A buyer rarely receives a valuation; they receive a number. A second opinion tests it against a traceable method, before your offer anchors on a value that will not hold.
An SME valuation fits on one line: an EBITDA, a multiple, a price. A second opinion checks what really moves the value.
The earnings base. Recurring EBITDA, restated once: not the raw accounting figure, and not a prudent figure discounted twice.
The multiple for the right size. The sector multiple for the right revenue bracket. A micro-business does not trade at the multiple of a structured SME.
Equity value, not enterprise value. Net of financial debt: loans and leases, less cash on hand.
The total cost of the acquisition. Price, seller's shareholder account, working capital requirement, fees: everything you must fund at closing.
Frequently asked questions
About the valuation second opinion.
An independent, contradictory review of the price retained for a business you plan to acquire. We do not rebuild a valuation from scratch: we test yours, or the one you were given, against a transparent method: a restated EBITDA base, a size-adjusted multiple, the walk from enterprise value to equity value, the total cost of the acquisition. Then we flag where the number is fragile.
From versioned sector reference tables, broken down by revenue bracket, where every figure carries a named source: valuation firms' scales, transaction barometers (Dealsuite, the CNCC-Epsilon Observatory), Banque de France data for working capital. The multiple of a one-million-euro micro-business is not the one of an eight-million-euro SME: the size effect is built in, not averaged out.
Its purpose is not to lower the price but to objectify it. Sometimes it confirms the announced value and secures your offer; sometimes it reveals an overstated EBITDA, a multiple with no size discount or a forgotten net debt, and opens a documented renegotiation. Either way, you anchor your decision on traceable reasoning.
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