Market Multiple is a business valuation measure which involves the use of selected indicators of publicly traded companies to inform the estimation of multiples to apply for the estimation of the fair market value of closely held businesses or interests in such businesses. In determining the multiple, business valuers analyse and select comparable business entities based on indicators including size, industry classification, financial ratios, customers, growth, leverage, technology, etc. Once the ratios of the publicly trading comparator businesses have been established, the multiples are adjusted and applied to the closely held businesses. The price to earnings (P/E) ratio, price- to-book value, and EBITDA multiples are some of the multiples which are drawn from publicly traded comparable firms or transactions and adjusted for the estimation of the fair market value of a closely held business or an interest in the business.