Football Field Valuation: Video Instruction with Excel Template Download
One of the most common slides in an investment banking pitchbook is the football field. The football field is a floating bar chart in Excel that puts several valuation analyses side-by-side to provide clients with the full context of a company’s value using a variety of methodologies and assumptions. A typical football field valuation matrix will include company value based on:
- DCF valuation
- LBO analysis
- Comparable company analysis
- Comparable transaction analysis
- Trading 52-week high and low
- Liquidation analysis (optional)
The purpose of the football field
The purpose of the football field valuation is to create a visual summary of all the valuation analyses that were performed on a company and to demonstrate a valuation range based on those valuation methodologies. The goal of the summary is to sanity check various methodologies against one another. For example, a comparable company analysis might show high valuations during strong equity markets while an intrinsic DCF valuation . The football field places those alternative valuation approaches side by side when arriving at a valuation range. In addition to being a staple of the investment banking pitchbook, it is also used in fairness opinions.
Excel Template and Video: Building the football field
Below is an excerpt from Wall Street Prep’s full Financial Modeling Training Package. Be sure to download the Excel Football Field template before watching:
The Wall Street Prep Quicklesson Series
7 Free Financial Modeling Lessons
Get instant access to video lessons taught by experienced investment bankers. Learn financial statement modeling, DCF, M&A, LBO, Comps and Excel shortcuts.