307	179	57	)	)	PUNCT
faba-307	179	58	,	,	PUNCT
faba-307	179	59	∆wc	∆wc	VERB
faba-307	179	60	=	=	SYM
faba-307	179	61	increase	increase	NOUN
faba-307	179	62	(	(	PUNCT
faba-307	179	63	decrease	decrease	NOUN
faba-307	179	64	)	)	PUNCT
faba-307	179	65	of	of	ADP
faba-307	179	66	net	net	ADJ
faba-307	179	67	operating	operate	VERB
faba-307	179	68	working	work	VERB
faba-307	179	69	capital	capital	NOUN
faba-307	179	70	,	,	PUNCT
faba-307	179	71	reinvestment	reinvestment	NOUN
faba-307	179	72	(	(	PUNCT
faba-307	179	73	net	net	ADJ
faba-307	179	74	investment	investment	NOUN
faba-307	179	75	)	)	PUNCT
faba-307	180	1	=	=	NOUN
faba-307	180	2	the	the	DET
faba-307	180	3	proportion	proportion	NOUN
faba-307	180	4	of	of	ADP
faba-307	180	5	gross	gross	ADJ
faba-307	180	6	investments	investment	NOUN
faba-307	180	7	,	,	PUNCT
faba-307	180	8	which	which	PRON
faba-307	180	9	is	be	AUX
faba-307	180	10	financed	finance	VERB
faba-307	180	11	from	from	ADP
faba-307	180	12	the	the	DET
faba-307	180	13	aftertax	aftertax	ADJ
faba-307	180	14	operating	operating	NOUN
faba-307	180	15	profit	profit	NOUN
faba-307	180	16	(	(	PUNCT
faba-307	180	17	ebit×(1	ebit×(1	NOUN
faba-307	180	18	-	-	PUNCT
faba-307	180	19	t	t	NOUN
faba-307	180	20	)	)	PUNCT
faba-307	180	21	,	,	PUNCT
faba-307	180	22	or	or	CCONJ
faba-307	180	23	nopat	nopat	NUM
faba-307	180	24	)	)	PUNCT
faba-307	180	25	.	.	PUNCT
faba-307	181	1	this	this	PRON
faba-307	181	2	leads	lead	VERB
faba-307	181	3	to	to	ADP
faba-307	181	4	the	the	DET
faba-307	181	5	following	follow	VERB
faba-307	181	6	expression	expression	NOUN
faba-307	181	7	of	of	ADP
faba-307	181	8	the	the	DET
faba-307	181	9	one	one	NUM
faba-307	181	10	-	-	PUNCT
faba-307	181	11	stage	stage	NOUN
faba-307	181	12	model	model	NOUN
faba-307	181	13	for	for	ADP
faba-307	181	14	determining	determine	VERB
faba-307	181	15	the	the	DET
faba-307	181	16	operating	operating	NOUN
faba-307	181	17	value	value	NOUN
faba-307	181	18	of	of	ADP
faba-307	181	19	the	the	DET
faba-307	181	20	company	company	NOUN
faba-307	181	21	:	:	PUNCT
faba-307	181	22	𝐸𝑉	𝐸𝑉	PROPN
faba-307	181	23	=	=	PUNCT
faba-307	181	24	𝐸𝐵𝐼𝑇𝐷𝐴1	𝐸𝐵𝐼𝑇𝐷𝐴1	PROPN
faba-307	181	25	×	×	NOUN
faba-307	181	26	(	(	PUNCT
faba-307	181	27	1	1	NUM
faba-307	181	28	−	−	PROPN
faba-307	181	29	𝑇	𝑇	PROPN
faba-307	181	30	)	)	PUNCT
faba-307	181	31	−	−	PROPN
faba-307	182	1	𝐷𝐴1	𝐷𝐴1	PROPN
faba-307	182	2	×	×	NOUN
faba-307	182	3	(	(	PUNCT
faba-307	182	4	1	1	NUM
faba-307	182	5	−	−	PROPN
faba-307	182	6	𝑇	𝑇	PROPN
faba-307	182	7	)	)	PUNCT
faba-307	182	8	−	−	PROPN
faba-307	182	9	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡1	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡1	PUNCT
faba-307	182	10	𝑊𝐴𝐶𝐶	𝑊𝐴𝐶𝐶	VERB
faba-307	182	11	−	−	PROPN
faba-307	182	12	𝑔	𝑔	PROPN
faba-307	182	13	(	(	PUNCT
faba-307	182	14	6	6	NUM
faba-307	182	15	)	)	PUNCT
faba-307	182	16	after	after	ADP
faba-307	182	17	dividing	divide	VERB
faba-307	182	18	both	both	DET
faba-307	182	19	sides	side	NOUN
faba-307	182	20	of	of	ADP
faba-307	182	21	the	the	DET
faba-307	182	22	equation	equation	NOUN
faba-307	182	23	by	by	ADP
faba-307	182	24	ebitda	ebitda	NOUN
faba-307	182	25	and	and	CCONJ
faba-307	182	26	removing	remove	VERB
faba-307	182	27	the	the	DET
faba-307	182	28	index	index	NOUN
faba-307	182	29	“	"	PUNCT
faba-307	182	30	1	1	NUM
faba-307	182	31	”	"	PUNCT
faba-307	182	32	we	we	PRON
faba-307	182	33	arrive	arrive	VERB
faba-307	182	34	at	at	ADP
faba-307	182	35	the	the	DET
faba-307	182	36	model	model	NOUN
faba-307	182	37	for	for	ADP
faba-307	182	38	the	the	DET
faba-307	182	39	fundamental	fundamental	ADJ
faba-307	182	40	ev	ev	PROPN
faba-307	182	41	/	/	SYM
faba-307	182	42	ebitda	ebitda	PROPN
faba-307	182	43	ratio	ratio	PROPN
faba-307	182	44	(	(	PUNCT
faba-307	182	45	damodaran	damodaran	VERB
faba-307	182	46	2012	2012	NUM
faba-307	182	47	):	):	PUNCT
faba-307	182	48	𝑉/𝐸𝐵𝐼𝑇𝐷𝐴	𝑉/𝐸𝐵𝐼𝑇𝐷𝐴	PROPN
faba-307	182	49	=	=	PUNCT
faba-307	182	50	(	(	PUNCT
faba-307	182	51	1	1	NUM
faba-307	182	52	−	−	PROPN
faba-307	182	53	𝑇	𝑇	PROPN
faba-307	182	54	)	)	PUNCT
faba-307	182	55	−	−	PROPN
faba-307	182	56	𝐷𝐴	𝐷𝐴	PROPN
faba-307	182	57	𝐸𝐵𝐼𝑇𝐷𝐴	𝐸𝐵𝐼𝑇𝐷𝐴	PROPN
faba-307	182	58	×	×	NOUN
faba-307	182	59	(	(	PUNCT
faba-307	182	60	1	1	NUM
faba-307	182	61	−	−	PROPN
faba-307	182	62	𝑇	𝑇	PROPN
faba-307	182	63	)	)	PUNCT
faba-307	182	64	−	−	PUNCT
faba-307	183	1	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡	ADJ
faba-307	183	2	𝐸𝐵𝐼𝑇𝐷𝐴	𝐸𝐵𝐼𝑇𝐷𝐴	PROPN
faba-307	183	3	𝑊𝐴𝐶𝐶	𝑊𝐴𝐶𝐶	NOUN
faba-307	183	4	−	−	PROPN
faba-307	183	5	𝑔	𝑔	PROPN
faba-307	183	6	(	(	PUNCT
faba-307	183	7	7	7	X
faba-307	183	8	)	)	PUNCT
faba-307	183	9	being	be	AUX
faba-307	183	10	a	a	DET
faba-307	183	11	proportion	proportion	NOUN
faba-307	183	12	of	of	ADP
faba-307	183	13	gross	gross	ADJ
faba-307	183	14	investments	investment	NOUN
faba-307	183	15	,	,	PUNCT
faba-307	183	16	reinvestment	reinvestment	NOUN
faba-307	183	17	(	(	PUNCT
faba-307	183	18	or	or	CCONJ
faba-307	183	19	net	net	ADJ
faba-307	183	20	investment	investment	NOUN
faba-307	183	21	)	)	PUNCT
faba-307	183	22	amount	amount	NOUN
faba-307	183	23	can	can	AUX
faba-307	183	24	be	be	AUX
faba-307	183	25	determined	determine	VERB
faba-307	183	26	by	by	ADP
faba-307	183	27	deducting	deduct	VERB
faba-307	183	28	da	da	NOUN
faba-307	183	29	from	from	ADP
faba-307	183	30	gross	gross	ADJ
faba-307	183	31	investments	investment	NOUN
faba-307	183	32	,	,	PUNCT
faba-307	183	33	i.e.	i.e.	X
faba-307	183	34	:	:	PUNCT
faba-307	183	35	reinvestment	reinvestment	NOUN
faba-307	183	36	(	(	PUNCT
faba-307	183	37	net	net	ADJ
faba-307	183	38	investment	investment	NOUN
faba-307	183	39	)	)	PUNCT
faba-307	184	1	=	=	SYM
faba-307	184	2	gross	gross	ADJ
faba-307	184	3	investment	investment	NOUN
faba-307	184	4	−	−	PROPN
faba-307	184	5	da	da	NOUN
faba-307	184	6	(	(	PUNCT
faba-307	184	7	8)	8)	NUM
faba-307	184	8	at	at	ADP
faba-307	184	9	the	the	DET
faba-307	184	10	same	same	ADJ
faba-307	184	11	time	time	NOUN
faba-307	184	12	reinvestment	reinvestment	NOUN
faba-307	184	13	amount	amount	NOUN
faba-307	184	14	is	be	AUX
faba-307	184	15	the	the	DET
faba-307	184	16	proportion	proportion	NOUN
faba-307	184	17	of	of	ADP
faba-307	184	18	the	the	DET
faba-307	184	19	after	after	ADV
faba-307	184	20	-	-	PUNCT
faba-307	184	21	operating	operate	VERB
faba-307	184	22	profit	profit	NOUN
faba-307	184	23	(	(	PUNCT
faba-307	184	24	nopat	nopat	PROPN
faba-307	184	25	)	)	PUNCT
faba-307	184	26	,	,	PUNCT
faba-307	184	27	which	which	PRON
faba-307	184	28	dimiter	dimiter	VERB
faba-307	184	29	nenkov/	nenkov/	NUM
faba-307	184	30	finance	finance	NOUN
faba-307	184	31	,	,	PUNCT
faba-307	184	32	accounting	accounting	NOUN
faba-307	184	33	and	and	CCONJ
faba-307	184	34	business	business	NOUN
faba-307	184	35	analysis	analysis	NOUN
faba-307	184	36	,	,	PUNCT
faba-307	184	37	volume	volume	NOUN
faba-307	184	38	7	7	NUM
faba-307	184	39	,	,	PUNCT
faba-307	184	40	issue	issue	NOUN
faba-307	184	41	2	2	NUM
faba-307	184	42	,	,	PUNCT
faba-307	184	43	2025	2025	NUM
faba-307	184	44	228	228	NUM
faba-307	184	45	is	be	AUX
faba-307	184	46	retained	retain	VERB
faba-307	184	47	and	and	CCONJ
faba-307	184	48	invested	invest	VERB
faba-307	184	49	in	in	ADP
faba-307	184	50	the	the	DET
faba-307	184	51	company	company	NOUN
faba-307	184	52	’s	’s	PART
faba-307	184	53	business	business	NOUN
faba-307	184	54	.	.	PUNCT
faba-307	185	1	it	it	PRON
faba-307	185	2	can	can	AUX
faba-307	185	3	be	be	AUX
faba-307	185	4	determined	determine	VERB
faba-307	185	5	alternatively	alternatively	ADV
faba-307	185	6	as	as	SCONJ
faba-307	185	7	follows	follow	VERB
faba-307	185	8	:	:	PUNCT
faba-307	185	9	reinvestment	reinvestment	NOUN
faba-307	185	10	(	(	PUNCT
faba-307	185	11	net	net	ADJ
faba-307	185	12	investment	investment	NOUN
faba-307	185	13	)	)	PUNCT
faba-307	186	1	=	=	PRON
faba-307	186	2	nopat	nopat	NUM
faba-307	186	3	×	×	PROPN
faba-307	186	4	b(rir	b(rir	PROPN
faba-307	186	5	)	)	PUNCT
faba-307	186	6	(	(	PUNCT
faba-307	186	7	9	9	NUM
faba-307	186	8	)	)	PUNCT
faba-307	186	9	where	where	SCONJ
faba-307	186	10	:	:	PUNCT
faba-307	186	11	nopat	nopat	PROPN
faba-307	186	12	=	=	SYM
faba-307	186	13	after	after	ADP
faba-307	186	14	-	-	PUNCT
faba-307	186	15	tax	tax	NOUN
faba-307	186	16	operating	operating	NOUN
faba-307	186	17	profit	profit	NOUN
faba-307	186	18	(	(	PUNCT
faba-307	186	19	net	net	ADJ
faba-307	186	20	operating	operating	NOUN
faba-307	186	21	profit	profit	NOUN
faba-307	186	22	after	after	ADP
faba-307	186	23	tax	tax	NOUN
faba-307	186	24	)	)	PUNCT
faba-307	186	25	,	,	PUNCT
faba-307	186	26	b	b	X
faba-307	186	27	(	(	PUNCT
faba-307	186	28	rir	rir	PROPN
faba-307	186	29	)	)	PUNCT
faba-307	186	30	=	=	NOUN
faba-307	186	31	reinvestment	reinvestment	NOUN
faba-307	186	32	rate	rate	NOUN
faba-307	186	33	.	.	PUNCT
faba-307	187	1	the	the	DET
faba-307	187	2	above	above	ADJ
faba-307	187	3	fundamental	fundamental	ADJ
faba-307	187	4	model	model	NOUN
faba-307	187	5	outlines	outline	VERB
faba-307	187	6	the	the	DET
faba-307	187	7	variables	variable	NOUN
faba-307	187	8	determining	determine	VERB
faba-307	187	9	the	the	DET
faba-307	187	10	ev	ev	PROPN
faba-307	187	11	/	/	SYM
faba-307	187	12	ebitda	ebitda	NOUN
faba-307	187	13	ratio	ratio	PROPN
faba-307	187	14	(	(	PUNCT
faba-307	187	15	damodaran	damodaran	VERB
faba-307	187	16	2012	2012	NUM
faba-307	187	17	):	):	PUNCT
faba-307	187	18	1	1	NUM
faba-307	187	19	.	.	PUNCT
faba-307	187	20	corporate	corporate	ADJ
faba-307	187	21	tax	tax	NOUN
faba-307	187	22	rate	rate	NOUN
faba-307	187	23	:	:	PUNCT
faba-307	187	24	the	the	DET
faba-307	187	25	lower	low	ADJ
faba-307	187	26	tax	tax	NOUN
faba-307	187	27	rate	rate	NOUN
faba-307	187	28	contributes	contribute	VERB
faba-307	187	29	for	for	ADP
faba-307	187	30	a	a	DET
faba-307	187	31	higher	high	ADJ
faba-307	187	32	numerator	numerator	NOUN
faba-307	187	33	,	,	PUNCT
faba-307	187	34	and	and	CCONJ
faba-307	187	35	a	a	DET
faba-307	187	36	higher	high	ADJ
faba-307	187	37	ev	ev	NOUN
faba-307	187	38	/	/	SYM
faba-307	187	39	ebitda	ebitda	NOUN
faba-307	187	40	.	.	PUNCT
faba-307	188	1	2	2	X
faba-307	188	2	.	.	X
faba-307	188	3	depreciation	depreciation	NOUN
faba-307	188	4	and	and	CCONJ
faba-307	188	5	amortization	amortization	NOUN
faba-307	188	6	(	(	PUNCT
faba-307	188	7	da	da	NOUN
faba-307	188	8	):	):	PUNCT
faba-307	188	9	the	the	PRON
faba-307	188	10	lower	low	ADJ
faba-307	188	11	the	the	DET
faba-307	188	12	proportion	proportion	NOUN
faba-307	188	13	of	of	ADP
faba-307	188	14	da	da	NOUN
faba-307	188	15	to	to	ADP
faba-307	188	16	ebitda	ebitda	NOUN
faba-307	188	17	,	,	PUNCT
faba-307	188	18	the	the	DET
faba-307	188	19	higher	high	ADJ
faba-307	188	20	is	be	AUX
faba-307	188	21	the	the	DET
faba-307	188	22	numerator	numerator	NOUN
faba-307	188	23	,	,	PUNCT
faba-307	188	24	respectively	respectively	ADV
faba-307	188	25	the	the	DET
faba-307	188	26	higher	high	ADJ
faba-307	188	27	is	be	AUX
faba-307	188	28	the	the	DET
faba-307	188	29	ev	ev	PROPN
faba-307	188	30	/	/	SYM
faba-307	188	31	ebitda	ebitda	NOUN
faba-307	188	32	ratio	ratio	NOUN
faba-307	188	33	.	.	PUNCT
faba-307	189	1	3	3	X
faba-307	189	2	.	.	X
faba-307	189	3	net	net	ADJ
faba-307	189	4	investment	investment	NOUN
faba-307	189	5	(	(	PUNCT
faba-307	189	6	reinvestment	reinvestment	NOUN
faba-307	189	7	):	):	PUNCT
faba-307	189	8	the	the	PRON
faba-307	189	9	higher	high	ADJ
faba-307	189	10	the	the	DET
faba-307	189	11	proportion	proportion	NOUN
faba-307	189	12	of	of	ADP
faba-307	189	13	reinvestment	reinvestment	NOUN
faba-307	189	14	to	to	ADP
faba-307	189	15	ebitda	ebitda	NOUN
faba-307	189	16	,	,	PUNCT
faba-307	189	17	the	the	DET
faba-307	189	18	lower	low	ADJ
faba-307	189	19	should	should	AUX
faba-307	189	20	be	be	AUX
faba-307	189	21	the	the	DET
faba-307	189	22	ev	ev	PROPN
faba-307	189	23	/	/	SYM
faba-307	189	24	ebitda	ebitda	NOUN
faba-307	189	25	ratio	ratio	PROPN
faba-307	189	26	(	(	PUNCT
faba-307	189	27	other	other	ADJ
faba-307	189	28	things	thing	NOUN
faba-307	189	29	being	be	AUX
faba-307	189	30	equal	equal	ADJ
faba-307	189	31	,	,	PUNCT
faba-307	189	32	including	include	VERB
faba-307	189	33	disregarding	disregard	VERB
faba-307	189	34	the	the	DET
faba-307	189	35	impact	impact	NOUN
faba-307	189	36	of	of	ADP
faba-307	189	37	higher	high	ADJ
faba-307	189	38	reinvestment	reinvestment	NOUN
faba-307	189	39	on	on	ADP
faba-307	189	40	the	the	DET
faba-307	189	41	expected	expect	VERB
faba-307	189	42	growth	growth	NOUN
faba-307	189	43	rate	rate	NOUN
faba-307	189	44	(	(	PUNCT
faba-307	189	45	g	g	NOUN
faba-307	189	46	)	)	PUNCT
faba-307	189	47	)	)	PUNCT
faba-307	189	48	.	.	PUNCT
faba-307	190	1	4	4	X
faba-307	190	2	.	.	X
faba-307	190	3	cost	cost	NOUN
faba-307	190	4	of	of	ADP
faba-307	190	5	capital	capital	NOUN
faba-307	190	6	invested	invest	VERB
faba-307	190	7	(	(	PUNCT
faba-307	190	8	wacc	wacc	PROPN
faba-307	190	9	):	):	PUNCT
faba-307	190	10	the	the	DET
faba-307	190	11	ev	ev	PROPN
faba-307	190	12	/	/	SYM
faba-307	190	13	ebitda	ebitda	PROPN
faba-307	190	14	is	be	AUX
faba-307	190	15	negatively	negatively	ADV
faba-307	190	16	correlated	correlate	VERB
faba-307	190	17	with	with	ADP
faba-307	190	18	the	the	DET
faba-307	190	19	cost	cost	NOUN
faba-307	190	20	of	of	ADP
faba-307	190	21	capital	capital	NOUN
faba-307	190	22	(	(	PUNCT
faba-307	190	23	wacc	wacc	PROPN
faba-307	190	24	)	)	PUNCT
faba-307	190	25	,	,	PUNCT
faba-307	190	26	and	and	CCONJ
faba-307	190	27	the	the	DET
faba-307	190	28	lower	low	ADJ
faba-307	190	29	the	the	DET
faba-307	190	30	wacc	wacc	PROPN
faba-307	190	31	,	,	PUNCT
faba-307	190	32	the	the	DET
faba-307	190	33	higher	high	ADJ
faba-307	190	34	is	be	AUX
faba-307	190	35	the	the	DET
faba-307	190	36	ev	ev	PROPN
faba-307	190	37	/	/	SYM
faba-307	190	38	ebitda	ebitda	NOUN
faba-307	190	39	ratio	ratio	NOUN
faba-307	190	40	.	.	PUNCT
faba-307	191	1	5	5	X
faba-307	191	2	.	.	NUM
faba-307	191	3	expected	expect	VERB
faba-307	191	4	growth	growth	NOUN
faba-307	191	5	rate	rate	NOUN
faba-307	191	6	of	of	ADP
faba-307	191	7	nopat	nopat	PROPN
faba-307	191	8	:	:	PUNCT
faba-307	191	9	the	the	DET
faba-307	191	10	ev	ev	PROPN
faba-307	191	11	/	/	SYM
faba-307	191	12	ebitda	ebitda	PROPN
faba-307	191	13	is	be	AUX
faba-307	191	14	positively	positively	ADV
faba-307	191	15	correlated	correlate	VERB
faba-307	191	16	with	with	ADP
faba-307	191	17	the	the	DET
faba-307	191	18	expected	expect	VERB
faba-307	191	19	growth	growth	NOUN
faba-307	191	20	rate	rate	NOUN
faba-307	191	21	(	(	PUNCT
faba-307	191	22	g	g	NOUN
faba-307	191	23	)	)	PUNCT
faba-307	191	24	of	of	ADP
faba-307	191	25	the	the	DET
faba-307	191	26	after	after	ADP
faba-307	191	27	-	-	PUNCT
faba-307	191	28	tax	tax	NOUN
faba-307	191	29	operating	operating	NOUN
faba-307	191	30	profit	profit	NOUN
faba-307	191	31	(	(	PUNCT
faba-307	191	32	nopat	nopat	PROPN
faba-307	191	33	)	)	PUNCT
faba-307	191	34	,	,	PUNCT
faba-307	191	35	and	and	CCONJ
faba-307	191	36	the	the	PRON
faba-307	191	37	higher	high	ADJ
faba-307	191	38	the	the	DET
faba-307	191	39	growth	growth	NOUN
faba-307	191	40	rate	rate	NOUN
faba-307	191	41	,	,	PUNCT
faba-307	191	42	the	the	DET
faba-307	191	43	higher	high	ADJ
faba-307	191	44	is	be	AUX
faba-307	191	45	the	the	DET
faba-307	191	46	ev	ev	PROPN
faba-307	191	47	/	/	SYM
faba-307	191	48	ebitda	ebitda	NOUN
faba-307	191	49	ratio	ratio	NOUN
faba-307	191	50	.	.	PUNCT
faba-307	192	1	the	the	DET
faba-307	192	2	idea	idea	NOUN
faba-307	192	3	behind	behind	ADP
faba-307	192	4	the	the	DET
faba-307	192	5	above	above	ADJ
faba-307	192	6	ev	ev	PROPN
faba-307	192	7	/	/	SYM
faba-307	192	8	ebitda	ebitda	PROPN
faba-307	192	9	fundamental	fundamental	ADJ
faba-307	192	10	model	model	NOUN
faba-307	192	11	is	be	AUX
faba-307	192	12	to	to	PART
faba-307	192	13	express	express	VERB
faba-307	192	14	the	the	DET
faba-307	192	15	ev	ev	PROPN
faba-307	192	16	/	/	SYM
faba-307	192	17	ebitda	ebitda	NOUN
faba-307	192	18	ratio	ratio	NOUN
faba-307	192	19	as	as	ADP
faba-307	192	20	the	the	DET
faba-307	192	21	function	function	NOUN
faba-307	192	22	of	of	ADP
faba-307	192	23	the	the	DET
faba-307	192	24	three	three	NUM
faba-307	192	25	fundamentals	fundamental	NOUN
faba-307	192	26	,	,	PUNCT
faba-307	192	27	determining	determine	VERB
faba-307	192	28	the	the	DET
faba-307	192	29	value	value	NOUN
faba-307	192	30	of	of	ADP
faba-307	192	31	any	any	DET
faba-307	192	32	company	company	NOUN
faba-307	192	33	or	or	CCONJ
faba-307	192	34	stock	stock	NOUN
faba-307	192	35	:	:	PUNCT
faba-307	192	36	the	the	DET
faba-307	192	37	earnings	earning	NOUN
faba-307	192	38	potential	potential	NOUN
faba-307	192	39	of	of	ADP
faba-307	192	40	the	the	DET
faba-307	192	41	company	company	NOUN
faba-307	192	42	;	;	PUNCT
faba-307	192	43	the	the	DET
faba-307	192	44	expected	expect	VERB
faba-307	192	45	growth	growth	NOUN
faba-307	192	46	of	of	ADP
faba-307	192	47	earnings	earning	NOUN
faba-307	192	48	;	;	PUNCT
faba-307	192	49	the	the	DET
faba-307	192	50	level	level	NOUN
faba-307	192	51	of	of	ADP
faba-307	192	52	risk	risk	NOUN
faba-307	192	53	.	.	PUNCT
faba-307	193	1	the	the	DET
faba-307	193	2	three	three	NUM
faba-307	193	3	indicators	indicator	NOUN
faba-307	193	4	used	use	VERB
faba-307	193	5	for	for	ADP
faba-307	193	6	these	these	DET
faba-307	193	7	fundamentals	fundamental	NOUN
faba-307	193	8	,	,	PUNCT
faba-307	193	9	at	at	ADP
faba-307	193	10	the	the	DET
faba-307	193	11	enterprise	enterprise	NOUN
faba-307	193	12	level	level	NOUN
faba-307	193	13	(	(	PUNCT
faba-307	193	14	or	or	CCONJ
faba-307	193	15	invested	invest	VERB
faba-307	193	16	-	-	PUNCT
faba-307	193	17	capital	capital	NOUN
faba-307	193	18	level	level	NOUN
faba-307	193	19	)	)	PUNCT
faba-307	193	20	,	,	PUNCT
faba-307	193	21	respectively	respectively	ADV
faba-307	193	22	are	be	AUX
faba-307	193	23	:	:	PUNCT
faba-307	193	24	roc	roc	PROPN
faba-307	193	25	or	or	CCONJ
faba-307	193	26	roic	roic	ADJ
faba-307	193	27	the	the	DET
faba-307	193	28	return	return	NOUN
faba-307	193	29	on	on	ADP
faba-307	193	30	capital	capital	NOUN
faba-307	193	31	(	(	PUNCT
faba-307	193	32	return	return	VERB
faba-307	193	33	on	on	ADP
faba-307	193	34	invested	invest	VERB
faba-307	193	35	capital	capital	NOUN
faba-307	193	36	)	)	PUNCT
faba-307	193	37	;	;	PUNCT
faba-307	193	38	g	g	PROPN
faba-307	193	39	–	–	PUNCT
faba-307	193	40	expected	expect	VERB
faba-307	193	41	growth	growth	NOUN
faba-307	193	42	rate	rate	NOUN
faba-307	193	43	of	of	ADP
faba-307	193	44	nopat	nopat	PROPN
faba-307	193	45	;	;	PUNCT
faba-307	193	46	wacc	wacc	PROPN
faba-307	193	47	–	–	PUNCT
faba-307	193	48	cost	cost	NOUN
faba-307	193	49	of	of	ADP
faba-307	193	50	invested	invest	VERB
faba-307	193	51	capital	capital	NOUN
faba-307	193	52	(	(	PUNCT
faba-307	193	53	weighted	weight	VERB
faba-307	193	54	average	average	ADJ
faba-307	193	55	cost	cost	NOUN
faba-307	193	56	of	of	ADP
faba-307	193	57	capital	capital	NOUN
faba-307	193	58	)	)	PUNCT
faba-307	193	59	.	.	PUNCT
faba-307	194	1	the	the	DET
faba-307	194	2	application	application	NOUN
faba-307	194	3	of	of	ADP
faba-307	194	4	the	the	DET
faba-307	194	5	ev	ev	PROPN
faba-307	194	6	/	/	SYM
faba-307	194	7	ebitda	ebitda	PROPN
faba-307	194	8	fundamental	fundamental	ADJ
faba-307	194	9	model	model	NOUN
faba-307	194	10	is	be	AUX
faba-307	194	11	a	a	DET
faba-307	194	12	bit	bit	NOUN
faba-307	194	13	of	of	ADP
faba-307	194	14	a	a	DET
faba-307	194	15	challenge	challenge	NOUN
faba-307	194	16	.	.	PUNCT
faba-307	195	1	the	the	DET
faba-307	195	2	reason	reason	NOUN
faba-307	195	3	is	be	AUX
faba-307	195	4	that	that	SCONJ
faba-307	195	5	at	at	ADP
faba-307	195	6	first	first	ADJ
faba-307	195	7	glance	glance	NOUN
faba-307	195	8	,	,	PUNCT
faba-307	195	9	the	the	DET
faba-307	195	10	ev	ev	PROPN
faba-307	195	11	/	/	SYM
faba-307	195	12	ebitda	ebitda	PROPN
faba-307	195	13	fundamental	fundamental	ADJ
faba-307	195	14	model	model	NOUN
faba-307	195	15	does	do	AUX
faba-307	195	16	n’t	not	PART
faba-307	195	17	represent	represent	VERB
faba-307	195	18	the	the	DET
faba-307	195	19	ratio	ratio	NOUN
faba-307	195	20	as	as	ADP
faba-307	195	21	a	a	DET
faba-307	195	22	function	function	NOUN
faba-307	195	23	of	of	ADP
faba-307	195	24	fundamentals	fundamental	NOUN
faba-307	195	25	only	only	ADV
