Company value · Share interests · Transaction decisions
Whether you are buying, selling, bringing in an investor or resolving an ownership question, a useful valuation starts with the purpose and the evidence—not a generic industry multiple.
Discuss a valuation →
The direct answer
A business valuation estimates the value of a defined company, operating business or ownership interest as of a specific date and for a stated purpose. It uses financial and commercial evidence, a suitable basis of value and methods that fit the business. The report should explain the material assumptions and where judgement or limited evidence affects the result.
“What is my company worth?” is therefore not one universal calculation. A whole operating company, a 30% shareholding and an individual property are different subjects. A value for a proposed acquisition may also differ from a measurement prepared for financial reporting or a shareholder agreement.
Start with the decision
The intended users and purpose influence the scope, evidence, report format and any specialist input. We confirm these before modelling a value.
Frame a price discussion using the target’s earnings, cash conversion, growth assumptions, liabilities and market evidence. Pair the valuation with financial due diligence to investigate the underlying figures and deal risks.
Define the stake and its rights, the valuation date, shareholder agreement and whether the assignment concerns the whole company or an interest with different rights or control.
Test the value implications of expansion, a new investor, a management transition or a proposed business plan. Show how changes in forecast cash or key risks affect the conclusion.
Where a reporting standard requires a measurement, define the accounting question and basis first. A general sale estimate is not automatically a fair-value measurement for financial statements.
Method follows evidence
We assess which approaches are relevant and whether the inputs are supportable. Cross-checking a result is useful; averaging three unrelated numbers is not.
A discounted cash flow (DCF) analysis considers projected future cash available from the business and the risks and time value associated with it. It is sensitive to growth, margins, capital expenditure, working capital, discount rate and the continuing value after the explicit forecast.
We compare the forecast with history and operational evidence. A polished spreadsheet does not make unsupported sales growth reliable.
Comparable company or transaction multiples can provide a market reference when credible data exists. Differences in size, growth, margins, geography, customer concentration and control must be considered. A public-company multiple cannot simply be pasted onto a smaller private company.
A quoted “standard EBITDA multiple” without a source, date or comparison group is a starting question, not a valuation conclusion.
An adjusted net-asset analysis considers the value of assets less liabilities. It may be especially informative for holding, property-rich or asset-heavy businesses, or where operating earnings do not tell the full story.
Book value is not necessarily current asset value. Specific property, equipment or intangible assets may need separate specialist evidence.
The International Valuation Standards Council identifies the scope, basis, approaches, inputs and reporting as distinct parts of a valuation assignment. We agree any required standard or recipient format as part of the engagement—not by assuming every assignment has the same purpose.
A common point of confusion
A buyer may discuss an enterprise value for the operations, then adjust for debt, cash and other items to reach an equity value. The actual share-purchase agreement defines the adjustment mechanics.
In this purely numerical example, an assumed operating value of AED 8 million, less AED 1.5 million of debt and plus AED 0.5 million of cash, gives AED 7 million of equity value. The AED 8 million figure is not a market benchmark or a valuation of any real business.
Working-capital targets, debt-like items, surplus cash and transaction costs can alter the deal bridge. A buyer’s negotiated price may still differ from the valuation conclusion.
Operating enterprise value
8,000,000Less: assumed debt
− 1,500,000Add: assumed cash
+ 500,000Illustrative equity value
7,000,000Look beyond the headline multiple
Two businesses with the same current profit may have very different risk, reinvestment needs and future cash. The analysis should explain these differences rather than hide them inside one percentage.
Separate recurring trading performance from one-off items, owner-specific costs, unusual gains and unresolved accounting entries. Consider whether reported results are supported by reliable records.
Assess collection patterns, stock requirements, supplier terms and capital spending. Profit that remains tied up in receivables or inventory is not the same as cash available to an owner.
A major customer, key supplier, licence or owner-managed relationship can create concentration risk. Consider how the business would operate after a transaction or change of control.
Test forecast sales and margins against past performance, contracts, capacity and market conditions. Use scenarios where a single assumption has a large effect on the outcome.
How we work
The exact work depends on the engagement and whether the result is for management, a transaction or a specified external recipient.
Agree the subject, ownership interest, purpose, valuation date, intended reader, basis of value, report format and any required professional or accounting framework.
Review historical statements, management accounts, forecast assumptions, customer and supplier concentration, contracts, assets, debt, cash and relevant market information. Identify gaps and unresolved items.
Normalise relevant earnings where supported, evaluate cash flows, select appropriate methods and test sensitivity to significant assumptions. Compare results with any credible market or asset evidence.
Report the approach, key inputs, material judgements, limitations and value conclusion for the agreed purpose. Discuss what might change the result and what the report does not cover.
