Financial professionals reviewing valuation evidence in London

Our approach

A specialist valuation.
Evidence before opinion.

The right answer starts with the right question. We connect the commercial realities of your business to the purpose, date and legal basis of the valuation — then make our reasoning explicit.

Discuss your valuation Explore the approach

Independent judgementSame-day enquiry reviewStrictly confidential

Purpose-led

A defined basis and valuation date

Evidence-led

Methods reconciled, not averaged

Expert-led

A documented independent opinion

A confidential conversation

An important decision deserves an independent view.

Tell us about your company, your objectives and your timeframe. We will review the instruction before proposing a scope, fee and delivery timetable.

Independent opinion, never an automated estimate
Scope, fee and timetable agreed before work begins
Confidential from the outset

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What happens next

1.We review your enquiry the same working day
2.A short call to understand your circumstances
3.A written scope, fee and timetable is proposed

From instruction to conclusion

Four stages.
One coherent assessment.

A valuation is not a calculation detached from its purpose. The same company may need different analysis for a sale, an employee incentive, a shareholder dispute or financial reporting. Our process establishes those differences before a model is built.

Define the instruction

We establish the valuation purpose and date, the company or security being valued, the basis of value and the intended users. Market value, fair value and a contractual exit formula are not interchangeable.

Conflict checks, the information perimeter, assumptions, permitted reliance and reporting requirements are agreed before analysis begins.

An agreed scope, fee and delivery timetable.

Understand sustainable performance

Accounts are reconciled to current trading and forecasts. We examine owner remuneration, related-party arrangements, exceptional income and expenditure, customer concentration and management dependence.

Working-capital seasonality, maintenance investment, lease treatment and financing are assessed so that adjusted profit is not mistaken for distributable cash.

An evidenced earnings and cash-flow assessment.

Select and challenge the methods

Income, market and asset approaches are considered against the economics of the company. Forecast assumptions and comparable evidence are tested rather than accepted at face value.

The valuation of the whole business is reconciled to net debt, surplus cash and the rights of each share class. Control, liquidity and restrictions are considered in the context of the actual instruction.

A reasoned valuation with material sensitivities.

Document and discuss the conclusion

The report explains the data, methods, adjustments and judgements that lead to the conclusion. A range is used where it better reflects the evidence than an artificially precise single figure.

We distinguish facts from assumptions, identify missing information and explain limitations. Questions are discussed with the agreed recipients; reliance by others requires explicit agreement.

A traceable written opinion, not an automated estimate.

Methodology

Three approaches.
Not three interchangeable answers.

When methods diverge, the difference is investigated. It may reveal an unsupported forecast, weak comparables or a mismatch in premise. We explain which evidence carries the most weight and why.

Income approach

Discounted cash flow links value to future economic benefits. Cash-flow definitions, discount rates, investment needs and terminal assumptions must be consistent.

Most useful where forecasts can be supported. We test downside cases and the proportion of value arising beyond the explicit forecast period.

Market approach

Trading and transaction multiples provide external evidence. Size, growth, margins, capital intensity, share rights and transaction terms determine comparability.

A quoted sector multiple is a starting point, not a conclusion. Buyer synergies and preferred-security rights must not be silently attributed to ordinary shares.

Asset approach

Adjusted asset values can be relevant for holding companies, asset-intensive businesses or defined disposal premises. Book values may not reflect economic value.

Property, intangible assets, contingent liabilities and realisation costs may need specialist input. Asset value and earnings must not be counted twice.

A decision-ready report

The number matters.
The reasoning makes it usable.

Owners and advisers need to understand what changes the conclusion, what the report assumes and what it can legitimately be used for. We make the enterprise-to-equity reconciliation and the treatment of the actual holding visible.

Enterprise value versus equity value

Purpose, date, basis and the interest being valued
Financial evidence and supported earnings adjustments
Selected methods and comparable evidence
Net debt, cash, share rights and material restrictions
Sensitivities, limitations and information gaps
Conclusion, intended users and permitted reliance

Professional framework

Standards inform the work.
The instruction defines it.

Relevant valuation standards, statutory rules and professional guidance inform our analysis. Formal compliance with a specific standard, expert-witness work and third-party reliance must be expressly agreed. A general valuation does not imply tax clearance, court appointment or auditor acceptance.

IVSC — International Valuation Standards ICAEW — Business and share valuation HMRC — Shares and Assets Valuation Manual IPEV — Valuation Guidelines

Questions about the process

A multiple cannot establish whether earnings are sustainable or how enterprise value becomes equity value. The method must reflect capital requirements, risk, share rights and reliable comparable evidence.