faba-307	195	26	.	.	PUNCT
faba-307	196	1	there	there	PRON
faba-307	196	2	are	be	VERB
faba-307	196	3	also	also	ADV
faba-307	196	4	other	other	ADJ
faba-307	196	5	input	input	NOUN
faba-307	196	6	variables	variable	NOUN
faba-307	196	7	,	,	PUNCT
faba-307	196	8	such	such	ADJ
faba-307	196	9	as	as	ADP
faba-307	196	10	:	:	PUNCT
faba-307	196	11	corporate	corporate	ADJ
faba-307	196	12	tax	tax	NOUN
faba-307	196	13	rate	rate	NOUN
faba-307	196	14	,	,	PUNCT
faba-307	196	15	proportion	proportion	NOUN
faba-307	196	16	of	of	ADP
faba-307	196	17	da	da	NOUN
faba-307	196	18	to	to	ADP
faba-307	196	19	ebitda	ebitda	NOUN
faba-307	196	20	,	,	PUNCT
faba-307	196	21	and	and	CCONJ
faba-307	196	22	reinvestment	reinvestment	NOUN
faba-307	196	23	as	as	ADP
faba-307	196	24	a	a	DET
faba-307	196	25	proportion	proportion	NOUN
faba-307	196	26	to	to	AUX
faba-307	196	27	ebitda	ebitda	VERB
faba-307	196	28	.	.	PUNCT
faba-307	197	1	this	this	PRON
faba-307	197	2	looks	look	VERB
faba-307	197	3	as	as	ADP
faba-307	197	4	significant	significant	ADJ
faba-307	197	5	difference	difference	NOUN
faba-307	197	6	with	with	ADP
faba-307	197	7	the	the	DET
faba-307	197	8	models	model	NOUN
faba-307	197	9	for	for	ADP
faba-307	197	10	deriving	derive	VERB
faba-307	197	11	the	the	DET
faba-307	197	12	fundamental	fundamental	ADJ
faba-307	197	13	price	price	NOUN
faba-307	197	14	-	-	PUNCT
faba-307	197	15	to	to	ADP
faba-307	197	16	-	-	PUNCT
faba-307	197	17	earnings	earning	NOUN
faba-307	197	18	(	(	PUNCT
faba-307	197	19	pe	pe	NOUN
faba-307	197	20	)	)	PUNCT
faba-307	197	21	and	and	CCONJ
faba-307	197	22	price	price	NOUN
faba-307	197	23	-	-	PUNCT
faba-307	197	24	to	to	ADP
faba-307	197	25	-	-	PUNCT
faba-307	197	26	book	book	NOUN
faba-307	197	27	(	(	PUNCT
faba-307	197	28	pbv	pbv	ADJ
faba-307	197	29	)	)	PUNCT
faba-307	197	30	ratios	ratio	NOUN
faba-307	197	31	,	,	PUNCT
faba-307	197	32	for	for	ADP
faba-307	197	33	example	example	NOUN
faba-307	197	34	.	.	PUNCT
faba-307	198	1	a	a	DET
faba-307	198	2	closer	close	ADJ
faba-307	198	3	look	look	NOUN
faba-307	198	4	at	at	ADP
faba-307	198	5	the	the	DET
faba-307	198	6	model	model	NOUN
faba-307	198	7	,	,	PUNCT
faba-307	198	8	however	however	ADV
faba-307	198	9	,	,	PUNCT
faba-307	198	10	reveals	reveal	VERB
faba-307	198	11	its	its	PRON
faba-307	198	12	true	true	ADJ
faba-307	198	13	fundamental	fundamental	ADJ
faba-307	198	14	character	character	NOUN
faba-307	198	15	.	.	PUNCT
faba-307	199	1	with	with	ADP
faba-307	199	2	regard	regard	NOUN
faba-307	199	3	to	to	ADP
faba-307	199	4	the	the	DET
faba-307	199	5	denominator	denominator	NOUN
faba-307	199	6	of	of	ADP
faba-307	199	7	the	the	DET
faba-307	199	8	formula	formula	NOUN
faba-307	199	9	,	,	PUNCT
faba-307	199	10	things	thing	NOUN
faba-307	199	11	are	be	AUX
faba-307	199	12	quite	quite	ADV
faba-307	199	13	clear	clear	ADJ
faba-307	199	14	–	–	PUNCT
faba-307	199	15	it	it	PRON
faba-307	199	16	includes	include	VERB
faba-307	199	17	only	only	ADV
faba-307	199	18	wacc	wacc	PROPN
faba-307	199	19	and	and	CCONJ
faba-307	199	20	g	g	PROPN
faba-307	199	21	,	,	PUNCT
faba-307	199	22	the	the	DET
faba-307	199	23	indicators	indicator	NOUN
faba-307	199	24	of	of	ADP
faba-307	199	25	the	the	DET
faba-307	199	26	second	second	ADJ
faba-307	199	27	and	and	CCONJ
faba-307	199	28	the	the	DET
faba-307	199	29	third	third	ADJ
faba-307	199	30	fundamental	fundamental	ADJ
faba-307	199	31	variables	variable	NOUN
faba-307	199	32	.	.	PUNCT
faba-307	200	1	still	still	ADV
faba-307	200	2	,	,	PUNCT
faba-307	200	3	in	in	ADP
faba-307	200	4	the	the	DET
faba-307	200	5	numerator	numerator	NOUN
faba-307	200	6	things	thing	NOUN
faba-307	200	7	are	be	AUX
faba-307	200	8	not	not	PART
faba-307	200	9	essentially	essentially	ADV
faba-307	200	10	different	different	ADJ
faba-307	200	11	:	:	PUNCT
faba-307	200	12	1/	1/	NUM
faba-307	200	13	the	the	DET
faba-307	200	14	effective	effective	ADJ
faba-307	200	15	tax	tax	NOUN
faba-307	200	16	rate	rate	NOUN
faba-307	200	17	and	and	CCONJ
faba-307	200	18	the	the	DET
faba-307	200	19	proportion	proportion	NOUN
faba-307	200	20	of	of	ADP
faba-307	200	21	da	da	NOUN
faba-307	200	22	to	to	ADP
faba-307	200	23	ebitda	ebitda	NOUN
faba-307	200	24	may	may	AUX
faba-307	200	25	be	be	AUX
faba-307	200	26	referred	refer	VERB
faba-307	200	27	to	to	ADP
faba-307	200	28	as	as	ADV
faba-307	200	29	conditionally	conditionally	ADV
faba-307	200	30	fixed	fix	VERB
faba-307	200	31	inputs	input	NOUN
faba-307	200	32	,	,	PUNCT
faba-307	200	33	and	and	CCONJ
faba-307	200	34	2/	2/	NUM
faba-307	200	35	the	the	DET
faba-307	200	36	third	third	ADJ
faba-307	200	37	variable	variable	NOUN
faba-307	200	38	there	there	ADV
faba-307	200	39	–	–	PUNCT
faba-307	200	40	reinvestment	reinvestment	NOUN
faba-307	200	41	/	/	SYM
faba-307	200	42	ebitda	ebitda	NOUN
faba-307	200	43	,	,	PUNCT
faba-307	200	44	may	may	AUX
faba-307	200	45	be	be	AUX
faba-307	200	46	considered	consider	VERB
faba-307	200	47	the	the	DET
faba-307	200	48	only	only	ADJ
faba-307	200	49	indeed	indeed	ADV
faba-307	200	50	dynamic	dynamic	ADJ
faba-307	200	51	variable	variable	NOUN
faba-307	200	52	.	.	PUNCT
faba-307	201	1	it	it	PRON
faba-307	201	2	is	be	AUX
faba-307	201	3	also	also	ADV
faba-307	201	4	directly	directly	ADV
faba-307	201	5	dependent	dependent	ADJ
faba-307	201	6	on	on	ADP
faba-307	201	7	the	the	DET
faba-307	201	8	first	first	ADJ
faba-307	201	9	fundamental	fundamental	ADJ
faba-307	201	10	variable	variable	ADJ
faba-307	201	11	roic	roic	ADJ
faba-307	201	12	.	.	PUNCT
faba-307	202	1	this	this	PRON
faba-307	202	2	can	can	AUX
faba-307	202	3	be	be	AUX
faba-307	202	4	illustrated	illustrate	VERB
faba-307	202	5	through	through	ADP
faba-307	202	6	the	the	DET
faba-307	202	7	model	model	NOUN
faba-307	202	8	for	for	ADP
faba-307	202	9	determining	determine	VERB
faba-307	202	10	the	the	DET
faba-307	202	11	so	so	ADV
faba-307	202	12	called	call	VERB
faba-307	202	13	internal	internal	ADJ
faba-307	202	14	growth	growth	NOUN
faba-307	202	15	rate	rate	NOUN
faba-307	202	16	of	of	ADP
faba-307	202	17	nopat	nopat	PROPN
faba-307	202	18	(	(	PUNCT
faba-307	202	19	g	g	NOUN
faba-307	202	20	):	):	PUNCT
faba-307	202	21	𝑔	𝑔	NOUN
faba-307	202	22	=	=	PUNCT
faba-307	202	23	𝑅𝑂𝐼𝐶	𝑅𝑂𝐼𝐶	PROPN
faba-307	202	24	×	×	NOUN
faba-307	202	25	𝑏	𝑏	PROPN
faba-307	202	26	(	(	PUNCT
faba-307	202	27	𝑅𝐼𝑅	𝑅𝐼𝑅	PROPN
faba-307	202	28	(	(	PUNCT
faba-307	202	29	10	10	NUM
faba-307	202	30	)	)	PUNCT
faba-307	203	1	where	where	SCONJ
faba-307	203	2	:	:	PUNCT
faba-307	203	3	g	g	NOUN
faba-307	203	4	=	=	PUNCT
faba-307	203	5	expected	expect	VERB
faba-307	203	6	growth	growth	NOUN
faba-307	203	7	rate	rate	NOUN
faba-307	203	8	of	of	ADP
faba-307	203	9	nopat	nopat	PROPN
faba-307	203	10	,	,	PUNCT
faba-307	203	11	roic	roic	ADJ
faba-307	203	12	(	(	PUNCT
faba-307	203	13	roc	roc	PROPN
faba-307	203	14	)	)	PUNCT
faba-307	203	15	=	=	PUNCT
faba-307	203	16	return	return	NOUN
faba-307	203	17	on	on	ADP
faba-307	203	18	invested	invest	VERB
faba-307	203	19	capital	capital	NOUN
faba-307	203	20	,	,	PUNCT
faba-307	203	21	b	b	PROPN
faba-307	203	22	(	(	PUNCT
faba-307	203	23	rir	rir	PROPN
faba-307	203	24	)	)	PUNCT
faba-307	203	25	=	=	NOUN
faba-307	203	26	reinvestment	reinvestment	NOUN
faba-307	203	27	rate	rate	NOUN
faba-307	203	28	,	,	PUNCT
faba-307	203	29	expressed	express	VERB
faba-307	203	30	as	as	ADP
faba-307	203	31	a	a	DET
faba-307	203	32	proportion	proportion	NOUN
faba-307	203	33	of	of	ADP
faba-307	203	34	noplat	noplat	NOUN
faba-307	203	35	.	.	PUNCT
faba-307	204	1	this	this	DET
faba-307	204	2	relationship	relationship	NOUN
faba-307	204	3	makes	make	VERB
faba-307	204	4	it	it	PRON
faba-307	204	5	possible	possible	ADJ
faba-307	204	6	to	to	PART
faba-307	204	7	express	express	VERB
faba-307	204	8	the	the	DET
faba-307	204	9	reinvestment	reinvestment	NOUN
faba-307	204	10	rate	rate	NOUN
faba-307	204	11	(	(	PUNCT
faba-307	204	12	rir	rir	NOUN
faba-307	204	13	)	)	PUNCT
faba-307	204	14	as	as	ADP
faba-307	204	15	the	the	DET
faba-307	204	16	function	function	NOUN
faba-307	204	17	of	of	ADP
faba-307	204	18	roic	roic	ADJ
faba-307	204	19	and	and	CCONJ
faba-307	204	20	g	g	NOUN
faba-307	204	21	:	:	PUNCT
faba-307	204	22	𝑏	𝑏	PROPN
faba-307	204	23	(	(	PUNCT
faba-307	204	24	𝑅𝐼𝑅	𝑅𝐼𝑅	PROPN
faba-307	204	25	)	)	PUNCT
faba-307	204	26	=	=	SYM
faba-307	204	27	𝑔/𝑅𝑂𝐼𝐶	𝑔/𝑅𝑂𝐼𝐶	NOUN
faba-307	204	28	(	(	PUNCT
faba-307	204	29	11	11	NUM
faba-307	204	30	)	)	PUNCT
faba-307	204	31	at	at	ADP
faba-307	204	32	the	the	DET
faba-307	204	33	same	same	ADJ
faba-307	204	34	time	time	NOUN
faba-307	204	35	the	the	DET
faba-307	204	36	reinvestment	reinvestment	NOUN
faba-307	204	37	rate	rate	NOUN
faba-307	204	38	(	(	PUNCT
faba-307	204	39	rir	rir	NOUN
faba-307	204	40	)	)	PUNCT
faba-307	204	41	can	can	AUX
faba-307	204	42	also	also	ADV
faba-307	204	43	be	be	AUX
faba-307	204	44	expressed	express	VERB
faba-307	204	45	as	as	ADP
faba-307	204	46	a	a	DET
faba-307	204	47	proportion	proportion	NOUN
faba-307	204	48	to	to	ADP
faba-307	204	49	ebitda	ebitda	VERB
faba-307	204	50	,	,	PUNCT
faba-307	204	51	as	as	SCONJ
faba-307	204	52	follows	follow	VERB
faba-307	204	53	:	:	PUNCT
faba-307	204	54	dimiter	dimiter	NOUN
faba-307	204	55	nenkov/	nenkov/	NUM
faba-307	204	56	finance	finance	NOUN
faba-307	204	57	,	,	PUNCT
faba-307	204	58	accounting	accounting	NOUN
faba-307	204	59	and	and	CCONJ
faba-307	204	60	business	business	NOUN
faba-307	204	61	analysis	analysis	NOUN
faba-307	204	62	,	,	PUNCT
faba-307	204	63	volume	volume	NOUN
faba-307	204	64	7	7	NUM
faba-307	204	65	,	,	PUNCT
faba-307	204	66	issue	issue	NOUN
faba-307	204	67	2	2	NUM
faba-307	204	68	,	,	PUNCT
faba-307	204	69	2025	2025	NUM
faba-307	204	70	229	229	NUM
faba-307	204	71	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡	ADJ
faba-307	204	72	𝐸𝐵𝐼𝑇𝐷𝐴	𝐸𝐵𝐼𝑇𝐷𝐴	NOUN
faba-307	204	73	=	=	PUNCT
faba-307	204	74	𝑅𝐼𝑅	𝑅𝐼𝑅	PROPN
faba-307	204	75	×	×	NOUN
faba-307	204	76	(	(	PUNCT
faba-307	204	77	1	1	NUM
faba-307	204	78	−	−	PROPN
faba-307	204	79	𝑇	𝑇	PROPN
faba-307	204	80	)	)	PUNCT
faba-307	204	81	×	×	NOUN
faba-307	204	82	𝐸𝐵𝐼𝑇	𝐸𝐵𝐼𝑇	ADJ
faba-307	204	83	𝐸𝐵𝐼𝑇𝐷𝐴	𝐸𝐵𝐼𝑇𝐷𝐴	NOUN
faba-307	204	84	=	=	PUNCT
faba-307	205	1	𝒈	𝒈	PRON
faba-307	205	2	𝑹𝑶𝑰𝑪	𝑹𝑶𝑰𝑪	PROPN
faba-307	205	3	×	×	NOUN
faba-307	205	4	(	(	PUNCT
faba-307	205	5	𝟏	𝟏	NUM
faba-307	205	6	−	−	NOUN
faba-307	205	7	𝑻	𝑻	PROPN
faba-307	205	8	)	)	PUNCT
faba-307	205	9	×	×	NOUN
faba-307	205	10	𝑬𝑩𝑰𝑻	𝑬𝑩𝑰𝑻	NOUN
faba-307	205	11	𝑬𝑩𝑰𝑻𝑫𝑨	𝑬𝑩𝑰𝑻𝑫𝑨	NOUN
faba-307	205	12	(	(	PUNCT
faba-307	205	13	12	12	NUM
faba-307	205	14	)	)	PUNCT
faba-307	205	15	this	this	DET
faba-307	205	16	equation	equation	NOUN
faba-307	205	17	makes	make	VERB
faba-307	205	18	it	it	PRON
faba-307	205	19	clear	clear	ADJ
faba-307	205	20	that	that	SCONJ
faba-307	205	21	in	in	ADP
faba-307	205	22	essence	essence	NOUN
faba-307	205	23	the	the	DET
faba-307	205	24	model	model	NOUN
faba-307	205	25	for	for	ADP
faba-307	205	26	determining	determine	VERB
faba-307	205	27	the	the	DET
faba-307	205	28	fundamental	fundamental	ADJ
faba-307	205	29	ev	ev	ADJ
faba-307	205	30	/	/	SYM
faba-307	205	31	ebitda	ebitda	PROPN
faba-307	205	32	ratio	ratio	NOUN
faba-307	205	33	is	be	AUX
faba-307	205	34	based	base	VERB
faba-307	205	35	upon	upon	SCONJ
faba-307	205	36	the	the	DET
faba-307	205	37	three	three	NUM
faba-307	205	38	fundamentals	fundamental	NOUN
faba-307	205	39	:	:	PUNCT
faba-307	205	40	earnings	earning	NOUN
faba-307	205	41	potential	potential	NOUN
faba-307	205	42	,	,	PUNCT
faba-307	205	43	growth	growth	NOUN
faba-307	205	44	in	in	ADP
faba-307	205	45	earnings	earning	NOUN
faba-307	205	46	and	and	CCONJ
faba-307	205	47	risk	risk	NOUN
faba-307	205	48	.	.	PUNCT
faba-307	206	1	or	or	CCONJ
faba-307	206	2	course	course	NOUN
faba-307	206	3	,	,	PUNCT
faba-307	206	4	at	at	ADP
faba-307	206	5	the	the	DET
faba-307	206	6	company	company	NOUN
faba-307	206	7	level	level	NOUN
faba-307	206	8	,	,	PUNCT
faba-307	206	9	it	it	PRON
faba-307	206	10	is	be	AUX
faba-307	206	11	possible	possible	ADJ
faba-307	206	12	to	to	PART
faba-307	206	13	apply	apply	VERB
faba-307	206	14	the	the	DET
faba-307	206	15	fundamental	fundamental	ADJ
faba-307	206	16	model	model	NOUN
faba-307	206	17	by	by	ADP
faba-307	206	18	using	use	VERB
faba-307	206	19	the	the	DET
faba-307	206	20	absolute	absolute	ADJ
faba-307	206	21	numbers	number	NOUN
faba-307	206	22	for	for	ADP
faba-307	206	23	da	da	PROPN
faba-307	206	24	,	,	PUNCT
faba-307	206	25	ebitda	ebitda	NOUN
faba-307	206	26	and	and	CCONJ
faba-307	206	27	reinvestment	reinvestment	NOUN
faba-307	206	28	amount	amount	NOUN
faba-307	206	29	.	.	PUNCT
faba-307	207	1	but	but	CCONJ
faba-307	207	2	the	the	DET
faba-307	207	3	true	true	ADJ
faba-307	207	4	idea	idea	NOUN
faba-307	207	5	of	of	ADP
faba-307	207	6	the	the	DET
faba-307	207	7	model	model	NOUN
faba-307	207	8	is	be	AUX
faba-307	207	9	to	to	PART
faba-307	207	10	apply	apply	VERB
faba-307	207	11	it	it	PRON
faba-307	207	12	on	on	ADP
faba-307	207	13	the	the	DET
faba-307	207	14	basis	basis	NOUN
faba-307	207	15	of	of	ADP
faba-307	207	16	the	the	DET
faba-307	207	17	relative	relative	ADJ
faba-307	207	18	fundamental	fundamental	ADJ
faba-307	207	19	indicators	indicator	NOUN
faba-307	207	20	,	,	PUNCT
faba-307	207	21	such	such	ADJ
faba-307	207	22	as	as	ADP
faba-307	207	23	:	:	PUNCT
faba-307	207	24	roic	roic	ADJ
faba-307	207	25	(	(	PUNCT
faba-307	207	26	roc	roc	PROPN
faba-307	207	27	)	)	PUNCT
faba-307	207	28	,	,	PUNCT
faba-307	207	29	g	g	PROPN
faba-307	207	30	and	and	CCONJ
faba-307	207	31	wacc	wacc	PROPN
faba-307	207	32	.	.	PUNCT
faba-307	208	1	this	this	PRON
faba-307	208	2	is	be	AUX
faba-307	208	3	especially	especially	ADV
faba-307	208	4	important	important	ADJ
faba-307	208	5	for	for	ADP
faba-307	208	6	the	the	DET
faba-307	208	7	current	current	ADJ
faba-307	208	8	research	research	NOUN
faba-307	208	9	,	,	PUNCT
faba-307	208	10	since	since	SCONJ
faba-307	208	11	it	it	PRON
faba-307	208	12	involves	involve	VERB
faba-307	208	13	determining	determine	VERB
faba-307	208	14	the	the	DET
faba-307	208	15	fundamental	fundamental	ADJ
faba-307	208	16	ev	ev	ADJ
faba-307	208	17	/	/	SYM
faba-307	208	18	ebitda	ebitda	NOUN
faba-307	208	19	ratios	ratio	NOUN
faba-307	208	20	for	for	ADP
faba-307	208	21	the	the	DET
faba-307	208	22	stock	stock	NOUN
faba-307	208	23	market	market	NOUN
faba-307	208	24	as	as	ADP
faba-307	208	25	a	a	DET
faba-307	208	26	whole	whole	NOUN
faba-307	208	27	.	.	PUNCT
faba-307	209	1	input	input	NOUN
faba-307	209	2	variables	variable	NOUN
faba-307	209	3	for	for	ADP
faba-307	209	4	the	the	DET
faba-307	209	5	model	model	NOUN
faba-307	209	6	and	and	CCONJ
faba-307	209	7	deriving	derive	VERB
faba-307	209	8	the	the	DET
faba-307	209	9	fundamental	fundamental	ADJ
faba-307	209	10	ev	ev	ADJ
faba-307	209	11	/	/	SYM
faba-307	209	12	ebitda	ebitda	NOUN
faba-307	209	13	ratios	ratio	NOUN
faba-307	209	14	for	for	ADP
faba-307	209	15	the	the	DET
faba-307	209	16	us	us	PROPN
faba-307	209	17	and	and	CCONJ
faba-307	209	18	european	european	ADJ
faba-307	209	19	stocks	stock	NOUN
faba-307	209	20	the	the	DET
faba-307	209	21	application	application	NOUN
faba-307	209	22	of	of	ADP
faba-307	209	23	the	the	DET
faba-307	209	24	model	model	NOUN
faba-307	209	25	for	for	ADP
faba-307	209	26	determining	determine	VERB
faba-307	209	27	the	the	DET
faba-307	209	28	correct	correct	ADJ
faba-307	209	29	fundamental	fundamental	ADJ
faba-307	209	30	ev	ev	PROPN
faba-307	209	31	/	/	SYM
faba-307	209	32	ebitda	ebitda	NOUN
faba-307	209	33	ratios	ratio	NOUN
faba-307	209	34	requires	require	VERB
faba-307	209	35	sound	sound	ADJ
faba-307	209	36	assumptions	assumption	NOUN
faba-307	209	37	and	and	CCONJ
faba-307	209	38	forecasts	forecast	NOUN
faba-307	209	39	regarding	regard	VERB
faba-307	209	40	the	the	DET
faba-307	209	41	key	key	ADJ
faba-307	209	42	input	input	NOUN
faba-307	209	43	variables	variable	NOUN
faba-307	209	44	.	.	PUNCT
faba-307	210	1	these	these	DET
faba-307	210	2	input	input	NOUN
faba-307	210	3	variables	variable	NOUN
faba-307	210	4	are	be	AUX
faba-307	210	5	derived	derive	VERB
faba-307	210	6	on	on	ADP
faba-307	210	7	the	the	DET
faba-307	210	8	basis	basis	NOUN
faba-307	210	9	of	of	ADP
faba-307	210	10	historic	historic	ADJ
faba-307	210	11	or	or	CCONJ
faba-307	210	12	current	current	ADJ
faba-307	210	13	average	average	ADJ
faba-307	210	14	values	value	NOUN
faba-307	210	15	for	for	ADP
faba-307	210	16	the	the	DET
faba-307	210	17	two	two	NUM
faba-307	210	18	markets	market	NOUN
faba-307	210	19	,	,	PUNCT
faba-307	210	20	with	with	ADP
faba-307	210	21	the	the	DET
faba-307	210	22	expectation	expectation	NOUN
faba-307	210	23	that	that	SCONJ
faba-307	210	24	they	they	PRON
faba-307	210	25	will	will	AUX
faba-307	210	26	be	be	AUX
faba-307	210	27	valid	valid	ADJ
faba-307	210	28	in	in	ADP
faba-307	210	29	the	the	DET
faba-307	210	30	future	future	NOUN
faba-307	210	31	as	as	ADV
faba-307	210	32	well	well	ADV
faba-307	210	33	.	.	PUNCT
faba-307	211	1	table	table	NOUN
faba-307	211	2	2	2	NUM
faba-307	211	3	.	.	PUNCT
faba-307	212	1	roc	roc	PROPN
faba-307	212	2	,	,	PUNCT
faba-307	212	3	reinvestment	reinvestment	NOUN
faba-307	212	4	rate	rate	NOUN
faba-307	212	5	,	,	PUNCT
faba-307	212	6	expected	expect	VERB
faba-307	212	7	growth	growth	NOUN
faba-307	212	8	and	and	CCONJ
faba-307	212	9	effective	effective	ADJ
faba-307	212	10	tax	tax	NOUN
faba-307	212	11	rate	rate	NOUN
faba-307	212	12	usa	usa	PROPN
faba-307	212	13	&	&	CCONJ
faba-307	212	14	europe	europe	PROPN
faba-307	212	15	(	(	PUNCT
faba-307	212	16	nonfinancial	nonfinancial	ADJ
faba-307	212	17	companies	company	NOUN
faba-307	212	18	)	)	PUNCT
faba-307	212	19	–	–	PUNCT
faba-307	212	20	2019	2019	NUM
faba-307	212	21	-	-	SYM
faba-307	212	22	2024	2024	NUM
faba-307	212	23	indicator	indicator	NOUN
faba-307	212	24	roc	roc	PROPN
faba-307	212	25	reinvestment	reinvestment	NOUN
faba-307	212	26	rate	rate	NOUN
faba-307	212	27	(	(	PUNCT
faba-307	212	28	rir	rir	PROPN
faba-307	212	29	,	,	PUNCT
faba-307	212	30	b	b	NOUN
faba-307	212	31	)	)	PUNCT
faba-307	212	32	expected	expect	VERB
faba-307	212	33	growth	growth	NOUN
faba-307	212	34	in	in	ADP
faba-307	212	35	ebit	ebit	PROPN
faba-307	212	36	effective	effective	ADJ
faba-307	212	37	tax	tax	NOUN
faba-307	212	38	rate	rate	NOUN
faba-307	212	39	(	(	PUNCT
faba-307	212	40	aggregate	aggregate	ADJ
faba-307	212	41	)	)	PUNCT
faba-307	212	42	year	year	NOUN
faba-307	212	43	usa	usa	PROPN
faba-307	212	44	europe	europe	PROPN
faba-307	212	45	usa	usa	PROPN
faba-307	212	46	europe	europe	PROPN
faba-307	212	47	usa	usa	PROPN
faba-307	212	48	europe	europe	PROPN
faba-307	212	49	usa	usa	PROPN
faba-307	212	50	europe	europe	PROPN
faba-307	212	51	2019	2019	NUM
faba-307	212	52	12,96	12,96	NUM
faba-307	212	53	%	%	NOUN
faba-307	212	54	9,67	9,67	NUM
faba-307	212	55	%	%	NOUN
faba-307	212	56	66,82	66,82	NUM
faba-307	212	57	%	%	NOUN
faba-307	212	58	39,87	39,87	NUM
faba-307	212	59	%	%	NOUN
faba-307	212	60	8,66	8,66	NUM
faba-307	212	61	%	%	NOUN
faba-307	212	62	3,86	3,86	NUM
faba-307	212	63	%	%	NOUN
faba-307	212	64	19,01	19,01	ADJ
faba-307	212	65	%	%	NOUN
faba-307	212	66	26,71	26,71	NUM
faba-307	212	67	%	%	NOUN
faba-307	212	68	2020	2020	NUM
faba-307	212	69	10,58	10,58	NUM
faba-307	212	70	%	%	NOUN
faba-307	212	71	7,10	7,10	NUM
faba-307	212	72	%	%	NOUN
faba-307	212	73	29,40	29,40	NUM
faba-307	212	74	%	%	NOUN
faba-307	212	75	13,13	13,13	NUM
faba-307	212	76	%	%	NOUN
faba-307	212	77	3,11	3,11	NUM
faba-307	212	78	%	%	NOUN
faba-307	212	79	0,93	0,93	NOUN
faba-307	212	80	%	%	NOUN
faba-307	212	81	21,74	21,74	NUM
faba-307	212	82	%	%	NOUN
faba-307	212	83	45,43	45,43	ADJ
faba-307	212	84	%	%	NOUN
faba-307	212	85	2021	2021	NUM
faba-307	212	86	14,70	14,70	NUM
faba-307	212	87	%	%	NOUN
faba-307	212	88	11,29	11,29	NUM
faba-307	212	89	%	%	NOUN
faba-307	212	90	51,00	51,00	NUM
faba-307	212	91	%	%	NOUN
faba-307	212	92	29,25	29,25	NUM
faba-307	212	93	%	%	NOUN
faba-307	212	94	7,50	7,50	NUM
faba-307	212	95	%	%	NOUN
faba-307	212	96	3,30	3,30	NUM
faba-307	212	97	%	%	NOUN
faba-307	212	98	19,26	19,26	NUM
faba-307	212	99	%	%	NOUN
faba-307	212	100	24,90	24,90	NOUN
faba-307	212	101	%	%	NOUN
faba-307	212	102	2022	2022	NUM
faba-307	212	103	15,79	15,79	NUM
