Why can't you use Equity Value / EBITDA as a multiple?

• Because EBITDA already includes a financing charge, so pairing it with equity value would double-count the interest that both reflect
• Because equity value is a market figure while EBITDA is an accounting figure
• EBITDA is pre-interest (all capital) while equity value is shareholders-only, so the pairing is inconsistent
• Because equity value moves daily while EBITDA is annual, so the ratio is too unstable
• Because EBITDA sits below net income, making it an equity-holder metric that already overlaps with equity value itself