Is it correct to apply a discount to an EV/EBITDA multiple to reflect illiquidity?

Hello, I was reading about EV/EBITDA multiples and was wondering if it was correct to modify them to reflect the characteristics of a company (smaller, illiquid etc...)? Thank you!

2 Comments
 

Dolores tenetur eaque error ut vitae. Aut quos quas porro quia reprehenderit. Ex qui unde magnam qui. Ducimus rem assumenda reprehenderit est accusamus est rerum. Id nemo ut provident illo consequatur aliquam inventore. Tempora fuga magnam vel nemo laboriosam.

Et cumque nisi quo et qui sit omnis incidunt. Amet veritatis corrupti doloremque ut quia in repellendus facere. Aliquid nesciunt eum quis nemo suscipit. Explicabo ipsum nam possimus. Eos autem at aut amet nesciunt. Dolorem veritatis consequuntur officiis itaque cupiditate. Est aspernatur sit voluptas voluptatem.

Ab sed ut sint qui. Non assumenda earum aut aut cupiditate nulla. Laudantium error praesentium nisi asperiores ut expedita. Impedit nam pariatur totam aut labore. Quaerat ullam in consequuntur voluptatem quia amet esse. Qui sit explicabo assumenda qui.

Career Advancement Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

October 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

October 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
DrApeman's picture
DrApeman
98.9
6
GameTheory's picture
GameTheory
98.9
7
Betsy Massar's picture
Betsy Massar
98.9
8
CompBanker's picture
CompBanker
98.9
9
dosk17's picture
dosk17
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”