Background: In recent years, a record amount of people has turned towards various stock markets to invest in the boom that has been present since the financial crisis. To get the portfolio to be profitable or even more profitable than the market, is a goal that can be hard to achieve, where certain previous research proves that it is possible to outperform the market, while other research proves the opposite. A factor that refutes the individual’s ability to outperform the market is the human beings’ psychological behavior, which can cause irrational investment decisions. To circumvent the psychology behind investment decisions,several investment strategies have been formed throughout history, one of them being a multiple-strategy. Due to the rise in popularity of investing, it is of interest to analyze whether a multiple-strategy is successful in creating profitability.  Purpose: The purpose of the study is to analyze the multiples EV/S and EV/EBITDA as a multiple-strategy to observe which one generates the highest return for the companies on OMX Stockholm.  Methodology: With the aim of best achieving the purpose of the study, a quantitative method has been used with a deductive approach. With a selection of 251 companies through the period 2010-2019, eight portfolios have been created containing the 20 highest respectively the 20 lowest EV/S- or EV/EBITDA-multiples, with a holding period of either three or twelve months.  Results: The study shows that high EV/S- and EV/EBITDA-multiples as well as low EV/EBITDA-multiples successfully outperform the comparing index over a nine-year period. Low EV/S-multiples do not achieve the same performance. The portfolio with highEV/EBITDA-multiples with a holding period of three months yielded the highest return.

Background: In recent years, the interest in investing has increased, and a growing number of people want to put their money into assets that are expected to increase in value. This is usually easier said than done, and it requires the investor to use a solid strategy. Because there are many methods of making an investment decision, this process can appear to be complicated. Multiple strategy is a well-known type of strategy that aims to build a portfolio based on different multiples. As a result, it is interesting to analyze what types of multiples perform best and worst when using a multiple strategy.  Purpose: The purpose of the study is to analyze the multiples EV/S, EV/EBITDA and P/E as a basis for a multiple strategy for companies found in the index S&P 500 to see if these can generate excess returns.  Methodology: A quantitative method with a deductive approach was best suited to fulfill the purpose of the study. Based on a selection of 411 companies through the period 2003 – 2021 twelve portfolios have been created with the 20 highest and lowest EV/S, EV/EBITDA or P/E multiples, with holding periods of either three or twelve months before rebalancing.  Results: The study results show that all multiples managed to outperform the benchmark index over the study period. Six out of the twelve portfolios were also able to show a significant return. The portfolio with low EV/S multiples and 12-month holding period generated the highest risk-adjusted return. / Bakgrund: På senare år har investerarintresset ökat och allt fler vill in och placera sitt kapital i tillgångar som förväntas öka i värde. Detta är något som oftast är lättare sagt än gjort och det krävs att investeraren använder sig av en tydlig strategi. Att det finns många olika sätt att komma fram till ett investeringsbeslut gör att denna process kan uppfattas som mycket komplicerad. En känd typ av strategi är multipelstrategi, som ämnar att bygga portföljen utifrån bolagens olika multiplar. Vilket gör det intressant att analysera vilka typer av multiplar som fungerar bättre respektive sämre vid användning av en multipelstrategi. Syfte: Studiens syfte är att analysera multiplarna EV/S, EV/EBITDA och P/E som grund till en multipelstrategi för bolag som återfinns i indexet S&P 500 för att se om dessa kan generera överavkastning. Metod: En kvantitativ metod med en deduktiv ansats var bäst lämpad för att uppnå studiens syfte. Utifrån ett urval av 411 bolag under perioden 2003 – 2021 har 12 portföljer skapats med de 20 högsta respektive lägsta EV/S-, EV/EBITDA- och P/E-multiplarna med innehavsperioder på antingen 3 eller 12 månader innan rebalansering. Resultat: Studiens resultat visar på att samtliga multiplar lyckades överavkasta jämförelseindexet över studiens period. 6 av 12 portföljer visade på en statistiskt signifikant avkastning. Portföljen med låga EV/S-multiplar och 12 månaders innehavsperiod genererade högst riskjusterad avkastning.