Adjusted EBITDA / DCF Valuation
When you guys use Adjusted EBITDA to calculate the EV based on your précédents and comps set, do you also make sure to make the same adjustments to your DCF? Let’s say that you added a rent adjustment or salary adjustment to your EBITDA, do you also deduct that expense in your DCF? Finally, I’ve noticed that some people tend to keep FX Gain in their EBITDA/Adjusted EBITDA. However, most DCF will use EBIT which obvisously excludes other income/expenses. Would you guys add the FX Gain/Loss to your EBIT for your DCF, knowing that your adjusted EBITDA includes it? Would appreciate any insights as I do not have a lot of experience with DCFs in general. Thanks!
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