{"id":2400,"date":"2023-03-08T10:41:50","date_gmt":"2023-03-08T10:41:50","guid":{"rendered":"https:\/\/aventis.local\/?p=2400"},"modified":"2026-11-14T09:39:05","modified_gmt":"2026-11-14T09:39:05","slug":"multiplos-de-valoracion","status":"publish","type":"post","link":"https:\/\/aventis-advisors.com\/es\/multiplos-de-valoracion\/","title":{"rendered":"M\u00faltiplos de Valoraci\u00f3n: Conoce Cu\u00e1nto Vale tu Negocio"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Why should you know the value of your business?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Valuing a business can be a daunting task involving art and science. However, as a business owner, it&#8217;s essential to know how much your company is worth for reasons such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/aventis-advisors.com\/sell-side-advisory\/\">Selling your business<\/a><\/strong>: if you are thinking of an exit, knowing how much your company is worth and what levers you can pull to maximize its value is crucial to getting paid top dollar.<\/li>\n\n\n\n<li><strong>Obtain additional financing<\/strong>: in case of potential funding from external parties (e.g., private equity), understanding your business&#8217;s actual value upfront will significantly help during the negotiations.&nbsp;<\/li>\n\n\n\n<li><strong>Expanding your business: <\/strong>when investing heavily in organic growth or mergers and acquisitions (M&amp;A), it&#8217;s crucial to determine the starting value of your company. By doing so, you can better evaluate your future actions&#8217; impact and understand which ones will maximize your firm\u2019s value.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">As you will see in the following sections, you can estimate the value of your business in several ways. Besides valuation multiples, other approaches, such as <a href=\"https:\/\/aventis-advisors.com\/software-company-valuation\/\">discounted cash flow (DCF)<\/a>, are also commonly used. There is no one-size-fits-all valuation technique. Rather, the given circumstances, such as your company&#8217;s financials or objective of the valuation, will dictate which method is the most appropriate to use. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While obtaining a ballpark valuation may seem straightforward, it&#8217;s best to rely on advisors&#8217; expertise when confronted with significant financial decisions, such as selling your business. By doing so, you can rest assured that you will receive proper compensation for your company\u2019s value.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Valuation multiples: what are they, and why are they used?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Valuation multiples are ratios that reflect a company&#8217;s value (also known as enterprise value or market value) in relation to a specific financial metric such as EBITDA or revenue. In the case of a public entity, valuation multiples can also be used to estimate the company share price, with ratios such as price-to-earnings (P\/E) and price-to-book (P\/B). <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Valuation multiples are standardized financial metrics that facilitate value comparisons within a peer group once adjusted for differences in characteristics, such as size or growth rate. A peer group can consist of companies in the same industry or in different industries but with similar financial and operational characteristics.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investment bankers, investors, and other financial analysts like to use valuation multiples because it&#8217;s a quick and efficient way to compare a company&#8217;s value to that of a similar business. Compared to other valuation methods, such as discounted cash flow, the calculation, and interpretation of valuation multiples are usually much more straightforward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Valuation multiples are readily available for listed companies on financial databases such as Bloomberg or Capital IQ. However, <a href=\"https:\/\/aventis-advisors.com\/how-to-value-a-private-company\/\">private company valuation<\/a> multiples are usually more difficult to get, and often you have the make the calculation yourself. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Types of valuation multiples<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">At a high level, there are two categories of valuation multiples; enterprise value (EV) multiples and equity value multiples. Below are some commonly used EV and equity value-based multiples.<\/p>\n\n\n\n<figure class=\"wp-block-table aventis-center\"><table><caption>Commonly used valuation multiples<\/caption><thead><tr><th>Equity Value Multiples<\/th><th>Enterprise Value Multiples<\/th><\/tr><\/thead><tbody><tr><td>Price-to-Earnings<\/td><td>EV-to-EBITDA<\/td><\/tr><tr><td>Price-to-Book Value<\/td><td>EV-to-Revenue<\/td><\/tr><tr><td>Price-to-Sales<\/td><td>EV-to-EBIT<\/td><\/tr><tr><td>Price-to-Cash Flows<\/td><td>EV-to-Free Cash Flow<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Source: Aventis Advisors.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">With equity value multiples, you are looking for the company&#8217;s share price. Therefore it only applies to listed companies whose share trades on the stock market. This blog post will primarily focus on the enterprise value multiples.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When applying an EV multiple, you are calculating the total value of the business, and therefore it can be applied to private companies as well. The EBITDA multiple is the most used enterprise value multiple, followed by the revenue multiple.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Why should you use the EBITDA multiple?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Starting with the basics, the EBITDA multiple is calculated by dividing a company\u2019s enterprise value by its EBITDA. The EBITDA used can either be &#8220;trailing&#8221; (using the last 12 months) or &#8220;forward-looking,&#8221; where the projected next year&#8217;s EBITDA is used. Best practice dictates calculating trailing and forward multiples and comparing the resulting values.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The EBITDA multiple is popular among financial professionals because 1) the EBITDA is independent of the company&#8217;s capital structure (split between equity and debt financing), so it allows to compare companies with varying debt levels, and 2) it focuses on the actual underlying cash-generating potentials of the company and is less impacted by accounting decisions (e.g., depreciation and tax).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the EBITDA multiple is the most used approach among enterprise value multiples, there can be occasions when other valuation multiples are more suitable. The revenue multiple, for example, is more appropriate for start-ups that focus on their growth rate over profitability or when a company is operating at a loss (negative EBITDA).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>When to use the revenue multiple?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The revenue multiple is another widely used approach, and often it&#8217;s the only valuation multiple that gets reported in M&amp;A transactions involving private companies. It&#8217;s calculated by dividing a company\u2019s enterprise value by its trailing or forward-looking 12 months&#8217; revenue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As stated earlier, there can be instances, such as when analyzing start-ups or unprofitable companies, when using revenue over EBITDA is more appropriate. However, in most cases, finance professionals prefer the EBITDA multiple because it provides a more comprehensive view of a company&#8217;s financial performance.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Other types of valuation multiples that you can use<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You may use EBIT over EBITDA when analyzing businesses with significant depreciation and amortization. This can be the case with asset-heavy industries such as industrials and energy. Depreciation and amortization are a proxy for actual cash expenses (capex) associated with utilizing assets that must be replaced or augmented over time. Therefore, you may not want to \u201cignore\u201d them when valuing your business and use EBIT over EBITDA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We can also use free cash flow or FCF as the denominator in our valuation multiple equations. EBITDA is a good proxy for FCF, so in most cases, analysts stick with EBITDA. However, when the company has significant share-based compensation (included in FCF but not in EBITDA), using FCF may be more appropriate to account for the &#8220;hidden expense&#8221; associated with this compensation method. If the company wants to avoid diluting existing shareholders, it will eventually have to use cash to buy back its shares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The FCF may also be used over EBITDA for companies with significant investment requirements (e.g., most asset-heavy industries) or when a company capitalizes most of its expenses. That is because FCF is adjusted for capex while EBITDA is not.