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Tobias Carlisle's EV/EBIT metric applied to the NZX — what an acquirer would pay for the whole business
The Acquirer's Multiple= Enterprise Value / Operating Earnings. Unlike P/E, it accounts for debt and strips out tax and capital structure differences. Carlisle's research found that buying the cheapest stocks by this metric — without quality filters — outperformed blended quality+value approaches by ~2% annually. The philosophy: mean reversion does the work. Cheap companies' earnings tend to recover; expensive "quality" companies tend to disappoint. Financial sector companies (banks, funds, insurers) are excluded as EV/EBIT is not meaningful for them.
Ranked cheapest first — 90 non-financial companies with EV/EBIT data. Click column headers to sort.
| # | Company | EV/EBIT | EV/EBITDA | P/E | EV | D/E | FCF% | ROE | 1Y Return |
|---|---|---|---|---|---|---|---|---|---|
| 1 |  | 2.7x | 2.2x | 6.7 | $106M | 1.1 | - | 8.8% | +104.1% |
| 2 |  | 3.0x | -x | 5.7 | $13M | 0.7 | -4.8% | 8.5% | -17.1% |
| 3 |  | 3.1x | 2.5x | 5.2 | $206M | - | - | - | +11.9% |
| 4 |  | 4.4x | -x | 7.0 | $7.6B | 1.1 | 4.8% | - | -25.4% |
| 5 |  | 4.9x | -x | 9.9 | $49M | - | - | - | -9.9% |
| 6 |  | 5.2x | 2.4x | - | $21M | 2.0 | 10.2% | -7.0% | -25.9% |
| 7 |  | 5.6x | 2.4x | - | $483M | 1.7 | -1.3% | -4.5% | +0.6% |
| 8 |  | 5.9x | -x | 17.2 | $276M | 1.3 | - | 3.3% | +10.0% |
| 9 |  | 6.0x | -x | 8.1 | $607M | 0.4 | 19.8% | 8.6% | +27.7% |
| 10 |  | 6.0x | 5.1x | 8.4 | $442M | 1.6 | - | 4.8% | +2.0% |
| 11 |  | 6.5x | 4.0x | 11.0 | $118M | 0.3 | 14.6% | 6.8% | +7.0% |
| 12 |  | 7.7x | -x | 6.4 | $817M | 0.7 | - | 9.6% | -17.5% |
| 13 |  | 8.1x | -x | 8.9 | $3.1B | 1.7 | -75.0% | 11.4% | -26.3% |
| 14 |  | 8.2x | -x | 15.8 | $207M | 1.4 | 11.8% | 13.4% | +6.7% |
| 15 |  | 8.2x | 6.1x | 17.8 | $540M | 0.6 | 8.3% | 13.1% | +10.7% |
| 16 |  | 8.4x | 5.5x | 11.5 | $175M | 1.1 | 6.8% | 11.0% | +8.7% |
| 17 |  | 9.0x | 3.5x | 17.3 | $689M | 0.8 | - | 4.4% | -73.3% |
| 18 |  | 9.1x | -x | 15.9 | $4.2B | 2.0 | 14.2% | 17.1% | -21.0% |
| 19 |  | 9.3x | 5.6x | 0.1 | $12M | 2.3 | 1.3% | 10.4% | +1.5% |
| 20 |  | 9.9x | -x | 20.6 | $637M | 0.4 | 22.3% | 7.2% | +11.8% |
| 21 |  | 9.9x | -x | 14.9 | $1.9B | 3.5 | 13.9% | 6.5% | -20.2% |
| 22 |  | 10.1x | -x | 15.8 | $206M | 0.9 | - | 5.7% | -51.5% |
| 23 |  | 10.2x | 7.7x | 12.3 | $284M | 0.9 | 3.4% | 6.3% | -11.8% |
| 24 |  | 10.3x | -x | 102.2 | $25M | 3.4 | - | 0.6% | +47.7% |
| 25 |  | 10.8x | 2.5x | - | $204M | 2.3 | 1.5% | -0.3% | -2.4% |
| 26 |  | 11.2x | 6.9x | 18.3 | $103M | 4.1 | - | 8.6% | +15.7% |