faba-307	212	104	%	%	NOUN
faba-307	212	105	11,55	11,55	NUM
faba-307	212	106	%	%	NOUN
faba-307	212	107	66,70	66,70	ADJ
faba-307	212	108	%	%	NOUN
faba-307	212	109	56,33	56,33	NUM
faba-307	212	110	%	%	NOUN
faba-307	212	111	10,53	10,53	NUM
faba-307	212	112	%	%	NOUN
faba-307	212	113	6,50	6,50	NUM
faba-307	212	114	%	%	NOUN
faba-307	212	115	20,99	20,99	NUM
faba-307	212	116	%	%	NOUN
faba-307	212	117	29,15	29,15	NUM
faba-307	212	118	%	%	NOUN
faba-307	212	119	2023	2023	NUM
faba-307	212	120	14,67	14,67	NUM
faba-307	212	121	%	%	NOUN
faba-307	212	122	14,47	14,47	NUM
faba-307	212	123	%	%	NOUN
faba-307	212	124	44,37	44,37	NUM
faba-307	212	125	%	%	NOUN
faba-307	212	126	32,07	32,07	NUM
faba-307	212	127	%	%	NOUN
faba-307	212	128	6,51	6,51	NUM
faba-307	212	129	%	%	NOUN
faba-307	212	130	4,64	4,64	NUM
faba-307	212	131	%	%	NOUN
faba-307	212	132	21,66	21,66	NUM
faba-307	212	133	%	%	NOUN
faba-307	212	134	28,06	28,06	NUM
faba-307	212	135	%	%	NOUN
faba-307	212	136	2024	2024	NUM
faba-307	212	137	15,01	15,01	NUM
faba-307	212	138	%	%	NOUN
faba-307	212	139	12,36	12,36	NUM
faba-307	212	140	%	%	NOUN
faba-307	212	141	50,79	50,79	NUM
faba-307	212	142	%	%	NOUN
faba-307	212	143	114,69	114,69	NUM
faba-307	212	144	%	%	NOUN
faba-307	212	145	7,62	7,62	NUM
faba-307	212	146	%	%	NOUN
faba-307	212	147	14,17	14,17	NUM
faba-307	212	148	%	%	NOUN
faba-307	212	149	21,61	21,61	NUM
faba-307	212	150	%	%	NOUN
faba-307	212	151	27,17	27,17	NUM
faba-307	212	152	%	%	NOUN
faba-307	212	153	average	average	ADJ
faba-307	212	154	13,95	13,95	NUM
faba-307	212	155	%	%	NOUN
faba-307	212	156	11,07	11,07	NUM
faba-307	212	157	%	%	NOUN
faba-307	212	158	51,51	51,51	NUM
faba-307	212	159	%	%	NOUN
faba-307	212	160	47,56	47,56	NUM
faba-307	212	161	%	%	NOUN
faba-307	212	162	7,19	7,19	NUM
faba-307	212	163	%	%	NOUN
faba-307	212	164	5,27	5,27	NUM
faba-307	212	165	%	%	NOUN
faba-307	212	166	20,71	20,71	NUM
faba-307	212	167	%	%	NOUN
faba-307	212	168	30,24	30,24	NOUN
faba-307	212	169	%	%	NOUN
faba-307	212	170	source	source	NOUN
faba-307	212	171	:	:	PUNCT
faba-307	212	172	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	212	173	,	,	PUNCT
faba-307	212	174	calculations	calculation	NOUN
faba-307	212	175	of	of	ADP
faba-307	212	176	the	the	DET
faba-307	212	177	author	author	NOUN
faba-307	212	178	table	table	NOUN
faba-307	212	179	2	2	NUM
faba-307	212	180	,	,	PUNCT
faba-307	212	181	table	table	NOUN
faba-307	212	182	3	3	NUM
faba-307	212	183	and	and	CCONJ
faba-307	212	184	figure	figure	VERB
faba-307	212	185	2	2	NUM
faba-307	212	186	contain	contain	VERB
faba-307	212	187	the	the	DET
faba-307	212	188	needed	need	VERB
faba-307	212	189	key	key	ADJ
faba-307	212	190	historic	historic	ADJ
faba-307	212	191	and	and	CCONJ
faba-307	212	192	current	current	ADJ
faba-307	212	193	values	value	NOUN
faba-307	212	194	.	.	PUNCT
faba-307	213	1	table	table	NOUN
faba-307	213	2	2	2	NUM
faba-307	213	3	shows	show	VERB
faba-307	213	4	the	the	DET
faba-307	213	5	average	average	ADJ
faba-307	213	6	return	return	NOUN
faba-307	213	7	on	on	ADP
faba-307	213	8	invested	invest	VERB
faba-307	213	9	capital	capital	NOUN
faba-307	213	10	(	(	PUNCT
faba-307	213	11	roc	roc	PROPN
faba-307	213	12	)	)	PUNCT
faba-307	213	13	,	,	PUNCT
faba-307	213	14	which	which	PRON
faba-307	213	15	is	be	AUX
faba-307	213	16	13,95	13,95	NUM
faba-307	213	17	%	%	NOUN
faba-307	213	18	for	for	ADP
faba-307	213	19	usa	usa	PROPN
faba-307	213	20	and	and	CCONJ
faba-307	213	21	11,07	11,07	NUM
faba-307	213	22	%	%	NOUN
faba-307	213	23	for	for	ADP
faba-307	213	24	europe	europe	PROPN
faba-307	213	25	for	for	ADP
faba-307	213	26	the	the	DET
faba-307	213	27	period	period	NOUN
faba-307	213	28	2019	2019	NUM
faba-307	213	29	-	-	SYM
faba-307	213	30	2024	2024	NUM
faba-307	213	31	.	.	PUNCT
faba-307	214	1	the	the	DET
faba-307	214	2	reinvestment	reinvestment	NOUN
faba-307	214	3	rate	rate	NOUN
faba-307	214	4	(	(	PUNCT
faba-307	214	5	b	b	NOUN
faba-307	214	6	,	,	PUNCT
faba-307	214	7	rir	rir	NOUN
faba-307	214	8	)	)	PUNCT
faba-307	214	9	is	be	AUX
faba-307	214	10	51,51	51,51	ADJ
faba-307	214	11	%	%	NOUN
faba-307	214	12	for	for	ADP
faba-307	214	13	usa	usa	PROPN
faba-307	214	14	and	and	CCONJ
faba-307	214	15	47,56	47,56	NUM
faba-307	214	16	%	%	NOUN
faba-307	214	17	for	for	ADP
faba-307	214	18	europe	europe	PROPN
faba-307	214	19	.	.	PUNCT
faba-307	215	1	the	the	DET
faba-307	215	2	resulting	result	VERB
faba-307	215	3	expected	expect	VERB
faba-307	215	4	growth	growth	NOUN
faba-307	215	5	of	of	ADP
faba-307	215	6	ebit	ebit	NOUN
faba-307	215	7	,	,	PUNCT
faba-307	215	8	estimated	estimate	VERB
faba-307	215	9	as	as	ADP
faba-307	215	10	internal	internal	ADJ
faba-307	215	11	growth	growth	NOUN
faba-307	215	12	rate	rate	NOUN
faba-307	215	13	(	(	PUNCT
faba-307	215	14	g	g	NOUN
faba-307	215	15	=	=	SYM
faba-307	215	16	roc×rir	roc×rir	NOUN
faba-307	215	17	)	)	PUNCT
faba-307	215	18	,	,	PUNCT
faba-307	215	19	is	be	AUX
faba-307	215	20	7,19	7,19	NUM
faba-307	215	21	%	%	NOUN
faba-307	215	22	for	for	ADP
faba-307	215	23	usa	usa	PROPN
faba-307	215	24	and	and	CCONJ
faba-307	215	25	5,27	5,27	NUM
faba-307	215	26	%	%	NOUN
faba-307	215	27	for	for	ADP
faba-307	215	28	europe	europe	PROPN
faba-307	215	29	.	.	PUNCT
faba-307	216	1	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	216	2	dimiter	dimiter	NOUN
faba-307	216	3	nenkov/	nenkov/	NUM
faba-307	216	4	finance	finance	NOUN
faba-307	216	5	,	,	PUNCT
faba-307	216	6	accounting	accounting	NOUN
faba-307	216	7	and	and	CCONJ
faba-307	216	8	business	business	NOUN
faba-307	216	9	analysis	analysis	NOUN
faba-307	216	10	,	,	PUNCT
faba-307	216	11	volume	volume	NOUN
faba-307	216	12	7	7	NUM
faba-307	216	13	,	,	PUNCT
faba-307	216	14	issue	issue	NOUN
faba-307	216	15	2	2	NUM
faba-307	216	16	,	,	PUNCT
faba-307	216	17	2025	2025	NUM
faba-307	216	18	230	230	NUM
faba-307	216	19	source	source	NOUN
faba-307	216	20	:	:	PUNCT
faba-307	216	21	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	216	22	,	,	PUNCT
faba-307	216	23	illustrations	illustration	NOUN
faba-307	216	24	of	of	ADP
faba-307	216	25	the	the	DET
faba-307	216	26	author	author	NOUN
faba-307	216	27	figure	figure	NOUN
faba-307	216	28	3	3	NUM
faba-307	216	29	.	.	PUNCT
faba-307	216	30	return	return	NOUN
faba-307	216	31	on	on	ADP
faba-307	216	32	capital	capital	PROPN
faba-307	216	33	usa	usa	PROPN
faba-307	216	34	and	and	CCONJ
faba-307	216	35	europe	europe	PROPN
faba-307	216	36	(	(	PUNCT
faba-307	216	37	non	non	ADJ
faba-307	216	38	-	-	ADJ
faba-307	216	39	financial	financial	ADJ
faba-307	216	40	companies	company	NOUN
faba-307	216	41	)	)	PUNCT
faba-307	216	42	–	–	PUNCT
faba-307	216	43	2019	2019	NUM
faba-307	216	44	-	-	SYM
faba-307	216	45	2024	2024	NUM
faba-307	216	46	table	table	NOUN
faba-307	216	47	3	3	NUM
faba-307	216	48	shows	show	VERB
faba-307	216	49	the	the	DET
faba-307	216	50	cost	cost	NOUN
faba-307	216	51	of	of	ADP
faba-307	216	52	equity	equity	NOUN
faba-307	216	53	,	,	PUNCT
faba-307	216	54	cost	cost	NOUN
faba-307	216	55	of	of	ADP
faba-307	216	56	debt	debt	NOUN
faba-307	216	57	and	and	CCONJ
faba-307	216	58	cost	cost	NOUN
faba-307	216	59	of	of	ADP
faba-307	216	60	invested	invest	VERB
faba-307	216	61	capital	capital	NOUN
faba-307	216	62	(	(	PUNCT
faba-307	216	63	wacc	wacc	PROPN
faba-307	216	64	)	)	PUNCT
faba-307	216	65	.	.	PUNCT
faba-307	217	1	the	the	DET
faba-307	217	2	average	average	ADJ
faba-307	217	3	cost	cost	NOUN
faba-307	217	4	of	of	ADP
faba-307	217	5	equity	equity	NOUN
faba-307	217	6	for	for	ADP
faba-307	217	7	the	the	DET
faba-307	217	8	period	period	NOUN
faba-307	217	9	is	be	AUX
faba-307	217	10	8,32	8,32	NUM
faba-307	217	11	%	%	NOUN
faba-307	217	12	for	for	ADP
faba-307	217	13	usa	usa	PROPN
faba-307	217	14	and	and	CCONJ
faba-307	217	15	8,90	8,90	NUM
faba-307	217	16	%	%	NOUN
faba-307	217	17	for	for	ADP
faba-307	217	18	europe	europe	PROPN
faba-307	217	19	.	.	PUNCT
faba-307	218	1	the	the	DET
faba-307	218	2	average	average	ADJ
faba-307	218	3	after	after	ADP
faba-307	218	4	-	-	PUNCT
faba-307	218	5	tax	tax	NOUN
faba-307	218	6	cost	cost	NOUN
faba-307	218	7	of	of	ADP
faba-307	218	8	debt	debt	NOUN
faba-307	218	9	is	be	AUX
faba-307	218	10	3,31	3,31	NUM
faba-307	218	11	%	%	NOUN
faba-307	218	12	and	and	CCONJ
faba-307	218	13	3,87	3,87	NUM
faba-307	218	14	%	%	NOUN
faba-307	218	15	respectively	respectively	ADV
faba-307	218	16	.	.	PUNCT
faba-307	219	1	the	the	DET
faba-307	219	2	cost	cost	NOUN
faba-307	219	3	of	of	ADP
faba-307	219	4	capital	capital	NOUN
faba-307	219	5	(	(	PUNCT
faba-307	219	6	wacc	wacc	PROPN
faba-307	219	7	)	)	PUNCT
faba-307	219	8	,	,	PUNCT
faba-307	219	9	as	as	ADP
faba-307	219	10	a	a	DET
faba-307	219	11	function	function	NOUN
faba-307	219	12	of	of	ADP
faba-307	219	13	the	the	DET
faba-307	219	14	cost	cost	NOUN
faba-307	219	15	of	of	ADP
faba-307	219	16	equity	equity	NOUN
faba-307	219	17	and	and	CCONJ
faba-307	219	18	the	the	DET
faba-307	219	19	cost	cost	NOUN
faba-307	219	20	of	of	ADP
faba-307	219	21	debt	debt	NOUN
faba-307	219	22	,	,	PUNCT
faba-307	219	23	ranges	range	VERB
faba-307	219	24	between	between	ADP
faba-307	219	25	4,87	4,87	NOUN
faba-307	219	26	%	%	NOUN
faba-307	219	27	and	and	CCONJ
faba-307	219	28	10,01	10,01	NUM
faba-307	219	29	%	%	NOUN
faba-307	219	30	for	for	ADP
faba-307	219	31	usa	usa	PROPN
faba-307	219	32	,	,	PUNCT
faba-307	219	33	and	and	CCONJ
faba-307	219	34	between	between	ADP
faba-307	219	35	5,22	5,22	NUM
faba-307	219	36	%	%	NOUN
faba-307	219	37	and	and	CCONJ
faba-307	219	38	9,84	9,84	NUM
faba-307	219	39	%	%	NOUN
faba-307	219	40	for	for	ADP
faba-307	219	41	europe	europe	PROPN
faba-307	219	42	.	.	PUNCT
faba-307	220	1	the	the	DET
faba-307	220	2	lowest	low	ADJ
faba-307	220	3	values	value	NOUN
faba-307	220	4	are	be	AUX
faba-307	220	5	in	in	ADP
faba-307	220	6	2020	2020	NUM
faba-307	220	7	and	and	CCONJ
faba-307	220	8	the	the	DET
faba-307	220	9	highest	high	ADJ
faba-307	220	10	values	value	NOUN
faba-307	220	11	are	be	AUX
faba-307	220	12	in	in	ADP
faba-307	220	13	2022	2022	NUM
faba-307	220	14	.	.	PUNCT
faba-307	221	1	the	the	DET
faba-307	221	2	average	average	ADJ
faba-307	221	3	wacc	wacc	PROPN
faba-307	221	4	for	for	ADP
faba-307	221	5	the	the	DET
faba-307	221	6	period	period	NOUN
faba-307	221	7	is	be	AUX
faba-307	221	8	7,33	7,33	NUM
faba-307	221	9	%	%	NOUN
faba-307	221	10	for	for	ADP
faba-307	221	11	usa	usa	PROPN
faba-307	221	12	and	and	CCONJ
faba-307	221	13	7,29	7,29	NUM
faba-307	221	14	%	%	NOUN
faba-307	221	15	for	for	ADP
faba-307	221	16	europe	europe	PROPN
faba-307	221	17	.	.	PUNCT
faba-307	222	1	the	the	DET
faba-307	222	2	wacc	wacc	PROPN
faba-307	222	3	for	for	ADP
faba-307	222	4	europe	europe	PROPN
faba-307	222	5	becomes	become	VERB
faba-307	222	6	even	even	ADV
faba-307	222	7	lower	low	ADJ
faba-307	222	8	–	–	PUNCT
faba-307	222	9	6,30	6,30	NUM
faba-307	222	10	%	%	NOUN
faba-307	222	11	,	,	PUNCT
faba-307	222	12	after	after	SCONJ
faba-307	222	13	adjusted	adjust	VERB
faba-307	222	14	for	for	ADP
faba-307	222	15	the	the	DET
faba-307	222	16	euro	euro	NOUN
faba-307	222	17	inflation	inflation	NOUN
faba-307	222	18	rate	rate	NOUN
faba-307	222	19	.	.	PUNCT
faba-307	223	1	table	table	NOUN
faba-307	223	2	3	3	NUM
faba-307	223	3	.	.	PUNCT
faba-307	224	1	cost	cost	NOUN
faba-307	224	2	of	of	ADP
faba-307	224	3	capital	capital	PROPN
faba-307	224	4	usa	usa	PROPN
faba-307	224	5	&	&	CCONJ
faba-307	224	6	europe	europe	PROPN
faba-307	224	7	(	(	PUNCT
faba-307	224	8	non	non	ADJ
faba-307	224	9	-	-	ADJ
faba-307	224	10	financial	financial	ADJ
faba-307	224	11	companies	company	NOUN
faba-307	224	12	)	)	PUNCT
faba-307	224	13	–	–	PUNCT
faba-307	224	14	2019	2019	NUM
faba-307	224	15	-	-	SYM
faba-307	224	16	2024	2024	NUM
faba-307	224	17	indicator	indicator	NOUN
faba-307	224	18	cost	cost	NOUN
faba-307	224	19	of	of	ADP
faba-307	224	20	equity	equity	NOUN
faba-307	224	21	debt	debt	NOUN
faba-307	224	22	/	/	PUNCT
faba-307	224	23	(	(	PUNCT
faba-307	224	24	debt+equity	debt+equity	PROPN
faba-307	224	25	)	)	PUNCT
faba-307	224	26	after	after	ADP
faba-307	224	27	-	-	PUNCT
faba-307	224	28	tax	tax	NOUN
faba-307	224	29	cost	cost	NOUN
faba-307	224	30	of	of	ADP
faba-307	224	31	debt	debt	NOUN
faba-307	224	32	cost	cost	NOUN
faba-307	224	33	of	of	ADP
faba-307	224	34	capital	capital	NOUN
faba-307	224	35	(	(	PUNCT
faba-307	224	36	wacc	wacc	PROPN
faba-307	224	37	)	)	PUNCT
faba-307	225	1	europe	europe	PROPN
faba-307	225	2	year	year	PROPN
faba-307	225	3	usa	usa	PROPN
faba-307	225	4	europe	europe	PROPN
faba-307	225	5	usa	usa	PROPN
faba-307	225	6	europe	europe	PROPN
faba-307	225	7	usa	usa	PROPN
faba-307	225	8	europe	europe	PROPN
faba-307	225	9	usa	usa	PROPN
faba-307	225	10	europe	europe	PROPN
faba-307	225	11	in	in	ADP
faba-307	225	12	euro	euro	PROPN
faba-307	225	13	2019	2019	NUM
faba-307	225	14	8,21	8,21	NUM
faba-307	225	15	%	%	NOUN
faba-307	225	16	8,43	8,43	NUM
faba-307	225	17	%	%	NOUN
faba-307	225	18	0,24	0,24	X
faba-307	225	19	0,32	0,32	PUNCT
faba-307	226	1	2,75	2,75	NUM
faba-307	226	2	%	%	NOUN
faba-307	226	3	3,37	3,37	NUM
faba-307	226	4	%	%	NOUN
faba-307	226	5	6,90	6,90	NUM
faba-307	226	6	%	%	NOUN
faba-307	226	7	6,83	6,83	NUM
faba-307	226	8	%	%	NOUN
faba-307	226	9	5,47	5,47	NUM
faba-307	226	10	%	%	NOUN
faba-307	226	11	2020	2020	NUM
faba-307	226	12	5,55	5,55	SYM
faba-307	226	13	%	%	NOUN
faba-307	226	14	6,33	6,33	NUM
faba-307	226	15	%	%	NOUN
faba-307	226	16	0,20	0,20	NOUN
faba-307	226	17	0,30	0,30	NUM
faba-307	226	18	2,19	2,19	NUM
faba-307	226	19	%	%	NOUN
faba-307	226	20	2,63	2,63	NUM
faba-307	226	21	%	%	NOUN
faba-307	226	22	4,87	4,87	NUM
faba-307	226	23	%	%	NOUN
faba-307	226	24	5,22	5,22	NUM
faba-307	226	25	%	%	NOUN
faba-307	226	26	4,39	4,39	NOUN
faba-307	226	27	%	%	NOUN
faba-307	226	28	2021	2021	NUM
faba-307	226	29	6,38	6,38	NUM
faba-307	226	30	%	%	NOUN
faba-307	226	31	6,71	6,71	NUM
faba-307	226	32	%	%	NOUN
faba-307	226	33	0,17	0,17	NOUN
faba-307	226	34	0,26	0,26	NOUN
faba-307	227	1	2,61	2,61	NUM
faba-307	227	2	%	%	NOUN
faba-307	227	3	2,95	2,95	NUM
faba-307	227	4	%	%	NOUN
faba-307	227	5	5,75	5,75	NUM
faba-307	227	6	%	%	NOUN
faba-307	227	7	5,74	5,74	NUM
faba-307	227	8	%	%	NOUN
faba-307	227	9	4,70	4,70	NUM
faba-307	227	10	%	%	NOUN
faba-307	227	11	2022	2022	NUM
faba-307	227	12	11,56	11,56	NUM
faba-307	227	13	%	%	NOUN
faba-307	227	14	11,83	11,83	NUM
faba-307	227	15	%	%	NOUN
faba-307	227	16	0,21	0,21	NUM
faba-307	227	17	0,29	0,29	PUNCT
faba-307	228	1	4,13	4,13	NUM
faba-307	228	2	%	%	NOUN
faba-307	228	3	4,94	4,94	NUM
faba-307	228	4	%	%	NOUN
faba-307	228	5	10,01	10,01	NUM
faba-307	228	6	%	%	NOUN
faba-307	228	7	9,84	9,84	NUM
faba-307	228	8	%	%	NOUN
faba-307	228	9	8,76	8,76	NUM
faba-307	228	10	%	%	NOUN
faba-307	228	11	2023	2023	NUM
faba-307	228	12	8,93	8,93	NUM
faba-307	228	13	%	%	NOUN
faba-307	228	14	9,87	9,87	NUM
faba-307	228	15	%	%	NOUN
faba-307	228	16	0,18	0,18	NOUN
faba-307	228	17	0,27	0,27	NUM
faba-307	229	1	3,81	3,81	NUM
faba-307	229	2	%	%	NOUN
faba-307	229	3	4,55	4,55	NUM
faba-307	229	4	%	%	NOUN
faba-307	229	5	7,99	7,99	NUM
faba-307	229	6	%	%	NOUN
faba-307	229	7	7,43	7,43	NUM
faba-307	229	8	%	%	NOUN
faba-307	229	9	6,87	6,87	NUM
faba-307	229	10	%	%	NOUN
faba-307	229	11	2024	2024	NUM
faba-307	229	12	9,28	9,28	NUM
faba-307	229	13	%	%	NOUN
faba-307	229	14	10,20	10,20	NUM
faba-307	229	15	%	%	NOUN
faba-307	229	16	0,16	0,16	NUM
faba-307	229	17	0,28	0,28	NUM
faba-307	229	18	4,34	4,34	NUM
faba-307	229	19	%	%	NOUN
faba-307	229	20	4,78	4,78	NUM
faba-307	229	21	%	%	NOUN
faba-307	229	22	8,48	8,48	NUM
faba-307	229	23	%	%	NOUN
faba-307	229	24	8,66	8,66	NUM
faba-307	229	25	%	%	NOUN
faba-307	229	26	7,60	7,60	NUM
faba-307	229	27	%	%	NOUN
faba-307	229	28	average	average	ADJ
faba-307	229	29	8,32	8,32	NUM
faba-307	229	30	%	%	NOUN
faba-307	229	31	8,90	8,90	NUM
faba-307	229	32	%	%	NOUN
faba-307	229	33	0,19	0,19	NOUN
faba-307	229	34	0,29	0,29	PUNCT
faba-307	230	1	3,31	3,31	NUM
faba-307	230	2	%	%	NOUN
faba-307	230	3	3,87	3,87	NUM
faba-307	230	4	%	%	NOUN
faba-307	230	5	7,33	7,33	NUM
faba-307	230	6	%	%	NOUN
faba-307	230	7	7,29	7,29	NUM
faba-307	230	8	%	%	NOUN
faba-307	230	9	6,30	6,30	NUM
faba-307	230	10	%	%	NOUN
faba-307	230	11	source	source	NOUN
faba-307	230	12	:	:	PUNCT
faba-307	230	13	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	230	14	,	,	PUNCT
faba-307	230	15	calculations	calculation	NOUN
faba-307	230	16	of	of	ADP
faba-307	230	17	the	the	DET
faba-307	230	18	author	author	NOUN
faba-307	230	19	in	in	ADP
faba-307	230	20	order	order	NOUN
faba-307	230	21	to	to	PART
faba-307	230	22	use	use	VERB
faba-307	230	23	the	the	DET
faba-307	230	24	fundamental	fundamental	ADJ
faba-307	230	25	model	model	NOUN
faba-307	230	26	,	,	PUNCT
faba-307	230	27	the	the	DET
faba-307	230	28	reinvestment	reinvestment	NOUN
faba-307	230	29	rate	rate	NOUN
faba-307	230	30	(	(	PUNCT
faba-307	230	31	rir	rir	PROPN
faba-307	230	32	)	)	PUNCT
faba-307	230	33	,	,	PUNCT
faba-307	230	34	which	which	PRON
faba-307	230	35	is	be	AUX
faba-307	230	36	a	a	DET
faba-307	230	37	rate	rate	NOUN
faba-307	230	38	to	to	ADP
faba-307	230	39	nopat	nopat	PROPN
faba-307	230	40	,	,	PUNCT
faba-307	230	41	have	have	VERB
faba-307	230	42	to	to	PART
faba-307	230	43	be	be	AUX
faba-307	230	44	expressed	express	VERB
faba-307	230	45	as	as	ADP
faba-307	230	46	a	a	DET
faba-307	230	47	rate	rate	NOUN
faba-307	230	48	to	to	ADP
faba-307	230	49	ebitda	ebitda	VERB
faba-307	230	50	.	.	PUNCT
faba-307	231	1	the	the	DET
faba-307	231	2	above	above	ADJ
faba-307	231	3	equation	equation	NOUN
faba-307	231	4	(	(	PUNCT
faba-307	231	5	4	4	X
faba-307	231	6	)	)	PUNCT
faba-307	231	7	can	can	AUX
faba-307	231	8	be	be	AUX
faba-307	231	9	used	use	VERB
faba-307	231	10	for	for	ADP
faba-307	231	11	the	the	DET
faba-307	231	12	purpose	purpose	NOUN
faba-307	231	13	:	:	PUNCT
faba-307	231	14	for	for	ADP
faba-307	231	15	usa	usa	PROPN
faba-307	231	16	:	:	PUNCT
faba-307	232	1	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡	PROPN
faba-307	232	2	𝐸𝐵𝐼𝑇𝐷𝐴	𝐸𝐵𝐼𝑇𝐷𝐴	PROPN
faba-307	232	3	=	=	PUNCT
faba-307	232	4	𝑔/𝑅𝑂𝐼𝐶	𝑔/𝑅𝑂𝐼𝐶	NOUN
faba-307	232	5	×	×	NOUN
faba-307	232	6	(	(	PUNCT
faba-307	232	7	1	1	NUM
faba-307	232	8	−	−	PROPN
faba-307	232	9	𝑇	𝑇	PROPN
faba-307	232	10	)	)	PUNCT
faba-307	232	11	×	×	NOUN
faba-307	232	12	𝐸𝐵𝐼𝑇	𝐸𝐵𝐼𝑇	ADJ
faba-307	232	13	𝐸𝐵𝐼𝑇𝐷𝐴	𝐸𝐵𝐼𝑇𝐷𝐴	NOUN
faba-307	232	14	=	=	PUNCT
faba-307	233	1	0,5154	0,5154	NOUN
faba-307	233	2	×	×	VERB
faba-307	233	3	0,7929	0,7929	VERB
faba-307	233	4	×	×	NOUN
faba-307	233	5	0,61	0,61	PUNCT
faba-307	233	6	=	=	SYM
faba-307	233	7	𝟎	𝟎	PROPN
faba-307	233	8	,	,	PUNCT
faba-307	233	9	𝟐𝟒𝟗𝟑	𝟐𝟒𝟗𝟑	NUM
faba-307	233	10	for	for	ADP
faba-307	233	11	europe	europe	PROPN
faba-307	233	12	:	:	PUNCT
faba-307	234	1	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡	𝑅𝑒𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡	PROPN
faba-307	234	2	𝐸𝐵𝐼𝑇𝐷𝐴	𝐸𝐵𝐼𝑇𝐷𝐴	PROPN
faba-307	234	3	=	=	PUNCT
faba-307	234	4	𝑔/𝑅𝑂𝐼𝐶	𝑔/𝑅𝑂𝐼𝐶	NOUN
faba-307	234	5	×	×	NOUN
faba-307	234	6	(	(	PUNCT
faba-307	234	7	1	1	NUM
faba-307	234	8	−	−	PROPN
faba-307	234	9	𝑇	𝑇	PROPN
faba-307	234	10	)	)	PUNCT
faba-307	234	11	×	×	NOUN
faba-307	234	12	𝐸𝐵𝐼𝑇	𝐸𝐵𝐼𝑇	ADJ
faba-307	234	13	𝐸𝐵𝐼𝑇𝐷𝐴	𝐸𝐵𝐼𝑇𝐷𝐴	NOUN
faba-307	234	14	=	=	PUNCT
faba-307	235	1	0,4761	0,4761	PROPN
faba-307	235	2	×	×	NOUN
faba-307	235	3	0,6976	0,6976	NOUN
faba-307	235	4	×	×	NOUN
faba-307	235	5	0,63	0,63	X
faba-307	235	6	=	=	SYM
faba-307	235	7	𝟎	𝟎	PROPN
faba-307	235	8	,	,	PUNCT
faba-307	235	9	𝟐𝟎𝟗𝟐	𝟐𝟎𝟗𝟐	NUM
faba-307	236	1	the	the	DET
faba-307	236	2	base	base	NOUN
faba-307	236	3	input	input	NOUN
faba-307	236	4	projections	projection	NOUN
faba-307	236	5	(	(	PUNCT
faba-307	236	6	variables	variable	NOUN
faba-307	236	7	)	)	PUNCT
faba-307	236	8	for	for	ADP
faba-307	236	9	the	the	DET
faba-307	236	10	application	application	NOUN
faba-307	236	11	of	of	ADP
faba-307	236	12	the	the	DET
faba-307	236	13	one	one	NUM
faba-307	236	14	-	-	PUNCT
faba-307	236	15	stage	stage	NOUN
faba-307	236	16	model	model	NOUN
faba-307	236	17	are	be	AUX
faba-307	236	18	shown	show	VERB
faba-307	236	19	in	in	ADP
faba-307	236	20	table	table	NOUN
faba-307	236	21	4	4	NUM
faba-307	236	22	.	.	PUNCT
faba-307	236	23	provided	provide	VERB
