计算EB/EBITDA时，EBITDA里的NI只能是持续经营的NI吗？

问题如下：

Jorge Zaldys, CFA, is researching the relative valuation of two companies in the aerospace/defense industry, NCI Heavy Industries (NCI) and Relay Group International (RGI). He has gathered relevant information on the companies in the following table.

EBITDA Comparisons (in € Millions except Per-Share and Share-Count Data)

Which company has a higher EV/EBITDA?

选项：

RGI

NCI

the two company has the same EV/EBITDA

解释：

For RGI:

Market value of equity = €150 × 5 million = €750 million

Market value of debt = €50

Total market value = €750 million + €50 = €800 million

EV = €800 million - €5 million (cash and investments) = €795 million

Now, Zaldys would divide EV by total (as opposed to per-share) EBITDA:

EV/EBITDA for RGI = (€795 million)/(€62.5 million) = 12.72

For NCI:

Market value of equity = €100 × 2 million = €200 million

Market value of debt = €100

Total market value = €200 million + €100 = €300 million

EV = €300 million 􀃭€2 million (cash and investments) = €298 million

Now, Zaldys would divide EV by total (as opposed to per-share) EBITDA:

EV/EBITDA for NCI = (€298 million)/(€20 million) = 14.9