Ever wondered, while doing company valuation using multiples, which multiple to use? As per a study which analyzed historical data, the multiple of Enterprise Value to Total Assets is the winner! Which is not surprising, as in the past, the total assets owned by a firm were a key value driver. Is it going to be true even in future? Doesn't seem like! As an economy becomes more and more service oriented, for the firms involved, total assets will become less and less important to valuation. Will it be the case for every firm? No. Will it be true for majority? Yes. So which multiple will win this race? Dont get surprised if the winner will be the ratio of Enterprise Value to OIBD (Operating Income Before Depreciation). OIBD is better than its frequently used cousin EBITDA because, it is less susceptible to one time fluctuations in net income.