How would you value a private company with no comparables?

First, I'd push back gently on "no comparables" — usually it means no perfect comparables, but there's almost always something to anchor against. That said, here's how I'd structure it.

Primary methodology: DCF. The advantage of a DCF is it's intrinsic — it doesn't require comps. I'd build a 5-10 year UFCF projection based on a clear view of the company's revenue trajectory, margin profile, and reinvestment needs. WACC is the harder piece without direct peers — I'd look at adjacent industries, unlever betas from the closest analogs, and apply a private-company size premium of 100-300 basis points to reflect lower liquidity and higher idiosyncratic risk. I'd run a wide sensitivity range to acknowledge the higher uncertainty.

Secondary methodology: imperfect comps. Even if there are no direct peers, there's usually a peer set on one dimension — same business model in a different industry, same industry but different scale, or the same revenue mix in a different geography. I'd use multiple peer sets and triangulate. For a B2B SaaS company with no public SaaS peer in their vertical, I'd use the broader vertical SaaS index and apply a discount or premium based on the target's specific revenue retention, gross margin, and growth profile.

Tertiary: ability-to-pay analysis. If this is for a sale process, I'd build LBO and strategic acquirer ability-to-pay models. An LBO sets a floor: what can a sponsor pay assuming a 20-25% IRR target with realistic leverage? A strategic ability-to-pay sets a ceiling: how much synergy can a logical acquirer credit, and how much of it would they share?

Fourth: sum-of-the-parts if the company has distinct business lines.

The right answer for a private company is rarely one number — it's a football: DCF-derived range, peer-triangulated range, ability-to-pay range. The overlap is where the value lives.