“How Do You Value a Company?”

Trading Comps:
- Value based on public multiples (relative value)
- Implied value in public securities markets (IPO analysis)
- Focused on forward looking EBITDA, EPS or Cash Flow
Acquisition Comps
- Value based on multiples paid for comparable companies/assets in M&A transactions
- Implied value in public and private market
- Focused on multiples of historical EBITDA, EPS or Cash Flow
DCF
- PV of cash flows
- “Inherent” or intrinsic value
- Best captures the business in transition
- Sensitivity analysis / Synergies analysis