Spreading comps: CAP IQ or Filings?

When spreading public comps, what is the best source to find LTM info?
Are the number from Capital IQ accurate?
Should I go through 10k, 10q for each company to calculate LTM?

Thanks.

Trading Comps with multiple currencies ?

Hi ! :)
I need a small advice. When you are valuating a company and the comparables companies have currencies which are different from the one you want to evaluate, how do you do ? You keep the currency of your company or you keep the currency of each company ? Because i can't feed any filings which are in the same currency...

Thanks !

What is the average price per SF acquisition for Manhattan Office building (Class A & B); and for Manhattan Retail?

What is the average $/SF acquisition (for purchase) amount for a Manhattan office building (Class A & B); and for Manhattan Retail?

I know these are pretty obtuse requests, but if anyone has the current trading numbers it would be great.

Calcing dil shares: strike price vs grant price vs exercise price

What's the difference? I'm trying to understand the difference so that I can properly calc fully dil shares.

Pitch Book Practice

Ok guys,

I'm looking to practice writing pitch books. Primarily Sell-side.

I've searched the forums/M&I and have found some useful pitch book examples and 'templates'. My question is though, how to you practise creating them? Would you suggest using past M&A transactions or completely starting from scratch and generating your own M&A transaction ideas.

I'm looking for a way to neatly demonstrate my competency in DCF, Comps, Price-to-Earnings and precedent transactions Analysis along with my PowerPoint skills. I thought a pitch book would be the most relevant way to do so.

Net Working Capital Question

I know there's a bunch of threads on NWC. But I couldn't find one to address my question:

If there is negative changes in nwc, then cash flow increases.

This is a good thing, right?

But when there is negative NWC, it could mean that firm will go bankrupt, (current assets cannot cover current liabilities).

7 steps to awesome comps

Hey, monkeys. I've seen a bunch of questions out there in WSO-land about how to pick comps. Thought I'd share my two cents about how it works in my experience:

  1. Pick the most sane, sensible comps using companies of similar size in the same sector.
  2. Compare them on all of the normal axes: revenues, EBITDA, and net income.
  3. Send the comp analysis out to all senior bankers on the deal.
  4. Take cover and watch the shitshow as senior bankers make up new metrics (EBITDAM? EBITDASO? EBITDARC?), add completely different companies, subtract companies other senior bankers already added, and adjust each company's data pro forma for events that have nothing to do with current or future reality.

Comparable Transaction to TastyKake

Can someone please provide a comparable transaction to the FLO TSTY transaction?

Thank you!

Historical vs Projected comp spreading

When you spread historical comps from filings and then find analyst reports to get the projections, what are the best practices methodologies to make sure the numbers are apples to apples?

Comparable Analysis Definition

The most common way to value a company is through the use of comparable analysis. This method attempts to find a group of companies which are comparable to the target company and to work out a valuation based on what they are worth.

The idea is to look for companies in the same sector and with similar financial statistics (Price to Earnings, Book Value, Free Cash Flow, EBITDA etc) and then assume that the companies should be priced relatively similarly. Comparable analyses are frequently referred to as "comps."

The process for how to do a comparable analysis is as follows:

  • Find a selection of comparable companies
  • Choose and calculate the appropriate multiples for each company

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