Which of the following attributes is the most important to consider when choosing an appropriate comparable company in market multiples valuation for M&A?

The comparable firm is in the same line of business (or as close as possible) as the target.

The comparable firm and target firm have similar profit margins.

The comparable firm and the target firm have similar EV/EBITDA ratios.

The comparable firm and the target firm are similar in size, as measured by market capitalization (or revenue if there is no market capitalization information available for the target).

The comparable firm and the target firm operate in the same part of the United States.