§ How we look at cyclical
Through-cycle EV/EBITDA and mid-cycle FCF anchor valuation. We avoid extrapolating peak earnings; quality flag is balance-sheet resilience at trough.
Top by upside
Through-cycle EV/EBITDA and mid-cycle FCF anchor valuation. We avoid extrapolating peak earnings; quality flag is balance-sheet resilience at trough.
Through-cycle EV/EBITDA and mid-cycle FCF anchor valuation. We avoid extrapolating peak earnings; quality flag is balance-sheet resilience at trough.