Does Misano average EV/EBITDA, P/E, and EV/Revenue?

No. The method cascade picks exactly one metric: EV/EBITDA when usable, else P/E when usable, else EV/Revenue with an explanatory label. It does not blend three prices into one number.

When does P/E win over EV/EBITDA?

Only when EBITDA is unusable (missing, ≤ 0 after normalization, or hard-stale), net profit is > 0, and a P/E benchmark exists. Small Czech companies often disclose profit but not EBITDA — that is a common path to P/E.

How is this different from custom → niche → NACE?

Custom → niche → NACE is the source cascade: which levels to use. EV/EBITDA → P/E → EV/Revenue is the method cascade: which metric to multiply once a source is chosen. They answer different questions. Source cascade: misano.ai/guides/custom-then-niche-then-nace.

What happens if EBITDA is missing in the latest year?

Misano does not borrow last year's EBITDA. The cascade falls to EV/Revenue with a label such as "no EBITDA filed for 2024 — valued on revenue." Hard-stale (>4y) metrics also cannot headline; details: misano.ai/guides/stale-filings-cannot-make-todays-headline.

EV/EBITDA, then P/E, then EV/Revenue.

After Misano picks one source per metric family (custom → niche → NACE), a second cascade picks which metric to multiply. It is EV/EBITDA, then P/E, then EV/Revenue — one metric, not an average of three.

Two cascades, two jobs

Source cascade (custom → niche → NACE) answers "where do the levels come from?" Covered at misano.ai/guides/custom-then-niche-then-nace.
Method cascade (EV/EBITDA → P/E → EV/Revenue) answers "which metric do we multiply once a source is chosen?"
Mixing them is how people think Misano blends three prices into one fake-precise number. It does not.

The order

EV/EBITDA — the default when levels exist and EBITDA (after normalization) is > 0 and not hard-stale. Values enterprise value.
P/E on net profit — only when EBITDA is unusable, net profit > 0, and a P/E benchmark exists. Values equity directly (small Czech companies often disclose profit but not EBITDA).
EV/Revenue — last resort (loss-making / no EBITDA filed), with an explanatory label such as "no EBITDA filed for 2024 — valued on revenue." Never silent.

What drops you down

Hard-stale metrics (>4 years vs reference year) cannot headline; the cascade drops to the next usable method. Soft-stale (>2 years) is used and flagged. Details: misano.ai/guides/stale-filings-cannot-make-todays-headline.
Missing EBITDA in the latest filed year does not borrow last year's EBITDA — it falls to EV/Revenue with a label.

What this is not

Not the source cascade (custom/niche/NACE).
Not silent averaging of EV/EBITDA + P/E + EV/Revenue into one number.
Not a rewrite of the football-field triangulation (DCF and NAV stay separate cross-checks): misano.ai/guides/value-band-is-triangulated.

Get started at https://app.misano.ai/login. From €39/month billed annually, 14-day money-back, no sales call. Product path: misano.ai/scout.

See also: misano.ai/guides/how-we-value-companies-at-scale, misano.ai/guides/custom-then-niche-then-nace, misano.ai/guides/stale-filings-cannot-make-todays-headline, misano.ai/guides/value-band-is-triangulated, and misano.ai/guides/fair-market-value-for-a-financial-buyer.