Module VI· Trading Comps Model BuildIntermediate
Question

How do you perform calendarization for comps with different fiscal year-ends?

Answer

Calendarization adjusts financials to the same period. Use quarterly data to align each company to the target's fiscal year or calendar year. Formula often adds relevant quarters from two fiscal years. This matters for NTM / FY+1 multiples when companies have different year-ends and seasonal businesses.