Glossary

BS – Balance Sheet

DY – Dividend Yield

EBITDA – Earnings before interest, tax, depreciation and amortization

EV – Enterprise Value

FCF – Free Cash Flow (see post of 5th June 2019 for Chelverton’s exact definition)

Market – Factset Europe Ex UK universe

ND – Net Debt

PE – Price to Earnings Ratio

SOTP – Sum of the parts

TR – Total Return