You work in an Investment Bank and you have a client who has inquired about the most suitable valuation ratio in order to compare the companies in an industry with the following characteristics: The companies in the industry are located in the USA, Japan, France and Brazil. The industry is currently operating at a cyclical low, i.e. many companies in the industry report losses. Determine which one of the three valuation ratios, P/E, P/BV and P/S is most appropriate for comparing companies in this industry and advice your client