1. Goreslavsky, B. A. & Agaev, I. A. (2023) Types of multipliers in international business valuation and their practical application. Innovatsii i investitsii. (5), 242–245. (In Russian)

2. Nailya, A. & Vitaly, G. (2007) ‘Evraziyu’ propisali v Londone [‘Eurasia’ registered in London]. Kommersant. (202), 15. (In Russian)

3. Permyakov, R. V. (2024) Valuation of New Space companies using comparative market multiples. Ekonomika kosmosa. 3 (10), 55–68. (In Russian)

4. Ryabova, A. (2007) ‘M.video’ daet premeru na birzhe [M.video debuts on the stock exchange]. Kommersant. (185), 18. (In Russian)

5. Svistunov, D. (2025) Pokazatel EBITDA: gde ispol’zuetsya, kak rasschitat [EBITDA indicator: where it is used, how to calculate]. Generator prodazh. Available from: https://sales-generator.ru/blog/pokazatel-ebitda/ [Accessed 30th December 2025]. (In Russian)

6. Sidilev, S. (2025) Pokazatel EBITDA. Chto eto takoe i kak ego schitat [EBITDA indicator: What it is and how to calculate it]. BCS Express. Available from: https://bcs-express.ru/novosti-i-analitika/pokazatel-ebitda-chto-etot-takoe-i-kak-ego-schitat [Accessed 30th December 2025]. (In Russian)

7. Açıkgöz, G. (2020) The Investigation of the Effect of the Assessment of the Company on the Financial Tables and the Sampling of FAVÖK (EBITDA) Method on a Ring Open Company. Journal of Industrial Policy and Technology Management. 2 (2), 61–76.

8. Bhullar, P. S. & Bhatnagar, D. (2013) Theoretical framework EV vs. Stock price – A better measurement of firm value. International Journal of Commerce, Business and Management. 2 (6), 335–343.

9. Bianconi, M. & Tan, C. M. (2019) Evaluating the instantaneous and medium-run impact of mergers and acquisitions on firm values. International Review of Economics & Finance. 59, 71–87. Available from: doihttps://doi.org/10.1016/j.iref.2018.08.008.

10. Bulău, V. (2022) Reliable enterprise valuation methods: A case study on Romania’s investment funds. European Journal of Economic and Financial Research. 6 (2). Available from: doihttps://doi.org/10.46827/ejefr.v6i2.1254

11. Buscemi, A. (2015) EBITDA as a criterion for assessment of the banks system: The case of Deutsche Bank, Generali and Unicredit. Journal of Applied Finance and Banking. 5 (3), 27.

12. Chen, N. (2023) Valuation analysis of the banking industry based on DCF, P/E and EBITDA valuation. BCP Business & Management. 47, 154–160. Available from: doihttps://doi.org/10.54691/bcpbm.v47i.5192.

13. Damodaran, A. (2009) Volatility rules: Valuing emerging market companies. SSRN Electronic Journal. Available from: doihttps://doi.org/10.2139/ssrn.1609797.

14. Drábek, M. (2022) Relative valuation of private held companies: Valuation multiples in the Czech brewing industry. Journal of Business Valuation and Economic Loss Analysis. 17 (1), 65–100. Available from: doihttps://doi.org/10.1515/jbvela-2021-0017.

15. EBITDA multiples by industry. (2025) First Page Sage. Available from: https://firstpagesage.com/seo-blog/ebitda-multiples-by-industry/ [Accessed 30th December 2025].

16. Fernandez, P., Pershin, V. & Avendaño, I. (2015) Valuation using multiples. How do analysts reach their conclusions? SSRN Electronic Journal. Available from: doihttps://doi.org/10.2139/ssrn.2749720.

17. Hong, J. W., Meidell, J. E. & Kim, H. J. (2023) M&A valuation for going concern: A case study using Samsung electronics’ adjusted EBITDA Multiple. Cogent Business & Management. 10 (2), 2209975. Available from: doihttps://doi.org/10.1080/23311975.2023.2209975.

18. How to use EBITDA to determine your business value before selling. (2024) KMCO. Available from: https://www.kmco.com/insights/how-to-use-ebitda-to-determine-your-business-value-before-selling/ [Accessed 30th December 2025].

19. Hruboň, L. (2021) Násobek EV/EBITDA: Praktické poznámky k aplikaci. Oceňování. 4 (2021), 27–42.

20. Is EBITDA the silver bullet of business valuation? CFO University. Available from: https://cfo.university/library/article/is-ebitda-the-silver-bullet-of-business-valuation-bookbinder [Accessed 30th December 2025].

