the valuation is done on consolidated numbers. one should investigate both numbers (standalone and consolidated) as it will give u in-depth knowledge abt the co.
Consolidated accounts for the subsidiaries as well. Lets say your company ( the parent company) has 60% stake in its subsidiary, then for calculating consolidated net income, you will add the standalone numbers and the subsidiary numbers and subtract 40% of net income of the subsidiary as the minority interest ( look up its meaning on google).