Football field
Each range applied to the target, to a share price.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: football field.Updated 30 September 2026
What it does
Where the ranges become an answer. Each statistic of each multiple is applied to the matching figure for the target: an enterprise-value multiple gives an enterprise value that is bridged to equity through net debt, an earnings multiple gives equity directly, and every method ends in a value per share that can be compared with the assumed share price. The chart most people know by the name is a picture of this sheet.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Assumptions, rows 40–48: Target company revenue, LTM, Target company EBITDA, LTM, Target company net income, LTM, Target company revenue, CY1…
- Football Field, rows 6–10: From EV / LTM revenue, From EV / LTM EBITDA, From EV / CY1 EBITDA, From price / LTM earnings…
- Football Field, rows 13–15: From EV / LTM revenue, From EV / LTM EBITDA, From premium paid
- Football Field, rows 18–25: Trading: EV / LTM revenue, Trading: EV / LTM EBITDA, Trading: EV / CY1 EBITDA, Trading: price / LTM earnings…
- Football Field, rows 28–30: Target company share price (illustrative input), Trading EV / LTM EBITDA value vs assumed share price, Check: median EV / LTM EBITDA, football field - Summary
What a reviewer looks for
- Applying an enterprise-value multiple and forgetting to subtract net debt.
- An earnings multiple applied to the wrong period’s earnings.
- Ranges from methods that answer different questions (control and trading) drawn as if they should agree.
Learn it, then build it
Understand · Primer
Comparable Company Valuation
Build · Lab · ~15 min
Comps Explorer
Curate a peer set you can defend name by name, calendarise it to one year end, and say what the median does and does not tell you.
Build · Lab · ~12 min
EV to Equity Bridge
Walk from enterprise value to a price per share without dropping a claim: net debt, pensions, minorities, leases and options.
Read · Guide · 7 min
Comparable Companies (Comps) Interview Questions
Read · Guide · 7 min
Enterprise Value vs. Equity Value, Once and For All
Vocabulary: Football Field, Equity Value, Net Debt.