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>A step-by-step guide to valuing your company using the EBITDA multiple<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In this section, we will walk through the four main steps of finding the enterprise value of your business using the EBITDA multiple. Step 5 is for calculating the market value of equity of your firm, an important step in the context of M&amp;A. The market value of equity is derived from the EV, and it represents the actual amount a buyer will pay for your business if you decide to sell it. <\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Calculating the EBITDA of your business<\/li>\n\n\n\n<li>Make the necessary adjustments to your calculated EBITDA<\/li>\n\n\n\n<li>Find the EBITDA multiple based on peer group or historical valuations&nbsp;<\/li>\n\n\n\n<li>Calculate your company&#8217;s enterprise value<\/li>\n\n\n\n<li>Deriving your company&#8217;s market value of equity from EV<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Step 1: Calculating the EBITDA of your business<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">EBITDA is a non-GAAP and non-IFRS metric; therefore, it may not be readily available for your business. Using your company&#8217;s income statement, EBITDA can be estimated using a top-down (revenue minus operational expenses) or bottom-up (net income plus tax, interest, depreciation, and amortization) approach. Either method is accepted, but investment bankers usually apply the top-down approach as it gives a better insight into the company&#8217;s main revenue and costs drivers. <\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image av-chart\"><p class=\"av-chart-title\">Valuation Multiples: Finding EBITDA<\/p><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" overflow=\"hidden\" viewBox=\"0 58.53 1134.00 697.47\" style=\"width:100%;height:auto;display:block\">\n  <defs>\n    <clipPath id=\"c202303slid22653e1a-clip0\">\n      <rect x=\"0\" y=\"0\" width=\"1134\" height=\"605\"\/>\n    <\/clipPath>\n    <clipPath id=\"c202303slid22653e1a-clip1\">\n      <rect x=\"3\" y=\"582\" width=\"164\" height=\"21\"\/>\n    <\/clipPath>\n    <clipPath id=\"c202303slid22653e1a-clip2\">\n      <rect x=\"3\" y=\"582\" 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fill=\"none\"\/>\n    <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 899.861 457)\">Bottom<\/text>\n    <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 975.872 457)\">&#8211;<\/text>\n    <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 983.873 457)\">up approach<\/text>\n    <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 913.196 486)\">to finding EBITDA<\/text>\n    <path d=\"M614.665 553.724C606.888 553.724 600.583 547.416 600.583 539.635L600.583 483.278C600.583 475.497 594.278 469.19 586.5 469.19 594.278 469.19 600.583 462.882 600.583 455.101L600.583 398.744C600.583 390.963 606.888 384.655 614.665 384.655M867.334 384.655C875.112 384.655 881.417 390.963 881.417 398.744L881.417 455.101C881.417 462.882 887.722 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861.238 275.911\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <path d=\"M3.00118 317.277 861.238 317.277\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <path d=\"M3.00118 358.644 861.238 358.644\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <path d=\"M3.00118 400.011 861.238 400.011\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <path d=\"M3.66794 68.4101 3.66794 110.444\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <path d=\"M3.66794 234.544 3.66794 441.378\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <path d=\"M3.66794 524.111 3.66794 566.145\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <path d=\"M860.571 68.4101 860.571 110.444\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <path d=\"M860.571 234.544 860.571 441.378\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <path d=\"M3.00118 69.0771 861.238 69.0771\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <path d=\"M3.00118 565.478 436.427 565.478\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <g clip-path=\"url(#c202303slid22653e1a-clip4)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-style=\"italic\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 808.63 98)\">th $<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slid22653e1a-clip5)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 788.627 139)\">9,103<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slid22653e1a-clip6)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 15.4841 139)\">Revenue<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slid22653e1a-clip7)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 772.624 181)\">(5,103)<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slid22653e1a-clip8)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 15.4841 181)\">Cost of sales<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slid22653e1a-clip9)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 788.627 222)\">4,000<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slid22653e1a-clip10)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 15.4841 222)\">Gross Profit<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slid22653e1a-clip11)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 772.624 264)\">(1,100)<\/text>\n    <\/g>\n    <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 28.8194 264)\">Selling expenses<\/text>\n    <g clip-path=\"url(#c202303slid22653e1a-clip12)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 792.627 305)\">(315)<\/text>\n    <\/g>\n    <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 27.4925 305)\">Administrative expenses<\/text>\n    <g clip-path=\"url(#c202303slid22653e1a-clip13)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 805.963 346)\">(85)<\/text>\n    <\/g>\n    <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 28.8194 346)\">Research and development<\/text>\n    <g clip-path=\"url(#c202303slid22653e1a-clip14)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 792.627 388)\">(436)<\/text>\n    <\/g>\n    <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 28.8194 388)\">Depreciation and amortization<\/text>\n    <g clip-path=\"url(#c202303slid22653e1a-clip15)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 788.627 429)\">2,064<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slid22653e1a-clip16)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 15.4841 429)\">Operation Income<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slid22653e1a-clip17)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-style=\"italic\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 792.627 470)\">(120)<\/text>\n    <\/g>\n    <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 35.487 470)\">Net interest income (expense)<\/text>\n    <g clip-path=\"url(#c202303slid22653e1a-clip18)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-style=\"italic\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 792.627 512)\">(369)<\/text>\n    <\/g>\n    <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 35.487 512)\">Income tax (at 19%)<\/text>\n    <g clip-path=\"url(#c202303slid22653e1a-clip19)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 788.627 553)\">1,575<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slid22653e1a-clip20)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"matrix(1 0 0 1.0004 15.4841 553)\">Net Income<\/text>\n    <\/g>\n  <\/g>\n<\/svg><\/figure>\n<\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Step 2: Make the necessary adjustments to your calculated EBITDA<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This is a more challenging step as opinions differ on what should be added back to EBITDA. Usually, it\u2019s a case-by-case situation, but these are some of the items that you should closely examine and adjust if needed:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your salary and perks<\/li>\n\n\n\n<li>The salary and perks of any family members to market value<\/li>\n\n\n\n<li>Market rent price if you are the owner of the facilities and don\u2019t pay for it<\/li>\n\n\n\n<li>Personal expenses (e.g., mobile phone, childcare, travel expenses)<\/li>\n\n\n\n<li>Expenses or income that isn\u2019t expected to continue after the sale&nbsp;<\/li>\n\n\n\n<li>One-off events<\/li>\n\n\n\n<li>Discontinued operations<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Adjusting EBITDA helps obtain a normalized and accurate figure not impacted by irregular gains, losses, and other factors. Failing to adjust EBITDA may result in an incomplete representation of your company&#8217;s true earnings potential, leading to a lower valuation.<\/p>\n\n\n\n<figure class=\"wp-block-table has-total\"><table><caption>Illustrative adjusted EBITDA calculation ($ &#8216;000)<\/caption><thead><tr><th>Item<\/th><th>+\/&#8722;<\/th><th>$ &#8216;000<\/th><\/tr><\/thead><tbody><tr><td>Reported EBITDA<\/td><td><\/td><td>2,500<\/td><\/tr><tr><td>Adjustment of owners&#8217; salaries and bonuses to market value<\/td><td>+\/&#8722;<\/td><td>150<\/td><\/tr><tr><td>Adjustment of rent of facilities to market value<\/td><td>+\/&#8722;<\/td><td>(100)<\/td><\/tr><tr><td>Gain\/loss on sale of fixed assets<\/td><td>+\/&#8722;<\/td><td>&#8211;<\/td><\/tr><tr><td>Private owners&#8217; costs (e.g., travel, personal car)<\/td><td>+<\/td><td>20<\/td><\/tr><tr><td>Fees of M&amp;A, legal and tax advisors<\/td><td>+<\/td><td>120<\/td><\/tr><tr><td>Grants and subsidies<\/td><td>&#8722;<\/td><td>(100)<\/td><\/tr><tr><td>Other non-recurring revenues and expenses<\/td><td>+\/&#8722;<\/td><td>40<\/td><\/tr><tr><td><strong>Adjusted EBITDA<\/strong><\/td><td>=<\/td><td><strong>2,630<\/strong><\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Source: Aventis Advisors.