21. Khurramovich, K. K. (2024) Modern methods of estimation capital value. Journal of Artificial Intelligence and Digital Economy. 1 (6), 125–132. Available from: doihttps://doi.org/10.61796/jaide.v1i9.899.

22. Lapinskaitė, I., Miečinskienė, A. & Michejeva, A. (2017) Research on impact of listed companies sustainable development on company’s value. In: 20th Conference for Young Researchers “Economics and Management 2017”. Vilnius, VGTU, pp. 80–87. Available from: doihttps://doi.org/10.3846/em2017.010.

23. Lazarevski, D. & Gilevska, B. (2013) Company valuation models: evidence from Macedonia. Annals of “Eftimie Murgu” University Resita, Fascicle II – Economic Studies. 20, 158–172.

24. Lie, E. & Lie, H. J. (2002) Multiples used to estimate corporate value. Financial Analysts Journal. 58 (2), 44–54. Available from: doihttps://doi.org/10.2469/faj.v58.n2.2522.

25. Liu, Y. (2023) Analysis and valuation of McDonald’s – Multiple valuation method of P/E ratio and EV/EBITDA ratio. BCP Business & Management. 37, 424–434. Available from: doihttps://doi.org/10.54691/bcpbm.v37i.3603.

26. Lyons, B. (2015) Valuation Multiples: A Tool for Fundamental & Firm Analysis. Journal of Higher Education Theory & Practice. 15 (2).

27. Mauboussin, M. J. (2018) What does an EV/EBITDA multiple mean? Bluemont Investment Research, 1–19.

28. Pétursson, E. (2016) Relative valuation – Accuracy of corporate valuation using multiples. Reykjavik, University of Iceland.

29. Prabhakar, B. A. & Japee, G. P. (2023) Assessment of Listed Cement Companies in India with Reference to Specific Valuation Parameters. Journal of Emerging Technologies and Innovative Research. 7 (2).

30. Ramiza, F. & Rahadi, R. A. (2023) Stock Valuation Analysis of PT Sinar Mas Agro Resources and Technology Tbk Using Free Cash Flow to The Firm and Relative Valuation. Devotion: Journal of Research and Community Service. 4 (10), 2001–2017. Available from: doihttps://doi.org/10.59188/devotion.v4i10.553.

31. Rutkowski, A. (2016) Metody porównawcze w wycenach przedsiębiorstw na przykładzie spółek notowanych na GPW w Warszawie. Problemy Zarządzania. 14 (4 (63)), 57–73. Available from: doihttps://doi.org/10.7172/1644-9584.63.4.

32. Schueler, A. (2020) Valuation with multiples: A conceptual analysis. Journal of Business Valuation and Economic Loss Analysis. 15 (1), 20190020. Available from: doihttps://doi.org/10.1515/jbvela-2019-0020.

33. Vasconcelos, T., Forte, D. & Basso, L. F. C. (2019) The impact of intangibles of German, English and Portuguese companies: from 1999 to 2016. RAM. Revista de Administração Mackenzie. 20 (3), eRAMF190164. Available from: doihttps://doi.org/10.1590/1678-6971/eramf190164.

34. Wanting Su (2023) Analysis and Valuation of Toyota’s – Multiple Valuation Method of PE Ratio and EV EBITDA Ratio. BCP Business & Management. 44, 177–184. Available from: doihttps://doi.org/10.54691/bcpbm.v44i.4970.

35. Wenzhe Yun (2023) Business Valuation Analysis: Taking Lululemon as an Example. BCP Business & Management. 38, 1522–1529. Available from: doihttps://doi.org/10.54691/bcpbm.v38i.3762.

36. Yao, L. (2022) Research on Starbucks’ Investment Strategy Based on P/E, EV/EBITDA and P/S Methods. BCP Business & Management. 30 (7), 611–617. Available from: doihttps://doi.org/10.54691/bcpbm.v30i.2507.

37. Yifei Zhang (2023) Analyzing Volkswagen’s Value Based on Multiples Valuation Method. BCP Business & Management. 38, 1209–1216. Available from: doihttps://doi.org/10.54691/bcpbm.v38i.3936.

38. Yitong Qu & Yihan Wu (2022) Research on the Corporate Value of Toyota Based on Multiple Valuation Method. BCP Business & Management. 31. Available from: doihttps://doi.org/10.54691/bcpbm.v31i.2588.