faba-307	236	24	that	that	SCONJ
faba-307	236	25	all	all	DET
faba-307	236	26	projections	projection	NOUN
faba-307	236	27	in	in	ADP
faba-307	236	28	this	this	DET
faba-307	236	29	one	one	NUM
faba-307	236	30	-	-	PUNCT
faba-307	236	31	stage	stage	NOUN
faba-307	236	32	model	model	NOUN
faba-307	236	33	are	be	AUX
faba-307	236	34	until	until	ADP
faba-307	236	35	infinity	infinity	NOUN
faba-307	236	36	,	,	PUNCT
faba-307	236	37	the	the	DET
faba-307	236	38	average	average	ADJ
faba-307	236	39	numbers	number	NOUN
faba-307	236	40	of	of	ADP
faba-307	236	41	the	the	DET
faba-307	236	42	cost	cost	NOUN
faba-307	236	43	of	of	ADP
faba-307	236	44	capital	capital	NOUN
faba-307	236	45	for	for	ADP
faba-307	236	46	the	the	DET
faba-307	236	47	period	period	NOUN
faba-307	236	48	2019	2019	NUM
faba-307	236	49	-	-	SYM
faba-307	236	50	2024	2024	NUM
faba-307	236	51	do	do	AUX
faba-307	236	52	not	not	PART
faba-307	236	53	seem	seem	VERB
faba-307	236	54	appropriate	appropriate	ADJ
faba-307	236	55	.	.	PUNCT
faba-307	237	1	they	they	PRON
faba-307	237	2	are	be	AUX
faba-307	237	3	relatively	relatively	ADV
faba-307	237	4	low	low	ADJ
faba-307	237	5	–	–	PUNCT
faba-307	237	6	7,33	7,33	NUM
faba-307	237	7	%	%	NOUN
faba-307	237	8	and	and	CCONJ
faba-307	237	9	7,29	7,29	NUM
faba-307	237	10	%	%	NOUN
faba-307	237	11	,	,	PUNCT
faba-307	237	12	as	as	SCONJ
faba-307	237	13	compared	compare	VERB
faba-307	237	14	with	with	ADP
faba-307	237	15	long	long	ADJ
faba-307	237	16	-	-	PUNCT
faba-307	237	17	term	term	NOUN
faba-307	237	18	historic	historic	ADJ
faba-307	237	19	average	average	NOUN
faba-307	237	20	.	.	PUNCT
faba-307	238	1	the	the	DET
faba-307	238	2	2024	2024	NUM
faba-307	238	3	values	value	NOUN
faba-307	238	4	of	of	ADP
faba-307	238	5	8,48	8,48	NUM
faba-307	238	6	%	%	NOUN
faba-307	238	7	for	for	ADP
faba-307	238	8	usa	usa	PROPN
faba-307	238	9	and	and	CCONJ
faba-307	238	10	8,66	8,66	ADP
faba-307	238	11	%	%	NOUN
faba-307	238	12	for	for	ADP
faba-307	238	13	europe	europe	PROPN
faba-307	238	14	are	be	AUX
faba-307	238	15	0.00	0.00	NUM
faba-307	238	16	%	%	NOUN
faba-307	238	17	2.00	2.00	NUM
faba-307	238	18	%	%	NOUN
faba-307	238	19	4.00	4.00	NUM
faba-307	238	20	%	%	NOUN
faba-307	238	21	6.00	6.00	NUM
faba-307	238	22	%	%	NOUN
faba-307	238	23	8.00	8.00	NUM
faba-307	238	24	%	%	NOUN
faba-307	238	25	10.00	10.00	NUM
faba-307	238	26	%	%	NOUN
faba-307	238	27	12.00	12.00	NUM
faba-307	238	28	%	%	NOUN
faba-307	238	29	14.00	14.00	NUM
faba-307	238	30	%	%	NOUN
faba-307	238	31	16.00	16.00	NUM
faba-307	238	32	%	%	NOUN
faba-307	238	33	18.00	18.00	NUM
faba-307	238	34	%	%	NOUN
faba-307	238	35	2021	2021	NUM
faba-307	238	36	2022	2022	NUM
faba-307	238	37	2023	2023	NUM
faba-307	238	38	2024	2024	NUM
faba-307	238	39	average	average	ADJ
faba-307	238	40	return	return	NOUN
faba-307	238	41	on	on	ADP
faba-307	238	42	capital	capital	NOUN
faba-307	238	43	(	(	PUNCT
faba-307	238	44	roc	roc	PROPN
faba-307	238	45	)	)	PUNCT
faba-307	238	46	non	non	ADJ
faba-307	238	47	-	-	ADJ
faba-307	238	48	financial	financial	ADJ
faba-307	238	49	firms	firm	NOUN
faba-307	238	50	,	,	PUNCT
faba-307	238	51	usa	usa	PROPN
faba-307	238	52	&	&	CCONJ
faba-307	238	53	europe	europe	PROPN
faba-307	238	54	,	,	PUNCT
faba-307	238	55	2019	2019	NUM
faba-307	238	56	-	-	SYM
faba-307	238	57	2024	2024	NUM
faba-307	238	58	roc	roc	PROPN
faba-307	238	59	usa	usa	PROPN
faba-307	238	60	roc	roc	PROPN
faba-307	238	61	europe	europe	PROPN
faba-307	238	62	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	PROPN
faba-307	238	63	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	PROPN
faba-307	238	64	dimiter	dimiter	NOUN
faba-307	238	65	nenkov/	nenkov/	NUM
faba-307	238	66	finance	finance	NOUN
faba-307	238	67	,	,	PUNCT
faba-307	238	68	accounting	accounting	NOUN
faba-307	238	69	and	and	CCONJ
faba-307	238	70	business	business	NOUN
faba-307	238	71	analysis	analysis	NOUN
faba-307	238	72	,	,	PUNCT
faba-307	238	73	volume	volume	NOUN
faba-307	238	74	7	7	NUM
faba-307	238	75	,	,	PUNCT
faba-307	238	76	issue	issue	NOUN
faba-307	238	77	2	2	NUM
faba-307	238	78	,	,	PUNCT
faba-307	238	79	2025	2025	NUM
faba-307	238	80	231	231	NUM
faba-307	238	81	used	use	VERB
faba-307	238	82	instead	instead	ADV
faba-307	238	83	,	,	PUNCT
faba-307	238	84	as	as	ADP
faba-307	238	85	more	more	ADV
faba-307	238	86	reasonable	reasonable	ADJ
faba-307	238	87	.	.	PUNCT
faba-307	239	1	these	these	DET
faba-307	239	2	values	value	NOUN
faba-307	239	3	are	be	AUX
faba-307	239	4	much	much	ADV
faba-307	239	5	closer	close	ADJ
faba-307	239	6	to	to	ADP
faba-307	239	7	long	long	ADJ
faba-307	239	8	-	-	PUNCT
faba-307	239	9	term	term	NOUN
faba-307	239	10	historic	historic	ADJ
faba-307	239	11	averages	average	NOUN
faba-307	239	12	,	,	PUNCT
faba-307	239	13	which	which	PRON
faba-307	239	14	makes	make	VERB
faba-307	239	15	them	they	PRON
faba-307	239	16	more	more	ADV
faba-307	239	17	representative	representative	NOUN
faba-307	239	18	in	in	ADP
faba-307	239	19	the	the	DET
faba-307	239	20	long	long	ADJ
faba-307	239	21	run	run	NOUN
faba-307	239	22	.	.	PUNCT
faba-307	240	1	table	table	NOUN
faba-307	240	2	4	4	NUM
faba-307	240	3	.	.	PUNCT
faba-307	241	1	projections	projection	NOUN
faba-307	241	2	for	for	ADP
faba-307	241	3	the	the	DET
faba-307	241	4	one	one	NUM
faba-307	241	5	-	-	PUNCT
faba-307	241	6	stage	stage	NOUN
faba-307	241	7	fundamental	fundamental	ADJ
faba-307	241	8	model	model	NOUN
faba-307	241	9	of	of	ADP
faba-307	241	10	ev	ev	PROPN
faba-307	241	11	/	/	SYM
faba-307	241	12	ebitda	ebitda	PROPN
faba-307	241	13	input	input	NOUN
faba-307	241	14	variables	variable	NOUN
faba-307	241	15	(	(	PUNCT
faba-307	241	16	1	1	NUM
faba-307	241	17	-	-	PUNCT
faba-307	241	18	t	t	NOUN
faba-307	241	19	)	)	PUNCT
faba-307	241	20	da	da	PROPN
faba-307	241	21	/	/	SYM
faba-307	241	22	ebitda	ebitda	NOUN
faba-307	241	23	rir	rir	NOUN
faba-307	241	24	(	(	PUNCT
faba-307	241	25	%	%	NOUN
faba-307	241	26	of	of	ADP
faba-307	241	27	nopat	nopat	PROPN
faba-307	241	28	)	)	PUNCT
faba-307	241	29	reinvestment	reinvestment	NOUN
faba-307	241	30	/ebitda	/ebitda	PROPN
faba-307	241	31	wacc	wacc	PROPN
faba-307	241	32	g	g	PROPN
faba-307	241	33	roic	roic	ADJ
faba-307	242	1	k.1	k.1	PROPN
faba-307	242	2	k.2	k.2	X
faba-307	242	3	k.3	k.3	X
faba-307	242	4	k.4	k.4	X
faba-307	243	1	k.5	k.5	X
faba-307	243	2	k.6	k.6	X
faba-307	243	3	k.7	k.7	PROPN
faba-307	244	1	k.8	k.8	PROPN
faba-307	244	2	usa	usa	PROPN
faba-307	244	3	0,7929	0,7929	NOUN
faba-307	244	4	0,39	0,39	NOUN
faba-307	245	1	51,54	51,54	NUM
faba-307	245	2	%	%	NOUN
faba-307	245	3	0,2493	0,2493	NOUN
faba-307	245	4	8,48	8,48	NUM
faba-307	245	5	%	%	NOUN
faba-307	245	6	7,19	7,19	NUM
faba-307	245	7	%	%	NOUN
faba-307	245	8	13,95	13,95	NUM
faba-307	245	9	%	%	NOUN
faba-307	245	10	europe	europe	PROPN
faba-307	245	11	0,6976	0,6976	NOUN
faba-307	245	12	0,37	0,37	NUM
faba-307	246	1	47,61	47,61	NUM
faba-307	246	2	%	%	NOUN
faba-307	246	3	0,2092	0,2092	PROPN
faba-307	246	4	8,66	8,66	NUM
faba-307	246	5	%	%	NOUN
faba-307	246	6	5,27	5,27	NUM
faba-307	246	7	%	%	NOUN
faba-307	246	8	11,07	11,07	NUM
faba-307	246	9	%	%	NOUN
faba-307	246	10	source	source	NOUN
faba-307	246	11	:	:	PUNCT
faba-307	246	12	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	246	13	,	,	PUNCT
faba-307	246	14	calculations	calculation	NOUN
faba-307	246	15	of	of	ADP
faba-307	246	16	the	the	DET
faba-307	246	17	author	author	NOUN
faba-307	246	18	table	table	NOUN
faba-307	246	19	5	5	NUM
faba-307	246	20	shows	show	VERB
faba-307	246	21	the	the	DET
faba-307	246	22	base	base	ADJ
faba-307	246	23	input	input	NOUN
faba-307	246	24	projections	projection	NOUN
faba-307	246	25	for	for	ADP
faba-307	246	26	the	the	DET
faba-307	246	27	two	two	NUM
faba-307	246	28	-	-	PUNCT
faba-307	246	29	stage	stage	NOUN
faba-307	246	30	model	model	NOUN
faba-307	246	31	for	for	ADP
faba-307	246	32	determining	determine	VERB
faba-307	246	33	the	the	DET
faba-307	246	34	fundamental	fundamental	ADJ
faba-307	246	35	ev	ev	PROPN
faba-307	246	36	/	/	SYM
faba-307	246	37	ebitda	ebitda	PROPN
faba-307	246	38	.	.	PUNCT
faba-307	247	1	this	this	DET
faba-307	247	2	fundamental	fundamental	ADJ
faba-307	247	3	model	model	NOUN
faba-307	247	4	is	be	AUX
faba-307	247	5	developed	develop	VERB
faba-307	247	6	from	from	ADP
faba-307	247	7	the	the	DET
faba-307	247	8	more	more	ADV
faba-307	247	9	sophisticated	sophisticated	ADJ
faba-307	247	10	two	two	NUM
faba-307	247	11	-	-	PUNCT
faba-307	247	12	stage	stage	NOUN
faba-307	247	13	dcf	dcf	NOUN
faba-307	247	14	enterprise	enterprise	NOUN
faba-307	247	15	model	model	NOUN
faba-307	247	16	for	for	ADP
faba-307	247	17	valuation	valuation	NOUN
faba-307	247	18	of	of	ADP
faba-307	247	19	companies	company	NOUN
faba-307	247	20	and	and	CCONJ
faba-307	247	21	common	common	ADJ
faba-307	247	22	stocks	stock	NOUN
faba-307	247	23	.	.	PUNCT
faba-307	248	1	it	it	PRON
faba-307	248	2	is	be	AUX
faba-307	248	3	a	a	DET
faba-307	248	4	lot	lot	NOUN
faba-307	248	5	more	more	ADV
faba-307	248	6	consistent	consistent	ADJ
faba-307	248	7	with	with	ADP
faba-307	248	8	reality	reality	NOUN
faba-307	248	9	and	and	CCONJ
faba-307	248	10	is	be	AUX
faba-307	248	11	recommended	recommend	VERB
faba-307	248	12	for	for	ADP
faba-307	248	13	use	use	NOUN
faba-307	248	14	most	most	ADJ
faba-307	248	15	of	of	ADP
faba-307	248	16	the	the	DET
faba-307	248	17	time	time	NOUN
faba-307	248	18	.	.	PUNCT
faba-307	249	1	the	the	DET
faba-307	249	2	model	model	NOUN
faba-307	249	3	includes	include	VERB
faba-307	249	4	a	a	DET
faba-307	249	5	5	5	NUM
faba-307	249	6	-	-	PUNCT
faba-307	249	7	year	year	NOUN
faba-307	249	8	high	high	ADJ
faba-307	249	9	-	-	PUNCT
faba-307	249	10	growth	growth	NOUN
faba-307	249	11	period	period	NOUN
faba-307	249	12	(	(	PUNCT
faba-307	249	13	stage	stage	NOUN
faba-307	249	14	1	1	NUM
faba-307	249	15	)	)	PUNCT
faba-307	249	16	,	,	PUNCT
faba-307	249	17	and	and	CCONJ
faba-307	249	18	a	a	DET
faba-307	249	19	stable	stable	ADJ
faba-307	249	20	growth	growth	NOUN
faba-307	249	21	period	period	NOUN
faba-307	249	22	(	(	PUNCT
faba-307	249	23	stage	stage	NOUN
faba-307	249	24	2	2	NUM
faba-307	249	25	)	)	PUNCT
faba-307	249	26	,	,	PUNCT
faba-307	249	27	starting	start	VERB
faba-307	249	28	at	at	ADP
faba-307	249	29	year	year	NOUN
faba-307	249	30	6	6	NUM
faba-307	249	31	.	.	PUNCT
faba-307	249	32	table	table	NOUN
faba-307	249	33	5	5	NUM
faba-307	249	34	.	.	PUNCT
faba-307	249	35	projections	projection	NOUN
faba-307	249	36	for	for	ADP
faba-307	249	37	the	the	DET
faba-307	249	38	two	two	NUM
faba-307	249	39	-	-	PUNCT
faba-307	249	40	stage	stage	NOUN
faba-307	249	41	fundamental	fundamental	ADJ
faba-307	249	42	model	model	NOUN
faba-307	249	43	of	of	ADP
faba-307	249	44	ev	ev	PROPN
faba-307	249	45	/	/	SYM
faba-307	249	46	ebitda	ebitda	PROPN
faba-307	249	47	input	input	NOUN
faba-307	249	48	variables	variable	NOUN
faba-307	249	49	(	(	PUNCT
faba-307	249	50	1	1	NUM
faba-307	249	51	-	-	PUNCT
faba-307	249	52	t	t	NOUN
faba-307	249	53	)	)	PUNCT
faba-307	249	54	da	da	PROPN
faba-307	249	55	/	/	SYM
faba-307	249	56	ebitda	ebitda	NOUN
faba-307	249	57	rir	rir	NOUN
faba-307	249	58	(	(	PUNCT
faba-307	249	59	%	%	NOUN
faba-307	249	60	of	of	ADP
faba-307	249	61	nopat	nopat	PROPN
faba-307	249	62	)	)	PUNCT
faba-307	249	63	reinvestment	reinvestment	NOUN
faba-307	249	64	/ebitda	/ebitda	PROPN
faba-307	249	65	wacc	wacc	PROPN
faba-307	250	1	g	g	PROPN
faba-307	250	2	roic	roic	ADJ
faba-307	250	3	k.1	k.1	PROPN
faba-307	250	4	k.2	k.2	X
faba-307	250	5	k.3	k.3	X
faba-307	250	6	k.4	k.4	X
faba-307	250	7	k.5	k.5	X
faba-307	250	8	k.6	k.6	X
faba-307	250	9	k.7	k.7	PROPN
faba-307	250	10	k.8	k.8	PROPN
faba-307	250	11	stage	stage	NOUN
faba-307	250	12	1	1	NUM
faba-307	250	13	–	–	PUNCT
faba-307	250	14	high	high	ADJ
faba-307	250	15	growth	growth	NOUN
faba-307	250	16	usa	usa	PROPN
faba-307	250	17	0,7929	0,7929	NOUN
faba-307	250	18	0,39	0,39	VERB
faba-307	251	1	51,54	51,54	NUM
faba-307	251	2	%	%	NOUN
faba-307	251	3	0,2493	0,2493	NOUN
faba-307	251	4	7,33	7,33	NUM
faba-307	251	5	%	%	NOUN
faba-307	251	6	7,19	7,19	NUM
faba-307	251	7	%	%	NOUN
faba-307	251	8	13,95	13,95	NUM
faba-307	251	9	%	%	NOUN
faba-307	251	10	europe	europe	PROPN
faba-307	251	11	0,6976	0,6976	NOUN
faba-307	251	12	0,37	0,37	NUM
faba-307	252	1	47,61	47,61	NUM
faba-307	252	2	%	%	NOUN
faba-307	252	3	0,2092	0,2092	PROPN
faba-307	252	4	7,29	7,29	NUM
faba-307	252	5	%	%	NOUN
faba-307	252	6	5,27	5,27	NUM
faba-307	252	7	%	%	NOUN
faba-307	252	8	11,07	11,07	NUM
faba-307	252	9	%	%	NOUN
faba-307	252	10	stage	stage	NOUN
faba-307	252	11	2	2	NUM
faba-307	252	12	–	–	PUNCT
faba-307	252	13	stable	stable	ADJ
faba-307	252	14	growth	growth	NOUN
faba-307	252	15	usa	usa	PROPN
faba-307	252	16	0,7929	0,7929	NOUN
faba-307	252	17	0,39	0,39	PUNCT
faba-307	253	1	52,00	52,00	NUM
faba-307	253	2	%	%	NOUN
faba-307	253	3	0,2515	0,2515	NOUN
faba-307	253	4	8,48	8,48	NUM
faba-307	253	5	%	%	NOUN
faba-307	253	6	4,42	4,42	NUM
faba-307	253	7	%	%	NOUN
faba-307	253	8	8,50	8,50	NUM
faba-307	253	9	%	%	NOUN
faba-307	253	10	europe	europe	PROPN
faba-307	253	11	0,6976	0,6976	NOUN
faba-307	253	12	0,37	0,37	NUM
faba-307	253	13	48,00	48,00	NUM
faba-307	253	14	%	%	NOUN
faba-307	253	15	0,2110	0,2110	PROPN
faba-307	253	16	8,66	8,66	NUM
faba-307	253	17	%	%	NOUN
faba-307	253	18	4,18	4,18	NUM
faba-307	253	19	%	%	NOUN
faba-307	253	20	8,70	8,70	NUM
faba-307	253	21	%	%	NOUN
faba-307	253	22	source	source	NOUN
faba-307	253	23	:	:	PUNCT
faba-307	253	24	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	253	25	,	,	PUNCT
faba-307	253	26	calculations	calculation	NOUN
faba-307	253	27	of	of	ADP
faba-307	253	28	the	the	DET
faba-307	253	29	author	author	NOUN
faba-307	253	30	comparative	comparative	ADJ
faba-307	253	31	analysis	analysis	NOUN
faba-307	253	32	of	of	ADP
faba-307	253	33	the	the	DET
faba-307	253	34	level	level	NOUN
faba-307	253	35	of	of	ADP
faba-307	253	36	actual	actual	ADJ
faba-307	253	37	ev	ev	ADJ
faba-307	253	38	/	/	SYM
faba-307	253	39	ebitda	ebitda	PROPN
faba-307	253	40	ratios	ratio	NOUN
faba-307	253	41	in	in	ADP
faba-307	253	42	terms	term	NOUN
faba-307	253	43	of	of	ADP
faba-307	253	44	fundamentals	fundamental	NOUN
faba-307	253	45	table	table	NOUN
faba-307	253	46	6	6	NUM
faba-307	253	47	illustrates	illustrate	VERB
faba-307	253	48	the	the	DET
faba-307	253	49	outputs	output	NOUN
faba-307	253	50	of	of	ADP
faba-307	253	51	the	the	DET
faba-307	253	52	application	application	NOUN
faba-307	253	53	of	of	ADP
faba-307	253	54	the	the	DET
faba-307	253	55	one	one	NUM
faba-307	253	56	-	-	PUNCT
faba-307	253	57	stage	stage	NOUN
faba-307	253	58	fundamental	fundamental	ADJ
faba-307	253	59	ev	ev	PROPN
faba-307	253	60	/	/	SYM
faba-307	253	61	ebitda	ebitda	PROPN
faba-307	253	62	model	model	NOUN
faba-307	253	63	for	for	ADP
faba-307	253	64	the	the	DET
faba-307	253	65	us	us	PROPN
faba-307	253	66	stock	stock	NOUN
faba-307	253	67	market	market	NOUN
faba-307	253	68	.	.	PUNCT
faba-307	254	1	the	the	DET
faba-307	254	2	derived	derive	VERB
faba-307	254	3	fundamental	fundamental	ADJ
faba-307	254	4	ev	ev	PROPN
faba-307	254	5	/	/	SYM
faba-307	254	6	ebitda	ebitda	NOUN
faba-307	254	7	ratio	ratio	NOUN
faba-307	254	8	,	,	PUNCT
faba-307	254	9	under	under	ADP
faba-307	254	10	the	the	DET
faba-307	254	11	projections	projection	NOUN
faba-307	254	12	shown	show	VERB
faba-307	254	13	in	in	ADP
faba-307	254	14	table	table	NOUN
faba-307	254	15	4	4	NUM
faba-307	254	16	,	,	PUNCT
faba-307	254	17	is	be	AUX
faba-307	254	18	18,17	18,17	ADJ
faba-307	254	19	.	.	PUNCT
faba-307	255	1	it	it	PRON
faba-307	255	2	is	be	AUX
faba-307	255	3	significantly	significantly	ADV
faba-307	255	4	skewed	skewed	ADJ
faba-307	255	5	upwards	upwards	ADV
faba-307	255	6	due	due	ADP
faba-307	255	7	to	to	ADP
faba-307	255	8	the	the	DET
faba-307	255	9	small	small	ADJ
faba-307	255	10	difference	difference	NOUN
faba-307	255	11	between	between	ADP
faba-307	255	12	wacc	wacc	PROPN
faba-307	255	13	and	and	CCONJ
faba-307	255	14	g	g	NOUN
faba-307	255	15	in	in	ADP
faba-307	255	16	the	the	DET
faba-307	255	17	denominator	denominator	NOUN
faba-307	255	18	.	.	PUNCT
faba-307	256	1	this	this	PRON
faba-307	256	2	is	be	AUX
faba-307	256	3	a	a	DET
faba-307	256	4	serious	serious	ADJ
faba-307	256	5	deficit	deficit	NOUN
faba-307	256	6	of	of	ADP
faba-307	256	7	the	the	DET
faba-307	256	8	one	one	NUM
faba-307	256	9	-	-	PUNCT
faba-307	256	10	stage	stage	NOUN
faba-307	256	11	model	model	NOUN
faba-307	256	12	.	.	PUNCT
faba-307	257	1	for	for	ADP
faba-307	257	2	example	example	NOUN
faba-307	257	3	,	,	PUNCT
faba-307	257	4	if	if	SCONJ
faba-307	257	5	the	the	DET
faba-307	257	6	period	period	NOUN
faba-307	257	7	-	-	PUNCT
faba-307	257	8	average	average	NOUN
faba-307	257	9	wacc	wacc	NOUN
faba-307	257	10	of	of	ADP
faba-307	257	11	7,33	7,33	NUM
faba-307	257	12	%	%	NOUN
faba-307	257	13	were	be	AUX
faba-307	257	14	used	use	VERB
faba-307	257	15	,	,	PUNCT
faba-307	257	16	the	the	DET
faba-307	257	17	result	result	NOUN
faba-307	257	18	would	would	AUX
faba-307	257	19	be	be	AUX
faba-307	257	20	even	even	ADV
faba-307	257	21	much	much	ADV
faba-307	257	22	higher	high	ADJ
faba-307	257	23	–	–	PUNCT
faba-307	257	24	167,41	167,41	NUM
faba-307	257	25	.	.	PUNCT
faba-307	257	26	table	table	NOUN
faba-307	257	27	6	6	NUM
faba-307	257	28	.	.	PUNCT
faba-307	257	29	fundamental	fundamental	ADJ
faba-307	257	30	ev	ev	PROPN
faba-307	257	31	/	/	SYM
faba-307	257	32	ebitda	ebitda	PROPN
faba-307	257	33	ratio	ratio	NOUN
faba-307	257	34	for	for	ADP
faba-307	257	35	usa	usa	PROPN
faba-307	257	36	(	(	PUNCT
faba-307	257	37	one	one	NUM
faba-307	257	38	-	-	PUNCT
faba-307	257	39	stage	stage	NOUN
faba-307	257	40	model	model	NOUN
faba-307	257	41	)	)	PUNCT
faba-307	257	42	source	source	NOUN
faba-307	257	43	:	:	PUNCT
faba-307	257	44	calculations	calculation	NOUN
faba-307	257	45	of	of	ADP
faba-307	257	46	the	the	DET
faba-307	257	47	author	author	NOUN
faba-307	257	48	values	value	NOUN
faba-307	257	49	of	of	ADP
faba-307	257	50	3,6	3,6	NUM
faba-307	257	51	%	%	NOUN
faba-307	257	52	4,3	4,3	NUM
faba-307	257	53	%	%	NOUN
faba-307	257	54	5,0	5,0	NUM
faba-307	257	55	%	%	NOUN
faba-307	257	56	5,8	5,8	NUM
faba-307	257	57	%	%	NOUN
faba-307	257	58	6,5	6,5	NUM
faba-307	257	59	%	%	NOUN
faba-307	257	60	7,2	7,2	NUM
faba-307	257	61	%	%	NOUN
faba-307	257	62	7,9	7,9	NUM
faba-307	257	63	%	%	NOUN
faba-307	257	64	8,6	8,6	NUM
faba-307	257	65	%	%	NOUN
faba-307	257	66	9,3	9,3	NUM
faba-307	257	67	%	%	NOUN
faba-307	257	68	10,1	10,1	NUM
faba-307	257	69	%	%	NOUN
faba-307	257	70	10,8	10,8	NUM
faba-307	257	71	%	%	NOUN
faba-307	257	72	wacc	wacc	PROPN
faba-307	257	73	ev	ev	PROPN
faba-307	257	74	/	/	SYM
faba-307	257	75	ebitda	ebitda	PROPN
faba-307	257	76	ev	ev	PROPN
faba-307	257	77	/	/	SYM
faba-307	257	78	ebitda	ebitda	PROPN
faba-307	257	79	ev	ev	PROPN
faba-307	257	80	/	/	SYM
faba-307	257	81	ebitda	ebitda	PROPN
faba-307	257	82	ev	ev	PROPN
faba-307	257	83	/	/	SYM
faba-307	257	84	ebitda	ebitda	NOUN
faba-307	257	85	4,2	4,2	NUM
faba-307	257	86	%	%	NOUN
faba-307	257	87	36,34	36,34	NUM
faba-307	257	88	-316,73	-316,73	NOUN
faba-307	257	89	-29,56	-29,56	NOUN
faba-307	257	90	-15,50	-15,50	NOUN
faba-307	257	91	-10,51	-10,51	PUNCT
faba-307	258	1	-7,95	-7,95	PROPN
faba-307	258	2	-6,39	-6,39	PROPN
faba-307	258	3	-5,34	-5,34	PROPN
faba-307	259	1	-4,59	-4,59	INTJ
faba-307	259	2	-4,02	-4,02	PROPN
faba-307	259	3	-3,58	-3,58	PUNCT
faba-307	259	4	5,1	5,1	NUM
faba-307	259	5	%	%	NOUN
faba-307	259	6	15,70	15,70	NOUN
faba-307	259	7	30,28	30,28	NUM
faba-307	259	8	426,15	426,15	NUM
faba-307	259	9	-35,30	-35,30	NOUN
faba-307	259	10	-16,95	-16,95	PUNCT
faba-307	259	11	-11,15	-11,15	PUNCT
faba-307	259	12	-8,31	-8,31	PUNCT
faba-307	260	1	-6,62	-6,62	NOUN
faba-307	260	2	-5,50	-5,50	INTJ
faba-307	260	3	-4,71	-4,71	PROPN
faba-307	260	4	-4,11	-4,11	PROPN
faba-307	260	5	5,9	5,9	NUM
faba-307	260	6	%	%	NOUN
faba-307	260	7	10,01	10,01	NUM
faba-307	260	8	14,45	14,45	NUM
faba-307	260	9	25,96	25,96	NUM
faba-307	260	10	127,38	127,38	NOUN
faba-307	260	11	-43,81	-43,81	X
faba-307	260	12	-18,69	-18,69	NOUN
faba-307	260	13	-11,88	-11,88	X
faba-307	260	14	-8,71	-8,71	PUNCT