<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Step 3: Find the EBITDA multiple for valuing your company<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Estimating the right EBITDA multiple that you should use to value your business is difficult, especially if you are looking for private company valuation multiples. Therefore, it\u2019s best to rely on advisors&#8217; expertise for this task. Common approaches to finding the suitable EBITDA multiple are the following:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Comparable company analysis<\/strong>: this approach is commonly used by investors and looks at the median or mean EBITDA multiple of your business\u2019s industry or peer group. Deep industry knowledge and thorough research is required to find the right comparable companies to include in the calculation. Also, the resulting EBITDA multiple may need to be adjusted for differences in characteristics and operations.<\/p>\n\n\n\n<figure class=\"wp-block-table aventis-center wide-firstcol has-total-2\"><table><caption>Illustrative public comparables valuation<\/caption><thead><tr><th>Company<\/th><th>EV ($M)<\/th><th>Revenue ($M)<\/th><th>EBITDA ($M)<\/th><th>EBIT ($M)<\/th><th>EV\/Revenue<\/th><th>EV\/EBITDA<\/th><th>EV\/EBIT<\/th><\/tr><\/thead><tbody><tr><td>Company A<\/td><td>5,500<\/td><td>1,719<\/td><td>430<\/td><td>344<\/td><td>3.2x<\/td><td>12.8x<\/td><td>16.0x<\/td><\/tr><tr><td>Company B<\/td><td>3,000<\/td><td>1,071<\/td><td>214<\/td><td>193<\/td><td>2.8x<\/td><td>14.0x<\/td><td>15.5x<\/td><\/tr><tr><td>Company C<\/td><td>1,800<\/td><td>1,059<\/td><td>159<\/td><td>95<\/td><td>1.7x<\/td><td>11.3x<\/td><td>18.9x<\/td><\/tr><tr><td>Company D<\/td><td>650<\/td><td>325<\/td><td>59<\/td><td>39<\/td><td>2.0x<\/td><td>11.0x<\/td><td>16.7x<\/td><\/tr><tr><td>Company E<\/td><td>500<\/td><td>167<\/td><td>28<\/td><td>25<\/td><td>3.0x<\/td><td>17.9x<\/td><td>20.0x<\/td><\/tr><tr><td>Company F<\/td><td>250<\/td><td>139<\/td><td>19<\/td><td>14<\/td><td>1.8x<\/td><td>13.2x<\/td><td>17.9x<\/td><\/tr><tr><td>Company G<\/td><td>120<\/td><td>80<\/td><td>10<\/td><td>9<\/td><td>1.5x<\/td><td>12.0x<\/td><td>13.3x<\/td><\/tr><tr><td>Median<\/td><td><\/td><td><\/td><td><\/td><td><\/td><td>2.0x<\/td><td>12.8x<\/td><td>16.7x<\/td><\/tr><tr><td>Average<\/td><td><\/td><td><\/td><td><\/td><td><\/td><td>2.3x<\/td><td>13.2x<\/td><td>16.9x<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Source: Aventis Advisors.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Precedent M&amp;A Transactions<\/strong>: this approach is generally applied when valuation is for M&amp;A purposes, and it looks at the valuation multiples used in your preceding transactions. It can be applied if many recent transactions of companies with similar size and scope to your business have taken place. However, it&#8217;s important to remember that financial details for private company deals may be limited, and adjustments must be made to account for any premiums paid for potential synergies.<\/p>\n\n\n\n<figure class=\"wp-block-table aventis-center has-total-2\"><table><caption>Illustrative precedent transactions valuation<\/caption><thead><tr><th>Date<\/th><th>Target<\/th><th>Acquiror<\/th><th>Transaction EV ($M)<\/th><th>EV\/Revenue<\/th><th>EV\/EBITDA<\/th><th>EV\/EBIT<\/th><\/tr><\/thead><tbody><tr><td>12.11.2022<\/td><td>Target A<\/td><td>Acquiror H<\/td><td>2,400<\/td><td>2.5x<\/td><td>10.0x<\/td><td>12.5x<\/td><\/tr><tr><td>16.01.2022<\/td><td>Target B<\/td><td>Acquiror I<\/td><td>500<\/td><td>2.4x<\/td><td>12.0x<\/td><td>13.3x<\/td><\/tr><tr><td>22.03.2021<\/td><td>Target C<\/td><td>Acquiror J<\/td><td>800<\/td><td>1.8x<\/td><td>12.0x<\/td><td>16.4x<\/td><\/tr><tr><td>26.05.2020<\/td><td>Target D<\/td><td>Acquiror K<\/td><td>200<\/td><td>1.6x<\/td><td>8.9x<\/td><td>13.3x<\/td><\/tr><tr><td>31.07.2019<\/td><td>Target E<\/td><td>Acquiror L<\/td><td>50<\/td><td>3.0x<\/td><td>17.6x<\/td><td>27.3x<\/td><\/tr><tr><td>04.10.2018<\/td><td>Target F<\/td><td>Acquiror M<\/td><td>40<\/td><td>2.2x<\/td><td>15.7x<\/td><td>22.0x<\/td><\/tr><tr><td>08.12.2017<\/td><td>Target G<\/td><td>Acquiror N<\/td><td>250<\/td><td>0.9x<\/td><td>7.5x<\/td><td>11.3x<\/td><\/tr><tr><td>Median<\/td><td><\/td><td><\/td><td><\/td><td>2.2x<\/td><td>12.0x<\/td><td>13.3x<\/td><\/tr><tr><td>Average<\/td><td><\/td><td><\/td><td><\/td><td>2.1x<\/td><td>12.0x<\/td><td>16.6x<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Source: Aventis Advisors.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Historical analysis of your business\u2019s EBITDA multiple<\/strong>: this approach involves analyzing the historical multiple of your business and can be a good approach if you want to get a quick estimation of your company&#8217;s current value. Historical valuation multiples will likely be available if your company had, for example, multiple financing rounds by venture capital and private equity firms. However, it&#8217;s important to note that adjustments will still need to be made to account for any notable changes in the industry or your company&#8217;s characteristics and operations<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Step 4: Calculate your company&#8217;s enterprise value<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You are at the finish line, it\u2019s time to step through. Multiply your company&#8217;s adjusted EBITDA with the EBITDA multiple to determine your business&#8217;s enterprise value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Enterprise value is a heavily used term in this blog post, so it&#8217;s essential that you have a good understanding of its definition. EV represents the comprehensive value of a company, and it&#8217;s arrived at by adding up the market value of your company&#8217;s debt and equity and then subtracting the cash and cash equivalents. If your company has any preferred shares or minority interests (also known as non-controlling interest), then these also need to be added when calculating EV. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Step 5: Deriving your company&#8217;s market value of equity from EV<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In the context of M&amp;A, it&#8217;s important to know your company&#8217;s market value of equity as, in most cases, this is the amount that you will receive if you decide to sell your business. 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height=\"71.0052\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-miterlimit=\"8\" fill=\"#FFFFFF\"\/>\n    <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"matrix(1 0 0 1.00007 325.47 379)\">Net Debt<\/text>\n    \n    \n    \n    <rect x=\"6.99998\" y=\"188.014\" width=\"151\" height=\"519.038\" fill=\"#120C2C\"\/>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21\" transform=\"matrix(1 0 0 1.00007 29.511 443)\">Enterprise<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21\" transform=\"matrix(1 0 0 1.00007 54.4347 468)\">Value<\/text>\n    <rect x=\"979\" y=\"404.03\" width=\"151\" height=\"303.022\" fill=\"#120C2C\"\/>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21\" transform=\"matrix(1 0 0 1.00007 989.478 551)\">Market Value<\/text>\n    <text 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1.00007 215.749 139)\">of Cash and<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21\" transform=\"matrix(1 0 0 1.00007 216.916 165)\">Equivalents<\/text>\n    <rect x=\"590\" y=\"273.02\" width=\"151\" height=\"75.0055\" fill=\"#F22C2C\"\/>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21\" transform=\"matrix(1 0 0 1.00007 618.323 306)\">Preferred<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21\" transform=\"matrix(1 0 0 1.00007 630.238 331)\">Shares<\/text>\n    <rect x=\"785\" y=\"348.026\" width=\"151\" height=\"56.0041\" fill=\"#F22C2C\"\/>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21\" transform=\"matrix(1 0 0 1.00007 818.649 371)\">Minority<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21\" transform=\"matrix(1 0 0 1.00007 821.65 396)\">Interest<\/text>\n    <path d=\"M567 296.022C567 309.278 565.209 320.024 563 320.024L379 320.023C376.791 320.023 375 330.769 375 344.025 375 330.769 373.209 320.023 371 320.023L187 320.023C184.791 320.023 183 309.277 183 296.021\" stroke=\"#120C2C\" stroke-width=\"4.00088\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/>\n  <\/g>\n<\/svg><\/figure>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In the following sections, we will explore the drivers of valuation multiples, the pros and cons of relying on them, and what is considered a \u201cgood\u201d valuation multiple.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Drivers of valuation multiples<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The drivers of valuation multiples of public and private companies can be approached from two angles. First, we can analyze the drivers of the individual financial metrics that go into the equation as the numerator or denominator. With the EBITDA multiple, for example, drives can include accounting differences and what adjustments are made to EBITDA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The second angle is a more birds-eye view. These drivers are generally applicable independently of which valuation multiple we use and include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Company fundamentals<\/strong>: companies with stable cash flows that are expected to grow faster than peers or are more profitable will generally have higher valuation multiples.