What to prepare
A recent trial balance and several years of financial statements help establish the historical picture. The current year’s monthly results, budget, customer and supplier trends, major contracts, debt and cash schedules, asset information and ownership documents help explain what may happen next.
If the accounts are incomplete, we first establish what can be relied upon. Financial statement preparation or catch-up accounting may be needed before a conclusion can support an external decision. We agree a secure way to share commercially sensitive records.
Our work can also connect with feasibility studies, cash-flow forecasting and transfer pricing where those are genuinely separate questions.
Frequently asked questions
Practical answers to the questions owners, buyers and finance teams ask before commissioning a valuation.
Start by defining what is being valued—a whole company, a business unit or a particular shareholding—the valuation date, purpose and intended users. Then examine reliable financial records, earnings quality, future cash flows, net assets, debt and relevant market evidence. An adviser selects methods appropriate to the business and explains the assumptions, limitations and resulting value, rather than applying one universal sales multiple.
Enterprise value generally relates to the value of the operating business before considering its financing structure. Equity value is the value attributable to shareholders after adjusting for debt, cash and other agreed items. The exact bridge depends on the transaction definitions, surplus cash, debt-like items and working-capital terms. The two numbers should not be presented as interchangeable.
No. A company valuation examines the business or ownership interest, including operating earnings, future cash flows, liabilities and risk. A property valuation focuses on a specific real-estate interest. An asset-heavy company may need specialist values for property or equipment as inputs, but those do not automatically equal the value of the whole business.
There is no universal best method. Discounted cash flow can be useful when supportable forecasts exist; market multiples require genuinely comparable evidence and appropriate adjustments; an asset-based approach may be particularly relevant to asset-heavy or non-trading entities. The purpose, basis of value and quality of information determine the method and how its result is tested.
Revenue multiples can be a reference point in some sectors, but sales alone do not show margins, cash conversion, customer concentration or future investment needs. A generic online multiple is not a substitute for analysing the business, the transaction and credible comparable data.
A startup may have limited historical profit or highly uncertain projections. The work then focuses on the business model, funding needs, milestones, market evidence, assets and scenario sensitivity. The uncertainty should be explained rather than concealed behind a precise-looking figure. Some assignments may not support a narrow value conclusion from available evidence.
We can discuss a valuation of a defined shareholding, including the purpose, rights attaching to the shares, relevant shareholder agreement, valuation date and intended reader. Whether an adjustment for control or marketability is appropriate depends on the facts and valuation basis; it is not an automatic percentage. Legal rights and dispute resolution require legal advice.
Typically, audited or management financial statements, trial balances, recent management accounts, budgets or forecasts, customer and supplier concentration, key contracts, debt and cash schedules, fixed-asset information, tax positions, ownership documents and the transaction or shareholder terms. The list is tailored to the business and purpose.
Not always. However, unreconciled or incomplete financial information weakens the evidence base. If a buyer, lender or other recipient requires audited statements, that is a separate requirement. A valuation is not an audit opinion, and an audit does not itself determine the company’s sale price.
No. A valuation is an evidence-based conclusion for a stated purpose and date. The negotiated price may differ because of deal structure, synergies, competition between buyers, due-diligence findings, debt, working-capital adjustments or contract terms. We distinguish value from an agreed transaction price.
Yes, if the scope is agreed for that decision. It can frame a price discussion and identify the assumptions that matter most. A buyer should also consider financial due diligence, legal and tax advice, funding terms and the proposed share-purchase agreement; valuation does not replace those workstreams.
We first identify the accounting purpose, applicable standard, unit of account, basis of value and reporting date. IFRS 13 addresses fair-value measurement where another IFRS Standard requires or permits it; not every business valuation is automatically an IFRS 13 fair-value exercise. We agree the specific report and professional responsibilities before accepting such work.
The valuation date is the point in time at which the conclusion is formed. Financial results, forecasts, interest rates, market evidence and known events can change after that date. A report for a past shareholder exit should not silently use later information as if it were known then.
Timing and fees depend on the entity structure, condition of records, number of years and forecasts reviewed, asset specialists needed, purpose and report requirements. A straightforward management decision and a contested or external-use assignment do not require the same work. We scope the deliverable and evidence before quoting.
No. A business valuation estimates the value of a company or interest for a stated purpose and date. Transfer pricing benchmarking tests whether related-party pricing is supportable under applicable tax rules. The analyses may share financial data but use different questions, comparables and documentation.
Reviewed 14 October 2026. The scope and examples above explain SAIF’s proposed advisory process; the applicable framework must be agreed for each assignment.
Speak to SAIF
Tell us what is being valued, for whom, as of which date and what decision the report must support. We will discuss the scope and records before proposing the work.
Continue on WhatsApp
