Valuation, planning and capital structure — the work that comes before any transaction, and occasionally proves none is required.
Not every question ends in a deal. A refinancing with longer maturities, a phased capex plan or the sale of a single division solves the problem more often than a big move. We say so even when no mandate comes of it.
Valuation usually comes first. Not as a report for the drawer, but as a range with traceable assumptions: multiples from comparable transactions, a DCF with a properly derived cost of capital and — more important than either — the bridge from enterprise to equity value.
Then the plan. Three years, integrated across P&L, balance sheet and cash flow, with a base and a downside case. Roll forward a single line and due diligence will show the numbers don't tie — costing credibility exactly when it counts most.
Typical situations
Preparing for succession or a sale in two to three years
Maturing loan agreements and a financing reset
Shareholder changes, settlements or inheritance matters
Weakening earnings, before they turn into a crisis
Key facts
Valuation
2–4 weeks
Integrated plan
4–8 weeks
Refinancing
8–14 weeks
Methods
Multiples, DCF, NAV
Format
Mandate or sparring
Building blocks
What we actually work on
Company valuation
A range, not a point. We work with transaction and trading multiples and run a DCF alongside to see where the assumptions diverge. Disputes almost never arise over the multiple — they arise over adjustments and net debt.
›Document every EBITDA adjustment
›Fix the net debt definition early
›Derive the working capital target
Business planning
An integrated model across P&L, balance sheet and cash flow, monthly in year one. Plus a downside case you can show a lender without making them nervous. The model stays with you and works as a steering tool afterwards.
›Base and downside scenario
›Working capital properly modelled
›Metrics for covenant testing
Capital structure and refinancing
A full review of lines, maturities, security and clauses. Often maturities can be extended, collateral released and costs reduced without changing banks — provided you negotiate before expiry, not after.
›Smooth the maturity profile
›Reorganise the security pool
›Renegotiate covenants
Restructuring before the crisis
Once the ratios turn, speed is everything. A credible concept, open communication with lenders and a weekly liquidity plan buy the room you cannot get later.
›13-week liquidity plan
›Standstill agreement
›Clarify the shareholder contribution
Process
How a mandate typically runs
Step 01
First conversation
Two hours, confidential, at no cost. After it both sides know whether there is something to work on.
Step 02
Analysis
Three years of figures, financing agreements, shareholder structure. We read the contracts, not just the summary.
Step 03
Valuation and scenarios
A valuation range, a plan and the options realistically open — with the trade-offs for each.
Step 04
Decision
A recommendation, not a catalogue. If the right answer is to do nothing, that is what it says.
Step 05
Execution
Negotiation with banks, investors or buyers, depending on the route chosen.
Step 06
Ongoing support
Reporting, covenant monitoring and someone to call when an adjustment is due in year two.
From practice
What we see again and again
Negotiating too late
Six months before maturity you have room; six weeks before, you don't. Banks price time pressure as risk. The cheapest lever in any financing is an early start.
Valuation as a wish
A number derived from what shareholders need will not survive scrutiny. We name the range the market currently pays, even when it sits below expectations. Anything else costs time and credibility later.