Corporate Finance & Valuation

Valuing a frontier company with conventional methods produces a number, rarely one a counterparty accepts. Development cycles run years, comparables are thin or misleading, a large share of value sits in intangibles, and revenue may depend on a regulatory decision that has not been made.

This unit builds numbers that survive challenge. Financial models with assumptions stated and testable rather than buried in a cell. Valuations using methods appropriate to the asset, whether that is discounted cash flow, a real-options view of a development pipeline, or comparables selected honestly instead of flatteringly. Where uncertainty is genuine, we show a range and what drives it.

Transaction work follows: structuring, financial due diligence on a target, and quality-of-earnings analysis on numbers presented by a vendor. There is also valuation for purposes other than deals, including financial reporting, share schemes, tax and litigation, where the method faces a different kind of scrutiny.

We work with Deal & Capital Advisory on process and with our lawyers on documentation.

Typical mandates: a valuation for a transaction, a dispute or a reporting requirement; a model for a raise; financial due diligence on a target; or a second opinion on a valuation you have been given.