faba-307	260	15	-6,87	-6,87	ADP
faba-307	260	16	-5,68	-5,68	PUNCT
faba-307	260	17	-4,83	-4,83	NUM
faba-307	260	18	6,8	6,8	NUM
faba-307	260	19	%	%	NOUN
faba-307	261	1	7,35	7,35	NUM
faba-307	261	2	9,49	9,49	NUM
faba-307	261	3	13,39	13,39	NUM
faba-307	261	4	22,71	22,71	NUM
faba-307	261	5	74,88	74,88	PROPN
faba-307	261	6	-57,73	-57,73	NUM
faba-307	261	7	-20,83	-20,83	PUNCT
faba-307	261	8	-12,71	-12,71	PUNCT
faba-307	261	9	-9,14	-9,14	PUNCT
faba-307	261	10	-7,14	-7,14	ADP
faba-307	261	11	-5,86	-5,86	PUNCT
faba-307	261	12	7,6	7,6	NUM
faba-307	261	13	%	%	NOUN
faba-307	261	14	5,81	5,81	NUM
faba-307	261	15	7,06	7,06	NUM
faba-307	261	16	9,02	9,02	NUM
faba-307	261	17	12,47	12,47	NUM
faba-307	261	18	20,19	20,19	NUM
faba-307	261	19	53,03	53,03	NUM
faba-307	261	20	-84,61	-84,61	SYM
faba-307	261	21	-23,53	-23,53	NUM
faba-307	261	22	-13,67	-13,67	SYM
faba-307	261	23	-9,63	-9,63	PUNCT
faba-307	261	24	-7,43	-7,43	PUNCT
faba-307	261	25	8,5	8,5	NUM
faba-307	261	26	%	%	NOUN
faba-307	261	27	4,80	4,80	NUM
faba-307	261	28	5,63	5,63	ADJ
faba-307	261	29	6,80	6,80	NOUN
faba-307	261	30	8,59	8,59	NUM
faba-307	261	31	11,67	11,67	NUM
faba-307	261	32	18,17	18,17	NUM
faba-307	261	33	41,05	41,05	NOUN
faba-307	261	34	-158,36	-158,36	NUM
faba-307	261	35	-27,03	-27,03	PRON
faba-307	261	36	-14,78	-14,78	ADJ
faba-307	261	37	-10,17	-10,17	NUM
faba-307	261	38	9,3	9,3	NUM
faba-307	261	39	%	%	NOUN
faba-307	261	40	4,09	4,09	NUM
faba-307	261	41	4,67	4,67	NUM
faba-307	262	1	5,46	5,46	NUM
faba-307	262	2	6,55	6,55	NUM
faba-307	262	3	8,20	8,20	NUM
faba-307	262	4	10,96	10,96	NUM
faba-307	263	1	16,52	16,52	NUM
faba-307	263	2	33,48	33,48	NUM
faba-307	263	3	-1	-1	SYM
faba-307	263	4	234	234	NUM
faba-307	263	5	-31,76	-31,76	X
faba-307	263	6	-16,09	-16,09	PUNCT
faba-307	263	7	10,2	10,2	NUM
faba-307	263	8	%	%	NOUN
faba-307	263	9	3,56	3,56	NOUN
faba-307	263	10	4,00	4,00	NUM
faba-307	263	11	4,56	4,56	NUM
faba-307	264	1	5,30	5,30	NUM
faba-307	264	2	6,33	6,33	NUM
faba-307	265	1	7,85	7,85	NOUN
faba-307	265	2	10,34	10,34	NUM
faba-307	265	3	15,14	15,14	NUM
faba-307	265	4	28,27	28,27	NUM
faba-307	265	5	213,07	213,07	NUM
faba-307	265	6	-38,49	-38,49	PUNCT
faba-307	266	1	11,0	11,0	NUM
faba-307	266	2	%	%	NOUN
faba-307	266	3	3,15	3,15	NUM
faba-307	266	4	3,49	3,49	NUM
faba-307	266	5	3,91	3,91	NUM
faba-307	266	6	4,45	4,45	NUM
faba-307	266	7	5,15	5,15	NUM
faba-307	266	8	6,11	6,11	NOUN
faba-307	266	9	7,52	7,52	NUM
faba-307	266	10	9,78	9,78	NUM
faba-307	266	11	13,98	13,98	NOUN
faba-307	266	12	24,47	24,47	NUM
faba-307	266	13	98,07	98,07	NOUN
faba-307	266	14	11,9	11,9	NUM
faba-307	266	15	%	%	NOUN
faba-307	266	16	2,83	2,83	PROPN
faba-307	266	17	3,10	3,10	NUM
faba-307	266	18	3,43	3,43	NUM
faba-307	266	19	3,83	3,83	NUM
faba-307	266	20	4,34	4,34	NUM
faba-307	266	21	5,01	5,01	NUM
faba-307	266	22	5,91	5,91	NUM
faba-307	266	23	7,23	7,23	NOUN
faba-307	266	24	9,28	9,28	NUM
faba-307	266	25	12,98	12,98	NOUN
faba-307	266	26	21,56	21,56	NOUN
faba-307	266	27	12,7	12,7	NUM
faba-307	266	28	%	%	NOUN
faba-307	266	29	2,57	2,57	NUM
faba-307	266	30	2,79	2,79	NUM
faba-307	266	31	3,05	3,05	NUM
faba-307	266	32	3,36	3,36	NUM
faba-307	266	33	3,75	3,75	NUM
faba-307	266	34	4,24	4,24	NUM
faba-307	266	35	4,87	4,87	NOUN
faba-307	266	36	5,73	5,73	NUM
faba-307	266	37	6,95	6,95	NUM
faba-307	266	38	8,83	8,83	NUM
faba-307	266	39	12,11	12,11	NUM
faba-307	266	40	values	value	NOUN
faba-307	266	41	of	of	ADP
faba-307	266	42	expected	expect	VERB
faba-307	266	43	growth	growth	NOUN
faba-307	266	44	rate	rate	NOUN
faba-307	266	45	(	(	PUNCT
faba-307	266	46	g	g	NOUN
faba-307	266	47	)	)	PUNCT
faba-307	266	48	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	266	49	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	266	50	dimiter	dimiter	NOUN
faba-307	266	51	nenkov/	nenkov/	NUM
faba-307	266	52	finance	finance	NOUN
faba-307	266	53	,	,	PUNCT
faba-307	266	54	accounting	accounting	NOUN
faba-307	266	55	and	and	CCONJ
faba-307	266	56	business	business	NOUN
faba-307	266	57	analysis	analysis	NOUN
faba-307	266	58	,	,	PUNCT
faba-307	266	59	volume	volume	NOUN
faba-307	266	60	7	7	NUM
faba-307	266	61	,	,	PUNCT
faba-307	266	62	issue	issue	NOUN
faba-307	266	63	2	2	NUM
faba-307	266	64	,	,	PUNCT
faba-307	266	65	2025	2025	NUM
faba-307	266	66	232	232	NUM
faba-307	266	67	the	the	DET
faba-307	266	68	electronic	electronic	ADJ
faba-307	266	69	model	model	NOUN
faba-307	266	70	also	also	ADV
faba-307	266	71	gives	give	VERB
faba-307	266	72	the	the	DET
faba-307	266	73	opportunity	opportunity	NOUN
faba-307	266	74	to	to	PART
faba-307	266	75	illustrate	illustrate	VERB
faba-307	266	76	how	how	SCONJ
faba-307	266	77	this	this	DET
faba-307	266	78	fundamental	fundamental	ADJ
faba-307	266	79	ratio	ratio	NOUN
faba-307	266	80	changes	change	NOUN
faba-307	266	81	under	under	ADP
faba-307	266	82	different	different	ADJ
faba-307	266	83	combinations	combination	NOUN
faba-307	266	84	of	of	ADP
faba-307	266	85	expected	expect	VERB
faba-307	266	86	growth	growth	NOUN
faba-307	266	87	(	(	PUNCT
faba-307	266	88	g	g	NOUN
faba-307	266	89	)	)	PUNCT
faba-307	266	90	and	and	CCONJ
faba-307	266	91	cost	cost	NOUN
faba-307	266	92	of	of	ADP
faba-307	266	93	capital	capital	NOUN
faba-307	266	94	(	(	PUNCT
faba-307	266	95	wacc	wacc	PROPN
faba-307	266	96	)	)	PUNCT
faba-307	266	97	.	.	PUNCT
faba-307	267	1	the	the	DET
faba-307	267	2	results	result	NOUN
faba-307	267	3	are	be	AUX
faba-307	267	4	extremely	extremely	ADV
faba-307	267	5	sensitive	sensitive	ADJ
faba-307	267	6	to	to	ADP
faba-307	267	7	small	small	ADJ
faba-307	267	8	changes	change	NOUN
faba-307	267	9	in	in	ADP
faba-307	267	10	these	these	DET
faba-307	267	11	two	two	NUM
faba-307	267	12	input	input	NOUN
faba-307	267	13	variables	variable	NOUN
faba-307	267	14	.	.	PUNCT
faba-307	268	1	most	most	ADJ
faba-307	268	2	of	of	ADP
faba-307	268	3	the	the	DET
faba-307	268	4	ratios	ratio	NOUN
faba-307	268	5	in	in	ADP
faba-307	268	6	the	the	DET
faba-307	268	7	table	table	NOUN
faba-307	268	8	are	be	AUX
faba-307	268	9	economically	economically	ADV
faba-307	268	10	meaningless	meaningless	ADJ
faba-307	268	11	.	.	PUNCT
faba-307	269	1	the	the	DET
faba-307	269	2	abnormally	abnormally	ADV
faba-307	269	3	high	high	ADJ
faba-307	269	4	numbers	number	NOUN
faba-307	269	5	,	,	PUNCT
faba-307	269	6	as	as	ADV
faba-307	269	7	well	well	ADV
faba-307	269	8	as	as	ADP
faba-307	269	9	the	the	DET
faba-307	269	10	negative	negative	ADJ
faba-307	269	11	numbers	number	NOUN
faba-307	269	12	are	be	AUX
faba-307	269	13	the	the	DET
faba-307	269	14	result	result	NOUN
faba-307	269	15	of	of	ADP
faba-307	269	16	the	the	DET
faba-307	269	17	deficits	deficit	NOUN
faba-307	269	18	of	of	ADP
faba-307	269	19	the	the	DET
faba-307	269	20	model	model	NOUN
faba-307	269	21	.	.	PUNCT
faba-307	270	1	this	this	DET
faba-307	270	2	version	version	NOUN
faba-307	270	3	of	of	ADP
faba-307	270	4	the	the	DET
faba-307	270	5	model	model	NOUN
faba-307	270	6	can	can	AUX
faba-307	270	7	be	be	AUX
faba-307	270	8	very	very	ADV
faba-307	270	9	misleading	misleading	ADJ
faba-307	270	10	and	and	CCONJ
faba-307	270	11	is	be	AUX
faba-307	270	12	not	not	PART
faba-307	270	13	recommended	recommend	VERB
faba-307	270	14	for	for	ADP
faba-307	270	15	serious	serious	ADJ
faba-307	270	16	analyses	analysis	NOUN
faba-307	270	17	.	.	PUNCT
faba-307	271	1	this	this	DET
faba-307	271	2	deficit	deficit	NOUN
faba-307	271	3	of	of	ADP
faba-307	271	4	the	the	DET
faba-307	271	5	one	one	NUM
faba-307	271	6	-	-	PUNCT
faba-307	271	7	stage	stage	NOUN
faba-307	271	8	model	model	NOUN
faba-307	271	9	illustrates	illustrate	VERB
faba-307	271	10	how	how	SCONJ
faba-307	271	11	exaggerated	exaggerated	ADJ
faba-307	271	12	fundamental	fundamental	ADJ
faba-307	271	13	ev	ev	ADJ
faba-307	271	14	/	/	SYM
faba-307	271	15	ebitda	ebitda	NOUN
faba-307	271	16	ratios	ratio	NOUN
faba-307	271	17	can	can	AUX
faba-307	271	18	often	often	ADV
faba-307	271	19	be	be	AUX
faba-307	271	20	determined	determine	VERB
faba-307	271	21	and	and	CCONJ
faba-307	271	22	“	"	PUNCT
faba-307	271	23	justified	justify	VERB
faba-307	271	24	”	"	PUNCT
faba-307	271	25	.	.	PUNCT
faba-307	272	1	all	all	DET
faba-307	272	2	this	this	PRON
faba-307	272	3	is	be	AUX
faba-307	272	4	due	due	ADJ
faba-307	272	5	to	to	ADP
faba-307	272	6	the	the	DET
faba-307	272	7	inconsistent	inconsistent	ADJ
faba-307	272	8	assumption	assumption	NOUN
faba-307	272	9	in	in	ADP
faba-307	272	10	the	the	DET
faba-307	272	11	one	one	NUM
faba-307	272	12	-	-	PUNCT
faba-307	272	13	stage	stage	NOUN
faba-307	272	14	model	model	NOUN
faba-307	272	15	that	that	PRON
faba-307	272	16	current	current	ADJ
faba-307	272	17	high	high	ADJ
faba-307	272	18	growth	growth	NOUN
faba-307	272	19	will	will	AUX
faba-307	272	20	continue	continue	VERB
faba-307	272	21	until	until	ADP
faba-307	272	22	infinity	infinity	NOUN
faba-307	272	23	.	.	PUNCT
faba-307	273	1	the	the	DET
faba-307	273	2	fundamental	fundamental	ADJ
faba-307	273	3	ev	ev	PROPN
faba-307	273	4	/	/	SYM
faba-307	273	5	ebitda	ebitda	PROPN
faba-307	273	6	ratio	ratio	NOUN
faba-307	273	7	for	for	ADP
faba-307	273	8	europe	europe	PROPN
faba-307	273	9	under	under	ADP
faba-307	273	10	the	the	DET
faba-307	273	11	one	one	NUM
faba-307	273	12	-	-	PUNCT
faba-307	273	13	stage	stage	NOUN
faba-307	273	14	model	model	NOUN
faba-307	273	15	is	be	AUX
faba-307	273	16	much	much	ADV
faba-307	273	17	more	more	ADV
faba-307	273	18	modest	modest	ADJ
faba-307	273	19	–	–	PUNCT
faba-307	273	20	6,79	6,79	NUM
faba-307	273	21	(	(	PUNCT
faba-307	273	22	the	the	DET
faba-307	273	23	table	table	NOUN
faba-307	273	24	with	with	ADP
faba-307	273	25	results	result	NOUN
faba-307	273	26	for	for	ADP
faba-307	273	27	europe	europe	PROPN
faba-307	273	28	under	under	ADP
faba-307	273	29	the	the	DET
faba-307	273	30	one	one	NUM
faba-307	273	31	-	-	PUNCT
faba-307	273	32	stage	stage	NOUN
faba-307	273	33	model	model	NOUN
faba-307	273	34	is	be	AUX
faba-307	273	35	not	not	PART
faba-307	273	36	displayed	display	VERB
faba-307	273	37	)	)	PUNCT
faba-307	273	38	.	.	PUNCT
faba-307	274	1	it	it	PRON
faba-307	274	2	does	do	AUX
faba-307	274	3	not	not	PART
faba-307	274	4	seem	seem	VERB
faba-307	274	5	skewed	skewed	ADJ
faba-307	274	6	upwards	upward	NOUN
faba-307	274	7	,	,	PUNCT
faba-307	274	8	which	which	PRON
faba-307	274	9	can	can	AUX
faba-307	274	10	be	be	AUX
faba-307	274	11	explained	explain	VERB
faba-307	274	12	with	with	ADP
faba-307	274	13	the	the	DET
faba-307	274	14	fact	fact	NOUN
faba-307	274	15	that	that	SCONJ
faba-307	274	16	the	the	DET
faba-307	274	17	difference	difference	NOUN
faba-307	274	18	between	between	ADP
faba-307	274	19	wacc	wacc	PROPN
faba-307	274	20	(	(	PUNCT
faba-307	274	21	8,66	8,66	NUM
faba-307	274	22	%	%	NOUN
faba-307	274	23	)	)	PUNCT
faba-307	274	24	and	and	CCONJ
faba-307	274	25	g	g	PROPN
faba-307	274	26	(	(	PUNCT
faba-307	274	27	5,27	5,27	NUM
faba-307	274	28	%	%	NOUN
faba-307	274	29	)	)	PUNCT
faba-307	274	30	for	for	ADP
faba-307	274	31	europe	europe	PROPN
faba-307	274	32	is	be	AUX
faba-307	274	33	much	much	ADV
faba-307	274	34	more	more	ADV
faba-307	274	35	significant	significant	ADJ
faba-307	274	36	than	than	ADP
faba-307	274	37	that	that	PRON
faba-307	274	38	for	for	ADP
faba-307	274	39	the	the	DET
faba-307	274	40	usa	usa	PROPN
faba-307	274	41	.	.	PUNCT
faba-307	275	1	however	however	ADV
faba-307	275	2	,	,	PUNCT
faba-307	275	3	if	if	SCONJ
faba-307	275	4	we	we	PRON
faba-307	275	5	use	use	VERB
faba-307	275	6	the	the	DET
faba-307	275	7	lower	low	ADJ
faba-307	275	8	period	period	NOUN
faba-307	275	9	-	-	PUNCT
faba-307	275	10	average	average	NOUN
faba-307	275	11	wacc	wacc	NOUN
faba-307	275	12	of	of	ADP
faba-307	275	13	7,33	7,33	NUM
faba-307	275	14	%	%	NOUN
faba-307	275	15	,	,	PUNCT
faba-307	275	16	the	the	DET
faba-307	275	17	fundamental	fundamental	ADJ
faba-307	275	18	ev	ev	PROPN
faba-307	275	19	/	/	SYM
faba-307	275	20	ebitda	ebitda	PROPN
faba-307	275	21	would	would	AUX
faba-307	275	22	go	go	VERB
faba-307	275	23	up	up	ADV
faba-307	275	24	to	to	ADP
faba-307	275	25	11,40	11,40	NUM
faba-307	275	26	.	.	PUNCT
faba-307	276	1	the	the	DET
faba-307	276	2	two	two	NUM
faba-307	276	3	-	-	PUNCT
faba-307	276	4	stage	stage	NOUN
faba-307	276	5	model	model	NOUN
faba-307	276	6	reflects	reflect	VERB
faba-307	276	7	reality	reality	NOUN
faba-307	276	8	much	much	ADV
faba-307	276	9	better	well	ADV
faba-307	276	10	and	and	CCONJ
faba-307	276	11	overcomes	overcome	VERB
faba-307	276	12	the	the	DET
faba-307	276	13	above	above	ADJ
faba-307	276	14	deficits	deficit	NOUN
faba-307	276	15	of	of	ADP
faba-307	276	16	the	the	DET
faba-307	276	17	one	one	NUM
faba-307	276	18	-	-	PUNCT
faba-307	276	19	stage	stage	NOUN
faba-307	276	20	model	model	NOUN
faba-307	276	21	.	.	PUNCT
faba-307	277	1	this	this	PRON
faba-307	277	2	is	be	AUX
faba-307	277	3	why	why	SCONJ
faba-307	277	4	it	it	PRON
faba-307	277	5	is	be	AUX
faba-307	277	6	recommended	recommend	VERB
faba-307	277	7	as	as	ADP
faba-307	277	8	more	more	ADV
faba-307	277	9	reliable	reliable	ADJ
faba-307	277	10	.	.	PUNCT
faba-307	278	1	the	the	DET
faba-307	278	2	results	result	NOUN
faba-307	278	3	of	of	ADP
faba-307	278	4	the	the	DET
faba-307	278	5	two	two	NUM
faba-307	278	6	-	-	PUNCT
faba-307	278	7	stage	stage	NOUN
faba-307	278	8	model	model	NOUN
faba-307	278	9	for	for	ADP
faba-307	278	10	the	the	DET
faba-307	278	11	us	us	PROPN
faba-307	278	12	,	,	PUNCT
faba-307	278	13	demonstrated	demonstrate	VERB
faba-307	278	14	in	in	ADP
faba-307	278	15	table	table	NOUN
faba-307	278	16	7	7	NUM
faba-307	278	17	,	,	PUNCT
faba-307	278	18	look	look	VERB
faba-307	278	19	much	much	ADV
faba-307	278	20	more	more	ADV
faba-307	278	21	realistic	realistic	ADJ
faba-307	278	22	and	and	CCONJ
faba-307	278	23	meaningful	meaningful	ADJ
faba-307	278	24	.	.	PUNCT
faba-307	279	1	they	they	PRON
faba-307	279	2	are	be	AUX
faba-307	279	3	very	very	ADV
faba-307	279	4	weakly	weakly	ADV
faba-307	279	5	sensitive	sensitive	ADJ
faba-307	279	6	to	to	ADP
faba-307	279	7	changes	change	NOUN
faba-307	279	8	in	in	ADP
faba-307	279	9	the	the	DET
faba-307	279	10	combinations	combination	NOUN
faba-307	279	11	between	between	ADP
faba-307	279	12	wacc	wacc	PROPN
faba-307	279	13	and	and	CCONJ
faba-307	279	14	g.	g.	PROPN
faba-307	279	15	the	the	DET
faba-307	279	16	reason	reason	NOUN
faba-307	279	17	is	be	AUX
faba-307	279	18	that	that	SCONJ
faba-307	279	19	the	the	DET
faba-307	279	20	simulation	simulation	NOUN
faba-307	279	21	of	of	ADP
faba-307	279	22	combinations	combination	NOUN
faba-307	279	23	refers	refer	VERB
faba-307	279	24	only	only	ADV
faba-307	279	25	to	to	PART
faba-307	279	26	stage	stage	VERB
faba-307	279	27	1	1	NUM
faba-307	279	28	(	(	PUNCT
faba-307	279	29	the	the	DET
faba-307	279	30	high	high	ADJ
faba-307	279	31	-	-	PUNCT
faba-307	279	32	growth	growth	NOUN
faba-307	279	33	period	period	NOUN
faba-307	279	34	)	)	PUNCT
faba-307	279	35	.	.	PUNCT
faba-307	280	1	the	the	DET
faba-307	280	2	stage	stage	NOUN
faba-307	280	3	2	2	NUM
faba-307	280	4	(	(	PUNCT
faba-307	280	5	stable	stable	ADJ
faba-307	280	6	-	-	PUNCT
faba-307	280	7	growth	growth	NOUN
faba-307	280	8	period	period	NOUN
faba-307	280	9	)	)	PUNCT
faba-307	280	10	projections	projection	NOUN
faba-307	280	11	for	for	ADP
faba-307	280	12	all	all	DET
faba-307	280	13	input	input	NOUN
faba-307	280	14	variables	variable	NOUN
faba-307	280	15	are	be	AUX
faba-307	280	16	fixed	fix	VERB
faba-307	280	17	long	long	ADJ
faba-307	280	18	-	-	PUNCT
faba-307	280	19	term	term	NOUN
faba-307	280	20	averages	average	NOUN
faba-307	280	21	.	.	PUNCT
faba-307	281	1	the	the	DET
faba-307	281	2	stage	stage	NOUN
faba-307	281	3	2	2	NUM
faba-307	281	4	wacc	wacc	NOUN
faba-307	281	5	for	for	ADP
faba-307	281	6	us	us	PROPN
faba-307	281	7	market	market	NOUN
faba-307	281	8	is	be	AUX
faba-307	281	9	8,48	8,48	NUM
faba-307	281	10	%	%	NOUN
faba-307	281	11	,	,	PUNCT
faba-307	281	12	and	and	CCONJ
faba-307	281	13	the	the	DET
faba-307	281	14	forecasted	forecast	VERB
faba-307	281	15	growth	growth	NOUN
faba-307	281	16	rate	rate	NOUN
faba-307	281	17	(	(	PUNCT
faba-307	281	18	g	g	NOUN
faba-307	281	19	)	)	PUNCT
faba-307	281	20	is	be	AUX
faba-307	281	21	a	a	DET
faba-307	281	22	function	function	NOUN
faba-307	281	23	of	of	ADP
faba-307	281	24	a	a	DET
faba-307	281	25	neutral	neutral	ADJ
faba-307	281	26	rir	rir	NOUN
faba-307	281	27	–	–	PUNCT
faba-307	281	28	at	at	ADP
faba-307	281	29	52	52	NUM
faba-307	281	30	%	%	NOUN
faba-307	281	31	,	,	PUNCT
faba-307	281	32	and	and	CCONJ
faba-307	281	33	roic	roic	ADJ
faba-307	281	34	,	,	PUNCT
faba-307	281	35	which	which	PRON
faba-307	281	36	is	be	AUX
faba-307	281	37	about	about	ADV
faba-307	281	38	equal	equal	ADJ
faba-307	281	39	to	to	ADP
faba-307	281	40	the	the	DET
faba-307	281	41	forecasted	forecast	VERB
faba-307	281	42	wacc	wacc	PROPN
faba-307	281	43	.	.	PUNCT
faba-307	282	1	the	the	DET
faba-307	282	2	resulting	result	VERB
faba-307	282	3	g	g	NOUN
faba-307	282	4	of	of	ADP
faba-307	282	5	4,42	4,42	NUM
faba-307	282	6	%	%	NOUN
faba-307	282	7	is	be	AUX
faba-307	282	8	quite	quite	ADV
faba-307	282	9	moderate	moderate	ADJ
faba-307	282	10	and	and	CCONJ
faba-307	282	11	realistic	realistic	ADJ
faba-307	282	12	for	for	ADP
faba-307	282	13	the	the	DET
faba-307	282	14	stable	stable	ADJ
faba-307	282	15	growth	growth	NOUN
faba-307	282	16	period	period	NOUN
faba-307	282	17	.	.	PUNCT
faba-307	283	1	table	table	NOUN
faba-307	283	2	7	7	NUM
faba-307	283	3	.	.	PUNCT
faba-307	283	4	fundamental	fundamental	ADJ
faba-307	283	5	ev	ev	PROPN
faba-307	283	6	/	/	SYM
faba-307	283	7	ebitda	ebitda	PROPN
faba-307	283	8	ratio	ratio	NOUN
faba-307	283	9	for	for	ADP
faba-307	283	10	usa	usa	PROPN
faba-307	283	11	(	(	PUNCT
faba-307	283	12	two	two	NUM
faba-307	283	13	-	-	PUNCT
faba-307	283	14	stage	stage	NOUN
faba-307	283	15	model	model	NOUN
faba-307	283	16	)	)	PUNCT
faba-307	283	17	source	source	NOUN
faba-307	283	18	:	:	PUNCT
faba-307	283	19	calculations	calculation	NOUN
faba-307	283	20	of	of	ADP
faba-307	283	21	the	the	DET
faba-307	283	22	author	author	NOUN
faba-307	283	23	there	there	PRON
faba-307	283	24	are	be	VERB
faba-307	283	25	a	a	DET
faba-307	283	26	number	number	NOUN
faba-307	283	27	of	of	ADP
faba-307	283	28	companies	company	NOUN
faba-307	283	29	that	that	PRON
faba-307	283	30	have	have	AUX
faba-307	283	31	been	be	AUX
faba-307	283	32	outperforming	outperform	VERB
faba-307	283	33	the	the	DET
faba-307	283	34	market	market	NOUN
faba-307	283	35	for	for	ADP
faba-307	283	36	decades	decade	NOUN
faba-307	283	37	.	.	PUNCT
faba-307	284	1	it	it	PRON
faba-307	284	2	makes	make	VERB
faba-307	284	3	sense	sense	NOUN
faba-307	284	4	to	to	PART
faba-307	284	5	forecast	forecast	VERB
faba-307	284	6	higher	high	ADJ
faba-307	284	7	roic	roic	ADJ
faba-307	284	8	and	and	CCONJ
faba-307	284	9	g	g	NOUN
faba-307	284	10	than	than	ADP
faba-307	284	11	average	average	ADJ
faba-307	284	12	when	when	SCONJ
faba-307	284	13	making	make	VERB
faba-307	284	14	projections	projection	NOUN
faba-307	284	15	for	for	ADP
faba-307	284	16	such	such	ADJ
faba-307	284	17	outperforming	outperform	VERB
faba-307	284	18	companies	company	NOUN
faba-307	284	19	for	for	ADP
faba-307	284	20	a	a	DET
faba-307	284	21	relatively	relatively	ADV
faba-307	284	22	longer	long	ADJ
faba-307	284	23	period	period	NOUN
faba-307	284	24	.	.	PUNCT
faba-307	285	1	however	however	ADV
faba-307	285	2	,	,	PUNCT
faba-307	285	3	it	it	PRON
faba-307	285	4	does	do	AUX
faba-307	285	5	n’t	not	PART
faba-307	285	6	make	make	VERB
faba-307	285	7	sense	sense	NOUN
faba-307	285	8	to	to	PART
faba-307	285	9	project	project	VERB
faba-307	285	10	that	that	SCONJ
faba-307	285	11	the	the	DET
faba-307	285	12	market	market	NOUN
faba-307	285	13	as	as	ADP
faba-307	285	14	a	a	DET
faba-307	285	15	whole	whole	NOUN
faba-307	285	16	will	will	AUX
faba-307	285	17	outperform	outperform	VERB
faba-307	285	18	itself	itself	PRON
faba-307	285	19	in	in	ADP
faba-307	285	20	the	the	DET
faba-307	285	21	long	long	ADJ
faba-307	285	22	run	run	NOUN
faba-307	285	23	.	.	PUNCT
faba-307	286	1	finally	finally	ADV
faba-307	286	2	,	,	PUNCT
faba-307	286	3	consistent	consistent	ADJ
