When valuing a company, it’s tempting to focus on the business itself – eg. its revenues, its margins, its growth plans Yet in many sectors, you cannot look at this in isolation. A more relevant...

You’ve acquired a business for €10 million. The deal is done — but your financial statements don’t yet reflect what you’ve actually bought. Under IFRS 3, you are required to translate that purchase...

Major external shocks can leave clear marks on corporate financials, making valuations significantly more challenging. This becomes particularly difficult when such shocks are not purely one-off...

Very few companies are purely “green” or purely “brown”.Most businesses operate across a mix of sustainable, transitional and legacy activities. This creates a fundamental strategic question for...

This Valentine’s Day, we look at parental love: a family-owned services company transferring shares from one generation to the next. The question is not lovey-dovey, but practical: How do you set a...

Impairment testing requires careful professional judgement. As this case study highlights, when assessing the value of potentially impaired assets, the devil is in the detail. Using a construction...

While fund managers’ ESG considerations are often considered a “labelling” exercise, a recent paper in the Journal of Banking and Finance suggests it can actually help the price discovery process...

How ESG risk is becoming an AIF valuation variable Valuation teams across Europe are realising that sustainability risk is no longer a disclosure topic — it’s a fair-value issue. Under AIFMD and the...

How can company valuations incorporate carbon emissions?A seminal paper by Bolton and Kacperczyk (2021), Do Investors Care About Carbon Risk?, offers valuable guidance. The authors examine stock...