Topics related to standalone valuation including fundamental valuation, relative valuation, sum-of-parts and other techniques.
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To my knowledge there are 5 major valuation models: DCF, public comps, deal comps, M&A, and LBO. For which of these, would be normalize the IS just as we did for public/deal comps? And why?
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Short answer: normalize ALWAYS (unless you are in equity research building tracking models, then you match reported and adjust separately vs. transaction/deal oriented folks like investment bankers that make adjustments directly in the financials).
Please see our Complex Trading Comps video course online. This is covered in great deal in that course.
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