Should you use the median or the mean to derive a multiple from comps?

The median is the IB standard. Rationale: robust against outliers (one extreme comp doesn't distort the result). The mean only makes sense when the comp set is very homogeneous with no outliers. In practice:

• Median as the primary.
• 25th and 75th percentile as a range indicator.
• Mean as a cross-check.
• Exclude min/max for a trimmed mean. Pitfall: with only 4−5 comps the median is not very robust — median and mean often sit close together.