The Exit or Terminal Multiple Approach assumes a business will be sold at the end of the projection period. Valuation analytics are determined for various operating statistics using comparable acquisitions. A frequently used terminal multiple is Enterprise Value/EBITDA or EV/EBITDA. The analysis of comparable acquisitions will indicate an appropriate range of multiples to use. The multiple is then applied to the projected EBITDA in Year N, which is the final year in the projection period. This provides a future value at the end of Year N. The terminal value is then discounted using a factor equal to the number of years in the projection period. If N is the 5th and final year in this period, then the Terminal Value is divided by (1+k). The Present Value of the Terminal Value is then added to the PV of the free cash flows in the projection period to arrive at an implied Enterprise Value. Note that if publicly traded comparable company multiples must be used, the resulting implied enterprise value will not reflect a control premium. Depending on the purposes of the valuation, this may not provide an appropriate reference range.
is terminal value the same as enterprise value?
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- no
- yes
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Answer: no

Penguins are popularly loved around the world, primarily for their unusually upright, waddling gait, impressive swimming ability and (compared to other birds) lack of fear of humans. Their striking black-and-white plumage is often likened to a white tie suit. Mistakenly, some artists and writers have penguins based at the North Pole. This is incorrect, as there are no wild penguins in the Northern Hemisphere. The cartoon series Chilly Willy helped perpetuate this myth, as the title penguin would interact with northern-hemisphere species, such as polar bears and walruses.
do any penguins live in the northern hemisphere?
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- no
- yes
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Answer: no

Rabbit is a character in the fictional world of the book series and cartoons Winnie-the-Pooh. He is a friend of Winnie-the-Pooh, regards himself as practical and tends to take the lead, though not always with the results that he intends.
was rabbit from winnie the pooh a real rabbit?
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- no
- yes
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Answer:
no