Valuation sources, adjustments and scenarios

Methods and settings

Set the source before the multiple or rate

Select the scenario in the operator header. Then choose the operating target year or DCF horizon. In Model basis & adjustment groups, choose Reported or Adjusted and the relevant groups. A valuation multiple on EBITDA is meaningful only with a clear definition of that EBITDA. Selecting a different displayed statement year does not silently replace these operator settings.

Use adjustments consistently

DCF, peers, precedents and LBO can each use their own reported/adjusted choice. Group selection determines which supported adjustments enter that method’s operating results. Do not add the same operating normalization again in the EV-to-equity bridge. A terminal normalization is another explicit downstream assumption and should be checked against the adjusted forecast.

Operating, bridge and terminal years

The comparable target year selects the model metric. The bridge year supplies linked cash and debt. DCF additionally separates the cash-flow horizon, terminal-value date and terminal metric year. LBO separates entry, exit and bridge settings. These distinctions allow a forecast metric to be valued with a deliberately chosen balance-sheet reference, but the user must justify that combination.

Compare without changing ownership counts

Where several scenarios are visible, the native comparison panel shows DCF EV and Comps EV in Value, or LBO IRR in Deals. It is not a comparison table for every available output. Linked Ownership equity values can change with the valuation scenario, while the Cap Table’s share ledger and transaction prices remain shared. For a wider question, use a suitable Analyze target.