VALUATION CASE STUDIES
Comparative business analysis and valuation: Second Opinion in a corporate dispute
Two manufacturing companies, acquirer and acquiree, were involved in a mandatory merger as part of a cross-border merger of the parent company. The acquiree’s main shareholder contested the share exchange ratio of the merger in court and requested our second opinion on four valuation reports concerning both entities. We conducted an in-depth evaluation of the assumptions in each valuation report, identified inconsistencies and errors, and provided appropriate recommendations.
Business analysis and valuation for legal use in a corporate dispute
Following a long-standing disagreement between the majority and minority shareholder of a sizable, limited liability company, the competent court ordered that the minority shareholder exit the company and receive, in cash, the fair value of the participation held. Under the same decision, the task of the valuation of the company was given to a judicial accounting expert. In the context of this case, we acted as technical advisors to the judicial accounting expert and provided a thorough valuation of the company, employing widely accepted valuation models and techniques, under alternative economic scenarios. In addition, we prepared, following a thorough examination of the valuation report prepared by the judicial accounting expert, a second opinion to rebut the arguments put forward.
Business analysis and evaluation for stakeholder negotiations
Our client, a family office operating in Greece, sought an analysis of the financial statements of a subsidiary company and its parent, aiming to evaluate performance, solvency, going concern status, and future prospects. This analysis was intended to facilitate negotiations among shareholders and investors. We performed a comprehensive review of six years’ financial statements for the subsidiary, the parent company, and the group as a whole, using International Financial Reporting Standards (IFRSs). Our report highlighted the precarious financial situation and prospects of both the company and the group, providing strategic advice to our client.
Business analysis and lost revenue estimation for filing a lawsuit
Our client, as a result of the Covid-19 pandemic, had suffered significant revenue loss, which was covered under an insurance policy. To assist our client file a valid claim for the damages suffered, we deployed the services of an academic researcher who specializes in forecasting models, so as to make our analysis as robust as possible, in view of the economic magnitude of the case. We examined various variables that the literature and common practice has shown to affect the revenue in the sector of our client. Further, we run various forecasting models, in various versions, including linear regression, autoregressive models, and panel data models. Finally, we conducted various confirmatory / robustness tests. Our report was heavily used in filing and supporting the claim in the courts.
Note: Following the submission of our report, we were invited by a company affiliated with our client, to conduct a similar analysis.
Valuation of a personal investment account for legal use
Several years after the owner of an investment account, managed by a major international bank, passed away, a dispute arose among the beneficiaries. The account, liquidated shortly after the owner’s death, included cash, bonds, and shares in companies listed on the Athens Stock Exchange (ASE). We were tasked with valuing the account’s assets as of the lawsuit filing date, adjusting for stock splits, mergers, acquisitions, and share exchange ratios.
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