Business and share valuations

Clear, commercially grounded valuation work for businesses, shareholders and professional advisers.

When a valuation may be required

  • Shareholder transactions

  • EMI and CSOP arrangements

  • Growth shares

  • EOT transactions

  • Fundraising

  • Reorganisations

  • Acquisitions or disposals

  • Tax-related share valuations

  • Strategic or ownership decisions

Valuation approach

Commercial approach

  • Underlying trading performance

  • Maintainable earnings

  • Growth prospects

  • Revenue quality

  • Gross margin

  • Customer concentration

  • Working capital

  • Management dependency

  • Debt and surplus cash

  • Shareholder rights

  • Dilution

  • Market conditions

Business valuations

  • Enterprise value

  • Equity value

  • Maintainable EBITDA

  • Normalisation adjustments

  • Debt and cash adjustments

  • Valuation multiples

  • Scenario analysis

  • Sensitivity analysis

Share valuations

  • Different share classes

  • Voting rights

  • Dividend rights

  • Growth hurdles

  • Restrictions

  • Dilution

  • Minority interests

  • Options

  • Preference rights

  • Vesting conditions

Employee share schemes

  • EMI

  • CSOP

  • Growth shares

  • Other employee share arrangements

EOT valuations

Valuation should be considered alongside:

  • Maintainable earnings

  • Vendor consideration

  • Affordability

  • Debt capacity

  • Deferred consideration

  • Repayment profiles

  • Cash flow

  • Sensitivity analysis

What the business can sustainably afford

The question is not only what the business is worth, but also what the business can sustainably afford to pay.

Plain-speaking valuation work

The purpose is not simply to produce a number. It is to explain what drives it.

Working with other advisers

  • Tax advisers

  • Lawyers

  • Corporate finance advisers

  • Trustees

  • Boards

  • Shareholders

Start a conversation

Whether you need ongoing fractional FD support, a business valuation, help with an EOT or transaction, or a more effective finance function, the first step is a straightforward conversation.