| 27 |  | 12.0x | 3.1x | 18.6 | $377M | 0.5 | 5.7% | 4.6% | +0.9% |
| 28 |  | 12.7x | 9.8x | 20.8 | $5.2B | - | - | - | +32.8% |
| 29 |  | 13.4x | 7.8x | 24.4 | $2.0B | 1.8 | - | 16.0% | -1.3% |
| 30 |  | 14.1x | -x | 27.1 | $962M | 0.5 | 25.6% | 2.3% | -22.3% |
| 31 |  | 14.4x | 9.9x | 21.1 | $8.6B | 1.5 | 0.5% | 12.0% | +7.4% |
| 32 |  | 14.9x | 8.3x | 23.5 | $1.8B | 1.1 | -14.4% | 2.2% | -23.7% |
| 33 |  | 15.2x | -x | 20.6 | $228M | 0.0 | - | 3.5% | -12.3% |
| 34 |  | 15.4x | -x | 26.4 | $73M | 1.7 | -0.8% | 5.7% | -50.8% |
| 35 |  | 15.7x | 7.9x | 21.9 | $6.0B | 1.0 | 6.8% | 13.8% | +2.1% |
| 36 |  | 15.9x | 3.9x | 9.9 | $158M | - | - | - | -18.3% |
| 37 |  | 16.2x | 14.9x | - | $21M | -13.7 | - | -28.0% | -33.9% |
| 38 |  | 16.5x | 10.8x | 16.5 | $1.1B | 1.3 | 6.5% | 20.2% | -10.8% |
| 39 |  | 16.8x | 10.5x | 16.8 | $692M | 0.9 | - | 3.9% | -4.3% |
| 40 |  | 16.9x | -x | - | $489M | 4.3 | - | -18.0% | -26.6% |
| 41 |  | 17.1x | 6.0x | 19.7 | $45M | - | - | - | -23.8% |
| 42 |  | 18.1x | 5.3x | 13.8 | $2.4B | 1.1 | - | 5.7% | +9.4% |
| 43 |  | 18.5x | 7.1x | 13.8 | $184M | 0.7 | - | 20.0% | +3.6% |
| 44 |  | 18.5x | 16.6x | 10.5 | $7.6B | 1.7 | - | 5.5% | -21.5% |
| 45 |  | 19.4x | -x | 34.8 | $49M | - | - | - | -0.9% |
| 46 |  | 19.9x | 17.9x | 20.0 | $18M | 0.2 | 0.9% | 6.8% | - |
| 47 |  | 20.5x | 15.1x | 36.2 | $4.5B | - | - | - | -28.9% |
| 48 |  | 21.0x | -x | 30.8 | $395M | - | - | - | -18.0% |
| 49 |  | 21.9x | -x | - | $3.2B | - | - | - | -3.3% |
| 50 |  | 22.2x | -x | 23.0 | $2.6B | 0.8 | -10.7% | 3.1% | -15.0% |
| 51 |  | 22.6x | -x | 169.3 | $3.4B | 0.9 | -58.2% | 0.6% | -20.0% |
| 52 |  | 23.2x | -x | 36.4 | $790M | - | - | - | +22.6% |
| 53 |  | 23.4x | 20.6x | 37.3 | $610M | 0.3 | -49.3% | 3.0% | -34.6% |
| 54 |  | 24.4x | 13.3x | - | $10.5B | 1.0 | 9.9% | 0.0% | +6.6% |
| 55 |  | 25.1x | -x | 35.2 | $1.0B | - | - | - | +27.8% |
| 56 |  | 27.0x | 8.9x | 13.2 | $537M | 1.1 | 15.5% | 35.3% | +5.2% |
| 57 |  | 27.4x | 21.4x | 26.3 | $5.0B | 0.3 | - | 7.6% | +6.4% |
| 58 |  | 27.8x | -x | 76.5 | $334M | - | - | 1.4% | +19.4% |
| 59 |  | 29.0x | 26.2x | 30.2 | $7.2B | 0.4 | - | 14.2% | -19.8% |
| 60 |  | 30.0x | -x | - | $168M | - | - | - | +2618.8% |
| 61 |  | 30.2x | 3.0x | 130.1 | $178M | 0.4 | - | 0.4% | -62.7% |
| 62 |  | 31.1x | 16.1x | 56.2 | $1.5B | 0.7 | 10.6% | 2.7% | +26.4% |
| 63 |  | 32.2x | 16.7x | 106.3 | $935M | - | - | - | -26.9% |
| 64 |  | 33.3x | -x | 5.4 | $266M | 0.9 | - | 10.1% | -7.9% |
| 65 |  | 34.2x | -x | 23.9 | $1.9B | 0.6 | - | 3.2% | -4.2% |
| 66 |  | 34.4x | 1.0x | - | $41M | 19.5 | 11.6% | -131.1% | +4.8% |
