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M&A advisory - raising equity or debt capital, sales or acquisitions, mergers

Strategy, corporate finance & business consultancy, legal & GDPR services

Business & management courses, management trainings, coaching 

Accurate enterprise valuation for your company.

Novel AI-based software for Enterprise Valuation (EV)

Full compliance with international valuation standard IVS

Various EV-as-a-Service (EVaaS) packages according to your need

Suitable for any startup & growth company and mature or listed corporation

All valuation methods - DCF, comparables, Venture Capital Model, LBO, DDM etc

Analysis of ESG implication to Enterprise Value

Valuation for all industries, incl. technology, IT, telecom, media, services etc.

Data storage, exchange and management on the platform with highest security

30+ years of experience with 200+ completed M&A transactions globally  

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Enterprise valuation is needed in following occasions:

Mergers & Acquisitions & Sales

Valuation helps investors or buyers to understand the total cost of acquiring a company or stake, including debt and excluding cash.

Private Equity & Venture Capital

Valuation is used to determine the entry and exit valuations for investments made by private, Venture Capital or Private Equity investors.

Strategic Planning & Investment Analysis

Investors use EV to compare companies with different capital structure, company to benchmark itself against competitors or industry averages.

Internal Transactions

EV is needed to adopt ESOP (Employee Stock Ownership Plans), in case of share buy-backs, company carve-outs and spin-offs, MBO etc.

Financial Accounting 

EV is used in accounting & recording of assets in its fair value according to applicable standard (IFRS etc.) or in other financial analysis purposes.

Other 

EV is needed to determine fair value of the company in case of Private Placement or IPO, shareholders\ disputes, tax accounting (divorces etc.) 

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​EVaaS (Enterprise Value-as-a-Service) packages

Choose a package that suits with your company's status and 
​the purpose of valuation


​EXPRESS
​2 - 3 working days

€1 900 - 2 500
​subject to company's size & complexity

Company's profile / situation:

All industries
Concept / Pre-revenue
Start-up (1-3 yrs)
Growth company
Mature (3+ yrs)
Restructuring
Liquidation

Valuation methods:

Transaction comparables*
Trading comparables*
DCF WACC simplified
DCF WACC dynamic
DCF APV
DDM
Capitalized earnings
Leveraged Buy-out
Venture Capital Method

Package includes:

Peer Group analysis*
Benchmarking
DuPont analysis
AI-based forecasting
ESG analysis
EV report (pdf)
Presentation (1 h)
Fill in the form & get quotation
 Special Offer €3 900 
​MEDIUM
​5 - 9 working days

 €4 900 - 7 500
​subject to company's size & complexity

Company's profile / situation:

All industries
Concept / Pre-revenue
Start-up (1-3 yrs)
Growth company
Mature (3+ yrs)
Restructuring
Liquidation

Valuation methods:

Transaction comparables*
Trading comparables*
DCF WACC simplified
DCF WACC dynamic
DCF APV
DDM
Capitalized earnings
Leveraged Buy-out
Venture Capital Method

Package includes:

Peer Group analysis*
Benchmarking
DuPont analysis
AI-based forecasting
ESG analysis
EV report (pdf)
Presentation (1 h)
Fill in the form & get quotation

​FULL
​15 - 35 working days

€12 000 - 15 000
​subject to company's size & complexity

Company's profile / situation:

All industries
Concept / Pre-revenue
Start-up (1-3 yrs)
Growth company
Mature (3+ yrs)
Restructuring
Liquidation

Valuation methods:

Transaction comparables*
Trading comparables*
DCF WACC simplified
DCF WACC dynamic
DCF APV
DDM
Capitalized earnings
Leveraged Buy-out
Venture Capital Method

Package includes:

Peer Group analysis*
Benchmarking
DuPont analysis
AI-based forecasting
ESG analysis
EV report (pdf)
Presentation (2 h)
Fill in the form & get quotation
 Special Offer €2 500 
​START-UP
​3 - 5 working days

€2 900 - 4 500
​subject to company's size & complexity

Company's profile / situation:

All industries
Concept / Pre-revenue
Start-up (1-3 yrs)
Growth company
Mature (3+ yrs)
Restructuring
Liquidation

Valuation methods:

Transaction comparables*
Trading comparables*
DCF WACC simplified
DCF WACC dynamic
DCF APV
DDM
Capitalized earnings
Leveraged Buy-out
Venture Capital Method

Package includes:

Peer Group analysis*
Benchmarking
DuPont analysis
AI-based forecasting
ESG analysis
EV report (pdf)
Presentation (1 h)
Fill in the form & get quotation
Included in selected package 
Not included in selected package
Optional feature, additional fee applied
See a complete list of all features and options

* Depends on availability of comparable data in relevant databases

All prices are subject to applicable VAT

A 20% downpayment may apply to confirm your order

If necessary, ask for the T&C of the EVaaS service. For certain packages of the EVaaS service, limitations of liability applies to the use of valuation results due to the availability of input data or the limited quality of the reference and input data.

