All use cases
Project Cedar Belgium
The same investment bank in Belgium as Project Linden
Deal work doneWhat we built
We built a comps finder for the firm, so a comparable set starts from a sourced table instead of a blank sheet.
What is not on record
- The firm's brief is not on record in its own words, so what stands above is our own description of the project.
- What was delivered is on record in one line only, above, and no further detail is written down.
- How each figure was checked is not on record for this project.
- The days this took are not on record.
Each client's data, and anything tuned to it, stays with that client. Yours is scoped from your own needs.
Firm names are withheld and project names are code names, as on any live deal. The files shown are redrawn without client data, so their figures are placeholders unless a page says otherwise.
Project Cedar_Comps_v4.xlsxL7fx=F7/H7
| A | B | C | D | E | F | G | H | I | J | K | L | M | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Project Cedar: selected trading comparables | ||||||||||||
| 2 | (€ in millions; market data as at 30 October 2026; LTM to latest reported quarter; EV is market cap plus net debt) | ||||||||||||
| 3 | |||||||||||||
| 4 | Company | Listed | LTM to | Mkt cap | Net debt | EV | LTM rev. | LTM EBITDA | NTM EBITDA | Margin | EV / rev. | EV / LTM EBITDA | EV / NTM EBITDA |
| 5 | Peer A | Belgium | Jun-26 | 412.0 | 86.0 | 498.0 | 612.0 | 61.2 | 66.4 | 10.0% | 0.81x | 8.1x | 7.5x |
| 6 | Peer B | Netherlands | Jun-26 | 1,240.0 | 215.0 | 1,455.0 | 1,480.0 | 168.7 | 181.0 | 11.4% | 0.98x | 8.6x | 8.0x |
| 7 | Peer C | France | Jun-26 | 856.0 | 142.0 | 998.0 | 1,124.0 | 109.0 | 116.3 | 9.7% | 0.89x | 9.2x | 8.6x |
| 8 | Peer D | Germany | Sep-26 | 2,310.0 | 480.0 | 2,790.0 | 3,120.0 | 287.0 | 309.0 | 9.2% | 0.89x | 9.7x | 9.0x |
| 9 | Peer E | Belgium | Jun-26 | 268.0 | 44.0 | 312.0 | 438.0 | 40.3 | 43.8 | 9.2% | 0.71x | 7.7x | 7.1x |
| 10 | Peer F | Netherlands | Sep-26 | 634.0 | 118.0 | 752.0 | 902.0 | 78.5 | 84.1 | 8.7% | 0.83x | 9.6x | 8.9x |
| 11 | Peer G | France | Jun-26 | 1,780.0 | 365.0 | 2,145.0 | 2,240.0 | 224.0 | 241.0 | 10.0% | 0.96x | 9.6x | 8.9x |
| 12 | Peer H | UK | Sep-26 | 522.0 | 72.0 | 594.0 | 810.0 | 62.4 | 68.2 | 7.7% | 0.73x | 9.5x | 8.7x |
| 13 | Peer I | Germany | Jun-26 | 948.0 | 196.0 | 1,144.0 | 1,310.0 | 117.9 | 126.6 | 9.0% | 0.87x | 9.7x | 9.0x |
| 14 | Peer J | UK | Sep-26 | 336.0 | 38.0 | 374.0 | 566.0 | 44.1 | 47.9 | 7.8% | 0.66x | 8.5x | 7.8x |
| 15 | |||||||||||||
| 16 | High | 11.4% | 0.98x | 9.7x | 9.0x | ||||||||
| 17 | 75th percentile | 9.9% | 0.89x | 9.6x | 8.9x | ||||||||
| 18 | Median | 9.2% | 0.85x | 9.3x | 8.6x | ||||||||
| 19 | 25th percentile | 8.8% | 0.75x | 8.5x | 7.9x | ||||||||
| 20 | Low | 7.7% | 0.66x | 7.7x | 7.1x | ||||||||
| 21 | |||||||||||||
| 22 | Project Cedar | Sep-26 | 11.4 | 64.0 | 8.2 | 9.0 | 12.8% | ||||||
| 23 | |||||||||||||
| 24 | Source: Company filings, S&P Capital IQ as at 30 October 2026. Note: Redrawn without client data. Figures are placeholders. |
Trading compsPrecedentsFootball fieldSources
