Valuation, done properly.
We specialise in a single discipline, determining the value of businesses and the shares in them, and we practise it with the depth that specialisation allows.
The value of the whole business.
Enterprise value reflects what the operating business is worth to all providers of capital, before considering how it is financed.
It is the natural starting point for most transactions and strategic decisions. We build an independent view of the cash flows a business can generate and the risks attached to them, then discount those cash flows into a single, reasoned conclusion of value.
Financial forecast review
A critical review of the management plan, with normalisation adjustments and alternative scenarios where warranted.
Cost of capital
A discount rate built from market evidence, reflecting country, size and company-specific risk.
Value drivers and sensitivities
A clear view of which assumptions move value and by how much.
The value of what you own.
Equity value is what remains for shareholders and how it is shared between them.
Moving from enterprise value to the value of a particular shareholding requires care. Net debt, debt-like items, working capital, minority interests and the rights attached to each class of share all shape the final figure. So does the size of the holding: a controlling stake and a minority interest in the same company are rarely worth the same per share.
Enterprise-to-equity bridge
Net debt, debt-like items, surplus assets and contingent liabilities, each identified and quantified.
Share classes and instruments
Preference shares, convertible instruments, options and their effect on each class of shareholder.
Control and marketability
Premiums and discounts for control, minority position and lack of marketability, supported by evidence.
Per-share conclusion
The value of the specific interest, on the specified basis, at the specified date.
The moments that call for an independent view.
The purpose of a valuation determines the standard of value, the level of detail and the form of report. We tailor each engagement accordingly.
Sale & acquisition
Sell-side preparation, buy-side price testing and an independent view of value before key decisions.
Fundraising & investment
Pre-money valuations, investor entry pricing and capital increases.
Shareholder matters
Buy-outs, exits, drag- and tag-along events and shareholder agreement price mechanisms.
Disputes & litigation
Shareholder disputes, divorce and inheritance proceedings: an independent view of value to inform your position.
Succession & estate
Transfers between generations, family arrangements and management buy-outs.
Restructuring & tax
Mergers, demergers, contributions in kind and related-party transactions.