Which of the following statements is correct regarding valuation multiples?

I. The market to book multiple is commonly used to value firms that have incurred a series of losses over years.

II. One of the reasons why EBITDA or cashflow multiples are preferable to (net) earnings multiples is that it is generally harder to manipulate net earnings through accounting than EBITDA or cash flow.

III. The difference between EV/Sales multiple and EV/EBIT multiple is the level of taxes in arriving at the earnings used in the formula.