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.
So, it trades on a multiple of roughly 12 times forward earnings and on a price-to-book basis well below 2x--whereas most quality smaller U.S. banks we look at are north of that.
Assume a steady-state tax rate of 15 percent and apply a multiple of 18 times, roughly in line with the price-to-earnings ratios of traditional asset managers, and these fees are worth nearly $3 billion on their own.
Shares trade for about 12.5 times estimated 2002 earnings, versus a multiple of 20 for Exxon Mobil, he said, because the Italian government owns an Eni stake of roughly 30percentt.
A solid e-commerce business with a $17,000 average net profit over a trailing 12 months might get a multiple of 31 times, which means the e-commerce business is roughly worth $527,000.
Putting that on a multiple of 15 would equate to a little more than $10 billion, which is roughly the company's entire current market capitalization.
That is worth $3.5 billion, or roughly 13percentt of their current combined market value, assuming the increased profit is taxed at 30percentt and capitalized on a multiple of 10.
BP trades on a multiple of six.
AMD has a multiple of 100.
We're looking for returns that are roughly two times multiple of the capital that we invest and the only way to achieve those returns is to sell.
It can be clearly seen that the conductance during the transition from HRS to LRS is quantized roughly in multiples of G o. Conductance increases with voltage discretely, and instead of displaying flat plateaus as in quantum Hall effects, it displays sloped rises whose slopes decrease with the subsequent two steps.
