Which of the following statements is (are) true as it relates to using EV/EBITDA multiples to perform comparable companies valuation analysis: 1. Application of the multiple is not recommended for firms with significant noncash expenses 11. Cyclical variations in earings and revenues may require normalization III. EV/EBITDA is sometimes a better measure than FCF multiples because it tends to be less volatile IV. EBITDA is a flow to both debt and equity bolders O All the statements are true ol only RII and III only O II, III and IV only O None of the statements are true