Mltpl 2.0 is live

Reads a business's financial statements, captures every figure, understands how the numbers relate to each other across the full set of accounts, then recreates a bespoke, fully flexible financial model. As it reads, it flags items that may be exceptional or one off. It is trained on the full range of UK filing types and accounting frameworks - FRS 102, FRS 105, FRS 101 and IFRS - and the variations in how accounts are presented within them. Notes are mapped to the face financial statements, so you can see how balances are composed in one interface.

Approaches comparable company selection the way an experienced valuer would: it forms a picture of what the subject business does, then works through candidates one by one from an initial pool of over 1,000 UK listed companies, weighing each one's comparability. Over several stages of assessment it narrows to a final comp set and rationalises why each company deserves to be there. Every comp is named and explained, rather than inferred from index data or industry classifications alone, and identical searches produce identical results.

Where a single figure is needed, so is a single multiple. Mltpl compares the subject's operational metrics - EBITDA margin, revenue growth - to the comparable companies that supplied the multiple range, and pinpoints where in that range it is best placed. It then pulls an independent indicative multiple from Mltpl's machine learning algorithm, and blends the two into a single point estimate. The range, the positioning logic, both multiples and the blend are all shown.

Each quarter our team reviews the EV / EBITDA multiples of over 1,000 UK listed companies against the multiples implied by private company sales in that quarter, and derives an implied discount reflecting differences in size and the liquidity of an interest. Mltpl then scales that discount to the subject business by reference to its revenue relative to the identified comparables, and suggests it to the user, who can adjust it. It fills the gap left by the BDO PCPI, which is no longer publicly available, and is documented and reproducible.