What is the main difference between private and public markets investing approach/strategies?

As a mangement consultant I've done a considerable amount of PE DDs and understand the general buyout-playbook (stable cash flows, debt service capacity, strong management team, attractive overal market). 

Can someone explain to me how different you'd look at a business as a public market professional? The whole LBO criteria are thrown out of the window .. what then are the most important criteria? 

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