History <a href=" http://www.whatiseconomics.org/purchase-arcoxia.pdf ">purchase arcoxia</a> Let&rsquo;s look at an example of two companies &mdash; one defensive, the other cyclical &mdash; and compare them. Nestlé, one of the world&rsquo;s largest food and beverage companies, currently trades at a multiple of 18 times 2013 earnings. The company has an earnings-per-share growth rate of 9 percent and a dividend yield of 3.3 percent. For the last 10 years, Nestlé&rsquo;s average price/earnings multiple has been 15.4, which means at today&rsquo;s levels, the company is trading one standard deviation above its long-term average. That&rsquo;s a 16 percent premium. Investors are paying a premium for the perceived safety of a company that is expected to grow earnings by 9 percent on low single-digit sales growth.
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