Based on the information provided:
- The initial multiple was 8x EBITDA.
- After five years, the multiple has risen to 10x EBITDA.
- The EBITDA has remained the same.
- Debt has been paid off, and it is now only 3x EBITDA.
- With this information, we can calculate the new enterprise value (EV) after five years.
Initial Enterprise Value (EV) = Initial Multiple x EBITDA
Initial EV = 8 x EBITDA
New Enterprise Value (EV) after five years = New Multiple x EBITDA - Debt
New EV = 10 x EBITDA - 3 x EBITDA
Simplifying the equation:
New EV = 7 x EBITDA
So, after five years, the new enterprise value will be 7 times the EBITDA.