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@neotericWhere it gets complicated is the question of "EV/EBIT",...

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    @neoteric

    Where it gets complicated is the question of "EV/EBIT", on two counts: (1) on EV, how much of the cash is surplus (& it gets further complicated by advance payments etc), and (2) on EBIT, how do the companies compare in terms of whether they are cyclically over/under earning at the moment.
 
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