Instead of using a sales based metric (enterprise value to sales), the brokerage is valuing the company based on its operating earnings (EV-to-adjusted earnings before interest, tax, depreciation, and amortisation), which it believes is more appropriate at this stage.
According to Jignanshu Gor, Director & Senior Research Analyst at Bernstein, the brokerage is applying a 35x (times) multiple on…

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