Process of enterprise valuation

Select a package and confirm order
​

Choose a package based on your company's profile and the purpose of valuation. Fill out the form, receive an offer from us by e-mail and confirm your order.

Ask for more information
Submit required data, reports and forms, qualitative profiling

We will provide you with a list of data and reports that are needed to prepare a valuation. Also, fill out the forms provided (e.g. profile, ESG). Send the information to us.

See what data is needed
Import and input of data, processing and correction of valuation 

Data, reports, and forms are entered, Peer Group selection is performed, data analysis and processing is performed, and input correction and validation are performed. We discuss on an ongoing basis.

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Generation of EV, validation, prep of report and presentation

Valuation is generated, validating the results, adjusting inputs if necessary, and generating a final report. We present the results and make recommendations.

Look at sample EV report

Read more:

What is Enterprise Value (EV)?

Enterprise Value (EV) is a financial metric that shows the total value of a company, excluding equity and debt. It is an important indicator when buying or selling a company, but also for other reasons, because it reflects the value of the entire company, not just the share of shareholders. There are several methods for calculating Enterprise Value (EV), the choice of which depends, among other things, on the purpose for which the valuation is needed. For example, when raising capital / investors for a company or in the case of a sale or acquisition, the value of a company corresponds to its ability to generate future free cash flows (FCF) discounted to present value. An overview of the methods for calculating Enterprise Value (EV) is provided below.


Equity Value (EqV) is a financial metric that shows the share of a company's value that is owned by its shareholders (net equity value). The Equity Value of a company is calculated as following:

Enterprise Value (EV) - interests-bearing liabilities - shortage in working capital + free cash 

Methods of enterprise valuation
In general. The valuation methods used generally fall into 3 categories:
​- Incomes based methods
​- Market based methods
​- Assets based methods
DCF WACC Simplified or WACC Dynamic:Discounted Cash Flow (DCF) based valuation method, using either simplified or dynamic Weighted Average Cost of Capital (WACC).
DCF APV: DCF-based method, where the cost of equity is used to discount future cash flows instead of WACC
DDM - Divident Discount Model: A valuation method in which projected dividend income is discounted with the cost of equity, resulting in the value of a company's equity.
Capitalized Earning Method.
Trading Comparables: Calculating the enterprise valuation using a comparative method that takes into account the indicators and ratios of listed companies in a Peer Group. Typically, the average (e.g. median) values ​​of several important ratios or indicators are used.
Transaction Comparables: Same method as Trading Comparables, but indicators and ratios of transactions with private companies are used (assumes availability of corresponding data).
Venture Capital Method (VCM): A method used by venture capital (VC) investors in conducting valuation of early-stage (including pre-revenue) start-up companies. 
Leveraged Buy-Out (LBO): A method used in the acquisition of a company, where the acquisition is partially financed (leveraged) with debt capital, raised to the company being acquired.
What should be considered in enterprise valuations?

Purpose of enterprise valuation

 

Availability of needed data (e.g. comparables)

 

Company stage

 

Economic conditions (incl. macro-economic)

 

Discover entire portfolio of our business services 

M&A transaction advisory, investors' search

  • Capital raise (equity & debt capital, issue of bonds etc.)
  • Acquisitions
  • Sales and exits
  • Mergers and strategic partnerships 
Ask for more information

Business and financial consultancy

  • Enterprise valuations
  • Strategic and business planning
  • Corporate finance and management consulting
  • M&A Manager-as-a-Service
Ask for more information

Legal advisory and data protection

  • Legal advisory in M&A transactions
  • Legal Due Diligence (LDD)
  • Data protection and GDPR consultancy
  • DPO-as-a-Service 
Ask for more information

TMT Capital Academy
​

  • Training courses, seminars, webinars
  • Individual courses to the company / management
  • Management training and coaching
Go to TMT Capital Academy
Ask for more information

About us

TMT Capital is an international network of experienced experts in M&A advisory and corporate finance (CF), in strategy, business and management as well as legal, regulatory and data protection (GDPR) consultancy. We focus on growth and mid-cap companies with a value of up to €200 million, including start-ups. We are industry-agnostic, with a focus on TMT market verticals (telecom, IT, media, technology).


