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This might seem like a dumb question, but does it really matter how we structure our models? Because the deal comps inputs doesn't have the "adjust EBIT" etc but the public comps do. Also, I feel a bit uneasy about hardcoding all these "adjustments": in the real working world, shouldn't we rigorously put in a comment explaining the source (pg), reason/description, the amount, and gain/loss? I thought IB M&A was all about being as anal and clear as we can(?) or is this all just for illustrative purposes, but in the real world, we should do as I described?
Basically, I'm wondering whether different IBs have different "styles" of spreading their sheets or whether there's a "standard" we should conform to. Or is it actually pretty unimportant?
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