faba-307	286	4	and	and	CCONJ
faba-307	286	5	meaningful	meaningful	ADJ
faba-307	286	6	forecasts	forecast	NOUN
faba-307	286	7	for	for	ADP
faba-307	286	8	the	the	DET
faba-307	286	9	market	market	NOUN
faba-307	286	10	as	as	ADP
faba-307	286	11	a	a	DET
faba-307	286	12	whole	whole	NOUN
faba-307	286	13	should	should	AUX
faba-307	286	14	assume	assume	VERB
faba-307	286	15	that	that	SCONJ
faba-307	286	16	the	the	DET
faba-307	286	17	return	return	NOUN
faba-307	286	18	on	on	ADP
faba-307	286	19	capital	capital	NOUN
faba-307	286	20	and	and	CCONJ
faba-307	286	21	the	the	DET
faba-307	286	22	cost	cost	NOUN
faba-307	286	23	of	of	ADP
faba-307	286	24	capital	capital	NOUN
faba-307	286	25	overlap	overlap	NOUN
faba-307	286	26	over	over	ADP
faba-307	286	27	in	in	ADP
faba-307	286	28	the	the	DET
faba-307	286	29	long	long	ADJ
faba-307	286	30	term	term	NOUN
faba-307	286	31	.	.	PUNCT
faba-307	287	1	this	this	PRON
faba-307	287	2	is	be	AUX
faba-307	287	3	why	why	SCONJ
faba-307	287	4	the	the	DET
faba-307	287	5	forecasted	forecast	VERB
faba-307	287	6	roic	roic	ADJ
faba-307	287	7	after	after	ADP
faba-307	287	8	year	year	NOUN
faba-307	287	9	5	5	NUM
faba-307	287	10	–	–	PUNCT
faba-307	287	11	during	during	ADP
faba-307	287	12	the	the	DET
faba-307	287	13	stable	stable	ADJ
faba-307	287	14	growth	growth	NOUN
faba-307	287	15	period	period	NOUN
faba-307	287	16	,	,	PUNCT
faba-307	287	17	is	be	AUX
faba-307	287	18	set	set	VERB
faba-307	287	19	to	to	PART
faba-307	287	20	be	be	AUX
faba-307	287	21	about	about	ADV
faba-307	287	22	equal	equal	ADJ
faba-307	287	23	to	to	ADP
faba-307	287	24	the	the	DET
faba-307	287	25	projected	project	VERB
faba-307	287	26	longterm	longterm	NOUN
faba-307	287	27	cost	cost	NOUN
faba-307	287	28	of	of	ADP
faba-307	287	29	equity	equity	NOUN
faba-307	287	30	(	(	PUNCT
faba-307	287	31	wacc	wacc	PROPN
faba-307	287	32	)	)	PUNCT
faba-307	287	33	.	.	PUNCT
faba-307	288	1	this	this	PRON
faba-307	288	2	is	be	AUX
faba-307	288	3	the	the	DET
faba-307	288	4	most	most	ADV
faba-307	288	5	realistic	realistic	ADJ
faba-307	288	6	assumption	assumption	NOUN
faba-307	288	7	.	.	PUNCT
faba-307	289	1	thus	thus	ADV
faba-307	289	2	,	,	PUNCT
faba-307	289	3	the	the	DET
faba-307	289	4	fundamental	fundamental	ADJ
faba-307	289	5	ev	ev	PROPN
faba-307	289	6	/	/	SYM
faba-307	289	7	ebitda	ebitda	PROPN
faba-307	289	8	from	from	ADP
faba-307	289	9	the	the	DET
faba-307	289	10	two	two	NUM
faba-307	289	11	-	-	PUNCT
faba-307	289	12	stage	stage	NOUN
faba-307	289	13	model	model	NOUN
faba-307	289	14	for	for	ADP
faba-307	289	15	the	the	DET
faba-307	289	16	us	us	PROPN
faba-307	289	17	is	be	AUX
faba-307	289	18	7,02	7,02	ADJ
faba-307	289	19	.	.	PUNCT
faba-307	289	20	table	table	NOUN
faba-307	289	21	8	8	NUM
faba-307	289	22	illustrates	illustrate	VERB
faba-307	289	23	the	the	DET
faba-307	289	24	results	result	NOUN
faba-307	289	25	of	of	ADP
faba-307	289	26	the	the	DET
faba-307	289	27	two	two	NUM
faba-307	289	28	-	-	PUNCT
faba-307	289	29	stage	stage	NOUN
faba-307	289	30	model	model	NOUN
faba-307	289	31	for	for	ADP
faba-307	289	32	europe	europe	PROPN
faba-307	289	33	.	.	PUNCT
faba-307	290	1	for	for	ADP
faba-307	290	2	stage	stage	NOUN
faba-307	290	3	1	1	NUM
faba-307	290	4	,	,	PUNCT
faba-307	290	5	the	the	DET
faba-307	290	6	basic	basic	ADJ
faba-307	290	7	wacc	wacc	PROPN
faba-307	290	8	is	be	AUX
faba-307	290	9	7,29	7,29	NUM
faba-307	290	10	%	%	NOUN
faba-307	290	11	,	,	PUNCT
faba-307	290	12	the	the	DET
faba-307	290	13	basic	basic	ADJ
faba-307	290	14	g	g	NOUN
faba-307	290	15	is	be	AUX
faba-307	290	16	5,27	5,27	NUM
faba-307	290	17	%	%	NOUN
faba-307	290	18	,	,	PUNCT
faba-307	290	19	and	and	CCONJ
faba-307	290	20	there	there	PRON
faba-307	290	21	are	be	VERB
faba-307	290	22	a	a	DET
faba-307	290	23	number	number	NOUN
faba-307	290	24	of	of	ADP
faba-307	290	25	other	other	ADJ
faba-307	290	26	combinations	combination	NOUN
faba-307	290	27	between	between	ADP
faba-307	290	28	them	they	PRON
faba-307	290	29	.	.	PUNCT
faba-307	291	1	roic	roic	ADJ
faba-307	291	2	is	be	AUX
faba-307	291	3	the	the	DET
faba-307	291	4	average	average	NOUN
faba-307	291	5	of	of	ADP
faba-307	291	6	11,07	11,07	NUM
faba-307	291	7	%	%	NOUN
faba-307	291	8	,	,	PUNCT
faba-307	291	9	rir	rir	PROPN
faba-307	291	10	is	be	AUX
faba-307	291	11	47,61	47,61	NUM
faba-307	291	12	%	%	NOUN
faba-307	291	13	.	.	PUNCT
faba-307	292	1	for	for	ADP
faba-307	292	2	stage	stage	NOUN
faba-307	292	3	2	2	NUM
faba-307	292	4	,	,	PUNCT
faba-307	292	5	wacc	wacc	PROPN
faba-307	292	6	is	be	AUX
faba-307	292	7	fixed	fix	VERB
faba-307	292	8	at	at	ADP
faba-307	292	9	the	the	DET
faba-307	292	10	level	level	NOUN
faba-307	292	11	of	of	ADP
faba-307	292	12	2024	2024	NUM
faba-307	292	13	–	–	PUNCT
faba-307	292	14	8,66	8,66	NUM
faba-307	292	15	%	%	NOUN
faba-307	292	16	,	,	PUNCT
faba-307	292	17	roic	roic	ADJ
faba-307	292	18	is	be	AUX
faba-307	292	19	8,70	8,70	NUM
faba-307	292	20	%	%	NOUN
faba-307	292	21	,	,	PUNCT
faba-307	292	22	fixed	fix	VERB
faba-307	292	23	to	to	PART
faba-307	292	24	be	be	AUX
faba-307	292	25	about	about	ADV
faba-307	292	26	equal	equal	ADJ
faba-307	292	27	to	to	ADP
faba-307	292	28	wacc	wacc	PROPN
faba-307	292	29	,	,	PUNCT
faba-307	292	30	rir	rir	PROPN
faba-307	292	31	is	be	AUX
faba-307	292	32	neutral	neutral	ADJ
faba-307	292	33	–	–	PUNCT
faba-307	292	34	at	at	ADP
faba-307	292	35	48	48	NUM
faba-307	292	36	%	%	NOUN
faba-307	292	37	,	,	PUNCT
faba-307	292	38	and	and	CCONJ
faba-307	292	39	the	the	DET
faba-307	292	40	resulting	result	VERB
faba-307	292	41	growth	growth	NOUN
faba-307	292	42	rate	rate	NOUN
faba-307	292	43	(	(	PUNCT
faba-307	292	44	g	g	NOUN
faba-307	292	45	)	)	PUNCT
faba-307	292	46	is	be	AUX
faba-307	292	47	4,18	4,18	NUM
faba-307	292	48	%	%	NOUN
faba-307	292	49	.	.	PUNCT
faba-307	293	1	thus	thus	ADV
faba-307	293	2	,	,	PUNCT
faba-307	293	3	the	the	DET
faba-307	293	4	fundamental	fundamental	ADJ
faba-307	293	5	ev	ev	PROPN
faba-307	293	6	/	/	SYM
faba-307	293	7	ebitda	ebitda	PROPN
faba-307	293	8	from	from	ADP
faba-307	293	9	the	the	DET
faba-307	293	10	two	two	NUM
faba-307	293	11	-	-	PUNCT
faba-307	293	12	stage	stage	NOUN
faba-307	293	13	model	model	NOUN
faba-307	293	14	for	for	ADP
faba-307	293	15	europe	europe	PROPN
faba-307	293	16	is	be	AUX
faba-307	293	17	5,87	5,87	NUM
faba-307	293	18	.	.	PUNCT
faba-307	294	1	this	this	DET
faba-307	294	2	ratio	ratio	NOUN
faba-307	294	3	is	be	AUX
faba-307	294	4	logically	logically	ADV
faba-307	294	5	lower	low	ADJ
faba-307	294	6	than	than	ADP
faba-307	294	7	that	that	PRON
faba-307	294	8	for	for	ADP
faba-307	294	9	the	the	DET
faba-307	294	10	us	us	PROPN
faba-307	294	11	,	,	PUNCT
faba-307	294	12	mainly	mainly	ADV
faba-307	294	13	because	because	SCONJ
faba-307	294	14	of	of	ADP
faba-307	294	15	the	the	DET
faba-307	294	16	lower	low	ADJ
faba-307	294	17	expected	expect	VERB
faba-307	294	18	growth	growth	NOUN
faba-307	294	19	rate	rate	NOUN
faba-307	294	20	,	,	PUNCT
faba-307	294	21	as	as	ADV
faba-307	294	22	well	well	ADV
faba-307	294	23	as	as	ADP
faba-307	294	24	the	the	DET
faba-307	294	25	higher	high	ADJ
faba-307	294	26	average	average	ADJ
faba-307	294	27	tax	tax	NOUN
faba-307	294	28	rate	rate	NOUN
faba-307	294	29	.	.	PUNCT
faba-307	295	1	values	value	NOUN
faba-307	295	2	of	of	ADP
faba-307	295	3	3,6	3,6	NUM
faba-307	295	4	%	%	NOUN
faba-307	295	5	4,3	4,3	NUM
faba-307	295	6	%	%	NOUN
faba-307	295	7	5,0	5,0	NUM
faba-307	295	8	%	%	NOUN
faba-307	295	9	5,8	5,8	NUM
faba-307	295	10	%	%	NOUN
faba-307	295	11	6,5	6,5	NUM
faba-307	295	12	%	%	NOUN
faba-307	295	13	7,2	7,2	NUM
faba-307	295	14	%	%	NOUN
faba-307	295	15	7,9	7,9	NUM
faba-307	295	16	%	%	NOUN
faba-307	295	17	8,6	8,6	NUM
faba-307	295	18	%	%	NOUN
faba-307	295	19	9,3	9,3	NUM
faba-307	295	20	%	%	NOUN
faba-307	295	21	10,1	10,1	NUM
faba-307	295	22	%	%	NOUN
faba-307	295	23	10,8	10,8	NUM
faba-307	295	24	%	%	NOUN
faba-307	295	25	wacc	wacc	NOUN
faba-307	295	26	stage	stage	NOUN
faba-307	295	27	1	1	NUM
faba-307	295	28	ev	ev	NOUN
faba-307	295	29	/	/	SYM
faba-307	295	30	ebitda	ebitda	PROPN
faba-307	295	31	ev	ev	PROPN
faba-307	295	32	/	/	SYM
faba-307	295	33	ebitda	ebitda	PROPN
faba-307	295	34	ev	ev	PROPN
faba-307	295	35	/	/	SYM
faba-307	295	36	ebitda	ebitda	PROPN
faba-307	295	37	ev	ev	PROPN
faba-307	295	38	/	/	SYM
faba-307	295	39	ebitda	ebitda	NOUN
faba-307	295	40	3,7	3,7	NUM
faba-307	295	41	%	%	NOUN
faba-307	295	42	7,08	7,08	NOUN
faba-307	296	1	7,30	7,30	NUM
faba-307	297	1	7,54	7,54	NUM
faba-307	298	1	7,77	7,77	NUM
faba-307	298	2	8,02	8,02	NUM
faba-307	298	3	8,27	8,27	NUM
faba-307	298	4	8,52	8,52	NUM
faba-307	298	5	8,79	8,79	NUM
faba-307	298	6	9,06	9,06	NUM
faba-307	299	1	9,34	9,34	NUM
faba-307	299	2	9,62	9,62	NUM
faba-307	300	1	4,4	4,4	NUM
faba-307	300	2	%	%	NOUN
faba-307	300	3	6,85	6,85	NUM
faba-307	300	4	7,07	7,07	NOUN
faba-307	300	5	7,29	7,29	NOUN
faba-307	300	6	7,52	7,52	NOUN
faba-307	301	1	7,76	7,76	NUM
faba-307	301	2	8,00	8,00	NOUN
faba-307	301	3	8,25	8,25	NUM
faba-307	301	4	8,50	8,50	NUM
faba-307	301	5	8,76	8,76	NUM
faba-307	302	1	9,03	9,03	NUM
faba-307	302	2	9,30	9,30	NUM
faba-307	303	1	5,1	5,1	NUM
faba-307	303	2	%	%	NOUN
faba-307	303	3	6,63	6,63	NUM
faba-307	303	4	6,84	6,84	NOUN
faba-307	303	5	7,06	7,06	NUM
faba-307	303	6	7,28	7,28	NOUN
faba-307	303	7	7,50	7,50	NUM
faba-307	303	8	7,74	7,74	NUM
faba-307	303	9	7,98	7,98	NUM
faba-307	303	10	8,22	8,22	NUM
faba-307	303	11	8,48	8,48	NUM
faba-307	303	12	8,73	8,73	NOUN
faba-307	303	13	9,00	9,00	NOUN
faba-307	303	14	5,9	5,9	NUM
faba-307	303	15	%	%	NOUN
faba-307	303	16	6,42	6,42	NOUN
faba-307	303	17	6,62	6,62	NOUN
faba-307	303	18	6,83	6,83	NOUN
faba-307	303	19	7,04	7,04	NUM
faba-307	303	20	7,26	7,26	NUM
faba-307	303	21	7,49	7,49	NUM
faba-307	303	22	7,72	7,72	NUM
faba-307	303	23	7,96	7,96	ADJ
faba-307	303	24	8,20	8,20	NOUN
faba-307	303	25	8,45	8,45	NUM
faba-307	303	26	8,71	8,71	NUM
faba-307	303	27	6,6	6,6	NUM
faba-307	303	28	%	%	NOUN
faba-307	303	29	6,22	6,22	NUM
faba-307	303	30	6,41	6,41	PROPN
faba-307	303	31	6,61	6,61	NUM
faba-307	303	32	6,82	6,82	PROPN
faba-307	303	33	7,03	7,03	NUM
faba-307	303	34	7,25	7,25	NUM
faba-307	303	35	7,47	7,47	NUM
faba-307	303	36	7,70	7,70	NUM
faba-307	303	37	7,94	7,94	ADJ
faba-307	303	38	8,18	8,18	NUM
faba-307	303	39	8,43	8,43	NUM
faba-307	303	40	7,3	7,3	NUM
faba-307	303	41	%	%	NOUN
faba-307	303	42	6,02	6,02	NUM
faba-307	303	43	6,21	6,21	NUM
faba-307	303	44	6,40	6,40	NUM
faba-307	303	45	6,61	6,61	ADP
faba-307	303	46	6,81	6,81	NUM
faba-307	303	47	7,02	7,02	NUM
faba-307	303	48	7,24	7,24	NUM
faba-307	304	1	7,46	7,46	NUM
faba-307	304	2	7,69	7,69	X
faba-307	305	1	7,92	7,92	NUM
faba-307	305	2	8,16	8,16	NUM
faba-307	305	3	8,1	8,1	NUM
faba-307	305	4	%	%	NOUN
faba-307	305	5	5,83	5,83	NUM
faba-307	305	6	6,02	6,02	NUM
faba-307	305	7	6,20	6,20	NUM
faba-307	305	8	6,40	6,40	NUM
faba-307	305	9	6,60	6,60	NUM
faba-307	305	10	6,80	6,80	NOUN
faba-307	305	11	7,01	7,01	NUM
faba-307	305	12	7,22	7,22	NOUN
faba-307	306	1	7,44	7,44	NUM
faba-307	306	2	7,67	7,67	NUM
faba-307	306	3	7,90	7,90	NUM
faba-307	306	4	8,8	8,8	NUM
faba-307	306	5	%	%	NOUN
faba-307	306	6	5,65	5,65	NUM
faba-307	306	7	5,83	5,83	NUM
faba-307	306	8	6,01	6,01	NUM
faba-307	306	9	6,20	6,20	NUM
faba-307	306	10	6,39	6,39	NOUN
faba-307	306	11	6,59	6,59	NUM
faba-307	306	12	6,79	6,79	X
faba-307	307	1	7,00	7,00	NUM
faba-307	307	2	7,21	7,21	PROPN
faba-307	307	3	7,43	7,43	ADJ
faba-307	307	4	7,65	7,65	NUM
faba-307	307	5	9,5	9,5	NUM
faba-307	307	6	%	%	NOUN
faba-307	307	7	5,48	5,48	NOUN
faba-307	307	8	5,65	5,65	NUM
faba-307	307	9	5,83	5,83	NUM
faba-307	307	10	6,01	6,01	NUM
faba-307	307	11	6,19	6,19	NUM
faba-307	307	12	6,39	6,39	NOUN
faba-307	307	13	6,58	6,58	NUM
faba-307	307	14	6,78	6,78	PROPN
faba-307	307	15	6,99	6,99	PROPN
faba-307	307	16	7,20	7,20	PUNCT
faba-307	308	1	7,42	7,42	NUM
faba-307	308	2	10,3	10,3	NUM
faba-307	308	3	%	%	NOUN
faba-307	308	4	5,31	5,31	NUM
faba-307	308	5	5,48	5,48	NOUN
faba-307	308	6	5,65	5,65	NUM
faba-307	308	7	5,83	5,83	NUM
faba-307	308	8	6,00	6,00	NUM
faba-307	308	9	6,19	6,19	NUM
faba-307	308	10	6,38	6,38	NOUN
faba-307	309	1	6,57	6,57	NUM
faba-307	309	2	6,77	6,77	NUM
faba-307	309	3	6,98	6,98	NUM
faba-307	309	4	7,19	7,19	NUM
faba-307	309	5	11,0	11,0	NUM
faba-307	309	6	%	%	NOUN
faba-307	309	7	5,15	5,15	NOUN
faba-307	309	8	5,31	5,31	NUM
faba-307	309	9	5,48	5,48	NOUN
faba-307	309	10	5,65	5,65	NUM
faba-307	309	11	5,82	5,82	NUM
faba-307	309	12	6,00	6,00	NUM
faba-307	309	13	6,18	6,18	NUM
faba-307	310	1	6,37	6,37	NUM
faba-307	310	2	6,57	6,57	NOUN
faba-307	310	3	6,76	6,76	NUM
faba-307	310	4	6,97	6,97	NUM
faba-307	310	5	values	value	NOUN
faba-307	310	6	of	of	ADP
faba-307	310	7	expected	expect	VERB
faba-307	310	8	growth	growth	NOUN
faba-307	310	9	rate	rate	NOUN
faba-307	310	10	(	(	PUNCT
faba-307	310	11	g	g	NOUN
faba-307	310	12	)	)	PUNCT
faba-307	310	13	stage	stage	NOUN
faba-307	310	14	1	1	NUM
faba-307	310	15	dimiter	dimiter	NOUN
faba-307	310	16	nenkov/	nenkov/	NUM
faba-307	310	17	finance	finance	NOUN
faba-307	310	18	,	,	PUNCT
faba-307	310	19	accounting	accounting	NOUN
faba-307	310	20	and	and	CCONJ
faba-307	310	21	business	business	NOUN
faba-307	310	22	analysis	analysis	NOUN
faba-307	310	23	,	,	PUNCT
faba-307	310	24	volume	volume	NOUN
faba-307	310	25	7	7	NUM
faba-307	310	26	,	,	PUNCT
faba-307	310	27	issue	issue	NOUN
faba-307	310	28	2	2	NUM
faba-307	310	29	,	,	PUNCT
faba-307	310	30	2025	2025	NUM
faba-307	310	31	233	233	NUM
faba-307	310	32	table	table	NOUN
faba-307	310	33	8	8	NUM
faba-307	310	34	.	.	PUNCT
faba-307	310	35	fundamental	fundamental	ADJ
faba-307	310	36	ev	ev	PROPN
faba-307	310	37	/	/	SYM
faba-307	310	38	ebitda	ebitda	PROPN
faba-307	310	39	ratio	ratio	NOUN
faba-307	310	40	for	for	ADP
faba-307	310	41	europe	europe	PROPN
faba-307	310	42	(	(	PUNCT
faba-307	310	43	two	two	NUM
faba-307	310	44	-	-	PUNCT
faba-307	310	45	stage	stage	NOUN
faba-307	310	46	model	model	NOUN
faba-307	310	47	)	)	PUNCT
faba-307	310	48	source	source	NOUN
faba-307	310	49	:	:	PUNCT
faba-307	310	50	calculations	calculation	NOUN
faba-307	310	51	of	of	ADP
faba-307	310	52	the	the	DET
faba-307	310	53	author	author	NOUN
faba-307	310	54	only	only	ADV
faba-307	310	55	the	the	DET
faba-307	310	56	fundamental	fundamental	ADJ
faba-307	310	57	ev	ev	ADJ
faba-307	310	58	/	/	SYM
faba-307	310	59	ebitda	ebitda	PROPN
faba-307	310	60	ratios	ratio	NOUN
faba-307	310	61	,	,	PUNCT
faba-307	310	62	derived	derive	VERB
faba-307	310	63	from	from	ADP
faba-307	310	64	the	the	DET
faba-307	310	65	two	two	NUM
faba-307	310	66	-	-	PUNCT
faba-307	310	67	stage	stage	NOUN
faba-307	310	68	model	model	NOUN
faba-307	310	69	,	,	PUNCT
faba-307	310	70	are	be	AUX
faba-307	310	71	representative	representative	ADJ
faba-307	310	72	and	and	CCONJ
faba-307	310	73	reliable	reliable	ADJ
faba-307	310	74	enough	enough	ADV
faba-307	310	75	,	,	PUNCT
faba-307	310	76	to	to	PART
faba-307	310	77	be	be	AUX
faba-307	310	78	used	use	VERB
faba-307	310	79	as	as	ADP
faba-307	310	80	a	a	DET
faba-307	310	81	benchmark	benchmark	NOUN
faba-307	310	82	.	.	PUNCT
faba-307	311	1	these	these	DET
faba-307	311	2	fundamental	fundamental	ADJ
faba-307	311	3	ev	ev	PROPN
faba-307	311	4	/	/	SYM
faba-307	311	5	ebitda	ebitda	NOUN
faba-307	311	6	for	for	ADP
faba-307	311	7	both	both	PRON
faba-307	311	8	us	us	PROPN
faba-307	311	9	and	and	CCONJ
faba-307	311	10	europe	europe	PROPN
faba-307	311	11	are	be	AUX
faba-307	311	12	a	a	DET
faba-307	311	13	lot	lot	NOUN
faba-307	311	14	lower	low	ADJ
faba-307	311	15	than	than	ADP
faba-307	311	16	the	the	DET
faba-307	311	17	actual	actual	ADJ
faba-307	311	18	historical	historical	ADJ
faba-307	311	19	ev	ev	ADJ
faba-307	311	20	/	/	SYM
faba-307	311	21	ebitda	ebitda	NOUN
faba-307	311	22	multiples	multiple	NOUN
faba-307	311	23	on	on	ADP
faba-307	311	24	these	these	DET
faba-307	311	25	stock	stock	NOUN
faba-307	311	26	markets	market	NOUN
faba-307	311	27	,	,	PUNCT
faba-307	311	28	which	which	PRON
faba-307	311	29	are	be	AUX
faba-307	311	30	demonstrated	demonstrate	VERB
faba-307	311	31	in	in	ADP
faba-307	311	32	previous	previous	ADJ
faba-307	311	33	sections	section	NOUN
faba-307	311	34	(	(	PUNCT
faba-307	311	35	table	table	NOUN
faba-307	311	36	1	1	NUM
faba-307	311	37	)	)	PUNCT
faba-307	311	38	.	.	PUNCT
faba-307	312	1	the	the	DET
faba-307	312	2	comparison	comparison	NOUN
faba-307	312	3	between	between	ADP
faba-307	312	4	fundamental	fundamental	ADJ
faba-307	312	5	and	and	CCONJ
faba-307	312	6	actual	actual	ADJ
faba-307	312	7	ev	ev	ADJ
faba-307	312	8	/	/	SYM
faba-307	312	9	ebitda	ebitda	NOUN
faba-307	312	10	ratios	ratio	NOUN
faba-307	312	11	is	be	AUX
faba-307	312	12	shown	show	VERB
faba-307	312	13	in	in	ADP
faba-307	312	14	table	table	NOUN
faba-307	312	15	9	9	NUM
faba-307	312	16	.	.	PUNCT
faba-307	313	1	the	the	DET
faba-307	313	2	actual	actual	ADJ
faba-307	313	3	ev	ev	ADJ
faba-307	313	4	/	/	SYM
faba-307	313	5	ebitda	ebitda	NOUN
faba-307	313	6	tell	tell	VERB
faba-307	313	7	us	we	PRON
faba-307	313	8	at	at	ADP
faba-307	313	9	what	what	DET
faba-307	313	10	price	price	NOUN
faba-307	313	11	the	the	DET
faba-307	313	12	shares	share	NOUN
faba-307	313	13	are	be	AUX
faba-307	313	14	being	be	AUX
faba-307	313	15	sold	sell	VERB
faba-307	313	16	,	,	PUNCT
faba-307	313	17	while	while	SCONJ
faba-307	313	18	fundamental	fundamental	ADJ
faba-307	313	19	ratios	ratio	NOUN
faba-307	313	20	tell	tell	VERB
faba-307	313	21	us	we	PRON
faba-307	313	22	at	at	ADP
faba-307	313	23	what	what	DET
faba-307	313	24	price	price	NOUN
faba-307	313	25	they	they	PRON
faba-307	313	26	should	should	AUX
faba-307	313	27	be	be	AUX
faba-307	313	28	sold	sell	VERB
faba-307	313	29	.	.	PUNCT
faba-307	314	1	the	the	DET
faba-307	314	2	idea	idea	NOUN
faba-307	314	3	here	here	ADV
faba-307	314	4	is	be	AUX
faba-307	314	5	that	that	SCONJ
faba-307	314	6	the	the	DET
faba-307	314	7	fundamental	fundamental	ADJ
faba-307	314	8	ev	ev	ADJ
faba-307	314	9	/	/	SYM
faba-307	314	10	ebitda	ebitda	PROPN
faba-307	314	11	ratios	ratio	NOUN
faba-307	314	12	serve	serve	VERB
faba-307	314	13	as	as	ADP
faba-307	314	14	benchmarks	benchmark	NOUN
faba-307	314	15	as	as	ADP
faba-307	314	16	to	to	ADP
faba-307	314	17	what	what	PRON
faba-307	314	18	the	the	DET
faba-307	314	19	reasonable	reasonable	ADJ
faba-307	314	20	value	value	NOUN
faba-307	314	21	of	of	ADP
faba-307	314	22	the	the	DET
faba-307	314	23	ratios	ratio	NOUN
faba-307	314	24	is	be	AUX
faba-307	314	25	.	.	PUNCT
faba-307	315	1	the	the	DET
faba-307	315	2	actual	actual	ADJ
faba-307	315	3	average	average	ADJ
faba-307	315	4	ev	ev	ADJ
faba-307	315	5	/	/	SYM
faba-307	315	6	ebitda	ebitda	NOUN
faba-307	315	7	multiple	multiple	NOUN
faba-307	315	8	of	of	ADP
faba-307	315	9	14,72	14,72	NUM
faba-307	315	10	for	for	ADP
faba-307	315	11	the	the	DET
faba-307	315	12	period	period	NOUN
faba-307	315	13	2019	2019	NUM
faba-307	315	14	-	-	SYM
faba-307	315	15	2024	2024	NUM
faba-307	315	16	for	for	ADP
faba-307	315	17	the	the	DET
faba-307	315	18	us	us	PROPN
faba-307	315	19	is	be	AUX
faba-307	315	20	by	by	ADP
faba-307	315	21	110	110	NUM
faba-307	315	22	%	%	NOUN
faba-307	315	23	higher	high	ADJ
faba-307	315	24	than	than	ADP
faba-307	315	25	the	the	DET
faba-307	315	26	corresponding	corresponding	ADJ
faba-307	315	27	fundamental	fundamental	ADJ
faba-307	315	28	ev	ev	PROPN
faba-307	315	29	/	/	SYM
faba-307	315	30	ebitda	ebitda	NOUN
faba-307	315	31	ratio	ratio	NOUN
faba-307	315	32	.	.	PUNCT
faba-307	316	1	the	the	DET
faba-307	316	2	actual	actual	ADJ
faba-307	316	3	average	average	ADJ
faba-307	316	4	multiple	multiple	NOUN
faba-307	316	5	of	of	ADP
faba-307	316	6	10,67	10,67	NOUN
faba-307	316	7	for	for	ADP
faba-307	316	8	europe	europe	PROPN
faba-307	316	9	is	be	AUX
faba-307	316	10	by	by	ADP
faba-307	316	11	82	82	NUM
faba-307	316	12	%	%	NOUN
faba-307	316	13	higher	high	ADJ
faba-307	316	14	than	than	ADP
faba-307	316	15	the	the	DET
faba-307	316	16	corresponding	corresponding	ADJ
faba-307	316	17	fundamental	fundamental	ADJ
faba-307	316	18	ratio	ratio	NOUN
faba-307	316	19	.	.	PUNCT
faba-307	317	1	table	table	NOUN
faba-307	317	2	9.comparison	9.comparison	NUM
faba-307	317	3	between	between	ADP
