EBITDA Multiple gives an estimate valuation of a business operation, where value from investment activities (bills, bonds or stocks of other companies) is excluded. In other words, it estimates how many times of the EBITDA the business operation is worth. It is calculated as: M = Business Operation Value/EBITDAWhere: M= EBITDA multiple; Business Operation Value = market value of the business taken at the end of year; EBITDA = (Operating Revenue - Operating Expenses + Other Revenue) calculated for year n