Comparable Company Analysis

The model is an institutional-grade trading-multiples template. Given a target and a peer set, it derives an implied valuation range from LTM and NTM multiples.

• It benchmarks the target against peer growth and margins, and ships a football-field table summarising implied enterprise value, equity value, and share price by methodology. The workbook includes Cover, Assumptions, Company_Data, Trading_Comps, Implied_Valuation, and Disclaimer sheets, each with a specific role in the flow.
• Peer construction starts on Company_Data, where each peer is tagged Core, Broader, or Excluded. Core peers are close substitutes and feed a dedicated Core summary block; Broader peers widen the set; Excluded peers remain for transparency but are not automatically removed.

The template ships with eight illustrative peers, though the institutional default is eight to fifteen. When populating, weigh industry overlap, business model, scale, geography, and accounting comparability.

The template computes LTM and NTM multiples for EV/Revenue, EV/Gross Profit, EV/EBITDA, EV/EBIT, EV/(EBITDA−CapEx), P/E, and P/Book (LTM only), plus PEG. The EV bridge calculates enterprise value as market cap plus debt, minus cash, plus minority interest and preferred, all FX-adjusted.

• Equity multiples like P/E capture residual value to common equity directly, so implied equity value is not grossed up to EV; doing so would double-count leverage already embedded in peer P/E.
• For each multiple, summary statistics include mean, median, Q1, Q3, and n calculated over an IQR-filtered set, while minimum and maximum remain unfiltered and are labelled as including outliers. A Tukey IQR rule with a default 1.5 multiplier determines which peers are kept; the trim affects mean, median, Q1, and Q3, but not min or max.

A Diagnostics block flags each peer as kept or trimmed, and Core Mean, Median, Q1, and Q3 are also reported over Core-tagged peers regardless of trimming.

For each multiple, implied target EV or equity equals the target metric times the peer statistic times an adjustment factor. That factor is one plus the difference between target growth and peer median growth, multiplied by a growth sensitivity input.

• The model then averages the five EV-multiple-implied enterprise values, averages the two equity-multiple-implied equity values, and blends LTM and NTM results using weights that must sum to one. A conditional-format check flags any non-zero residual.
• The blended implied EV walks through an equity bridge by subtracting debt, minority interest, and preferred, then adding cash. The resulting equity is averaged with the P/E and P/Book equity to produce a final average equity, which is divided by shares outstanding to yield an implied share price.

Mean and median columns run independently end to end. Separately, a selected implied share price uses a valuation basis choice to pick between mean, median, Core mean EV/EBITDA, or Core median EV/EBITDA, exposing one headline figure.

A benchmarking block positions the target against the peer distribution on six dimensions: LTM revenue, revenue growth, gross margin, EBITDA margin, EBIT margin, and net debt/EBITDA. Each metric shows the target, peer median, Q1, Q3, and the target percentile using PERCENTRANK.INC, so you can see where the company stands relative to peers and make the implied valuation more defensible.

• The football-field table reports low and high EV, equity, and share price for each methodology, including LTM and NTM multiples, blended results, and a precedent transactions memo row. The range toggles between Q1–Q3 and min–max via a single input.
• A final reference range row collapses across methodologies. The public download is a values-only preview; the underlying model captures these relationships and can be wired up in Excel.

To use it, override the placeholder target and illustrative peer financials, set the IQR multiplier, blend weights, valuation basis, growth sensitivity, and football-field range. The model includes validation checks such as a weight-sum flag, IFERROR wrappers, and a visible outlier flag, with no hidden columns or merged-cell traps.