Do entry multiples in case studies take into account fees?
If I am working on an LBO case study where the target's EV is 100m, transaction fees are 5m, and LTM EBITDA is 20m, do I say that the entry multiple is 5x (i.e. calculated only on the EV) or 5.25x (i.e. EV and fees)? Which one do I compare against comps?
It’s 5x
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