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Over all, the fund's companies trade for roughly 14 times projected 2003 earnings, compared with about a multiple of about 22 for companies in the Russell 2000 index.
"I think we are talking about a multiple of what we have now," Mr. Lehnert said.
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David Brent kicked off with £1.45m plus negligible previews, and is looking set for a lifetime total of about £3.7m – a multiple of just 2.6 times the opening number.
Stocks in Brazil, the region's dominant market, recently traded at about 10 times earnings, compared with a multiple of about 13 for the Standard & Poor's 500-stock index in the United States.
G.E. is valued at about 24 times its expected 2002 earnings, compared with a multiple of about 23 for the average Standard & Poor's 500 stock.
BCS is selling on a multiple of about 12 times earnings and is paying about a 3% dividend yield.
Facebook, an obvious benchmark, now trades on a multiple of about 20 times its last 12 months of sales.
Since 2002, the value of the Hershey stake has almost tripled, outperforming the Standard & Poor's 500-stock index by a multiple of about 4.5.
In his second year on the ballot, for example, the typical player's vote share increases by a multiple of about 1.1.
Argentina's average multiple is almost 16, and India's almost 14, compared with a multiple of about ten in America.In this section Overview Equity valuations Economy Financial markets Reprints.
The fund is expected to go public at a much lower multiple than the one Blackstone sold to investors (10 to 12 times compared with more than 30 times for Blackstone, which is now trading at a multiple of about 13).
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