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Is there ? <a href=" http://skin-solutions.co.nz/what-is-ipl/ ">bimatoprost 0.03 mg</a> Let’s look at an example of two companies — one defensive, the other cyclical — and compare them. Nestlé, one of the world’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’s average price/earnings multiple has been 15.4, which means at today’s levels, the company is trading one standard deviation above its long-term average. That’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.