Because Market value is attributable to equity holders and EBITDA is attributable to both equity and debt holders.
When we calculate any multiple, we should take numerator and denominator for either equity holders only or both equity and debt holders like below ratios:
Equity multiples – P/E, P/BV, P/TBV
Firm wide multiples: EV/ EBITDA, EV / Sales, EV / EBIT,
