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Not investment advice. Educational reading. See Disclaimer.
L.5 · INTERMEDIATE · 2 MIN

The Football Field: Presenting Your Valuation

Investment bankers present valuations using a ‘football field’ chart — overlapping horizontal bars showing the value range from each methodology. Where all methods overlap is the zone of fair value.

Quiz · 5 questions ↓
§ 01
MethodologyLowHighWeight
Trading Comps$65$85Current market sentiment
Precedent Transactions$80$105M&A premium included
DCF (Base Case)$70$95Intrinsic value estimate
52-Week Range$58$92Market price history
§ 02

When methods converge on a narrow range, confidence is high. When they diverge wildly, revisit your assumptions — one methodology may be using stale data, incorrect comps, or unrealistic growth rates.

§ 03
For a company you’re analyzing, sketch out a football field: What do comps suggest? What would a DCF give you? Where has the stock traded in the last year? Do the ranges overlap?
§ 04
Your football field shows DCF at $70–$95, comps at $65–$85, and the stock at $60. Is this a buy?
§ 05

The football field is the final output of a valuation exercise, not the starting point. It forces you to triangulate from multiple angles — and the zone where independent methods agree is where your conviction should be highest.

§ 06
You've done DCF ($130), multiples ($145 mid-range), and precedent transactions ($160 adjusted for control). What's Company Z really worth?
Five questions · AI feedback

Sit with the ideas.

Your analysis produces these per-share values: Trading comps: $80-$100. Precedent transactions: $110-$130. DCF: $85-$115. 52-week range: $70-$105. The stock trades at $88. What is your recommendation?

Why:
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