In addition to the usual multiples such as EV / EBITDA, P / E, EV / revenue, P / Book Value, and P / Tangible Book Value, a very common multiple to use in consumer retail is EV / EBITDAR.
EBITDAR is EBITDA before rent expense. Since some companies will rent their stores and others will own their stores, it is hard to compare EBITDA between those who pay rent and those who own and do not have to pay rent.
It is unfair to penalize companies for their decision of whether to lease or own, and instead they should be judged based on their core operating cash flows with rent expense excluded. Therefore, EBITDAR is a great metric to normalize for rent expense, and EV / EBITDAR is a good metric to compare companies in the consumer retail sector.