Evaluation

In economy, there are many events justifying or creating the need to carry out evaluations. Besides classical purchase-sales transactions, they include, among others, mergers and takeovers of companies, divisions and liquidations, entering an enterprise in form of a contribution, capital increase, or determination of the value of insurance. Most of the time, we prepare evaluation of a company for our Clients in relation of an intention to carry out a transaction of purchase, sale, contribution or division of a company. The reason behind increased popularity is evaluation of company's value in order to increase quality of company management.

Our ability to understand your preferences and assessment of circumstances including size of an evaluated entity, purpose of evaluation, and other significant factors enable selection of the optimal value evaluation method and ensure efficient execution of a project. For our Clients we prepare evaluations of:

• Companies,
• Blocks of shares / bonds,
• Organized sections of companies - divisions, technological lines,
• Property constituting a part of company, including real property and movables,
• Good-will, patents, and trade marks.

Evaluation of immovable and real property is performed by licensed experts.

Preparatory evaluations are most often performed in relation with execution of the following processes:

• Purchase-sale of a company, company's organized section or block of shares / bonds,
• Mergers and takeovers,
• Buyouts of controlling blocks of shares / bonds by executive officers (MBO / LBO),
• Setting up credit / loan protections with company's property or shares / bonds.

Evaluation methods are selected in accordance with the object of evaluation and prevailing economic conditions of company's operations. Among methods we apply are the following:

• Revenue methods - among others FCFF, FCFE,
• Property methods - of corrected net assets, liquidation, reconstruction,
• Comparative methods,
• Mixed methods - resulting from combination of the abovementioned methods,
• Non-conventional methods.