{"id":58,"date":"2022-12-27T16:05:36","date_gmt":"2022-12-27T16:05:36","guid":{"rendered":"https:\/\/www.trainy.co\/blog\/?p=58"},"modified":"2022-12-27T16:05:36","modified_gmt":"2022-12-27T16:05:36","slug":"valuation-methods-ma-interview","status":"publish","type":"post","link":"https:\/\/www.trainy.co\/blog\/en\/valuation-methods-ma-interview\/","title":{"rendered":"What are the different valuation methods of companies?"},"content":{"rendered":"\n<p class=\"p1 wp-block-paragraph\">Valuation methods are essential questions in M&amp;A interviews. From a simple question <b>\u00ab\u00a0What are the valuation methods that a company can use?\u00a0\u00bb to \u00ab\u00a0Tell me all you know about the DCF method\u00a0\u00bb<\/b>, any excuse is good to talk about valuation methods.&nbsp;<\/p>\n\n\n\n<p class=\"p1 wp-block-paragraph\">We will therefore quickly present the most commonly used methods and how they work.&nbsp;<\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"p1 wp-block-paragraph\"><b>Read more: <\/b><a href=\"https:\/\/www.trainy.co\/en\/blog\/7\/how-to-maximize-your-chances-of-getting-an-ma\"><b>How to maximize your chances of getting an M&amp;A internship?<\/b><\/a><\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"p3 wp-block-heading\"><b>The Comparable Analysis&nbsp;<\/b><\/h2>\n\n\n\n<p class=\"p1 wp-block-paragraph\">The Comparable Analysis method is widely used for <b>unlisted companies<\/b>. It consists in finding out about previous transactions that are similar to the one you want to make. There are two steps to follow:<\/p>\n\n\n\n<ul class=\"ul1 wp-block-list\">\n\n\n\n<li class=\"li1\"><b>Identify comparable transactions <\/b>in terms of sector of activity, size and geographical area<\/li>\n\n\n\n\n\n\n<li class=\"li1\"><b>Apply the multiples<\/b> used in these transactions to the company you are selling<\/li>\n\n\n\n<\/ul>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"p1 wp-block-paragraph\">The disadvantage of this method is that it is difficult, <b>if not impossible, to find similar transactions.<\/b> Indeed, depending on the sector of activity and geographical area, it may be impossible to find several comparable financial transactions.&nbsp;<\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"p3 wp-block-heading\"><b>The DCF (Discounted Cash-Flow) method&nbsp;<\/b><\/h2>\n\n\n\n<p class=\"p1 wp-block-paragraph\"><b>The DCF (Discounted Cash-Flow) method is certainly the most requested method in interviews<\/b>, as it can lead to practical cases. If you are asked in an interview to quickly develop a DCF, the following steps should be followed:<\/p>\n\n\n\n<ul class=\"ul1 wp-block-list\">\n\n\n\n<li class=\"li1\"><b>Calculation of the Free Cash-Flow to Firm from year N to N+5<\/b> with the following formula: <b>FCFF = EBIT x (1 &#8211; tax rate) + D&amp;A &#8211; Changes in NWC &#8211; CAPEX<\/b><\/li>\n\n\n\n\n\n\n<li class=\"li1\"><b>Calculate the WACC<\/b> (Weighted Average Cost of Capital) with the following formula: <b>WACC = (Percentage of debt x Cost of debt x (1 &#8211; tax rate) ) + Percentage of Equity x Cost of Equity<\/b><\/li>\n\n\n\n\n\n\n<li class=\"li1\"><b>Calculate the present value (PV) of the FCFF<\/b> from year N+1 to N+5 (or 7, depending on the case). To do this, multiply the FCFF calculated for each year by the WACC<\/li>\n\n\n\n\n\n\n<li class=\"li1\"><b>Add up all the values<\/b> found for the N years and the Terminal Value of the company (total value of the company), independently of its net income each year<\/li>\n\n\n\n<\/ul>\n\n\n\n<p class=\"p1 wp-block-paragraph\"><b>The final result corresponds to the valuation of your company.<\/b> This method has the advantage of being really adapted to your company since it takes into account<b> the Capital Structure (your share of equity and debt) of your company <\/b>and its entire income statement.&nbsp;<\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"p1 wp-block-paragraph\"><b>Read more: <\/b><a href=\"https:\/\/www.trainy.co\/en\/blog\/6\/focus-on-the-sell-side-ma-process\"><b>Focus on a must in interviews: the sell-side process<\/b><\/a><\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"p4 wp-block-paragraph\"><b><\/b>&nbsp; &nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"p3 wp-block-heading\"><b>The Market Analysis<\/b><\/h2>\n\n\n\n<p class=\"p1 wp-block-paragraph\"><b>The Market Comparables method is similar to the Comparable Analysis.<\/b> The only difference is that this method applies to listed companies, while the comparable analysis method applies to unlisted companies. To apply it, the following steps must be followed:<\/p>\n\n\n\n<ul class=\"ul1 wp-block-list\">\n\n\n\n<li class=\"li1\"><b>Identify comparable listed companies<\/b> in terms of industry, geography and size<\/li>\n\n\n\n\n\n\n<li class=\"li1\"><b>Calculate the multiples used during the valuation<\/b>. These can be EV (Enterprise Value) \/ EBITDA, EV \/ EBIT, EV \/ Sales or the PER (Price Earning Ratio)<\/li>\n\n\n\n\n\n\n<li class=\"li1\"><b>Apply these multiples <\/b>to the company you are working on<\/li>\n\n\n\n<\/ul>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"p3 wp-block-heading\"><b>The Football Field: how to link these methods?<\/b><\/h2>\n\n\n\n<p class=\"p1 wp-block-paragraph\">Each of these methods has a certain range of valuation since <b>the data used may vary slightly depending on the methods used<\/b>. For example, one can decide to use the median instead of the average of the comparable multiples in the Market Analysis method, one excludes a multiple, etc. <b>To obtain a concrete range to present to his client, the investment bankers make a Football Field.&nbsp;<\/b><\/p>\n\n\n\n<p class=\"p1 wp-block-paragraph\"><b>&nbsp; &nbsp; &nbsp;&nbsp;<\/b><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.trainy.co\/img\/cms\/football fiedl trainy.png\" alt=\"Football Field\"><\/figure>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"p1 wp-block-paragraph\">&nbsp; &nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"p1 wp-block-paragraph\">By grouping all the intervals determined during the different valuation methods, <b>investment bankers manage to present the most accurate and appropriate interval<\/b> to their clients.<\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"p2 wp-block-paragraph\"><b><\/b>&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"p1 wp-block-paragraph\"><b>Read more: <\/b><a href=\"https:\/\/www.trainy.co\/en\/blog\/27\/ma-analyst-internship-process\"><b>M&amp;A intern: assignments, recruitment and prospects<\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From a simple question \u00ab\u00a0What are the valuation methods that a company can use?\u00a0\u00bb to \u00ab\u00a0Tell me all you know about the DCF method\u00a0\u00bb, any excuse is good to talk about valuation methods. <\/p>\n","protected":false},"author":3,"featured_media":605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-58","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What are the different valuation methods of companies? 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