You are comparing the Enterprise Value-to-EBITDA multiples of two companies. One company has just undergone an expansion that required large amounts of CAPX over the last three years, though you do not expect it to see significant increased sales from this expansion for another year. You do not expect any expansion CAPX from this company for the foreseeable future. The other company plans to engage in a major expansion with large CAPX over the next three years. Thereafter, you dont foresee any expansion CAPX. Assume further that the two companies profit margins, WACC, maintenance CAPX needs, and sales growth after year 3 are the same. Which company do you expect will have the higher EBITDA multiple? Explain.