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3. Which of the following is not directly connected to value creation? 1. Earnings per share 2. Reinvesting profits to grow 3. Gross profits 4.

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3. Which of the following is not directly connected to value creation? 1. Earnings per share 2. Reinvesting profits to grow 3. Gross profits 4. Returns to capital that exceed costs of capital 4. Which of the following is not an example of a valuation multiple? 1. Debts to assets 2. Price to earnings 3. Current assets to current liabilities 4. Market capitalization to EBITDA

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