Practical Valuation Resources
We've been building these materials since 2019. Most analysts find themselves stuck on the same few problems—how to estimate terminal value when projections look uncertain, or what discount rate actually makes sense for a mid-market company. These guides walk through those moments.
Why We Created This
Back in 2020, I was reviewing a DCF model for a healthcare startup. The terminal growth rate was set at 8%—which would've meant this company outgrew the entire economy forever. When I asked the junior analyst about it, he said that's what the template had. And that's when I realized we needed better teaching materials.
These resources come from actual client work. The DCF troubleshooting guide? That's from three months of fixing broken models at a Korean manufacturing firm. The comparable company section? Written after we had to explain why you can't just average P/E ratios without understanding the underlying businesses.
The hardest part about learning valuation isn't the math. It's knowing when the math is lying to you. When a beta calculation looks weird because the company restructured last year. When EBITDA multiples don't work because the firms have completely different capital structures.
All materials available starting September 2025. We're currently updating the precedent transaction analysis section based on recent cross-border deals we've worked on in the Asia-Pacific region.
What You'll Find Here
Each guide includes worked examples from real situations. Not simplified textbook problems—actual messy valuations where the data wasn't perfect and the answers weren't obvious.
DCF Modeling
How to build projections that actually reflect business reality. Covers revenue forecasting for cyclical businesses, working capital adjustments, and when to use multiple scenarios instead of trying to predict one future.
Comparable Analysis
Finding truly comparable companies is harder than it looks. This walks through adjusting for size differences, geographic markets, and business model variations. Plus how to explain your peer selection to skeptical clients.
Precedent Transactions
Transaction multiples always look clean in hindsight. But deal structures matter—cash versus stock, earnouts, assumption of debt. We break down how to adjust for these factors and when transaction comps actually help.
Who Writes These
Our team has valued everything from semiconductor manufacturers to e-commerce platforms. These materials reflect what we wish someone had told us ten years ago.
Callum Reeves
Spent fifteen years doing valuations for M&A deals. Now focuses on teaching analysts how to spot the assumptions that will come back to bite them. Writes most of our sections on discount rates and risk adjustments.
Henrik Strand
Previously built valuation models for a bulge bracket bank. Handles our materials on comparable company analysis and handles the Asia-Pacific market sections since he's worked on cross-border deals for twelve years.
Iris Kang
Teaches our DCF modeling sections. She's particularly good at explaining why your sensitivity analysis needs to test the assumptions that actually matter, not just fiddle with growth rates by 1%.