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I can apply a higher multiple to the terminal value.
(Triplets and higher multiple births raise this figure to 3.18).
But its 1998 earnings should grow by a far higher multiple, he said.
Upcoming changes, though, mean a country could support a higher multiple than is safe today, he adds.
"Not only are they trading at a higher multiple, but we are looking farther ahead," she said.
"So that would presumably get a much higher multiple in the market as a stand-alone company".
The company emphatically warns its clients: "Don't pay a higher multiple for today's corporate earnings".
Whether it's running faster, standing taller or jumping higher, multiple genetic pathways may lead there.
And so maybe you can argue for a higher multiple, but there's just no way to say that the market is cheap out there.
Boyhood has already grossed more than six times its opening weekend tally (£312,000, excluding previews) and is headed for an even higher multiple.
That was a higher multiple than it enjoyed through the first half of the 1990's, hardly a time of investor pessimism regarding the company.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com