The focus on the EBITDA of private companies is almost ubiquitous among business appraisers. Join Chris Mercer to learn about the relationship between depreciation (and amortization) and EBIT as one measure of relative capital intensity. This relationship, "the EBITDA Depreciation Factor," is then used to convert debt-free pretax (i.e., EBIT) multiples into corresponding multiples of EBITDA. Mercer presents analysis that illustrates why the pervasive rules of thumb suggest that many private companies were worth 4.0x to 6.0x EBITDA, plus or minus, have had such stickiness. Get insight into the likely impact of the Tax Cut and Jobs Act on private company enterprise value multiples. Hear about a suggested methodology based on the adjusted capital asset pricing model, whereby business appraisers can independently develop EBITDA enterprise value multiples under the income approach and includes private- and public-company market evidence.