Valuation context
What the price assumes, and what the record shows.
We set the asking multiple beside listed peers' trading multiples, disclosed deal multiples and the company's own verified numbers. Then we show how much of the plan's return depends on the multiple rising. It is a reference range, not a valuation.
Funds and family offices
The asking price is 14 times EBITDA (earnings before interest, tax, depreciation and amortisation). The pitch says peers trade at 18. You want the names of those peers, the date of that price, and their growth.
Private credit lenders
The refinancing or exit plan assumes a valuation multiple, price as a multiple of earnings, at the end of the term. You want to see what peers traded at, with dates, before you sanction against it.
Founders and CFOs
An investor will quote peer multiples at you. Know which ones, from what date, and what your verified numbers support.
A multiples table from filed accounts and disclosed transactions, the ask placed against it, and a bridge that splits the plan's return into earnings growth, net debt change and multiple change. The committee sees how much of the return needs the next buyer to pay more than you are paying now.
Ask: 14.0 times EBITDA. Nine listed peers: median 10.2 times, range 7.9 to 13.1, prices as at 30 Jun. Of the plan's 22% yearly return, 9 points need the multiple to reach 16.5 times at exit.
Illustrative finding. Not a real company.
What lands on your desk
Peer multiples table
Each peer's multiple, enterprise value date, filing year and source, in Excel with live formulas.
Deal multiples table
Only transactions where the price and the target's financials are both disclosed. Private deals with hidden terms are listed as not disclosed.
Ask placement
Where the entry multiple sits against peers and deals, beside growth and margin.
Multiple-expansion bridge
Return attribution and the break-even exit multiple, on your base case and on three exit cases. The page that shows how much of the plan needs the market to cooperate.
Scope note
Peers we could not include, filings that were late, and what we could not test.
How the work runs
Fix the basis
The metric (enterprise value, or EV, to revenue; EV to EBITDA; or price to earnings), the period (last twelve months or last financial year), the currency and the price date. Written down before work starts, so every multiple is like for like.
Choose the peers
Listed companies found by business activity, size and geography from exchange filings, and disclosed transactions from takeover documents and filings. Each peer is listed with the reason it is in or out. You can add peers you know.
Compute each multiple
Enterprise value is market capitalisation on a stated date plus net debt from the latest filed accounts. Earnings come from filings only. No broker estimates and no licensed consensus data.
Normalise in view
Different year-ends, lease treatment, one-offs and currency are adjusted, and each adjustment is shown, so you can undo it.
Place the ask
The ask against peer quartiles and against disclosed deals, with the company's verified growth and margin beside each peer's. A multiple without growth is half a fact.
Build the bridge
On your own base case: the return split into earnings growth, net debt change and multiple change. The exit multiple needed to reach your target return. The return if the exit multiple equals the entry multiple, and if it falls to the peer low.
Mark and review
Every multiple carries its filing, date and method. A named analyst reviews the peer list and each figure.
Basis
Metric, period, currency and price date, fixed before work starts so every multiple is like for like.
The peer set
Five to ten listed peers chosen by business model, size and geography, with the reasoning for each shown.
Peer multiples
Enterprise value to revenue and to EBITDA, or price to earnings, each with its filing, date and method.
Deal multiples
Only transactions where price and target financials are both public.
Ask placement
Where the entry multiple sits, beside growth and margin.
Multiple-expansion bridge
How much of the plan's return comes from earnings growth, debt paydown and the multiple changing.
Break-even exit multiple
The exit multiple the plan needs to reach the target return.
Extension by agreement: a disclosed-transaction set and the bridge on your model. Usually 7 Business Days.
Name the company and the ask, and pay.
Listed peer candidates proposed from business description and filings.
Filed accounts structured, enterprise values and multiples computed on the stated date.
A named analyst confirms the peer set, the adjustments and the outliers.
Multiples table and ask placement delivered. The bridge follows when your model is in.
Usually (our estimate)
Usually 7 days of an associate pulling filings and building comparables by hand, with the peer set chosen to suit the story.
Kubr
2 to 5 Business Days from a complete data set.
Typical times are targets we are still testing in the pilot. The 2 to 5 day window is the commitment. Terms in Disclosures.
What the cases taught us
Unit-economics failure appears in many of the 483 cases. A multiple that only works if growth never slows is where it begins.
A rich entry multiple leaves no room for error, so the bridge shows the return if the multiple falls.
We give no value or target price, and we do not replace a valuation report.
