I have a list of companies that work in those sub-sectors, but they are not of comparable size with the target company. How should I proceed with the analysis?
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Part of the challenges of "comps" is that very few are exactly the same so you need to be able to articulate not just what the difference is by WHY that exists.
I had a similar challenge with one company last fall. Don't just look at "sub sectors". It's highly unlikely that all of those sub sectors are equal so go with the ones that drive the most revenue or are likely to drive the most growth.
Also think bigger. Perhaps there aren't any exactly similar firms, but if it's a service firm there might be other service conglomerates and so on.
You could do an SOTP using those comps to value each business segment.
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