Why do we need the terms for non$-$controlling interest and investments in affiliates in the enterprise value equation when using EV$/$EBITDA multiples for comparable valuation analysis?

A$.$ These terms are needed since full consolidation means that EBITDA includes a $100\%$ contribution from all subsidiaries.

B$.$ These terms allow us to remove the mismatch between the numerator and denominator in EV$/$EBITDA multiples.

C$.$ These terms are needed since the enterprise value does not reflect the economic interest that the parent company owns in its subsidiaries.

D$.$ Non$-$controlling interest and investments in affiliates would not be represented in the parent company without these terms.