How we build the number
We normalize earnings to defensible adjusted EBITDA, benchmark against comparable private transactions, and test the result against an income approach. Where the business has meaningful tangible assets or unusual capital intensity, we run an asset-based cross-check.
- Quality-of-earnings style normalization and add-back review
- Comparable private transaction analysis by industry and size band
- Discounted cash-flow model with defensible discount rate
- Working capital peg and net debt bridge to equity value