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FINANCIAL MARKET COURSES

Corporate Valuation – Public Comparables Analysis

Public comparables analysis is a valuation technique used by finance practitioners and professionals when attempting to derive the relative value of a company compared to publicly traded peers. It is one of two methods to determine the relative value of a company – the other, acquisition comparables analysis, is based on precedent transactions in a given industry and is covered in detail in another course.

 

In this course, you will learn how to perform the mechanics of public comparables analysis. This includes determining the companies in a particular peer group, sourcing public information and calculating multiples.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Describe the use of public comparables in corporate valuation, including the criteria and methodology used in choosing a public comparables group list

    Perform the mechanics of spreading public comparables

    Calculate equity and enterprise value multiples for companies in a peer group

    Analyze public comparables and multiples

  • COURSE OUTLINE

    Topic 1: Overview of Public Comparables

    What is a Public Comparables Analysis?

    Multiples

    o Using Multiples

    Determining the Comparables Universe

    o Complications

    Sources to Determine a Peer Group

    Gathering Public Information

    Topic 2: Mechanics of Calculating a Public Comparable

    Calculating Equity Value

    o An Example

    Calculating Enterprise Value

    Gathering Income Statement Information

    Topic 3: Analysing Multiples

    Analyzing Multiples

    o An Example

    Topic 4: Equity & Enterprise Value Multiples

    Creating the Correct Multiple for the Underlying Statistic

    Equity & Enterprise Performance Multiples

    Analyzing Public Comparables

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    75 Minutes

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