Which of the following is NOT one of the key differences between Comparable Public Companies and Precedent Transactions in a valuation?

a. In theory, the valuation multiples produced by the Precedent Transactions should be higher because of the control premiums that acquirers pay for target companies.

b. The screening criteria are similar, but you also screen the Precedent Transactions by announcement date and go back only a certain number of years.

c. The range of multiples produced by the Precedent Transactions tends to be narrower than the one produced by the Comparable Public Companies because few acquirers are willing to pay high premiums for targets.

d. In the Precedent Transactions, you often focus on the historical multiples from the Last Twelve Months (LTM) before the transactions were announced because projections *as of the announcement date* can be difficult to find.

e. It may be trickier to calculate the Purchase Equity Value and Purchase Enterprise Value in the Precedent Transactions because of earn-outs, contingent payments, and deals for less than 100% of other companies.