EBITDA projected forward as if current conditions and recent actions <em>applied for a whole year</em>, rather than what was historically reported.
The valuation multiple a business is sold at on exit — the assumption that, set against the entry multiple, drives much of a deal's <em>projected return</em>.
Valuing a business by the multiples paid in past acquisitions of similar companies — a relative method that captures the <em>control premium</em> trading comps miss.
A company's earnings restated to strip out one-off, non-operating, and owner-specific items — the <em>sustainable</em> baseline a buyer actually values.
A post-closing true-up of the purchase price for the gap between delivered working capital and an agreed <em>target</em>, so the buyer gets a normal level.
A valuation multiple struck on the <em>last twelve months</em> of actuals — enterprise value divided by trailing EBITDA, revenue, or another metric.