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Trading comps to value a company that just bought a business
Let's say that Company A acquired two months ago Company B. We have 2023E-24E P&L estimates of both companies on a standalone basis. We also have visibility on the historical balance sheets of both companies. Both companies are close competitors and thus there is no need to do a SOTP valuation as...
BamSEC vs FactSet
Do you guys handspread comps and link to BamSEC or FactSet? Or does your team just use the FactSet formulas (easier, but less auditable)? My group is BamSec.
Comps Test Questions
Hey folks, I've been working through materials for recruiting prep and had a couple questions. Would love some help if anyone knows how to answer these: 1) Which of the following statements is most correct about building a comparable company analysis? A) Using the peer group's average multiple is...
Enterprise Value metrics vs. Market Cap Metrics
Hey Guys and Gals, a question for you. In my opinion EV/Revenue, EBITDA, and Net Income are fairly meaningless when looking at fundamental comps. The reason why is that I believe debt, cash and cash equivalents, etc. create noise within the metrics. For example, consider these fictitious comps in...
Determining the PV of an acquisition
Student here are trying to practice comps. Doing a comp on Chevron and they just recently acquired Renewable Energy Corp. In the press call they said 500-600 million in EBITDA increase realized in 2025 would be the result from the acquisition. I'm confused on how I would present value this given...
Advice for translating deal/trade comp valuation across countries
Hi, I am a commercial banker by profession in South Asia. For my side hustle I consult here and there too. I have done financial modelling courses and do hold a professional qualification in finance. However, this is a first time I am venturing into equity valuation and M&A ( I am more of a...
Trading comps for private companies
Hi everyone, Just wondering, how do you go about finding comparable companies to do a trading comps analysis for small private companies in highly specialized areas (eg. Those focused on processing nuclear waste / manufacturers of screws)? I often find it hard to locate information on their...
Comps Calculation (Trading multiples)
How do you select the comparable companies for your target? Let's say, company A is 3 years old with $5 million in revenue, providing software services in cloud computing. Would you select Oracle, Microsoft, Salesforce, Google, Linkedin, Facebook, AOL, IBM, ... for your comparable company analysis?...
Trading Comps question
Hi all, have some difficulties understanding the adjustments required of these two statements in building a trading comps model. Statement 1) The 20XX results included a one - time credit to income of $49 million, which was principally attributable to eliminating the remaining state tax net...
Wall Street Bonuses, A Haircut For The Holidays
It’s WS's favorite time of the year again… bonus season! At least on the surface, things overall are looking good. The Dow was at multi-year highs, the cloud of election uncertainty has cleared, and a recent eFinancialCareers survey finds that 50% are expecting improving conditions. So to quote...
I-Banking concepts for SA Interviews: Trading Comps & Precedent Transaction
So, I am reading Rosembaum & Pearl's, "Investment Banking". Pretty much trying to learn the fundamental concepts and processes in the industry. This is all in effort to know what I am talking about when I get into my SA interviews. Currently, I am going through the comparable companies and precedent...
When to use Precedent Transaction Analysis
Is it appropriate to include Precedent Transaction Analysis in a comprehensive equity research report? When is it appropriate to perform such an analysis?
Multiples for valuing Banks
Why do we use P / BV for valuing banks over something like EV / EBIT? I understand EBITDA should not be used since financial institutions are not capital intensive, but won't EBIT be a good metric of profitability. How does P / BV even tell anything about profitability?? Bank Valuation Multiple...
Public comparables question
Dear bankers, When conducting the public comparable companies analysis do you look at the trading volume of the stock (of the comps) ? Is it right to say high trading volume => highly liquid stock => low liquidity risk ? Similarly, low trading volume => less liquid stock => high liquidity risk ? And...
Trading comps
Hi Guys, Need your help on finding the trading comps for a company called " MB Petroleum services LLC". Its based out of Muscat, Oman and is in oil drilling and well services business. Thanks all for your help Sudhir
Trading Comps
Could anyone send me a trading comps analysis that I could look over? Also, if anyone has any ideas for comparable companies for Tiffany and Co. that would be helpful. thanks.
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