Counts come from our first review of the public cases in the casebook on this site. We mapped each case, on hindsight, to the checks that could have surfaced it. It is our reading, not a finding about any company. Many cases describe allegations that are contested. See the cases
ChecksWhat we check, in plain words
| Check | What it means | An illustration (invented) | It can mislead when |
|---|---|---|---|
| Counterparty existence | We check that each material customer, supplier or payee is a real, working business. | A vendor with ₹6 crore of invoices turns out to be a one-room office with no staff. | Real companies can be used as pass-throughs. Existence does not prove a real trade, so C6 and C7 still apply. |
| Regulatory & litigation records | We search courts, tribunals, regulators and insolvency records for cases and orders against the company, its owners and its past firms. | A promoter's earlier company was barred by a regulator two years ago. | Court records lag and name spellings vary. A clean record can mean the problem has not reached court yet. |
| Unit economics & burn | We rebuild margin per sale, customer acquisition cost, payback and cash burn from verified numbers, not from the deck. | The deck shows a profitable order. Rebuilt from invoices, each order loses money. | Cost allocation is a judgement call. Kubr shows its assumptions and lets the user change them. |
| Governance signals | We read the warning signs around the company: auditor changes, qualified opinions, executives leaving, pledged shares and late filings. | The auditor resigned mid-year and the company filed its accounts late. | Private companies file late, so these signals are lagging. Kubr uses them to support other flags, not to prove anything alone. |
What it will not tell you
- We do not value the company, set a target price or give a fairness opinion (a formal statement that a price is fair). A multiple range is a reference, not a view on price.
- Listed shares can be sold at any time, which lifts their price against private companies. We show the gap as a caveat and apply no discount.
- Most private deals do not disclose price. Where it is missing we say so and do not estimate it.
- Forward multiples need forecasts. We use filed results, and forecasts only where a company has published guidance.
- Accounting differences between markets can move a multiple. Each adjustment is listed.
Not in this service: replace a valuation report, a fairness opinion or an investment view.
What it can do
- Compute trading multiples for listed peers from filed accounts and a stated share-price date.
- Collect multiples from transactions whose price and financials are both public.
- Show how much of a plan's return relies on the exit multiple exceeding the entry multiple.
- Find the exit multiple the plan needs, so you can judge for yourself whether it is a stretch.
Why it differs from the usual way
Usually
Peer multiples come from the deck, undated.Kubr
Every multiple has a filing, a date and a method. You can recompute any row.Usually
A single median is quoted.Kubr
The range, the quartiles and the outliers are shown, with growth and margin beside each peer.Usually
The return model assumes the exit multiple equals the entry multiple, or does not say.Kubr
The bridge shows how much depends on the multiple, and what happens if it does not rise.Records we examine
| Record | What we take from it |
|---|---|
| Exchange filings and annual reports of listed peers (MCA21 and exchange disclosures) | |
| Share prices from the exchange, on a stated date | |
| Takeover and offer documents, where price and target financials are disclosed | |
| Company registry filings (MCA21) | accounts and charges of private peers |
| Court and insolvency records (eCourts, NCLT and NGT) |
Some records need the company's consent. The report says which were pulled from source and which the company supplied.
In India
- What we pull here
- Listed-peer multiples from NSE and BSE filings, takeover and open-offer documents, and MCA21 accounts of private peers.
- What is thinner here
- Private peers file late. Most private deals do not disclose price.
What it costs
Pick the size of the deal or exposure. The fee is fixed before work starts.
₹1 lakh
Above the top band the fee is quoted individually. Indicative base, in local currency, before tax. All services and what moves the fee
Shape the scope
Time horizon
Entities
Speed
The fee shown for your deal size is an indicative base. A longer look-back, more entities or a faster turn moves it. The quote fixes the number before work starts.
Questions
Is this a valuation?
No. We show what comparable companies and deals show, and what your plan assumes. We give no value, no target price and no fairness opinion. Your team or a licensed firm draws the conclusion.
What is multiple expansion?
The exit price rising faster than earnings because the next buyer pays a higher multiple than you did. It is the part of a return that depends on market mood. The bridge shows how large that part is.
Why use listed peers for a private deal?
They are the ones with audited filings and a market price. We show the caveats, including that sale-at-any-time gap, and leave the judgement to you.
Where do deal multiples come from?
Only from transactions where the price and the target's financials are both public, such as takeover documents. If a deal's terms are private, it is listed as not disclosed.
Can we add peers we already know?
Yes. Send them at scoping. Each is checked, then kept or excluded with the reason noted.
Often paired with
Start with one company.
We reply within one business day with scope, price and a date. Indicative prices in INR, before GST at 18%. Scope and price are fixed in the engagement letter.