<\/li>\n\n\n\n<li><strong>Company size<\/strong>: larger companies are usually valued at higher multiples as they typically have more resources and a stronger market position.<\/li>\n\n\n\n<li><strong>Risk<\/strong>: can be measured by volatility in the company\u2019s earnings or debt levels (leverage); companies perceived as less risky are typically valued higher.<\/li>\n\n\n\n<li><strong>Industry dynamic<\/strong>s: companies operating in industries with favorable dynamics, such as high barriers to entry, substantial competitive advantages, or growing demand, are typically valued higher.<\/li>\n\n\n\n<li><strong>Market sentiment<\/strong>: valuation multiples can be heavily affected by overall market sentiment, especially during uncertain economic times.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Besides the drivers listed above, in M&amp;A transactions, the deal size and geography will also have profound implications on valuation multiples. We publish sector-specific research on this, including <a href=\"https:\/\/aventis-advisors.com\/tic-company-valuations\/\">TIC company valuation multiples<\/a> for testing, inspection, certification and compliance businesses. For example, in our <a href=\"https:\/\/aventis-advisors.com\/it-services-valuation-multiples\/\">IT Services Valuation Multiples blog post<\/a>, we found that within this industry, valuation multiples used in small transactions (less than $5M) were half of what was used for deal sizes in the $50M to $100M range.<\/p>\n\n\n\n<figure class=\"wp-block-table aventis-center has-total\"><table><caption>M&amp;A transactions: size effect on multiples<\/caption><thead><tr><th>Deal Size (M USD)<\/th><th>No. of Deals<\/th><th>Median EV\/Revenue<\/th><th>Median EV\/EBITDA<\/th><\/tr><\/thead><tbody><tr><td>&lt;5<\/td><td>43<\/td><td>0.8x<\/td><td>6.1x<\/td><\/tr><tr><td>5-20<\/td><td>165<\/td><td>1.2x<\/td><td>8.0x<\/td><\/tr><tr><td>20-50<\/td><td>69<\/td><td>1.3x<\/td><td>10.8x<\/td><\/tr><tr><td>50-100<\/td><td>68<\/td><td>1.4x<\/td><td>12.0x<\/td><\/tr><tr><td>100-500<\/td><td>100<\/td><td>2.0x<\/td><td>12.6x<\/td><\/tr><tr><td>500+<\/td><td>64<\/td><td>2.3x<\/td><td>12.6x<\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td><strong>509<\/strong><\/td><td><strong>1.4x<\/strong><\/td><td><strong>11.0x<\/strong><\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Source: Aventis Advisors deal database (Mergermarket, press releases, news, annual reports)<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Pros and Cons of valuation multiples<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Valuation multiples are a useful tool to find your business&#8217;s value, but it&#8217;s important to understand its limitations. Below we collected the main advantages and disadvantages of relying on this approach.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Strengths<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Simplicity<\/strong>: compared to other valuation methods, valuation multiples are generally easier to calculate and interpret. Among investment bankers and other financial professionals, it\u2019s often the go-to approach when looking for a quick back-of-the-envelope value.<\/li>\n\n\n\n<li><strong>Flexibility<\/strong>: valuation multiples can be applied to various industries. Valuation multiples are also \u201cflexible\u201d in selecting the numerator and denominator in the equation, and therefore, you can formulate industry-specific ratios.<\/li>\n\n\n\n<li><strong>Comparative analysis<\/strong>: multiples analysis allows you to compare your company\u2019s value to its peers. Doing so lets you see which competitors are valued at a premium or discount relative to your business. <\/li>\n\n\n\n<li><strong>Market-driven<\/strong>: multiples reflect the market&#8217;s perception of your company&#8217;s value. As such, they can provide a valuable indication of what investors can be expected to pay for your business.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Weaknesses<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Simplistic approach<\/strong>: The simplicity of valuation multiples can also be considered a drawback in some cases. This valuation approach omits multiple factors that can affect a company&#8217;s value, such as the quality of management. Also, it&#8217;s less flexible in analyzing different scenarios than the DCF approach.<\/li>\n\n\n\n<li><strong>Limited comparable companies and transactions<\/strong>: if your business operates in a niche industry, the peer group may be too small to draw a meaningful conclusion about the median or mean valuation multiple. Also, data on private company valuation multiples may be limited. In the context of M&amp;A, the number of preceding transactions may be insufficient to provide a reliable benchmark for valuation purposes.<\/li>\n\n\n\n<li><strong>Subjectivity<\/strong>: valuation multiples involve making subjective assumptions, such as defining the peer group and adjusting for the difference in characteristics and operations. As a result, others can end up with values that differ from your calculation.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What is a good valuation multiple value?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Now you may ask the question; what is a good EBITDA multiple? A low EV-to-EBITDA ratio compared to peers may mean your company is undervalued, whereas a high EV-to-EBITDA ratio may signal overvaluation. However, there are no set rules on determining a low or a high EBITDA multiple because the answer is contingent on the industry in which your business operates. Therefore, interpretations of valuation multiples are all relative and require more in-depth analyses before deciding whether a company is undervalued, fairly valued, or overvalued.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The median EBITDA multiple of public companies<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Using the FTSE All-World Index, the chart below shows the change in the median EBITDA multiple across the different GICS sectors over time of listed companies. Financials are excluded as the EBITDA multiple is not an appropriate metric to value banks, given the differences in operations and accounting. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s important to highlight that you should not use these figures as reference points when calculating your own business&#8217;s valuation multiple. 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font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 478.335 604)\">12.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip53)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 552.501 603)\">12.9x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip54)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 626.668 606)\">12.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip55)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 700.834 599)\">13.4x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip56)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 775.001 611)\">11.6x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip57)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 849.168 606)\">12.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip58)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 923.334 595)\">11.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip59)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 997.501 613)\">10.6x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip60)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 1071.67 602)\">11.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip61)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 37.4158 616)\">5.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip62)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 111.582 591)\">9.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip63)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 185.749 593)\">9.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip64)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 259.916 600)\">6.6x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip65)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 334.082 589)\">7.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip66)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 408.249 578)\">7.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip67)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 482.415 573)\">8.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip68)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 556.582 572)\">7.7x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip69)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 626.668 571)\">11.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip70)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 704.915 565)\">8.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip71)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 779.082 584)\">6.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip72)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 853.248 577)\">7.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip73)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 927.415 564)\">9.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip74)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 1001.58 590)\">4.