| 67 |  | 34.6x | 23.6x | 29.3 | $14.8B | 0.3 | -49.9% | 4.0% | +6.0% |
| 68 | 36.1x | 10.2x | - | $6.5B | 9.7 | 17.1% | 0.7% | +18.1% | |
| 69 |  | 36.9x | -x | - | $2.9B | 0.9 | -20.1% | -3.0% | -15.2% |
| 70 |  | 36.9x | 15.6x | 24.6 | $6.3B | 0.9 | 4.1% | 4.3% | +0.9% |
| 71 |  | 37.4x | -x | 45.1 | $11M | 4.6 | - | 62.3% | -17.1% |
| 72 |  | 37.8x | -x | 51.6 | $19.3B | 0.3 | - | 19.9% | +6.4% |
| 73 |  | 39.1x | -x | 25.7 | $2.9B | 0.4 | - | -16.4% | -4.4% |
| 74 |  | 41.0x | 12.1x | 37.8 | $8M | 0.5 | - | 1.9% | -23.3% |
| 75 |  | 46.3x | -x | - | $67M | 0.0 | 796.9% | -4.8% | -25.2% |
| 76 |  | 50.5x | 10.8x | - | $111M | 0.3 | 1.8% | -1.7% | -44.4% |
| 77 |  | 63.5x | 41.7x | 51.5 | $1.2B | 0.3 | 6.7% | 8.6% | -59.3% |
| 78 |  | 70.0x | -x | - | $44M | 0.0 | -1273.9% | -30.3% | - |
| 79 |  | 70.5x | 50.3x | 117.5 | $352M | - | - | - | +25.9% |
| 80 |  | 90.1x | 18.8x | 59.0 | $253M | 0.3 | 0.6% | 2.8% | +82.4% |
| 81 |  | 90.2x | 15.5x | 9.9 | $10.5B | 1.7 | -2.0% | 14.4% | +23.6% |
| 82 |  | 91.5x | 14.3x | 155.1 | $403M | 0.6 | - | 1.7% | -21.9% |
| 83 |  | 95.3x | -x | 40.8 | $64M | 0.7 | 12.6% | 5.6% | -32.8% |
| 84 |  | 108.6x | -x | - | $373M | 19.9 | -15.4% | -32.1% | -0.7% |
| 85 |  | 126.3x | 12.1x | 77.5 | $766M | 1.1 | - | 0.6% | -46.2% |
| 86 |  | 144.7x | -x | - | $161M | 0.4 | - | -24.7% | +24.8% |
| 87 |  | 146.0x | 56.6x | - | $44M | 9.9 | - | 0.0% | -18.3% |
| 88 |  | 150.3x | 137.9x | 152.2 | $301M | 0.4 | - | 24.0% | -41.6% |
| 89 | | 243.5x | 167.3x | 5.7 | $281M | 1.5 | 3483.8% | 0.0% | -11.6% |
| 90 |  | 470.1x | 24.6x | - | $15.0B | 0.7 | 2.6% | -5.1% | +0.8% |
Average Acquirer's Multiple by sector — lower sectors may offer broader deep value opportunities
| Sector | Companies | Avg EV/EBIT | Cheapest | Valuation Bar |
|---|---|---|---|---|
| Communication Services | 4 | 16.3x | NZM (8.2x) | |
| Consumer Discretionary | 14 | 16.8x | BRW (3.0x) | |
| Healthcare | 9 | 20.6x | GXH (2.7x) | |
| Real Estate | 13 | 26.6x | ARG (7.7x) | |
| Industrials | 18 | 28.2x | CVT (4.9x) | |
| Energy | 1 | 31.1x | CHI (31.1x) | |
| Consumer Staples | 13 | 38.5x | SEK (3.1x) | |
| Materials | 5 | 55.8x | STU (10.1x) | |
| Utilities | 7 | 95.6x | CEN (14.4x) | |
| Information Technology | 6 | 99.2x | GTK (63.5x) |
Use the NZXplorer Screener with the "Acquirer's Multiple" preset to filter by EV/EBIT alongside 200+ other columns.
Open ScreenerData sourced from NZX financial statements, stock prices, and calculated enterprise values. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.
For informational purposes only. Not investment advice.
Last updated: 27 June 2026.