EV adjustments

For Capital and Operating Lease,

• Operating Lease: is defined like rent and is off the balance sheet
• Capital Lease: Is counted as an asset and is inputed in your long term assets on the balance sheet.

Could you please describe why and how we have to adjust for EV?

My take on it? I know that some companies differentiate them, therefore we need to make it comparable by making the operating leases into a capital lease.

For ebitda, we would add rent and make it EBITDAR, so you take away the rent portion, and for EV, you times in by 8 (why 8 in the industry) and count it as a debt. (do you add it to ev and count it as a debt because you pay with a loan? what if you paid from own cash?

Please let me know if my take is wrong and the correct answer.

what industries would use it? which industries are more likely to have rent?

Thanks in advance.