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip75)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 1075.75 576)\">6.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip76)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 37.4158 596)\">8.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip77)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 107.502 562)\">10.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip78)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 185.749 564)\">9.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip79)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 259.916 577)\">8.7x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip80)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 330.002 561)\">10.7x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip81)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 404.168 546)\">13.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip82)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 478.335 540)\">14.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip83)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 552.501 536)\">15.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip84)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 626.668 532)\">14.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip85)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 700.834 526)\">16.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip86)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 775.001 551)\">15.4x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip87)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 849.168 540)\">17.6x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip88)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 923.334 521)\">19.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip89)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 997.501 562)\">14.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip90)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 1071.67 539)\">17.9x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip91)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 37.4158 574)\">6.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip92)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 107.502 531)\">10.7x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip93)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 181.668 535)\">10.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip94)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 259.916 551)\">8.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip95)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 334.082 531)\">9.4x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip96)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 404.168 510)\">11.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip97)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 478.335 501)\">11.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip98)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 552.501 497)\">10.7x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip99)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 626.668 494)\">10.9x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip100)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 700.834 483)\">12.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip101)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 779.082 512)\">9.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip102)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 849.168 496)\">10.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip103)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 923.334 472)\">13.6x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip104)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 997.501 524)\">10.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip105)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 1071.67 492)\">12.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip106)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 37.4158 556)\">5.4x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip107)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 107.502 498)\">11.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip108)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 185.749 507)\">8.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip109)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 259.916 528)\">7.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip110)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 334.082 504)\">8.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip111)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 404.168 477)\">10.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip112)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 478.335 469)\">10.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip113)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 552.501 465)\">10.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip114)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 626.668 461)\">11.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip115)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 700.834 443)\">13.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip116)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 775.001 482)\">10.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip117)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 849.168 458)\">14.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip118)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 923.334 424)\">18.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip119)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 997.501 492)\">11.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip120)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 1071.67 447)\">17.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip121)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 37.4158 540)\">5.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip122)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 107.502 464)\">11.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip123)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 185.749 480)\">9.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip124)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 259.916 506)\">7.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip125)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 334.082 478)\">8.6x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip126)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 408.249 446)\">9.4x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip127)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 482.415 440)\">8.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip128)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 556.582 438)\">8.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip129)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 630.748 429)\">9.6x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip130)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 704.915 408)\">9.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip131)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 779.082 456)\">7.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip132)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 853.248 423)\">9.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip133)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 923.334 380)\">10.9x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip134)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 1001.58 464)\">6.7x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip135)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 1075.75 410)\">7.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip136)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 31.7049 511)\">14.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip137)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 105.871 419)\">17.9x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip138)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 180.038 439)\">18.6x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip139)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 254.205 471)\">16.6x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip140)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 328.371 436)\">18.9x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip141)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 402.538 404)\">18.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip142)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 476.704 399)\">18.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip143)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 550.871 397)\">18.4x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip144)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 625.037 386)\">19.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip145)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 699.204 363)\">20.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip146)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 773.371 417)\">18.6x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip147)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 847.537 377)\">21.