Module II· Football Field & SensitivitiesAdvanced
Question
How do you differentiate Football Fields for sell-side vs. buy-side pitches?
Answer
Sell-side (seller's adviser)
the Football Field skews toward higher values — multiple ranges at the upper end, precedent multiples favored, strategic-premium argumentation. Goal: justify the maximum bid. Buy-side (buyer's adviser): more conservative — median multiples, focused on trading comps, LBO floor prominent. Goal: defend a lower bid. Both sides show Football Fields, but with different range selections. IB reality: the methods are 'biased' depending on the mandate — good bankers account for this implicitly in the pitch, but also signal awareness of the opposing position.
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Pitch tip
In a sell-side pitch on behalf of a seller: 'Recommended valuation range $1,050–1,200m, with strategic upside potential to $1,350m in a competitive auction.' — higher anchors.