How do you compare firms with several lines of business in terms of multiple valuation etc?

There are a number of different approaches / methodologies. Personally. I would look at precedent transactions that have occurred, for each line of business (as suggested above), in addition to similar quoted companies and see where they are trading (Rev / EBITDA multiples etc). Make sure you also are aware of differences in Sales Growth, whether they met earnings estimates, leverage, operating leverage, R&D spend etc / other reasons why the valuation may be different within each of those areas and take it account (+/- exclude etc). (Operational benchmarking across a range of metrics can be useful to understanding this) Use weighted averages against the multiples against the most relevant metric i.e Rev / EBITDA etc. Also be aware of other adjustments such as conglomerate discounts etc too / understand the alignment of the different businesses areas and whether they are complementary etc (as suggested by Kasturi) Hope that helps! @Mahdishariff EY M&A