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip148)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 921.704 331)\">21.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip149)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 995.87 426)\">18.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip150)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1070.04 364)\">22.9x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip151)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 37.4158 477)\">8.4x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip152)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 111.582 378)\">8.9x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip153)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 185.749 397)\">8.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip154)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 259.916 432)\">8.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip155)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 334.082 394)\">8.9x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip156)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 408.249 363)\">8.9x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip157)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 482.415 357)\">9.7x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip158)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 556.582 355)\">9.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip159)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 630.748 342)\">9.6x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip160)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 700.834 317)\">10.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip161)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 775.001 372)\">10.4x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip162)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 849.168 329)\">10.7x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip163)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 923.334 282)\">10.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip164)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 997.501 380)\">12.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip165)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 1071.67 312)\">11.4x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip166)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 37.4158 455)\">6.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip167)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 107.502 350)\">10.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip168)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 185.749 371)\">9.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip169)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 259.916 406)\">8.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip170)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 334.082 366)\">9.2x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip171)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 404.168 333)\">10.9x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip172)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 478.335 326)\">10.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip173)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 552.501 325)\">10.3x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip174)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 626.668 311)\">11.0x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip175)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 700.834 284)\">11.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip176)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 775.001 341)\">10.1x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip177)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 849.168 296)\">10.8x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip178)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 923.334 247)\">12.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip179)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 997.501 345)\">10.5x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip180)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"matrix(1 0 0 1.00007 1071.67 277)\">11.4x<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip181)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 1127.93 679)\">-80<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip182)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 1127.93 627)\">-70<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip183)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 1127.93 575)\">-60<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip184)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 1127.93 523)\">-50<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip185)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 1127.93 470)\">-40<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip186)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 1127.93 418)\">-30<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip187)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 1127.93 366)\">-20<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip188)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 1127.93 314)\">-10<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip189)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 1127.93 261)\">0<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip190)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 1127.93 209)\">10<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip191)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 11.6885 679)\">0<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip192)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 10.0082 619)\">20.0<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip193)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 10.0082 558)\">40.0<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip194)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 10.0082 497)\">60.0<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip195)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 10.0082 436)\">80.0<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip196)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 9.33471 376)\">100.0<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip197)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 9.33471 315)\">120.0<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip198)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 9.33471 254)\">140.0<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip199)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"1\" transform=\"matrix(1 0 0 1.00007 9.33471 193)\">160.0<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip200)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 33.4784 703)\">2008<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip201)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 107.645 703)\">2009<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip202)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 181.812 703)\">2010<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip203)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 255.978 703)\">2011<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip204)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 330.145 703)\">2012<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip205)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 404.311 703)\">2013<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip206)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 478.478 703)\">2014<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip207)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 552.645 703)\">2015<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip208)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 626.811 703)\">2016<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip209)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 700.978 703)\">2017<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip210)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 775.144 703)\">2018<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip211)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 849.311 703)\">2019<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip212)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 923.477 703)\">2020<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip213)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 997.644 703)\">2021<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip214)\">\n      <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1071.81 703)\">2022<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip215)\">\n      <rect x=\"38\" y=\"98.0072\" width=\"25\" height=\"8.00061\" fill=\"#FF4B4B\"\/>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip216)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 66.0697 106)\">Communication Services<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip217)\">\n      <rect x=\"319\" y=\"98.0072\" width=\"25\" height=\"8.00061\" fill=\"#75C541\"\/>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip218)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 346.859 106)\">Consumer Discretionary<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip219)\">\n      <rect x=\"599\" y=\"98.0072\" width=\"26.0001\" height=\"8.00061\" fill=\"#FFA51F\"\/>\n    <\/g>\n    <g 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clip-path=\"url(#c202303slidd6957a54-clip230)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 908.437 131)\">Materials<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip231)\">\n      <rect x=\"38\" y=\"148.011\" width=\"25\" height=\"8.00061\" fill=\"#B4AFE3\"\/>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip232)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 66.0697 156)\">Real Estate<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip233)\">\n      <rect x=\"318.5\" y=\"147.511\" width=\"25.9999\" height=\"8.00061\" stroke=\"#000000\" stroke-width=\"1.00015\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#FBF8F1\"\/>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip234)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 346.859 156)\">Utilities<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip235)\">\n      <rect x=\"599\" y=\"148.011\" width=\"26.0001\" height=\"8.00061\" fill=\"#5E4AC3\"\/>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip236)\">\n      <text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 627.648 156)\">FTSE All-World Index mean<\/text>\n    <\/g>\n    <g clip-path=\"url(#c202303slidd6957a54-clip237)\">\n      <path d=\"M880.5 151.511 905.5 151.511\" stroke=\"#FFFFFF\" stroke-width=\"3.33382\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <\/g>\n    <path d=\"M6.00855 182.646 99.1526 182.646 99.1526 232.239 6.00855 232.239Z\" fill=\"#120C2C\" fill-rule=\"evenodd\"\/>\n    <path d=\"M99.1526 182.646 192.297 182.646 192.297 232.239 99.1526 232.239Z\" fill=\"#120C2C\" 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<path d=\"M1130.33 181.979 1130.33 704.079\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <path d=\"M5.34178 182.646 1131 182.646\" stroke=\"#FFFFFF\" stroke-width=\"1.33353\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 996.582 214)\">Sector Median<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 876.435 214)\">2022<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 780.064 214)\">2021<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 686.92 214)\">2020<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 593.776 214)\">2019<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 500.632 214)\">2018<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 407.488 214)\">2017<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 314.344 214)\">2016<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 221.199 214)\">2015<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 128.055 214)\">2014<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 34.9113 214)\">2013<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1031.75 258)\">18.9x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 874.602 258)\">22.9x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 778.23 258)\">18.5x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 685.086 258)\">21.3x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 591.942 258)\">21.2x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 498.798 258)\">18.6x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 405.654 258)\">20.0x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 312.51 258)\">19.1x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 219.366 258)\">18.4x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 126.222 258)\">18.3x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 33.0777 258)\">18.0x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1031.75 301)\">15.5x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 874.602 301)\">17.9x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 778.23 301)\">14.3x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 685.086 301)\">19.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 591.942 301)\">17.6x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 498.798 301)\">15.4x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 405.654 301)\">16.8x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 312.51 301)\">14.3x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 219.366 301)\">15.5x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 126.222 301)\">14.2x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 33.0777 301)\">13.2x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1032.35 344)\">11.8x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 874.602 344)\">17.1x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 778.23 344)\">12.0x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 685.086 344)\">18.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 591.942 344)\">14.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 499.392 344)\">11.6x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 405.654 344)\">13.8x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 312.51 344)\">12.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 219.366 344)\">12.9x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 126.222 344)\">12.2x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 33.6711 344)\">11.4x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1032.35 387)\">11.6x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 874.602 387)\">12.8x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 778.824 387)\">11.3x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 685.086 387)\">14.2x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 591.942 387)\">12.2x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 498.798 387)\">10.7x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 405.654 387)\">13.4x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 313.103 387)\">11.8x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 219.959 387)\">11.3x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 126.815 387)\">11.2x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 33.6711 387)\">11.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1032.35 430)\">11.2x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 874.602 430)\">12.5x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 778.23 430)\">10.7x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 685.086 430)\">13.7x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 591.942 430)\">12.1x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 498.798 430)\">10.4x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 405.654 430)\">12.0x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 313.103 430)\">11.1x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 219.366 430)\">10.7x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 126.815 430)\">11.1x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 33.6711 430)\">11.0x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1032.35 473)\">11.0x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 875.195 473)\">11.5x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 778.23 473)\">10.6x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 685.086 473)\">13.6x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 591.942 473)\">10.8x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 498.798 473)\">10.1x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 406.247 473)\">11.6x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 313.103 473)\">11.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 219.366 473)\">10.6x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 126.222 473)\">10.9x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 33.6711 473)\">11.0x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1031.75 516)\">10.8x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 875.195 516)\">11.4x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 778.23 516)\">10.3x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 685.68 516)\">11.5x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 591.942 516)\">10.7x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 498.798 516)\">10.0x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 405.654 516)\">10.2x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 312.51 516)\">10.9x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 219.366 516)\">10.0x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 126.222 516)\">10.2x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 33.0777 516)\">10.8x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1031.75 559)\">10.3x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 875.195 559)\">11.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 778.23 559)\">10.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 685.086 559)\">10.9x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 591.942 559)\">10.7x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 503.215 559)\">9.8x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 410.071 559)\">9.9x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 312.51 559)\">10.7x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 223.783 559)\">9.8x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 130.639 559)\">9.7x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 37.495 559)\">9.4x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1036.17 602)\">9.4x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 874.602 602)\">10.