What is a football field? Well it's a visual summary of a company's value from a number of different methods and assumptions Here we're going to use four main methods Trading comps, transaction comps, DCF (discounted cash flow) and LBO (leveraged buy-out) Here I've got four methods within trading comps I've used my EV EBITDA multiple for forward year 1 and 2 and a PE multiple for forward year 1 and 2 And it shows the valuation range of each method My top valuation method there shows a valuation range between 6,500 and 9,300 And each of the other valuation methods shows something vaguely similar The football field also shows the different valuation methods side by side so they can be compared So trading comps looks at the company on a stand alone basis (it's not being acquired by anyone else so there's no one else involved) And DCF standalone also shows this I can now compare five different valuation ranges for the company on a standalone basis But I can also add in the company in an acquisition scenario I can add in transaction comps, DCF with synergies and LBO I can then ultimately try to come up with some kind of valuation suggestion to a client who has maybe asked for my advice On standalone basis we can see the valuation has a low range of 6,300 and a high of 11,900 And all of those floating bar, they seem to overlap at around about 8,500 mark That might be the start for your valuation advice to your clients When it comes to the controlling stake, I can see the transaction comps and DCF with synergies They overlap between 9,900 and 13,700 So again I can give some advice to my client In an LBO your buyer is likely to be private equity They like to buy at lower prices hence the price here between 4,800 and 6,300 It's important to realise the football field does not give you a definitive value for the company But what it does give you is it gives you the beginnings of negotiations We think the value is somewhere between 9,900 and 13,700 And you know the maximum that you would like to pay But the actual price you would pay would be down to negotiation which is more of an art