How do you model forward-looking multiples such as NTM and FY+2 in a comps sheet?

Use consensus estimates for revenue, EBITDA, EBIT, and EPS. NTM blends the next four quarters; FY+1 and FY+2 use fiscal-year estimates. Enterprise value usually uses current market data, adjusted for expected balance-sheet changes if needed. Forward multiples are more relevant when historical earnings are distorted or growth is changing.