Introduction
The Excel model is the analytical engine, but the pitchbook is the deliverable that the client sees. Translating a complex financial model into clear, compelling presentation slides is one of the most important and most underappreciated skills in investment banking. A brilliant model that produces unintelligible slides fails to influence the decision it was built to support.
- Valuation Section (Pitchbook)
The portion of an investment banking pitchbook that presents the analyst's valuation analysis, typically spanning 5-20 slides. The valuation section translates the detailed Excel models (comps, precedent transactions, DCF, LBO) into presentation-ready slides with the football field chart as the centerpiece, supported by summary comps tables, DCF sensitivity grids, and methodology-specific exhibits. The valuation section is the most scrutinized part of any pitchbook because it contains the numbers that directly influence deal pricing, board recommendations, and client decisions.
The valuation section typically represents 5-20 slides depending on the engagement type.
What Goes Into the Valuation Section
The Football Field Chart
The football field chart is the centerpiece of the valuation section. It synthesizes the output of every methodology into a single visual:
- Trading comps range (25th to 75th percentile)
- Precedent transactions range
- DCF range (sensitivity-driven)
- LBO implied range (if relevant)
- 52-week trading range and analyst price targets (as reference points)
The chart immediately communicates where the methodologies converge (the highest-confidence zone) and where they diverge (areas requiring judgment).
Summary Comps Table
A condensed version of the full comps spread, showing only the most relevant columns: company name, enterprise value, the primary multiple (NTM EV/EBITDA), and 1-2 supplementary metrics (growth rate, margin). The full Excel comps table may have 20+ columns; the pitchbook version has 5-7. The target company is highlighted for comparison.
DCF Summary and Sensitivity
A page showing the key DCF assumptions (revenue growth, margin trajectory, WACC, terminal value method and inputs) alongside the sensitivity table showing implied share price across a grid of WACC and terminal value assumptions. The base case is highlighted.
Methodology-Specific Support
Additional slides may provide detail on specific methodologies: the full precedent transaction set, the DCF projection summary, the LBO returns analysis, or the premium analysis comparing the offered premium to precedent premiums.
Principles for Translating Models to Slides
Simplify without losing accuracy. The Excel model may have 15 peer companies with 8 multiples each. The pitchbook slide shows 8 peers with 3 multiples. The simplification must not distort the conclusion.
Round appropriately. The model outputs $24.37 per share. The pitchbook says "approximately $24-25 per share." Presenting implied share prices to the cent implies false precision.
Source everything. Every data point must have a source citation (typically in small font at the bottom of the slide). "Source: Company filings, FactSet as of [date]" for comps. "Source: Public filings, Capital IQ" for precedent transactions. "Source: Management projections, IB IQ analysis" for the DCF.
Format for the audience. Board members are not financial modelers. Use clear labels, avoid jargon where possible, and ensure that every chart can be understood by someone who has not seen the underlying model.
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