The Truth Behind EV/IC Multiples

  • Author:
    Geoff Robinson
  • Level: 
    Intermediate to advanced
  • Study time:
    1-2 hours
Write your awesome label here.
Course overview
This playlist unpacks the reality of EV to Invested Capital (EV/IC) multiples, a ratio often treated as a shortcut in valuation. Through practical examples and critical essays, it reveals when EV/IC is useful as a diagnostic tool and when it risks misleading analysts. Topics include the distortion of growth-through-acquisition strategies, the inflation effect, capital intensity differences, and the link between EV/IC and ROIC.

By moving beyond static capital assumptions, the series helps analysts sharpen their understanding of multiples, avoid common traps, and apply EV/IC more effectively in both capital-heavy and capital-light industries.

What's included?

  • 5 videos
  • The playlist that reveals when EV/IC multiples enlighten—and when they deceive.
  • Insights from a #1 ranked data-driven analyst

Who should watch this playlist? 

Designed for investment analysts, finance students, and corporate strategists, this playlist is for anyone seeking to deepen their understanding of valuation multiples. It provides clarity on EV/IC’s diagnostic power, its distortions, and its practical application in different industries, ensuring sharper financial analysis and better investment decision-making.

Why TheInvestmentAnalyst.com?

We are the only training house that is able to bring top-ranked analyst experience into your classroom. We buck the trend. Most training businesses recruit junior ex-bankers to become their trainer. Our instructors cut their teeth teaching and then gain senior experience with investment banks.

We believe, you could not be in better hands.

New Content Drops

What's trending on the platform now

EMEA Sell-Side Analyst

From the App Store
I've tried tonnes of apps like this, but this one simply worked better in every way possible

Buy-side analyst

From the App Store
What a little gem in the world of financial training. Not the usual rehashed academic stuff, but realistic, practical, immediately applicable, well explained, young and modern financial content

M&A Analyst

From the App Store
The delivery is concise, entertaining and easy to follow

Geoff Robinson
FCA FMVA MFM

Thought leader, instructor, writer, financial influencer, Former UBS Managing Director and 8x #1 ranked analysts EMEA Institutional Investor Survey
ABOUT Geoff
Geoff has had a varied career. He was a Managing Director within UBS Equity Research, leading their Global Fundamental Analytics franchise. During this time, he was #1, ranked 10x in the EMEA Institutional Investor Survey. Before UBS, he was a material equity investor and LBO co-investor in two market exited training consultancies. Geoff has a passion for learning and is well-known for his ability to break down complex subject matter and distil it to an audience in a digestible and engaging manner. He brings this passion to TheInvestmentAnalyst.com. 
Empty space, drag to resize