Equity Multiples Comp Anlaysis - Income Statement Adjustments

Hi Guys - please let me know your thoughts.

When doing comp analysis with equity multiples, I understand we want to reach income attributable to equity holders ( Net Income), net of non-recurring items such as restructuring charges, etc. Therefore, we can use these multiples for comparison and comp analysis.

But has anyone ever thought about the portion of net income that is coming from non-core / non-operating income ( what I'm specifically thinking about is income from equity investments 20-50% ownership in associates ) being sort of inappropriate to incorporate in the net income for comp. analysis because its not really coming from the company's bottom line.

I know I'm wrong, but does anyone have comments on the subject?

I understand equity value ( numerator) is derived from stock price, therefore in thinking of the company's P/E ratio, the market is valuing all of the firm's bottom line but...

Some firms in peer group may not have equity investments..some will...Is it fair when we want to compare them to incorporate..

Sorry for a silly question but I would appreciate some commentary. Thank you in advance

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