Independent business valuation
You get the value, the value range and the method on page 2 – and the documentation behind it, so the number can be defended if it is challenged.
- Conclusion on page 2
- Typically delivered within a week
- Fee estimate by the next day
- Report in Danish or English
What is it for?
The purpose determines how the valuation is built and what it must withstand. Capitum prepares valuations in connection with, among other things:
- Sale of a company
- Know the value before you negotiate and assess offers on an objective basis.
- Acquisitions
- An independent view of the target’s value before you make your own offer.
- Capital raising
- A value consistent with the business plan that can withstand investors’ questions.
- Succession
- Documentation of the value when family or management take over.
- Changes of ownership
- A common basis when a co-owner joins or leaves, including under shareholder agreements.
- Disputes and litigation
- A valuation in which every assumption can be verified and defended.
- Second opinion
- An independent assessment of an existing valuation or a counterparty’s figures.
- Internal use
- Insight into what drives value as a basis for your next decisions.
What you get
The report is structured so the answer comes first and the documentation after.
| Placement | Content |
|---|---|
| Cover | The report’s disclaimer |
| Page 2 | The conclusion: value, value range and method applied |
| Appendices | The assumptions applied and a list of the material received |
| Finally | The detailed valuation calculations |
The list of material received shows exactly what the conclusion is based on. This is particularly useful when the valuation is to be used with a counterparty, a lawyer or an auditor.
The report is prepared in Danish or English, as you prefer. English is relevant when there are foreign shareholders or when the valuation is to be presented to a foreign buyer or investor.
The methods
The choice of method depends on the company and the purpose. Typically two methods are applied and cross-checked, so the value does not rest on a single model:
- Discounted cash flow (DCF), where value is derived from the cash flows the company is expected to generate.
- Multiples from comparable companies and transactions, e.g. EBIT or EBITDA multiples.
- Net asset value, when assets carry a significant part of the value.
A sensitivity analysis shows how the value changes when key assumptions change, and supports the value range.
Large and small companies
Capitum has prepared more than 200 valuations for startups, small, mid-sized and large companies in Denmark and abroad, as well as investment companies. The scope is tailored to the size of the company and the purpose.
This includes valuations of Danish companies acquired by a NASDAQ-listed U.S. company.
A startup without historical earnings requires a different method than a mature company with stable cash flows.
Fees
The fee depends on the complexity of the company, the purpose and how much the report needs to support. You receive a fee estimate no later than the day after the first call, and the price is agreed before work begins.
| Terms | How it works |
|---|---|
| Smaller engagements | Invoiced on completion. |
| Larger engagements | Half is invoiced at the start and half on completion – or as otherwise agreed individually. |
| Engagement description | At the start, you receive an engagement description from Factofly for approval. It is created for insurance purposes. |
| Payment terms | Payment within 3 days of the invoice date. |
| Discretion | If you prefer, the invoice simply states “Consulting services as agreed”. |
Questions and answers
How long does a valuation take?
Once the material is received, the report is typically delivered within a week. Complex engagements may take longer. The deadline is always agreed at the outset and can be brought forward in special cases.
What material do I need?
You receive a list tailored to your company and the purpose. It typically includes annual reports, current financial figures and budgets. It is not essential that everything can be provided – the more complete the material, the more precise the valuation.
Can the report be in English?
Yes. You choose whether the report is prepared in Danish or English.
Do we need to meet?
Not necessarily. Most of the work is done by phone, email and online. A walkthrough of the report is an offer, not a requirement.
What happens if the valuation is challenged?
Because the assumptions and the material received are documented in the appendices, the valuation can be verified. If it is challenged, Capitum can, by agreement, assist in explaining and defending it.
Can a startup without profits be valued?
Yes. The method is adapted to the company’s stage, and the value relies more on the business plan, the market and expected cash flows than on historical earnings.
Is my information kept confidential?
Yes. All information and the report itself are treated confidentially and are not shared with anyone without your consent. Capitum receives neither success fees nor value-dependent fees.
Other services
Ready to know the number?
A short, no-obligation call clarifies what you need. By the next day you have a fee estimate.