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 782.648 602)\">8.3x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 685.086 602)\">10.8x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 596.36 602)\">9.3x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 503.215 602)\">8.7x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 410.071 602)\">9.5x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 316.927 602)\">9.6x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 223.783 602)\">9.5x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 130.639 602)\">9.5x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 37.495 602)\">9.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1036.17 645)\">8.9x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 879.019 645)\">7.3x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 782.648 645)\">6.7x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 689.504 645)\">9.5x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 596.36 645)\">9.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 503.215 645)\">7.3x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 410.071 645)\">8.8x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 316.927 645)\">9.6x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 223.783 645)\">8.3x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 130.639 645)\">8.8x<\/text>\n    <text fill=\"#120C2C\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 37.495 645)\">8.9x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 1036.17 687)\">7.6x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 879.019 687)\">6.5x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 782.648 687)\">4.3x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 689.504 687)\">9.0x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 596.36 687)\">7.0x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 503.215 687)\">6.2x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 405.654 687)\">12.0x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 316.927 687)\">9.2x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 223.783 687)\">7.7x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 130.639 687)\">8.1x<\/text>\n    <text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 37.495 687)\">7.5x<\/text>\n  <\/g>\n<\/svg><\/figure>\n<\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Other valuation methods<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Besides the enterprise value multiples and equity value multiples, you can apply several other approaches to find the value of your business. These valuation methods can also be applied to private companies, and the given circumstances should dictate your approach selection by considering factors such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What stage is your company in (start-up, growing, mature, etc.)<\/li>\n\n\n\n<li>Your company\u2019s financials (some valuation methods may not be appropriate when historical performance is very volatile)<\/li>\n\n\n\n<li>The industry your company operates in<\/li>\n\n\n\n<li>Available information on the market and competitors<\/li>\n\n\n\n<li>The objective of the valuation (M&amp;A, external investment, etc.)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If you decide to calculate the value of your business using another valuation approach, below are the most used alternatives.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Discounted cash flow<\/strong>: DCF values a business based on its expected future cash flows discounted to present value. This approach requires many assumptions, such as expected growth rate, discount rate, and future capital expenditure and working capital requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Asset-based valuation<\/strong>: Asset-based valuation values a business based on net assets and is most suitable for tangible asset-heavy businesses. It involves estimating the value of the company&#8217;s assets, including tangible assets (such as property, plant, and equipment) and intangible assets (such as patents and trademarks), and subtracting its liabilities&#8217; value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Replacement cost method<\/strong>: The replacement cost method values a business based on the cost of replacing its assets. It involves estimating the cost of replacing the company&#8217;s assets with similar new assets and adjusting for depreciation. This approach is advantageous when valuing companies that own specialized assets that are not traded on a public market and do not have readily available market prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Each method has strengths and weaknesses. Best practice dictates estimating your business\u2019s value with multiple approaches and comparing the results to arrive at your final value. For achieving the best outcome in complex financial scenarios, such as M&amp;A or fundraising, it&#8217;s strongly recommended to rely on advisors&#8217; expertise to find the value of your business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why you need an M&amp;A advisor<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A good understanding of your company\u2019s valuation is crucial for navigating the competitive landscape and effectively planning your exit strategy. Every company is unique, reflecting the individual vision of its founders. Therefore, it is essential to partner with experienced M&amp;A advisors who specialize in your sector and can understand your situation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M&amp;A advisors are experts at managing market dynamics, valuations, and coordinating all essential workstreams. While you focus on running your business, M&amp;A advisors diligently attend to every detail, ensuring that nothing is missed and advocating for the best possible deal. Their success is intricately tied to yours through a <a href=\"https:\/\/aventis-advisors.com\/ma-advisor-fees\/\">success fee<\/a> structure, and therefore, advisors often significantly improve the final sale price.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">About Aventis Advisors<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Aventis Advisors is an <a href=\"https:\/\/aventis-advisors.com\/\">M&amp;A advisor<\/a> for <a href=\"https:\/\/aventis-advisors.com\/sectors\/it-services\/\">technology <\/a>and growth companies. We believe the world would be better off with fewer (but better quality) M&amp;A deals done at the right moment for the company and its owners. Our goal is to provide honest, insight-driven advice, clearly laying out all the options for our clients \u2013 including the one to keep the status quo.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/aventis-advisors.com\/contact\/\">Get in touch with us<\/a> to discuss how much your business could be worth and how the process looks.<\/p>\n\n\n<style>.av-chart{margin:28px 0}.av-chart-title{font-family:\"Tiempos Headline\",Georgia,serif;font-size:1.05rem;line-height:1.35;margin:0 0 2px;color:#18142F}.av-chart svg{display:block}<\/style>\n<script>\n(function(){\"use strict\";var SEL=\"figure.av-chart svg\",MIN=4,TOL=0.5,MR=0.75;function fit(svg){var n=svg.querySelectorAll(\"text\"),i;for(i=0;i<n.length;i++){n[i].removeAttribute(\"textLength\");n[i].removeAttribute(\"lengthAdjust\");n[i].style.fontSize=\"\";}var R=svg.getBoundingClientRect();if(!R.width)return 0;var it=[],rc,bx,sc;for(i=0;i<n.length;i++){rc=n[i].getBoundingClientRect();if(!rc.width)continue;if(!rc.height)continue;try{bx=n[i].getBBox();}catch(e){continue;}if(!bx)continue;if(!bx.width)continue;sc=rc.width\/bx.width;if(!isFinite(sc))continue;if(sc<=0)continue;it.push({n:n[i],l:rc.left,w:rc.width,y:Math.round(rc.top*2)\/2,s:sc});}var rows={},k;for(i=0;i<it.length;i++){k=it[i].y;(rows[k]=rows[k]||[]).push(it[i]);}var f=0;for(k in rows){if(!Object.prototype.hasOwnProperty.call(rows,k))continue;var row=rows[k].sort(function(a,c){return a.l-c.l;});for(i=0;i<row.length;i++){var c=row[i],x=row[i+1];var lim=x?x.l-1:R.right-1;var av=lim-c.l;if(av>MIN){if(c.w>av+TOL){var r=av\/c.w;if(r<MR){var fs=parseFloat(getComputedStyle(c.n).fontSize);if(fs>0)c.n.style.fontSize=Math.max(5,fs*(r\/MR)).toFixed(2)+\"px\";}c.n.setAttribute(\"textLength\",(av\/c.s).toFixed(1));c.n.setAttribute(\"lengthAdjust\",\"spacingAndGlyphs\");f++;}}}}return f;}function all(){var s=document.querySelectorAll(SEL),t=0;for(var i=0;i<s.length;i++)t+=fit(s[i]);return t;}window.avFitCharts=all;function boot(){all();if(document.fonts){if(document.fonts.ready)document.fonts.ready.then(all);}var t;addEventListener(\"resize\",function(){clearTimeout(t);t=setTimeout(all,200);});}if(document.readyState===\"loading\")document.addEventListener(\"DOMContentLoaded\",boot);else boot();})();\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>Los m\u00faltiplos de valoraci\u00f3n son uno de los mejores enfoques para saber cu\u00e1nto vale una empresa, \u00a1algo que todo propietario de un negocio debe conocer!<\/p>","protected":false},"author":2,"featured_media":2413,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,30],"tags":[90,83],"insight-sectors":[],"class_list":["post-2400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-basics","category-our-thinking","tag-revenue-multiple","tag-valuation-multiples"],"acf":{"faq_header":{"headline":""},"faq_repeater":null},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Valuation Multiples - Understand the Value of Your Business | Aventis Advisors<\/title>\n<meta name=\"description\" content=\"Learn how to value a company using valuation multiples. 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