faba-307	317	4	actual	actual	ADJ
faba-307	317	5	and	and	CCONJ
faba-307	317	6	fundamental	fundamental	ADJ
faba-307	317	7	ev	ev	PROPN
faba-307	317	8	/	/	SYM
faba-307	317	9	ebitda	ebitda	NOUN
faba-307	317	10	ratios	ratio	NOUN
faba-307	317	11	–	–	PUNCT
faba-307	317	12	us	we	PRON
faba-307	317	13	and	and	CCONJ
faba-307	317	14	europe	europe	PROPN
faba-307	317	15	indicators	indicator	NOUN
faba-307	317	16	actual	actual	ADJ
faba-307	317	17	ev	ev	PROPN
faba-307	317	18	/	/	SYM
faba-307	317	19	ebitda	ebitda	PROPN
faba-307	317	20	fundamental	fundamental	ADJ
faba-307	317	21	ev	ev	PROPN
faba-307	317	22	/	/	SYM
faba-307	317	23	ebitda	ebitda	NOUN
faba-307	317	24	difference	difference	NOUN
faba-307	317	25	(	(	PUNCT
faba-307	317	26	k.2	k.2	NOUN
faba-307	317	27	-	-	PUNCT
faba-307	317	28	k.3	k.3	NOUN
faba-307	317	29	)	)	PUNCT
faba-307	317	30	difference	difference	NOUN
faba-307	317	31	in	in	ADP
faba-307	317	32	%	%	NOUN
faba-307	317	33	(	(	PUNCT
faba-307	317	34	k.4	k.4	X
faba-307	317	35	/	/	SYM
faba-307	317	36	k.3	k.3	NOUN
faba-307	317	37	)	)	PUNCT
faba-307	318	1	k.1	k.1	PROPN
faba-307	318	2	k.2	k.2	X
faba-307	318	3	k.3	k.3	PROPN
faba-307	318	4	k.4	k.4	X
faba-307	318	5	k.5	k.5	X
faba-307	318	6	usa	usa	PROPN
faba-307	318	7	14,72	14,72	NUM
faba-307	318	8	7,02	7,02	NUM
faba-307	318	9	7,7	7,7	NUM
faba-307	318	10	110	110	NUM
faba-307	318	11	%	%	NOUN
faba-307	318	12	europe	europe	PROPN
faba-307	318	13	10,67	10,67	VERB
faba-307	318	14	5,87	5,87	NUM
faba-307	318	15	4,8	4,8	NUM
faba-307	318	16	82	82	NUM
faba-307	318	17	%	%	NOUN
faba-307	318	18	source	source	NOUN
faba-307	318	19	:	:	PUNCT
faba-307	318	20	calculations	calculation	NOUN
faba-307	318	21	of	of	ADP
faba-307	318	22	the	the	DET
faba-307	318	23	author	author	NOUN
faba-307	318	24	having	have	VERB
faba-307	318	25	in	in	ADP
faba-307	318	26	mind	mind	NOUN
faba-307	318	27	that	that	SCONJ
faba-307	318	28	the	the	DET
faba-307	318	29	projections	projection	NOUN
faba-307	318	30	of	of	ADP
faba-307	318	31	fundamental	fundamental	ADJ
faba-307	318	32	variables	variable	NOUN
faba-307	318	33	for	for	ADP
faba-307	318	34	the	the	DET
faba-307	318	35	model	model	NOUN
faba-307	318	36	are	be	AUX
faba-307	318	37	quite	quite	ADV
faba-307	318	38	moderate	moderate	ADJ
faba-307	318	39	,	,	PUNCT
faba-307	318	40	the	the	DET
faba-307	318	41	significant	significant	ADJ
faba-307	318	42	excess	excess	NOUN
faba-307	318	43	of	of	ADP
faba-307	318	44	actual	actual	ADJ
faba-307	318	45	ev	ev	ADJ
faba-307	318	46	/	/	SYM
faba-307	318	47	ebitda	ebitda	PROPN
faba-307	318	48	ratios	ratio	NOUN
faba-307	318	49	over	over	ADP
faba-307	318	50	fundamental	fundamental	ADJ
faba-307	318	51	ones	one	NOUN
faba-307	318	52	should	should	AUX
faba-307	318	53	mean	mean	VERB
faba-307	318	54	a	a	DET
faba-307	318	55	significant	significant	ADJ
faba-307	318	56	inflation	inflation	NOUN
faba-307	318	57	of	of	ADP
faba-307	318	58	stock	stock	NOUN
faba-307	318	59	prices	price	NOUN
faba-307	318	60	above	above	ADP
faba-307	318	61	their	their	PRON
faba-307	318	62	actual	actual	ADJ
faba-307	318	63	value	value	NOUN
faba-307	318	64	–	–	PUNCT
faba-307	318	65	respectively	respectively	ADV
faba-307	318	66	by	by	ADP
faba-307	318	67	110	110	NUM
faba-307	318	68	%	%	NOUN
faba-307	318	69	and	and	CCONJ
faba-307	318	70	82	82	NUM
faba-307	318	71	%	%	NOUN
faba-307	318	72	.	.	PUNCT
faba-307	319	1	the	the	DET
faba-307	319	2	key	key	ADJ
faba-307	319	3	explanation	explanation	NOUN
faba-307	319	4	for	for	ADP
faba-307	319	5	the	the	DET
faba-307	319	6	much	much	ADV
faba-307	319	7	lower	low	ADJ
faba-307	319	8	fundamental	fundamental	ADJ
faba-307	319	9	ratios	ratio	NOUN
faba-307	319	10	under	under	ADP
faba-307	319	11	the	the	DET
faba-307	319	12	two	two	NUM
faba-307	319	13	-	-	PUNCT
faba-307	319	14	stage	stage	NOUN
faba-307	319	15	model	model	NOUN
faba-307	319	16	are	be	AUX
faba-307	319	17	the	the	DET
faba-307	319	18	reasonable	reasonable	ADJ
faba-307	319	19	moderate	moderate	ADJ
faba-307	319	20	projections	projection	NOUN
faba-307	319	21	for	for	ADP
faba-307	319	22	stage	stage	NOUN
faba-307	319	23	2	2	NUM
faba-307	319	24	.	.	PUNCT
faba-307	319	25	conclusions	conclusion	NOUN
faba-307	319	26	and	and	CCONJ
faba-307	319	27	future	future	ADJ
faba-307	319	28	research	research	NOUN
faba-307	319	29	the	the	DET
faba-307	319	30	study	study	NOUN
faba-307	319	31	indicates	indicate	VERB
faba-307	319	32	that	that	SCONJ
faba-307	319	33	the	the	DET
faba-307	319	34	fundamental	fundamental	ADJ
faba-307	319	35	ev	ev	ADJ
faba-307	319	36	/	/	SYM
faba-307	319	37	ebitda	ebitda	NOUN
faba-307	319	38	ratios	ratio	NOUN
faba-307	319	39	for	for	ADP
faba-307	319	40	the	the	DET
faba-307	319	41	us	us	PROPN
faba-307	319	42	and	and	CCONJ
faba-307	319	43	european	european	ADJ
faba-307	319	44	stock	stock	NOUN
faba-307	319	45	markets	market	NOUN
faba-307	319	46	can	can	AUX
faba-307	319	47	be	be	AUX
faba-307	319	48	determined	determine	VERB
faba-307	319	49	at	at	ADP
faba-307	319	50	any	any	DET
faba-307	319	51	time	time	NOUN
faba-307	319	52	,	,	PUNCT
faba-307	319	53	given	give	VERB
faba-307	319	54	the	the	DET
faba-307	319	55	availability	availability	NOUN
faba-307	319	56	of	of	ADP
faba-307	319	57	the	the	DET
faba-307	319	58	relevant	relevant	ADJ
faba-307	319	59	fundamental	fundamental	ADJ
faba-307	319	60	models	model	NOUN
faba-307	319	61	and	and	CCONJ
faba-307	319	62	the	the	DET
faba-307	319	63	necessary	necessary	ADJ
faba-307	319	64	data	datum	NOUN
faba-307	319	65	for	for	ADP
faba-307	319	66	their	their	PRON
faba-307	319	67	application	application	NOUN
faba-307	319	68	.	.	PUNCT
faba-307	320	1	the	the	DET
faba-307	320	2	two	two	NUM
faba-307	320	3	-	-	PUNCT
faba-307	320	4	stage	stage	NOUN
faba-307	320	5	fundamental	fundamental	ADJ
faba-307	320	6	ev	ev	PROPN
faba-307	320	7	/	/	SYM
faba-307	320	8	ebitda	ebitda	PROPN
faba-307	320	9	model	model	NOUN
faba-307	320	10	is	be	AUX
faba-307	320	11	the	the	DET
faba-307	320	12	one	one	NUM
faba-307	320	13	that	that	PRON
faba-307	320	14	gives	give	VERB
faba-307	320	15	the	the	DET
faba-307	320	16	opportunity	opportunity	NOUN
faba-307	320	17	for	for	ADP
faba-307	320	18	consistent	consistent	ADJ
faba-307	320	19	projections	projection	NOUN
faba-307	320	20	until	until	ADP
faba-307	320	21	infinity	infinity	NOUN
faba-307	320	22	and	and	CCONJ
faba-307	320	23	produces	produce	VERB
faba-307	320	24	reasonable	reasonable	ADJ
faba-307	320	25	results	result	NOUN
faba-307	320	26	.	.	PUNCT
faba-307	321	1	the	the	DET
faba-307	321	2	obtained	obtain	VERB
faba-307	321	3	fundamental	fundamental	ADJ
faba-307	321	4	ev	ev	PROPN
faba-307	321	5	/	/	SYM
faba-307	321	6	ebitda	ebitda	NOUN
faba-307	321	7	ratios	ratio	NOUN
faba-307	321	8	can	can	AUX
faba-307	321	9	be	be	AUX
faba-307	321	10	debated	debate	VERB
faba-307	321	11	and	and	CCONJ
faba-307	321	12	examined	examine	VERB
faba-307	321	13	in	in	ADP
faba-307	321	14	relation	relation	NOUN
faba-307	321	15	to	to	ADP
faba-307	321	16	the	the	DET
faba-307	321	17	projections	projection	NOUN
faba-307	321	18	of	of	ADP
faba-307	321	19	the	the	DET
faba-307	321	20	fundamental	fundamental	ADJ
faba-307	321	21	variables	variable	NOUN
faba-307	321	22	used	use	VERB
faba-307	321	23	.	.	PUNCT
faba-307	322	1	the	the	DET
faba-307	322	2	electronic	electronic	ADJ
faba-307	322	3	model	model	NOUN
faba-307	322	4	gives	give	VERB
faba-307	322	5	the	the	DET
faba-307	322	6	opportunity	opportunity	NOUN
faba-307	322	7	to	to	PART
faba-307	322	8	test	test	VERB
faba-307	322	9	different	different	ADJ
faba-307	322	10	combinations	combination	NOUN
faba-307	322	11	of	of	ADP
faba-307	322	12	input	input	NOUN
faba-307	322	13	variables	variable	NOUN
faba-307	322	14	and	and	CCONJ
faba-307	322	15	the	the	DET
faba-307	322	16	results	result	NOUN
faba-307	322	17	can	can	AUX
faba-307	322	18	be	be	AUX
faba-307	322	19	adjusted	adjust	VERB
faba-307	322	20	if	if	SCONJ
faba-307	322	21	this	this	PRON
faba-307	322	22	is	be	AUX
faba-307	322	23	considered	consider	VERB
faba-307	322	24	necessary	necessary	ADJ
faba-307	322	25	.	.	PUNCT
faba-307	323	1	the	the	DET
faba-307	323	2	comparison	comparison	NOUN
faba-307	323	3	indicates	indicate	VERB
faba-307	323	4	that	that	SCONJ
faba-307	323	5	the	the	DET
faba-307	323	6	actual	actual	ADJ
faba-307	323	7	average	average	ADJ
faba-307	323	8	ev	ev	ADJ
faba-307	323	9	/	/	SYM
faba-307	323	10	ebitda	ebitda	NOUN
faba-307	323	11	of	of	ADP
faba-307	323	12	the	the	DET
faba-307	323	13	us	us	PROPN
faba-307	323	14	market	market	NOUN
faba-307	323	15	for	for	ADP
faba-307	323	16	the	the	DET
faba-307	323	17	analyzed	analyze	VERB
faba-307	323	18	period	period	NOUN
faba-307	323	19	is	be	AUX
faba-307	323	20	by	by	ADP
faba-307	323	21	38	38	NUM
faba-307	323	22	%	%	NOUN
faba-307	323	23	higher	high	ADJ
faba-307	323	24	than	than	ADP
faba-307	323	25	that	that	PRON
faba-307	323	26	of	of	ADP
faba-307	323	27	the	the	DET
faba-307	323	28	european	european	ADJ
faba-307	323	29	market	market	NOUN
faba-307	323	30	.	.	PUNCT
faba-307	324	1	for	for	ADP
faba-307	324	2	both	both	DET
faba-307	324	3	markets	market	NOUN
faba-307	324	4	,	,	PUNCT
faba-307	324	5	the	the	DET
faba-307	324	6	derived	derive	VERB
faba-307	324	7	fundamental	fundamental	ADJ
faba-307	324	8	ev	ev	PROPN
faba-307	324	9	/	/	SYM
faba-307	324	10	ebitda	ebitda	PROPN
faba-307	324	11	ratios	ratio	NOUN
faba-307	324	12	do	do	AUX
faba-307	324	13	not	not	PART
faba-307	324	14	support	support	VERB
faba-307	324	15	the	the	DET
faba-307	324	16	significantly	significantly	ADV
faba-307	324	17	higher	high	ADJ
faba-307	324	18	actual	actual	ADJ
faba-307	324	19	ev	ev	ADJ
faba-307	324	20	/	/	SYM
faba-307	324	21	ebitda	ebitda	NOUN
faba-307	324	22	multiples	multiple	NOUN
faba-307	324	23	,	,	PUNCT
faba-307	324	24	which	which	PRON
faba-307	324	25	are	be	AUX
faba-307	324	26	about	about	ADV
faba-307	324	27	twice	twice	ADV
faba-307	324	28	as	as	ADV
faba-307	324	29	high	high	ADJ
faba-307	324	30	.	.	PUNCT
faba-307	325	1	this	this	DET
faba-307	325	2	difference	difference	NOUN
faba-307	325	3	is	be	AUX
faba-307	325	4	more	more	ADV
faba-307	325	5	pronounced	pronounced	ADJ
faba-307	325	6	for	for	ADP
faba-307	325	7	the	the	DET
faba-307	325	8	us	us	PROPN
faba-307	325	9	market	market	NOUN
faba-307	325	10	.	.	PUNCT
faba-307	326	1	these	these	DET
faba-307	326	2	findings	finding	NOUN
faba-307	326	3	are	be	AUX
faba-307	326	4	important	important	ADJ
faba-307	326	5	in	in	ADP
faba-307	326	6	practical	practical	ADJ
faba-307	326	7	terms	term	NOUN
faba-307	326	8	for	for	ADP
faba-307	326	9	actual	actual	ADJ
faba-307	326	10	and	and	CCONJ
faba-307	326	11	potential	potential	ADJ
faba-307	326	12	investors	investor	NOUN
faba-307	326	13	in	in	ADP
faba-307	326	14	the	the	DET
faba-307	326	15	stock	stock	NOUN
faba-307	326	16	markets	market	NOUN
faba-307	326	17	.	.	PUNCT
faba-307	327	1	future	future	ADJ
faba-307	327	2	research	research	NOUN
faba-307	327	3	is	be	AUX
faba-307	327	4	needed	need	VERB
faba-307	327	5	on	on	ADP
faba-307	327	6	the	the	DET
faba-307	327	7	fundamental	fundamental	ADJ
faba-307	327	8	ev	ev	PROPN
faba-307	327	9	/	/	SYM
faba-307	327	10	ebitda	ebitda	PROPN
faba-307	327	11	ratios	ratio	NOUN
faba-307	327	12	as	as	ADP
faba-307	327	13	benchmarks	benchmark	NOUN
faba-307	327	14	.	.	PUNCT
faba-307	328	1	an	an	DET
faba-307	328	2	essential	essential	ADJ
faba-307	328	3	part	part	NOUN
faba-307	328	4	values	value	NOUN
faba-307	328	5	of	of	ADP
faba-307	328	6	2,6	2,6	NUM
faba-307	328	7	%	%	NOUN
faba-307	328	8	3,2	3,2	NUM
faba-307	328	9	%	%	NOUN
faba-307	328	10	3,7	3,7	NUM
faba-307	328	11	%	%	NOUN
faba-307	328	12	4,2	4,2	NUM
faba-307	328	13	%	%	NOUN
faba-307	328	14	4,7	4,7	NUM
faba-307	328	15	%	%	NOUN
faba-307	328	16	5,3	5,3	NUM
faba-307	328	17	%	%	NOUN
faba-307	328	18	5,8	5,8	NUM
faba-307	328	19	%	%	NOUN
faba-307	328	20	6,3	6,3	NUM
faba-307	328	21	%	%	NOUN
faba-307	328	22	6,9	6,9	NUM
faba-307	328	23	%	%	NOUN
faba-307	328	24	7,4	7,4	NUM
faba-307	328	25	%	%	NOUN
faba-307	328	26	7,9	7,9	NUM
faba-307	328	27	%	%	NOUN
faba-307	328	28	wacc	wacc	NOUN
faba-307	328	29	stage	stage	NOUN
faba-307	328	30	1	1	NUM
faba-307	328	31	ev	ev	NOUN
faba-307	328	32	/	/	SYM
faba-307	328	33	ebitda	ebitda	PROPN
faba-307	328	34	ev	ev	PROPN
faba-307	328	35	/	/	SYM
faba-307	328	36	ebitda	ebitda	PROPN
faba-307	328	37	ev	ev	PROPN
faba-307	328	38	/	/	SYM
faba-307	328	39	ebitda	ebitda	PROPN
faba-307	328	40	ev	ev	PROPN
faba-307	328	41	/	/	SYM
faba-307	328	42	ebitda	ebitda	NOUN
faba-307	328	43	3,6	3,6	NUM
faba-307	328	44	%	%	NOUN
faba-307	329	1	6,15	6,15	NUM
faba-307	329	2	6,29	6,29	NUM
faba-307	329	3	6,44	6,44	NUM
faba-307	329	4	6,59	6,59	NUM
faba-307	329	5	6,74	6,74	NUM
faba-307	329	6	6,89	6,89	NUM
faba-307	329	7	7,05	7,05	NUM
faba-307	329	8	7,21	7,21	NOUN
faba-307	329	9	7,37	7,37	NUM
faba-307	329	10	7,54	7,54	NUM
faba-307	329	11	7,71	7,71	NUM
faba-307	329	12	4,4	4,4	NUM
faba-307	329	13	%	%	NOUN
faba-307	329	14	5,95	5,95	NUM
faba-307	329	15	6,09	6,09	NUM
faba-307	329	16	6,23	6,23	NUM
faba-307	330	1	6,37	6,37	NUM
faba-307	330	2	6,52	6,52	NUM
faba-307	330	3	6,67	6,67	NUM
faba-307	330	4	6,82	6,82	NUM
faba-307	330	5	6,97	6,97	NUM
faba-307	330	6	7,13	7,13	NOUN
faba-307	330	7	7,29	7,29	NUM
faba-307	330	8	7,46	7,46	NOUN
faba-307	330	9	5,1	5,1	NUM
faba-307	330	10	%	%	NOUN
faba-307	330	11	5,76	5,76	NUM
faba-307	330	12	5,90	5,90	NOUN
faba-307	331	1	6,03	6,03	NUM
faba-307	331	2	6,17	6,17	NOUN
faba-307	331	3	6,31	6,31	NUM
faba-307	331	4	6,46	6,46	NUM
faba-307	331	5	6,60	6,60	NUM
faba-307	331	6	6,75	6,75	NUM
faba-307	331	7	6,90	6,90	NUM
faba-307	331	8	7,06	7,06	NUM
faba-307	331	9	7,22	7,22	NUM
faba-307	331	10	5,8	5,8	NUM
faba-307	331	11	%	%	NOUN
faba-307	331	12	5,58	5,58	NUM
faba-307	331	13	5,71	5,71	NUM
faba-307	331	14	5,84	5,84	NUM
faba-307	331	15	5,98	5,98	NUM
faba-307	331	16	6,11	6,11	NOUN
faba-307	331	17	6,25	6,25	NUM
faba-307	331	18	6,39	6,39	NOUN
faba-307	331	19	6,54	6,54	NUM
faba-307	331	20	6,68	6,68	NUM
faba-307	331	21	6,83	6,83	NUM
faba-307	331	22	6,99	6,99	NUM
faba-307	332	1	6,6	6,6	NUM
faba-307	332	2	%	%	NOUN
faba-307	332	3	5,41	5,41	NUM
faba-307	332	4	5,53	5,53	NOUN
faba-307	332	5	5,66	5,66	NOUN
faba-307	332	6	5,79	5,79	NUM
faba-307	332	7	5,92	5,92	NUM
faba-307	332	8	6,05	6,05	NUM
faba-307	332	9	6,19	6,19	NUM
faba-307	332	10	6,33	6,33	NUM
faba-307	332	11	6,47	6,47	NUM
faba-307	332	12	6,62	6,62	NUM
faba-307	332	13	6,77	6,77	NUM
faba-307	332	14	7,3	7,3	NUM
faba-307	332	15	%	%	NOUN
faba-307	332	16	5,24	5,24	NOUN
faba-307	332	17	5,36	5,36	NUM
faba-307	332	18	5,48	5,48	NUM
faba-307	332	19	5,61	5,61	NOUN
faba-307	332	20	5,74	5,74	NOUN
faba-307	332	21	5,87	5,87	NUM
faba-307	332	22	6,00	6,00	NUM
faba-307	332	23	6,13	6,13	NUM
faba-307	332	24	6,27	6,27	NUM
faba-307	332	25	6,41	6,41	NOUN
faba-307	332	26	6,55	6,55	NUM
faba-307	332	27	8,0	8,0	NUM
faba-307	332	28	%	%	NOUN
faba-307	332	29	5,08	5,08	NUM
faba-307	332	30	5,20	5,20	NUM
faba-307	332	31	5,32	5,32	NUM
faba-307	332	32	5,44	5,44	NOUN
faba-307	332	33	5,56	5,56	NUM
faba-307	332	34	5,68	5,68	NUM
faba-307	332	35	5,81	5,81	NUM
faba-307	332	36	5,94	5,94	NUM
faba-307	332	37	6,08	6,08	NUM
faba-307	332	38	6,21	6,21	NUM
faba-307	332	39	6,35	6,35	NOUN
faba-307	332	40	8,7	8,7	NUM
faba-307	332	41	%	%	NOUN
faba-307	332	42	4,93	4,93	NUM
faba-307	333	1	5,04	5,04	NUM
faba-307	334	1	5,15	5,15	NUM
faba-307	334	2	5,27	5,27	NUM
faba-307	334	3	5,39	5,39	NOUN
faba-307	334	4	5,51	5,51	NUM
faba-307	334	5	5,63	5,63	ADJ
faba-307	334	6	5,76	5,76	NUM
faba-307	334	7	5,89	5,89	ADJ
faba-307	334	8	6,02	6,02	NUM
faba-307	334	9	6,15	6,15	NUM
faba-307	334	10	9,5	9,5	NUM
faba-307	334	11	%	%	NOUN
faba-307	334	12	4,78	4,78	PROPN
faba-307	334	13	4,89	4,89	NUM
faba-307	334	14	5,00	5,00	ADJ
faba-307	334	15	5,11	5,11	NUM
faba-307	335	1	5,23	5,23	NUM
faba-307	335	2	5,34	5,34	NUM
faba-307	336	1	5,46	5,46	NUM
faba-307	336	2	5,58	5,58	NUM
faba-307	336	3	5,71	5,71	NUM
faba-307	336	4	5,84	5,84	NUM
faba-307	336	5	5,97	5,97	NUM
faba-307	336	6	10,2	10,2	NUM
faba-307	336	7	%	%	NOUN
faba-307	336	8	4,63	4,63	NOUN
faba-307	336	9	4,74	4,74	NOUN
faba-307	336	10	4,85	4,85	NUM
faba-307	336	11	4,96	4,96	NUM
faba-307	336	12	5,07	5,07	NUM
faba-307	336	13	5,18	5,18	NUM
faba-307	336	14	5,30	5,30	NUM
faba-307	336	15	5,42	5,42	NUM
faba-307	336	16	5,54	5,54	NUM
faba-307	336	17	5,66	5,66	NUM
faba-307	336	18	5,78	5,78	NOUN
faba-307	336	19	10,9	10,9	NUM
faba-307	336	20	%	%	NOUN
faba-307	336	21	4,50	4,50	NUM
faba-307	336	22	4,60	4,60	NUM
faba-307	336	23	4,70	4,70	NUM
faba-307	336	24	4,81	4,81	NUM
faba-307	336	25	4,92	4,92	NUM
faba-307	337	1	5,03	5,03	NUM
faba-307	338	1	5,14	5,14	ADP
faba-307	338	2	5,25	5,25	NUM
faba-307	338	3	5,37	5,37	NUM
faba-307	339	1	5,49	5,49	NUM
faba-307	339	2	5,61	5,61	NOUN
faba-307	339	3	values	value	NOUN
faba-307	339	4	of	of	ADP
faba-307	339	5	expected	expect	VERB
faba-307	339	6	growth	growth	NOUN
faba-307	339	7	rate	rate	NOUN
faba-307	339	8	(	(	PUNCT
faba-307	339	9	g	g	NOUN
faba-307	339	10	)	)	PUNCT
faba-307	339	11	stage	stage	NOUN
faba-307	339	12	1	1	NUM
faba-307	339	13	dimiter	dimiter	NOUN
faba-307	339	14	nenkov/	nenkov/	NUM
faba-307	339	15	finance	finance	NOUN
faba-307	339	16	,	,	PUNCT
faba-307	339	17	accounting	accounting	NOUN
faba-307	339	18	and	and	CCONJ
faba-307	339	19	business	business	NOUN
faba-307	339	20	analysis	analysis	NOUN
faba-307	339	21	,	,	PUNCT
faba-307	339	22	volume	volume	NOUN
faba-307	339	23	7	7	NUM
faba-307	339	24	,	,	PUNCT
faba-307	339	25	issue	issue	NOUN
faba-307	339	26	2	2	NUM
faba-307	339	27	,	,	PUNCT
faba-307	339	28	2025	2025	NUM
faba-307	339	29	234	234	NUM
faba-307	339	30	of	of	ADP
faba-307	339	31	this	this	DET
faba-307	339	32	research	research	NOUN
faba-307	339	33	has	have	VERB
faba-307	339	34	to	to	PART
faba-307	339	35	be	be	AUX
faba-307	339	36	focused	focus	VERB
faba-307	339	37	on	on	ADP
faba-307	339	38	the	the	DET
faba-307	339	39	consistency	consistency	NOUN
faba-307	339	40	of	of	ADP
faba-307	339	41	projections	projection	NOUN
faba-307	339	42	for	for	ADP
faba-307	339	43	any	any	PRON
faba-307	339	44	of	of	ADP
faba-307	339	45	the	the	DET
faba-307	339	46	key	key	ADJ
faba-307	339	47	fundamental	fundamental	ADJ
faba-307	339	48	variables	variable	NOUN
faba-307	339	49	.	.	PUNCT
faba-307	340	1	references	reference	NOUN
faba-307	340	2	христозов	христозов	VERB
faba-307	340	3	,	,	PUNCT
faba-307	340	4	я	я	NOUN
faba-307	340	5	.	.	NOUN
faba-307	340	6	2020	2020	NUM
faba-307	340	7	.	.	PUNCT
faba-307	341	1	състояние	състояние	PROPN
faba-307	341	2	на	на	PROPN
faba-307	341	3	фирмената	фирмената	PROPN
faba-307	341	4	задлъжнялост	задлъжнялост	PROPN
faba-307	341	5	в	в	PROPN
faba-307	341	6	българия	българия	NOUN
faba-307	341	7	,	,	PUNCT
faba-307	341	8	ик	ик	PROPN
faba-307	341	9	на	на	PROPN
faba-307	341	10	унсс	унсс	PROPN
faba-307	341	11	,	,	PUNCT
faba-307	341	12	софия	софия	PROPN
faba-307	341	13	(	(	PUNCT
faba-307	341	14	hristozov	hristozov	NOUN
faba-307	341	15	,	,	PUNCT
faba-307	341	16	y.	y.	PROPN
faba-307	341	17	2020	2020	NUM
faba-307	341	18	.	.	PUNCT
faba-307	342	1	sastoyanie	sastoyanie	VERB
faba-307	342	2	na	na	PART
faba-307	342	3	firmenata	firmenata	VERB
faba-307	342	4	zadlazhnyalost	zadlazhnyalost	PROPN
faba-307	342	5	v	v	PROPN
faba-307	342	6	bulgaria	bulgaria	PROPN
faba-307	342	7	,	,	PUNCT
faba-307	342	8	ik	ik	PROPN
faba-307	342	9	na	na	ADP
faba-307	342	10	unss	unss	PROPN
faba-307	342	11	,	,	PUNCT
faba-307	342	12	sofia	sofia	PROPN
faba-307	342	13	)	)	PUNCT
faba-307	342	14	морис	морис	PROPN
faba-307	342	15	,	,	PUNCT
faba-307	342	16	ч	ч	X
faba-307	342	17	..	..	PROPN
faba-307	342	18	2009	2009	NUM
faba-307	342	19	.	.	PUNCT
faba-307	343	1	мъдреците	мъдреците	PROPN
faba-307	343	2	–	–	PUNCT
faba-307	343	3	уорън	уорън	X
faba-307	344	1	бъфет	бъфет	PROPN
faba-307	344	2	,	,	PUNCT
faba-307	344	3	джордж	джордж	PROPN
faba-307	344	4	сорос	сорос	NOUN
faba-307	344	5	и	и	PROPN
faba-307	344	6	пол	пол	NOUN
faba-307	344	7	волкър	волкър	NOUN
faba-307	344	8	.	.	PUNCT
faba-307	345	1	сиела	сиела	NOUN
faba-307	345	2	(	(	PUNCT
faba-307	345	3	moris	moris	PROPN
faba-307	345	4	,	,	PUNCT
faba-307	345	5	ch	ch	NOUN
