Relative valuation is one of the most popular methods for valuing assets and companies for a range of purposes, due to its reliance on readily available market data and the simplicity of applying valuation multiples. While this intuitive method is used globally, its application in emerging markets requires specific adjustments to account for increased risks and volatility. This chapter begins by covering the basics of multiples-based valuations, followed by an examination of the unique challenges in using this method in emerging economies. Currency and inflation volatility, accounting inconsistencies, lack of comparable companies, and potential market inefficiencies make it much more difficult to apply this approach in those regions. It also evaluates solutions proposed by a number of authors to address such challenges, from normalizing financial data to adjusting multiples to account for differences between the benchmarks and the target firm. One of these adjustments involves cross-border corrections, which are recommended when multiples are imported from the developed world to be applied in emerging markets. The chapter then provides a detailed step-by-step guide to help practitioners apply the method efficiently, by using both comparable companies and precedent transactions. These concepts are illustrated with a practical example of valuing a fictitious Brazilian company, highlighting the limitations of some adjustments and the importance of professional judgment in interpreting relative-value analysis in these dynamic regions.