Worked example — Global Chemicals Corp (LTM EBITDA $80m): precedent median 9.5x EV/EBITDA. Calculate the implied equity value (net debt $100m).

Implied EV/equity from a comp multiple:

Inputs:

• Target EBITDA: $80m
• Sector median multiple: 9.5x EV/EBITDA
• Net Debt: $100m

Calculation:
```
Implied EV = $80 × 9.5 = $760m
Implied EqV = EV − Net Debt = $760 − $100 = $660m
```

9.5x is the sector median — if Trading Comps come in at 8.0x, 9.5x implies a 19% control premium. Plausible for a strategic buyer.

typically ±0.5–1.0x around the median → 8.5–10.5x → EV $680–840m → EqV $580–740m. Show it in the Football Field as the precedent range.