Corporate Finance
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.
Building blocks
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.
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.
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.
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.
Process
Two hours, confidential, at no cost. After it both sides know whether there is something to work on.
Three years of figures, financing agreements, shareholder structure. We read the contracts, not just the summary.
A valuation range, a plan and the options realistically open — with the trade-offs for each.
A recommendation, not a catalogue. If the right answer is to do nothing, that is what it says.
Negotiation with banks, investors or buyers, depending on the route chosen.
Reporting, covenant monitoring and someone to call when an adjustment is due in year two.
From practice
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.
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.
Questions
One conversation and a straight assessment — even if the conclusion is that no transaction is needed.
