Why it matters
Every transaction turns on two questions: what the business is worth, and whether it is what it appears to be. We answer both before negotiations begin, so that our clients enter discussions with a defensible position and fewer surprises after signing.
Our valuation and due diligence work supports buy-side and sell-side M&A, privatizations, private equity investments and financings. It can be commissioned on its own or as part of a wider advisory mandate.
What we deliver
Valuation methods
No single method gives the answer. We value a business several ways, compare the results and explain where they differ, so that the range we conclude on can be defended across the table.
Value from the cash the business is expected to generate, built on an integrated financial model.
Value implied by how comparable listed companies are priced today.
Value implied by prices paid in comparable acquisitions.
Value of the underlying assets, relevant for holding, property and asset-heavy businesses.
Separate values for distinct divisions, combined into a group view.
Illustrative only. Ranges and the concluded value differ for every business.
Who it is for
Preparing a company for sale, setting price expectations and anticipating buyer diligence.
Testing a target before an offer, and identifying issues that should affect price or structure.
An independent view of value and risk ahead of an equity investment or a financing.
Due diligence scope
We lead the commercial and financial review ourselves and coordinate the specialist advisers, so that findings from every workstream come together in one report the client can act on.
What we look for
Some findings matter far more than others. These are among the issues we test for first, particularly in Turkish transactions.
Foreign-currency debt or costs not matched by foreign-currency income.
Dependence on a few customers, contracts or public tenders.
Transactions with shareholders or group companies on non-market terms.
Guarantees, disputes, tax or employee obligations not on the balance sheet.
Seasonality or extended payment terms that distort a single year's numbers.
Regulatory approvals that may not transfer, or that are due for renewal.
Our process
We agree what must be answered, the depth of review and the timetable.
We build the model, benchmark value and examine the business and its records.
We present a valuation range and the issues that matter, in plain terms.
We carry the findings into price, structure and negotiation.