Which if the following statements about the use of the EBITDA multiple is true?

a. EBITDA is much more volatile than FCF over time and thus an unstable component of the multiple.

b. EBITDA multiple provides a good valuation tool for businesses in which most of the value comes from existing assets.

c. When identifying comparable firms for estimating EBTIDA multiples for a private company, it is typical to use firms from a variety of different industries.

d. An EBITDA multiple will always generate the same Enterprise Value as a Price-to-Earnings multiple for the same firm.

e. All of the above statements are true