faba-307	345	6	.	.	PROPN
faba-307	345	7	2009	2009	NUM
faba-307	345	8	.	.	PUNCT
faba-307	346	1	madrecite	madrecite	NOUN
faba-307	346	2	–	–	PUNCT
faba-307	346	3	warren	warren	PROPN
faba-307	346	4	buffett	buffett	PROPN
faba-307	346	5	,	,	PUNCT
faba-307	346	6	george	george	PROPN
faba-307	346	7	sorros	sorro	VERB
faba-307	346	8	i	i	PRON
faba-307	346	9	paul	paul	PROPN
faba-307	346	10	wolker	wolker	PROPN
faba-307	346	11	.	.	PUNCT
faba-307	347	1	siela	siela	PROPN
faba-307	347	2	)	)	PUNCT
faba-307	348	1	bagna	bagna	PROPN
faba-307	348	2	,	,	PUNCT
faba-307	348	3	e.	e.	PROPN
faba-307	348	4	,	,	PUNCT
faba-307	348	5	and	and	CCONJ
faba-307	348	6	e.	e.	PROPN
faba-307	348	7	ramusino	ramusino	PROPN
faba-307	348	8	.	.	PUNCT
faba-307	349	1	2017	2017	NUM
faba-307	349	2	.	.	PUNCT
faba-307	350	1	market	market	NOUN
faba-307	350	2	multiples	multiple	NOUN
faba-307	350	3	and	and	CCONJ
faba-307	350	4	the	the	DET
faba-307	350	5	valuation	valuation	NOUN
faba-307	350	6	of	of	ADP
faba-307	350	7	cyclical	cyclical	ADJ
faba-307	350	8	companies	company	NOUN
faba-307	350	9	”	"	PUNCT
faba-307	350	10	.	.	PUNCT
faba-307	351	1	international	international	ADJ
faba-307	351	2	business	business	NOUN
faba-307	351	3	research	research	NOUN
faba-307	351	4	,	,	PUNCT
faba-307	351	5	10(12	10(12	NUM
faba-307	351	6	)	)	PUNCT
faba-307	351	7	.	.	PUNCT
faba-307	352	1	bancel	bancel	PROPN
faba-307	352	2	,	,	PUNCT
faba-307	352	3	f.	f.	PROPN
faba-307	352	4	,	,	PUNCT
faba-307	352	5	and	and	CCONJ
faba-307	352	6	u.	u.	PROPN
faba-307	352	7	mittoo	mittoo	PROPN
faba-307	352	8	.	.	PUNCT
faba-307	353	1	2014	2014	NUM
faba-307	353	2	.	.	PUNCT
faba-307	354	1	the	the	DET
faba-307	354	2	gap	gap	NOUN
faba-307	354	3	between	between	ADP
faba-307	354	4	the	the	DET
faba-307	354	5	theory	theory	NOUN
faba-307	354	6	and	and	CCONJ
faba-307	354	7	practice	practice	NOUN
faba-307	354	8	of	of	ADP
faba-307	354	9	corporate	corporate	ADJ
faba-307	354	10	valuation	valuation	NOUN
faba-307	354	11	:	:	PUNCT
faba-307	354	12	survey	survey	NOUN
faba-307	354	13	of	of	ADP
faba-307	354	14	european	european	ADJ
faba-307	354	15	experts	expert	NOUN
faba-307	354	16	.	.	PUNCT
faba-307	355	1	journal	journal	PROPN
faba-307	355	2	of	of	ADP
faba-307	355	3	applied	apply	VERB
faba-307	355	4	corporate	corporate	ADJ
faba-307	355	5	finance	finance	NOUN
faba-307	355	6	,	,	PUNCT
faba-307	355	7	columbia	columbia	PROPN
faba-307	355	8	business	business	PROPN
faba-307	355	9	school	school	PROPN
faba-307	355	10	,	,	PUNCT
faba-307	355	11	26(4	26(4	NUM
faba-307	355	12	)	)	PUNCT
faba-307	355	13	,	,	PUNCT
faba-307	355	14	fall	fall	VERB
faba-307	355	15	2014	2014	NUM
faba-307	355	16	.	.	PUNCT
faba-307	356	1	brigham	brigham	PROPN
faba-307	356	2	,	,	PUNCT
faba-307	356	3	e.	e.	PROPN
faba-307	356	4	,	,	PUNCT
faba-307	356	5	and	and	CCONJ
faba-307	356	6	i.	i.	PROPN
faba-307	356	7	gapenski	gapenski	PROPN
faba-307	356	8	.	.	PUNCT
faba-307	356	9	1994	1994	NUM
faba-307	356	10	.	.	PUNCT
faba-307	357	1	financial	financial	ADJ
faba-307	357	2	management	management	NOUN
faba-307	357	3	–	–	PUNCT
faba-307	357	4	theory	theory	NOUN
faba-307	357	5	and	and	CCONJ
faba-307	357	6	practice	practice	NOUN
faba-307	357	7	.	.	PUNCT
faba-307	358	1	the	the	DET
faba-307	358	2	dryden	dryden	PROPN
faba-307	358	3	press	press	PROPN
faba-307	358	4	copeland	copeland	PROPN
faba-307	358	5	,	,	PUNCT
faba-307	358	6	t.	t.	PROPN
faba-307	358	7	,	,	PUNCT
faba-307	358	8	t.	t.	PROPN
faba-307	358	9	koller	koller	PROPN
faba-307	358	10	,	,	PUNCT
faba-307	358	11	and	and	CCONJ
faba-307	358	12	j.	j.	PROPN
faba-307	358	13	murrin	murrin	PROPN
faba-307	358	14	.	.	PUNCT
faba-307	359	1	2000	2000	NUM
faba-307	359	2	.	.	PUNCT
faba-307	360	1	valuation	valuation	NOUN
faba-307	360	2	–	–	PUNCT
faba-307	360	3	measuring	measure	VERB
faba-307	360	4	and	and	CCONJ
faba-307	360	5	managing	manage	VERB
faba-307	360	6	the	the	DET
faba-307	360	7	value	value	NOUN
faba-307	360	8	of	of	ADP
faba-307	360	9	companies	company	NOUN
faba-307	360	10	.	.	PUNCT
faba-307	361	1	john	john	PROPN
faba-307	361	2	wiley	wiley	PROPN
faba-307	361	3	&	&	CCONJ
faba-307	361	4	sons	son	NOUN
faba-307	361	5	,	,	PUNCT
faba-307	361	6	new	new	PROPN
faba-307	361	7	york	york	PROPN
faba-307	361	8	.	.	PROPN
faba-307	362	1	damodaran	damodaran	PROPN
faba-307	362	2	,	,	PUNCT
faba-307	362	3	a.	a.	NOUN
faba-307	362	4	2012	2012	NUM
faba-307	362	5	investment	investment	NOUN
faba-307	362	6	valuation	valuation	NOUN
faba-307	362	7	–	–	PUNCT
faba-307	362	8	tools	tool	NOUN
faba-307	362	9	and	and	CCONJ
faba-307	362	10	techniques	technique	NOUN
faba-307	362	11	for	for	ADP
faba-307	362	12	determining	determine	VERB
faba-307	362	13	the	the	DET
faba-307	362	14	value	value	NOUN
faba-307	362	15	of	of	ADP
faba-307	362	16	any	any	DET
faba-307	362	17	asset	asset	NOUN
faba-307	362	18	,	,	PUNCT
faba-307	362	19	john	john	PROPN
faba-307	362	20	wiley	wiley	PROPN
faba-307	362	21	&	&	CCONJ
faba-307	362	22	sons	son	NOUN
faba-307	362	23	,	,	PUNCT
faba-307	362	24	new	new	PROPN
faba-307	362	25	york	york	PROPN
faba-307	362	26	.	.	PROPN
faba-307	363	1	damodaran	damodaran	PROPN
faba-307	363	2	,	,	PUNCT
faba-307	363	3	a.	a.	NOUN
faba-307	363	4	2019	2019	NUM
faba-307	363	5	.	.	PUNCT
faba-307	364	1	january	january	PROPN
faba-307	364	2	2019	2019	NUM
faba-307	364	3	data	datum	NOUN
faba-307	364	4	update	update	NOUN
faba-307	364	5	9	9	NUM
faba-307	364	6	:	:	PUNCT
faba-307	364	7	the	the	DET
faba-307	364	8	pricing	pricing	NOUN
faba-307	364	9	game	game	NOUN
faba-307	364	10	,	,	PUNCT
faba-307	364	11	22	22	NUM
faba-307	364	12	feb	feb	NOUN
faba-307	364	13	,	,	PUNCT
faba-307	364	14	2019	2019	NUM
faba-307	364	15	[	[	X
faba-307	364	16	blog	blog	NOUN
faba-307	364	17	post	post	NOUN
faba-307	364	18	]	]	X
faba-307	364	19	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	364	20	,	,	PUNCT
faba-307	364	21	(	(	PUNCT
faba-307	364	22	accessed	access	VERB
faba-307	364	23	9	9	NUM
faba-307	364	24	july	july	PROPN
faba-307	364	25	2019	2019	NUM
faba-307	364	26	)	)	PUNCT
faba-307	365	1	damodaran	damodaran	VERB
faba-307	365	2	a.	a.	NOUN
faba-307	365	3	2025	2025	NUM
faba-307	365	4	.	.	PUNCT
faba-307	366	1	https://pages.stern.nyu.edu/~adamodar/	https://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	366	2	,	,	PUNCT
faba-307	366	3	accessed	access	VERB
faba-307	366	4	17	17	NUM
faba-307	366	5	july	july	NOUN
faba-307	366	6	,	,	PUNCT
faba-307	366	7	2025	2025	NUM
faba-307	366	8	fernandez	fernandez	NOUN
faba-307	366	9	,	,	PUNCT
faba-307	366	10	p.	p.	NOUN
faba-307	366	11	2017	2017	NUM
faba-307	366	12	.	.	PUNCT
faba-307	367	1	company	company	NOUN
faba-307	367	2	valuation	valuation	NOUN
faba-307	367	3	methods	method	NOUN
faba-307	367	4	graham	graham	PROPN
faba-307	367	5	,	,	PUNCT
faba-307	367	6	b.	b.	PROPN
faba-307	367	7	,	,	PUNCT
faba-307	367	8	and	and	CCONJ
faba-307	367	9	d.	d.	PROPN
faba-307	367	10	dodd	dodd	PROPN
faba-307	367	11	.	.	PUNCT
faba-307	367	12	2009	2009	NUM
faba-307	367	13	.	.	PUNCT
faba-307	368	1	security	security	NOUN
faba-307	368	2	analysis	analysis	NOUN
faba-307	368	3	–	–	PUNCT
faba-307	368	4	principles	principle	NOUN
faba-307	368	5	and	and	CCONJ
faba-307	368	6	technique	technique	NOUN
faba-307	368	7	”	"	PUNCT
faba-307	368	8	,	,	PUNCT
faba-307	368	9	6th	6th	ADJ
faba-307	368	10	ed	ed	NOUN
faba-307	368	11	.	.	PROPN
faba-307	368	12	,	,	PUNCT
faba-307	368	13	the	the	DET
faba-307	368	14	mcgraw	mcgraw	PROPN
faba-307	368	15	-	-	PUNCT
faba-307	368	16	hill	hill	NOUN
faba-307	368	17	companies	company	NOUN
faba-307	368	18	,	,	PUNCT
faba-307	368	19	inc	inc	PROPN
faba-307	368	20	.	.	PROPN
faba-307	369	1	(	(	PUNCT
faba-307	369	2	foreword	foreword	PROPN
faba-307	369	3	by	by	ADP
faba-307	369	4	warren	warren	PROPN
faba-307	369	5	buffett	buffett	PROPN
faba-307	369	6	,	,	PUNCT
faba-307	369	7	updated	update	VERB
faba-307	369	8	with	with	ADP
faba-307	369	9	new	new	ADJ
faba-307	369	10	commentary	commentary	NOUN
faba-307	369	11	by	by	ADP
faba-307	369	12	seth	seth	PROPN
faba-307	369	13	.	.	PUNCT
faba-307	369	14	a.	a.	PROPN
faba-307	369	15	klarman	klarman	PROPN
faba-307	369	16	,	,	PUNCT
faba-307	369	17	james	james	PROPN
faba-307	369	18	grant	grant	PROPN
faba-307	369	19	,	,	PUNCT
faba-307	369	20	bruce	bruce	PROPN
faba-307	369	21	greenwald	greenwald	PROPN
faba-307	369	22	,	,	PUNCT
faba-307	369	23	and	and	CCONJ
faba-307	369	24	others	other	NOUN
faba-307	369	25	)	)	PUNCT
faba-307	369	26	graham	graham	PROPN
faba-307	369	27	,	,	PUNCT
faba-307	369	28	b.	b.	PROPN
faba-307	369	29	2006	2006	NUM
faba-307	369	30	.	.	PUNCT
faba-307	370	1	the	the	DET
faba-307	370	2	intelligent	intelligent	ADJ
faba-307	370	3	investor	investor	NOUN
faba-307	370	4	–	–	PUNCT
faba-307	370	5	revised	revise	VERB
faba-307	370	6	edition	edition	NOUN
faba-307	370	7	,	,	PUNCT
faba-307	370	8	first	first	PROPN
faba-307	370	9	collins	collins	PROPN
faba-307	370	10	business	business	NOUN
faba-307	370	11	essentials	essential	NOUN
faba-307	370	12	edition	edition	NOUN
faba-307	370	13	(	(	PUNCT
faba-307	370	14	harpercollins	harpercollin	NOUN
faba-307	370	15	publishers	publisher	NOUN
faba-307	370	16	)	)	PUNCT
faba-307	370	17	,	,	PUNCT
faba-307	370	18	(	(	PUNCT
faba-307	370	19	preface	preface	NOUN
faba-307	370	20	to	to	ADP
faba-307	370	21	the	the	DET
faba-307	370	22	fourth	fourth	PROPN
faba-307	370	23	edition	edition	NOUN
faba-307	370	24	by	by	ADP
faba-307	370	25	warren	warren	PROPN
faba-307	370	26	e.	e.	PROPN
faba-307	370	27	buffett	buffett	PROPN
faba-307	370	28	,	,	PUNCT
faba-307	370	29	updated	update	VERB
faba-307	370	30	with	with	ADP
faba-307	370	31	new	new	ADJ
faba-307	370	32	commentary	commentary	NOUN
faba-307	370	33	by	by	ADP
faba-307	370	34	jason	jason	PROPN
faba-307	370	35	zweig	zweig	PROPN
faba-307	370	36	)	)	PUNCT
faba-307	370	37	hitchner	hitchner	ADV
faba-307	370	38	,	,	PUNCT
faba-307	370	39	j.	j.	PROPN
faba-307	370	40	2017.financial	2017.financial	PROPN
faba-307	370	41	valuation	valuation	NOUN
faba-307	370	42	–	–	PUNCT
faba-307	370	43	applications	application	NOUN
faba-307	370	44	and	and	CCONJ
faba-307	370	45	models	model	NOUN
faba-307	370	46	,	,	PUNCT
faba-307	370	47	john	john	PROPN
faba-307	370	48	wiley	wiley	PROPN
faba-307	370	49	&	&	CCONJ
faba-307	370	50	sons	sons	PROPN
faba-307	370	51	,	,	PUNCT
faba-307	370	52	inc	inc	PROPN
faba-307	370	53	.	.	PROPN
faba-307	370	54	,	,	PUNCT
faba-307	370	55	4th	4th	ADJ
faba-307	370	56	ed	ed	NOUN
faba-307	370	57	.	.	PROPN
faba-307	370	58	,	,	PUNCT
faba-307	370	59	2017	2017	NUM
faba-307	370	60	international	international	ADJ
faba-307	370	61	valuation	valuation	NOUN
faba-307	370	62	standards	standard	NOUN
faba-307	370	63	committee	committee	NOUN
faba-307	370	64	.	.	PUNCT
faba-307	371	1	2001	2001	NUM
faba-307	371	2	.	.	PUNCT
faba-307	372	1	international	international	ADJ
faba-307	372	2	valuation	valuation	NOUN
faba-307	372	3	standards	standard	NOUN
faba-307	372	4	2001	2001	NUM
faba-307	372	5	”	"	PUNCT
faba-307	372	6	,	,	PUNCT
faba-307	372	7	london	london	PROPN
faba-307	372	8	2001	2001	NUM
faba-307	372	9	,	,	PUNCT
faba-307	372	10	(	(	PUNCT
faba-307	372	11	standard	standard	ADJ
faba-307	372	12	1	1	NUM
faba-307	372	13	)	)	PUNCT
faba-307	372	14	international	international	ADJ
faba-307	372	15	appraisal	appraisal	NOUN
faba-307	372	16	standards	standard	NOUN
faba-307	372	17	board	board	NOUN
faba-307	372	18	.	.	PUNCT
faba-307	373	1	2020	2020	NUM
faba-307	373	2	malkiel	malkiel	PROPN
faba-307	373	3	,	,	PUNCT
faba-307	373	4	b.	b.	PROPN
faba-307	373	5	g.	g.	PROPN
faba-307	373	6	2015	2015	NUM
faba-307	373	7	.	.	PUNCT
faba-307	374	1	a	a	DET
faba-307	374	2	random	random	ADJ
faba-307	374	3	walk	walk	NOUN
faba-307	374	4	down	down	ADP
faba-307	374	5	wall	wall	PROPN
faba-307	374	6	street	street	PROPN
faba-307	374	7	,	,	PUNCT
faba-307	374	8	12th	12th	PROPN
faba-307	374	9	edition	edition	NOUN
faba-307	374	10	(	(	PUNCT
faba-307	374	11	completely	completely	ADV
faba-307	374	12	revised	revise	VERB
faba-307	374	13	and	and	CCONJ
faba-307	374	14	updated	update	VERB
faba-307	374	15	)	)	PUNCT
faba-307	374	16	,	,	PUNCT
faba-307	374	17	w.w	w.w	PROPN
faba-307	374	18	.	.	PROPN
faba-307	374	19	norton	norton	PROPN
faba-307	374	20	&	&	CCONJ
faba-307	374	21	company	company	PROPN
faba-307	374	22	,	,	PUNCT
faba-307	374	23	inc	inc	PROPN
faba-307	374	24	.	.	PROPN
faba-307	374	25	,	,	PUNCT
faba-307	374	26	new	new	PROPN
faba-307	374	27	york	york	PROPN
faba-307	374	28	,	,	PUNCT
faba-307	374	29	london	london	PROPN
faba-307	374	30	nenkov	nenkov	PROPN
faba-307	374	31	,	,	PUNCT
faba-307	374	32	d.	d.	PROPN
faba-307	374	33	2021a	2021a	NUM
faba-307	374	34	.	.	PUNCT
faba-307	375	1	the	the	DET
faba-307	375	2	s&p	s&p	PROPN
faba-307	375	3	500	500	NUM
faba-307	375	4	current	current	ADJ
faba-307	375	5	record	record	NOUN
faba-307	375	6	-	-	PUNCT
faba-307	375	7	high	high	ADJ
faba-307	375	8	levels	level	NOUN
faba-307	375	9	against	against	ADP
faba-307	375	10	fundamental	fundamental	ADJ
faba-307	375	11	pe	pe	PROPN
faba-307	375	12	and	and	CCONJ
faba-307	375	13	pbv	pbv	VERB
faba-307	375	14	ratios	ratio	NOUN
faba-307	375	15	.	.	PUNCT
faba-307	376	1	economic	economic	ADJ
faba-307	376	2	studies	study	NOUN
faba-307	376	3	journal	journal	NOUN
faba-307	376	4	,	,	PUNCT
faba-307	376	5	30	30	NUM
faba-307	376	6	(	(	PUNCT
faba-307	376	7	8)	8)	NUM
faba-307	376	8	:	:	PUNCT
faba-307	376	9	93	93	NUM
faba-307	376	10	-	-	SYM
faba-307	376	11	113	113	NUM
faba-307	376	12	nenkov	nenkov	NOUN
faba-307	376	13	,	,	PUNCT
faba-307	376	14	d.	d.	PROPN
faba-307	376	15	2021b	2021b	NUM
faba-307	376	16	.	.	PUNCT
faba-307	377	1	us	us	PROPN
faba-307	377	2	stock	stock	NOUN
faba-307	377	3	market	market	NOUN
faba-307	377	4	at	at	ADP
faba-307	377	5	the	the	DET
faba-307	377	6	background	background	NOUN
faba-307	377	7	of	of	ADP
faba-307	377	8	the	the	DET
faba-307	377	9	covid-19	covid-19	PROPN
faba-307	377	10	pandemic	pandemic	NOUN
faba-307	377	11	:	:	PUNCT
faba-307	377	12	implication	implication	NOUN
faba-307	377	13	for	for	ADP
faba-307	377	14	valuation	valuation	NOUN
faba-307	377	15	.	.	PUNCT
faba-307	378	1	finance	finance	NOUN
faba-307	378	2	,	,	PUNCT
faba-307	378	3	accounting	accounting	NOUN
faba-307	378	4	and	and	CCONJ
faba-307	378	5	business	business	NOUN
faba-307	378	6	analysis	analysis	NOUN
faba-307	378	7	,	,	PUNCT
faba-307	378	8	3(1	3(1	NUM
faba-307	378	9	):	):	PUNCT
faba-307	378	10	56	56	NUM
faba-307	378	11	-	-	SYM
faba-307	378	12	66	66	NUM
faba-307	378	13	.	.	PUNCT
faba-307	379	1	nenkov	nenkov	PROPN
faba-307	379	2	,	,	PUNCT
faba-307	379	3	d.	d.	PROPN
faba-307	379	4	and	and	CCONJ
faba-307	379	5	y.	y.	PROPN
faba-307	379	6	hristozov	hristozov	PROPN
faba-307	379	7	.	.	PUNCT
faba-307	380	1	2023	2023	NUM
faba-307	380	2	.	.	PUNCT
faba-307	381	1	dcf	dcf	PROPN
faba-307	381	2	valuation	valuation	PROPN
faba-307	381	3	:	:	PUNCT
faba-307	381	4	the	the	DET
faba-307	381	5	interrelation	interrelation	NOUN
faba-307	381	6	between	between	ADP
faba-307	381	7	the	the	DET
faba-307	381	8	dynamics	dynamic	NOUN
faba-307	381	9	of	of	ADP
faba-307	381	10	operating	operate	VERB
faba-307	381	11	revenue	revenue	NOUN
faba-307	381	12	and	and	CCONJ
faba-307	381	13	gross	gross	ADJ
faba-307	381	14	investments	investment	NOUN
faba-307	381	15	.	.	PUNCT
faba-307	382	1	economic	economic	ADJ
faba-307	382	2	studies	study	NOUN
faba-307	382	3	journal	journal	NOUN
faba-307	382	4	(	(	PUNCT
faba-307	382	5	ikonomicheski	ikonomicheski	ADJ
faba-307	382	6	izsledvania	izsledvania	NOUN
faba-307	382	7	)	)	PUNCT
faba-307	382	8	,	,	PUNCT
faba-307	382	9	32	32	NUM
faba-307	382	10	(	(	PUNCT
faba-307	382	11	7	7	NUM
faba-307	382	12	):	):	PUNCT
faba-307	382	13	114	114	NUM
faba-307	382	14	-	-	SYM
faba-307	382	15	138	138	NUM
faba-307	382	16	pinto	pinto	NOUN
faba-307	382	17	,	,	PUNCT
faba-307	382	18	j.	j.	PROPN
faba-307	382	19	,	,	PUNCT
faba-307	382	20	t.	t.	PROPN
faba-307	382	21	robinson	robinson	PROPN
faba-307	382	22	,	,	PUNCT
faba-307	382	23	j.	j.	PROPN
faba-307	382	24	stowe	stowe	PROPN
faba-307	382	25	.	.	PROPN
faba-307	382	26	2019	2019	NUM
faba-307	382	27	.	.	PUNCT
faba-307	383	1	equity	equity	NOUN
faba-307	383	2	valuation	valuation	PROPN
faba-307	383	3	:	:	PUNCT
faba-307	383	4	a	a	DET
faba-307	383	5	survey	survey	NOUN
faba-307	383	6	of	of	ADP
faba-307	383	7	professional	professional	ADJ
faba-307	383	8	practice	practice	NOUN
faba-307	383	9	.	.	PUNCT
faba-307	384	1	review	review	NOUN
faba-307	384	2	of	of	ADP
faba-307	384	3	financial	financial	ADJ
faba-307	384	4	economics	economic	NOUN
faba-307	384	5	,	,	PUNCT
faba-307	384	6	37(2	37(2	PRON
faba-307	384	7	):	):	PUNCT
faba-307	384	8	219	219	NUM
faba-307	384	9	-	-	SYM
faba-307	384	10	233	233	NUM
faba-307	384	11	(	(	PUNCT
faba-307	384	12	first	first	ADV
faba-307	384	13	published	publish	VERB
faba-307	384	14	19	19	NUM
faba-307	384	15	oct	oct	NOUN
faba-307	384	16	,	,	PUNCT
faba-307	384	17	2018	2018	NUM
faba-307	384	18	)	)	PUNCT
faba-307	384	19	,	,	PUNCT
faba-307	384	20	https://www.cfainstitute.org/en/membership/professional-development/refresher-readings/freecash-flow-valuation	https://www.cfainstitute.org/en/membership/professional-development/refresher-readings/freecash-flow-valuation	PROPN
faba-307	384	21	o’shaughnessy	o’shaughnessy	PROPN
faba-307	384	22	,	,	PUNCT
faba-307	384	23	j.	j.	PROPN
faba-307	384	24	p.	p.	PROPN
faba-307	384	25	2005	2005	NUM
faba-307	384	26	.	.	PUNCT
faba-307	385	1	what	what	PRON
faba-307	385	2	works	work	VERB
faba-307	385	3	on	on	ADP
faba-307	385	4	wall	wall	PROPN
faba-307	385	5	street	street	PROPN
faba-307	385	6	”	"	PUNCT
faba-307	385	7	,	,	PUNCT
faba-307	385	8	mcgraw	mcgraw	PROPN
faba-307	385	9	hill	hill	PROPN
faba-307	385	10	shiller	shiller	PROPN
faba-307	385	11	,	,	PUNCT
faba-307	385	12	r.	r.	PROPN
faba-307	385	13	j.	j.	PROPN
faba-307	385	14	2012	2012	NUM
faba-307	385	15	.	.	PUNCT
faba-307	386	1	finance	finance	NOUN
faba-307	386	2	and	and	CCONJ
faba-307	386	3	the	the	DET
faba-307	386	4	good	good	ADJ
faba-307	386	5	society	society	NOUN
faba-307	386	6	.	.	PUNCT
faba-307	387	1	princeton	princeton	PROPN
faba-307	387	2	university	university	PROPN
faba-307	387	3	press	press	NOUN
faba-307	387	4	,	,	PUNCT
faba-307	387	5	new	new	PROPN
faba-307	387	6	jersey	jersey	PROPN
faba-307	387	7	shiller	shiller	PROPN
faba-307	387	8	,	,	PUNCT
faba-307	387	9	r.	r.	PROPN
faba-307	387	10	j.	j.	PROPN
faba-307	387	11	2015	2015	NUM
faba-307	387	12	.	.	PUNCT
faba-307	388	1	the	the	DET
faba-307	388	2	irrational	irrational	ADJ
faba-307	388	3	exuberance	exuberance	NOUN
faba-307	388	4	.	.	PUNCT
faba-307	389	1	princeton	princeton	PROPN
faba-307	389	2	university	university	PROPN
faba-307	389	3	press	press	NOUN
faba-307	389	4	,	,	PUNCT
faba-307	389	5	new	new	PROPN
faba-307	389	6	jersey	jersey	PROPN
faba-307	389	7	zukin	zukin	PROPN
faba-307	389	8	,	,	PUNCT
faba-307	389	9	j.	j.	PROPN
faba-307	389	10	h.	h.	PROPN
faba-307	389	11	1990	1990	NUM
faba-307	389	12	.	.	PUNCT
faba-307	390	1	financial	financial	ADJ
faba-307	390	2	valuation	valuation	NOUN
faba-307	390	3	:	:	PUNCT
faba-307	390	4	businesses	business	NOUN
faba-307	390	5	and	and	CCONJ
faba-307	390	6	business	business	NOUN
faba-307	390	7	interests	interest	NOUN
faba-307	390	8	.	.	PUNCT
faba-307	391	1	warren	warren	PROPN
faba-307	391	2	gorham	gorham	PROPN
faba-307	391	3	lamont	lamont	PROPN
faba-307	391	4	,	,	PUNCT
faba-307	391	5	p.2	p.2	NOUN
faba-307	391	6	-	-	SYM
faba-307	391	7	3	3	NUM
faba-307	391	8	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	391	9	https://pages.stern.nyu.edu/~adamodar/	https://pages.stern.nyu.edu/~adamodar/	NOUN
faba-307	391	10	https://www.cfainstitute.org/en/membership/professional-development/refresher-readings/free-cash-flow-valuation	https://www.cfainstitute.org/en/membership/professional-development/refresher-readings/free-cash-flow-valuation	NOUN
faba-307	391	11	https://www.cfainstitute.org/en/membership/professional-development/refresher-readings/free-cash-flow-valuation	https://www.cfainstitute.org/en/membership/professional-development/refresher-readings/free-cash-flow-valuation	NOUN