# Comparable Company Valuation Methodology

## Core Rules

- Use peer medians before means when the set is small.
- Match sector, business model, geography, and margin profile.
- Adjust for net debt and minority interests consistently.
- Prefer EV/EBITDA for mature cash-generative businesses, P/E for cleaner earnings stories, and EV/Sales for low-profit or high-growth names.

## Common Mistakes

- Mixing pre- and post-IFRS metrics without adjustment
- Including structurally different peers just to fill the table
- Ignoring one-time charges, SBC policy differences, or lease treatment
- Treating the peer median as truth instead of an anchor

