For best results, we recommend entering your data by calendar year. If the company’s fiscal year is not significantly different from the calendar year, calendarizing the financial data may not have a major impact. However, since Valer assumes financial data is being entered on a calendar year basis, comparable company multiples are taken from calendar years (e.g., Enterprise Value / CY 2021A Revenue) and applied to the same year target company data in the historical and forecast financials.
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For a basic example of calendarization, if the target company’s fiscal year 2022 ends in June of 2022, the 2022 calendar year results would be calculated by adding the results for the last two quarters of fiscal 2022 to those of the first two quarters of fiscal 2023. This could alternatively consist of adding H2 fiscal 2022 to H1 fiscal 2023 or the last six months of fiscal 2022 to the first six months of fiscal 2023.
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When granular month by month information is not available to precisely calculate calendar year financials, proration can be used in the calendarization.