Trading Comparables

During this Trading Comparables course, participants are introduced to preparing multiples using real company data and a case study including several companies.

We will expose participants to the financials of international companies to get them acquainted with IFRS, Indian GAAP and US GAAP. We focus on how to select comparables, where to find data in published financials and equity research reports, how to clean the raw data, and checking the output.

The most commonly-used multiples are explained and complexities such as normalising for non-recurring expenses/ income are also covered.

We also show how the commonly used multiples (EV/EBITDA, P/E, EV/EBIT) are linked to the company’s fundamental value drivers.


This course is suitable for anyone with basic accounting skills, financial maths skills and excel skills.

Learning Outcomes

At the end of this course participants will be able to:

  • Screen companies to identify a suitable comparable set
  • Calculate the company’s value
  • Consider number of shares and value of share options
  • Calculate equity value
  • Make net debt calculations
  • Consider minority interests and equity method investments
  • Calculate enterprise value
  • Calculate the earnings numbers
  • Clean non-recurring items from earnings and resulting tax adjustment
  • Consider calendarisation issues
  • Perform Last-Twelve Months (LTM) analysis
  • Calculate a range of forward looking and historical earnings multiples
  • Check the output
  • Apply the results

Course Content

  • Screening companies to identify a suitable comparable set
  • Calculating the company’s value
  • Number of shares and value of share options
  • Equity value
  • Net debt calculations
  • Minority interests and equity method investments
  • Enterprise value
  • Calculating the earnings numbers
  • Cleaning non-recurring items from earnings and resulting tax adjustment
  • Calendarisation issues
  • Last-Twelve Months (LTM) analysis
  • Calculating a range of forward looking and historical earnings multiples
  • Checking the output
  • Applying the results


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