Hi ALL- I have a stupid question. In the topic over emerging market valuation. The schweser book / CFA books say that we should use ebita * marginal tax rate to calculate the tax. Is that not to use the ebit * effective tax rate to come the the tax expense? Do they use ebita only because of marginal tax rate or because in some country interest and amortisation is not deductible for tax purpose? Or any other reason? Thanks!