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Issuers

Peer and market intelligence

Comparable company analysis for issuers

Comparable company analysis shows how the market prices an issuer against similar listed companies. Issuers keeps your peer group, daily multiples, analyst coverage, debt comparables and public sentiment in one workspace, with the source and date shown on every figure.
Finance director reviewing a peer valuation table on a large monitor in a quiet office in the afternoon

01 Peer multiples

One peer table that stays current without a spreadsheet refresh

The usual peer table lives in a spreadsheet built by an analyst years ago, refreshed before each board meeting by pasting prices from a terminal. Nobody is sure which EBITDA figure was used for which peer, and the file breaks when a peer changes its fiscal year.

Issuers keeps the table in the workspace. Prices update daily from licensed data, financials come from each peer's latest filing, and every multiple is recalculated with the same definitions. Click a figure to see the document behind it.

Definitions are fixed per workspace and written down once: which EBITDA (reported or adjusted), which share count, how leases are treated in net debt. When a peer reports on a different fiscal year, figures are put on a trailing twelve month basis so the comparison is like for like.

In this sample, Northwind trades at a discount of about 1.4 turns of EBITDA to the peer median. That gap is a talking point to prepare, not a conclusion, and the likely question about it goes straight into earnings call preparation.

02 Peer group

A peer group is a decision, so the workspace records why each name is in it

Issuers proposes candidates and you choose. Each peer carries a short note with the reason it was included and the date it was added, so the CFO, the board and next year's IR lead read the same logic.

Same end markets

Revenue from the same customer industries and cycle. Segment data in filings shows the overlap.

Shared holders

Institutions that hold both you and the candidate in their 13F reports compare you directly.

Named by analysts

Companies that analysts covering you mention in their reports and on your calls.

Similar size and model

Market cap within a sensible band, similar margins and capital intensity, listed in comparable markets.

The shared holder view comes from the same data as shareholder identification, so a fund that owns three of your peers and not you appears both here and on your targeting list.

Changes to the group go through the same review as anything else in the workspace. Adding or removing a peer is logged with the user and the reason, and the history of the median is kept, so a board member who asks why the discount narrowed last year can see whether the market moved or the list did.

03 Coverage and credit

Analyst coverage, consensus notes and debt comparables next to the equity view

The coverage list holds every firm that writes on you, the analyst, the latest rating and target and the date of the note. Consensus notes record where your guidance sits against the range of estimates, so the CFO sees the gap before the call. When a firm initiates or drops coverage, the change is logged and the analyst gets a CRM record.

For issuers with bonds or loans outstanding, the same workspace compares spreads, coupons and leverage of peer debt. Debt comparables feed the term sheet work in bond issuance software when you plan a new issue.

Sentiment from public sources

A weekly read of news coverage, published research headlines and public commentary about you and your peers, grouped by topic and tone. Each item links to where it was published. Useful for spotting a theme before it reaches your next call.

Daily refresh

Multiples are recalculated every day from licensed prices and the latest filings. When a peer files a new 10-Q or interim report, its figures update and the change is noted in the history, so you can see what moved the median.

04 Sources and limits

Information for issuers, with a source on every figure and no advice

Two kinds of data meet in the peer view. Public data comes from filings and published reports, read through SEC EDGAR for US filers. Licensed data, such as share prices, market capitalization and estimates, comes from market data providers under licence. The chip next to each number names the document or provider and the as-of date.

Issuers is software for issuers. It is not an investment adviser or broker dealer, and nothing on these screens is a recommendation to buy or sell a security. The analysis helps you understand how you are perceived and prepare what you say. What you publish remains your decision and your responsibility.

Peer and market intelligence is included on the Public plan at $2,999 a month, or $1,499 billed yearly, and on Enterprise. Growth does not include it.

Daily

Recalculation of peer multiples from licensed prices and the latest filings.

Every figure

Shows its document or data provider and the as-of date.

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Questions

Questions issuers ask before they start

What is comparable company analysis?
Comparable company analysis values a company by looking at how the market prices similar listed companies. You choose a peer group, calculate the same multiples for each peer, such as EV/EBITDA, P/E and EV/Sales, and see where your own company sits in that range. Bankers use it to price a deal. For an issuer, the more useful question is why investors pay more or less for you than for your peers, because that is what the next investor meeting will be about. Issuers keeps the peer group, the multiples and the sources in one table that updates daily.
How do we choose a peer group?
Start with companies that investors actually compare you with: similar end markets, business model, size and geography, plus the names analysts mention in their reports and the companies that share your holders. A peer group of six to twelve names is usually enough. Issuers proposes candidates from industry classification, filings and overlapping 13F holders, and you decide who stays. Keep the group stable from quarter to quarter and record why each peer is in it, so a change in your relative multiple reflects the market and not a change in the list.
Where do the peer figures come from?
Financials come from each peer's filings, read through SEC EDGAR for US filers and from published annual and interim reports for others. Share prices, market capitalization and analyst estimates come from licensed market data providers. Each figure in Issuers carries a chip with its document or source and the as-of date, and multiples are recalculated daily when prices change. If a figure is adjusted, for example EBITDA excluding a one-off item, the adjustment is shown with its source so a reviewer can follow the calculation.
Does Issuers give investment advice?
No. Issuers is software for issuers. It is not an investment adviser, broker dealer or placement agent, and nothing in the workspace is a recommendation to buy, sell or hold a security. Peer multiples, analyst ratings and sentiment are shown as information, each with its source, to help an issuer understand how it is perceived and prepare for investor conversations. The issuer decides what to say and publish and remains responsible for it. Analyst ratings and targets belong to the firms that published them.

Related

Related tools in the same workspace

Know how the market prices you against your peers

Type your ticker and read a sample brief built from your filings. Peer and market intelligence is included on the Public plan from $1,499 a month billed yearly, and on Enterprise.

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