$3.$ You are valuing multiple steady$-$state companies in the same industry. Company A is projected to earn $$160$ in EBITA, grow at $2$ percent per year, and generate ROICs equal to $15$ percent. Company B is projected to earn $$100$ in EBITA, grow at $6$ percent per year, and generate ROICs equal to $10$ percent. Both companies have an operating tax rate of $25$ percent and a cost of capital of $10$ percent. What are the enterprise$-$value$-$to$-$EBITA multi ples for both companies? Does higher growth lead to a higher multiple in this case?

$4.$ You are valuing multiple steady$-$state companies in the same industry. Company A is projected to earn $$160$ in EBITA, grow at $2$ percent per year, and generate ROICs equal to $15$ percent. Company C is projected to earn $$120$ in EBITA, grow at $5$ percent per year, and generate ROICs equal to $12$ percent. Both companies have an operating tax rate of $25$ percent and a cost of capital of $10$ percent. What are the enterprise$-$value$-$to$-$EBITA multiples for both companies? Does higher growth lead to a higher multiple in this case? Why do the results differ between Questions $3$ and $4?$