Valuation methodology (``trading comps'') based on multiples of similar publicly traded peers — typically EV/EBITDA, EV/Revenue, EV/EBIT, and P/E. Reflects minority trading values, so excludes a control premium; useful for benchmarking but sensitive to peer selection. Standard process: (1) select universe, (2) spread financials and multiples, (3) compute mean/median, (4) apply benchmarked multiple to the target's metric, (5) bridge from EV to equity value.