Valuation multiples reflect either equity or enterprise value. Equity multiples express the value of shareholders’ claim on the business, relative to a statistic that applies only to shareholders e.g. Earnings or Book value. Enterprise value or EV multiples express the value of the enterprise, relative to a statistic that relates to the entire enterprise such as Revenue, EBITDA, EBIT etc.
As a general rule, any profit or earnings estimates that is AFTER interest belongs to shareholders and is therefore used to calculate equity multiples. Any metric that is BEFORE interest belongs to the firm or enterprise as a whole i.e. both debt and equity investors, and is used to calculate EV multiples.