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INVESTMENT BANKING / INTERACTIVE ENVIRONMENT

Harborstone Components

Select comparable companies and calculate an illustrative enterprise value.

Interactive demo

WHAT YOU’RE LOOKING AT

One environment. Your answer.

A fictional components manufacturer has $20M of EBITDA. Three candidate comparables appear in its draft valuation workbook; one earns most of its revenue from software subscriptions.

Read the evidence and make your choices. The grader checks your numbers, the trap, and your decision. Edit and grade again.

The data room4 documents · Read the excerpts before you decide
Target briefTarget brief §1

Harborstone manufactures custom industrial brackets under supply contracts. EBITDA is $20M; it has no software subscription business.

Back to correction ↓
Candidate comparable workbookComparable workbook rows 2–4

All values are fictional USD millions. The workbook has not been screened for business-model comparability.

Candidate comparable workbook
CompanyEVEBITDAEV / EBITDA
Forgewell Parts160208.0×
Rivetfield Works3003010.0×
Cloudspan Systems4802024.0×
Back to correction ↓
Comparable business profilesBusiness profiles §3

Forgewell and Rivetfield manufacture industrial parts. Cloudspan earns 80% of revenue from recurring fleet-software subscriptions.

Back to correction ↓
Exercise valuation policyValuation policy §2

Use industrial manufacturers for this exercise. Exclude software subscription businesses before calculating the median; apply the selected median to target EBITDA.

Back to correction ↓
Available tools in the scripted example4 tools
  • query_compsRead the proposed comparable set.
  • read_profileCheck how each company earns revenue.
  • calculateCalculate multiples, median, and enterprise value.
  • submit_valuationSubmit the included companies and valuation bridge.

Try the task.

The interactive task is loading. You can also follow the scripted example below.

THE SCRIPTED EXAMPLE

Follow the same task, step by step.

See a plausible mistake, the correction, and the reasoning behind each check.

AGENT ATTEMPT

Follow the attempt.

Scripted calls. Highlighted: the missed trap.

  1. query_comps

    Three candidates: 8.0×, 10.0×, 24.0×.

    Tool arguments
    {"set":"draft-industrials"}
  2. calculateMissed trap

    Median 10.0×; enterprise value $200M.

    Tool arguments
    {"median":[8,10,24],"target_ebitda_m":20}
  3. submit_valuation

    All three candidates retained without reading their business profiles.

    Tool arguments
    {"included":["Forgewell","Rivetfield","Cloudspan"]}
Submitted answer

Keep all three companies. Apply a 10.0× median to $20M EBITDA: $200M enterprise value.

Senior correction

SENIOR CORRECTION

What changes, and why.

Authored illustration; no actual expert review.

AGENT OUTPUT

Keep all three companies. Apply a 10.0× median to $20M EBITDA: $200M enterprise value.

CORRECTED OUTPUT

Exclude Cloudspan. The median of 8.0× and 10.0× is 9.0×; 9.0 × $20M gives $180M illustrative enterprise value.

The correction

The arithmetic is correct for the chosen set, but the set includes a different business model. Screen first, then calculate.

Exact evidence

Compare grading

GRADING

Same checks. Better answer.

The same exercise grader scores the starting answer and reference correction below. Try your own answer to compare.

Exercise grades for the scripted starting answer and reference correction
What is checkedAgent attemptAfter correction
01

Numbers right?

2 / 2 checks pass

The median for your selected set is 10.0×.

2 / 2 checks pass

The median for your selected set is 9.0×.

02

Traps caught?

0 / 2 checks pass

Retain Forgewell and Rivetfield; exclude Cloudspan's subscription business.

2 / 2 checks pass

Retain Forgewell and Rivetfield; exclude Cloudspan's subscription business.

03

Sound decision?

0 / 1 checks pass

Publish only the screened 9.0× / $180M conclusion. A hold leaves this task incomplete.

1 / 1 checks pass

Publish only the screened 9.0× / $180M conclusion. A hold leaves this task incomplete.

Fictional, authored environment. Your submission is scored by a deterministic exercise grader; the walkthrough shows a scripted example.

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