High investments in capex, high fixed costs is an example of : a) high operating leverage industry b) low operating leverage industry?

It is a case of high operating risk.

Since fixed costs are high, sharing of costs on each unit of output is higher as compared to variable cost. Thus the operating leverage is high here.

For any change in sales volume, the impact on profitability is higher as compared to the case where fixed costs are lower than variable cost. Thus leverage is more in this case

A high multiple is indicative of relative financial strength. If a company has the financial ability to invest in itself through capital expenditure, it is easier for the company to grow. It is important to note that this is an industry specific ratio, and should only be compared to a ratio derived from another company that has similar CapEx requirements.