How would you select comparable companies or precedent transactions?

• Pick the very largest companies you can find in any sector, since sheer scale makes their multiples most reliable
• Include the target company itself in the set, so its own multiple anchors the peer group's median
• Deliberately use firms in unrelated industries, so their multiples are not skewed by shared cycles
• Screen for similar industry, size, growth, margins, and geography, plus recency and deal type for precedents
• Choose a broadly random cross-section of the whole market, so that the peer set stays entirely unbiased and representative