How does one go about choosing a multiple when valuing cyclicals?

Hey. I understand the approach of applying a mid-cycle multiple to my view on mid-cycle earnings, but how does one go about choosing that multiple? Or if I have separate cases for bull, bear, and base, with my base case being mid-cycle earnings, how does one go about choosing a multiple for the bull and bear cases? Sorry if the question is vague. Any help is welcome, thanks

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How does one go about choosing a multiple when valuing cyclicals?

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