процентные ставки и multiples

The effect of changes in the expected growth rate on equity multiples can also vary depending on the level of interest rates. The value of growth lies in the future, and as interest rates rise, the value of expected growth decreases. Consequently, surprises about expected growth rates have a bigger impact when interest rates are low than when they are high. We would expect to see much greater price reactions for a given earnings surprise, positive or negative, in a low-interest-rate environment than you would in a high-interest-rate environment. 

Aswath Damodaran "On valuation"