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 Comps Valuations 
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Joined: 06 Feb 2013
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What comps are tyipically used for valuing Oil and Gas companies.
What about mature tech companies like HPQ and MSFT?


09 Feb 2013
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O&G: Forward Cash Flow multiple
Tech: Forward EPS less total free cash on BS.
multiples are based on history, thus valuation is a sham if you’re in an environment that is any different than the past 20 years.


09 Feb 2013
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Yes, but using GGM to find terminal value is also a sham if your g and/or Re assumptions are incorrect.


09 Feb 2013
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MT327 Wrote:
——————————————————-
> Yes, but using GGM to find terminal value is also
> a sham if your g and/or Re assumptions are
> incorrect.
No, it’s not a sham, it’s just bad modeling


09 Feb 2013
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EV/Flowing Barrel and EV/Reserves are also widely used to value Oil and Gas companies.


09 Feb 2013
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Oil and gas - EV/PV-10 (found in each company’s 10K or 10Q)
Tech - EV/EBITDA (I would use both forwards and LTM)
My firm very rarely uses any sort of flow to equity multiple (ie: EPS). We generally use flow to firm multiples such as EBITDA and then subtract off market value of debt.


09 Feb 2013
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Joined: 28 Aug 2017
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28 Aug 2017
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