TMT Capital experts have extensive and long-term experience as entrepreneurs, investors, senior managers and/or consultants in the TMT sectors, and we operate in various investment, M&A and other advisory firms in the Baltics, Europe and beyond. We collaborate and combine our knowledge and strengths on a project-by-project basis.

Partner for the company throughout its entire life cycle

Strategic planning and development

Development and planning of corporate strategy and competitive advantages, planning and development of business and operational strategies (branding, marketing, sales, service, operations, human resources management, etc.) 

Business and financial planning

Development of business and operational plans in accordance with the strategy and objectives, conducting market research and analysis, preparing financial projections, developing and managing financial and management accounting models in a due course of operations

M&A advisory

Conducting search for an investor or strategic partner, raising equity, debt or mezzanine capital, issuing bonds, private placements, selling a company or business line (exiting), expansion via acquisition or merger, restructuring the company 

Business, management and legal consultancy

Business and financial consultancy throughout of company's entire life cycle, legal and data protection advisory, management training and coaching. Since 1997, we have also participated in the development of the European Union's electronic communications regulation and advised companies in the field of telecom regulation. We also provide innovative Corporate Solicitor / DPO-as-a-Service and M&A Manager-as-a-Service.

In partnership with:


          

                                    


Our experts

Pete

    

LinkedIn

Gary

    


LinkedIn

Andrejs

   


LinkedIn

Merit

   


LinkedIn

Arno

   


LinkedIn

Margus

  

LinkedIn

Michael

     


LinkedIn

Raivo

  

LinkedIn

Our experts' network includes partners who work daily in Estonia, Latvia, Great Britain, Finland, Israel, Poland, the Czech Republic, Germany, Canada, the USA and elsewhere.

For larger projects, we assemble a team with the necessary competence and size based on our own network, and therefore we are able to conduct larger cross-border transactions.

Contacts

Location

HQ: Rävala pst. 3, Tallinn 10143, Estonia
​c/o Keystone Advisers
TMT Capital / Vertelson Consulting OÜ
​Reg No. 12240583
​EU VAT No. EE101584409

Telephone

+372 5454 3300
09:00 - 17:00

Email

info(a)tmtcapital.eu
valuations(a)tmtcapital.eu
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Privacy terms
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The following data and reports are needed for enterprise valuation:

EXPRESS
P&L report (-3 yrs)
Balance sheet (-3 yrs)
CF report (-3 yrs)
Annual report (1-2 yrs)
Mgmt reports (-3 yrs)
Gen. forecast (-3 yrs)
Business plan (3-5 yrs)
Detailed BP (3+ yrs)
Qualitative assessment
ESG form
Other data
MEDIUM
P&L report (-3 yrs)
Balance sheet (-3 yrs)
CF report (-3 yrs)
Annual report (1-2 yrs)
Mgmt reports (-3 yrs)
Gen. forecast (-3 yrs)
Business plan (3-5 yrs)
Detailed BP (3+ yrs)
Qualitative assessment
ESG form
Other data
FULL
P&L report (-3 yrs)
Balance sheet (-3 yrs)
CF report (-3 yrs)
Annual report (1-2 yrs)
Mgmt reports (-3 yrs)
Gen. forecast (-3 yrs)
Business plan (3-5 yrs)
Detailed BP (3+ yrs)
Qualitative assessment
ESG form
Other data
START-UP
P&L report (-3 yrs)
Balance sheet (-3 yrs)
CF report (-3 yrs)
Annual report (1-2 yrs)
Mgmt reports (-3 yrs)
Gen. forecast (-3 yrs)
Business plan (3-5 yrs)
Detailed BP (3+ yrs)
Qualitative assessment
ESG form
Other data
Required data and reports
Not required, not relevant
Optional data or reports 

TMT Capital ensures the confidentiality of all received data, reports, questionnaires, etc. and destroys or returns the corresponding data and reports upon completion.

​​
​​Complete list of features and options of all EVaaS packages 

  ExpressMedium Full Start-up Additional one-off fee 
 STATUS OF THE COMPANY / SITUATION:          
Concept / Pre-reven ue company
 XXX+ 
 Start-up company (1-3 yrs)
 XX X +  
 Scale-up / growth company
 +X X + 
 Mature company, private (3+ yrs)
 +++X 
 Mature company, public (3+ yrs)
 +++X 
 Restructuring
 + ++X  
 Liquidation
 ++ + X  
 VALUATION METHODS USED:     
 Transaction comparables*
 +++ X  
 Trading comparables*
 +++X  
 DCF WACC simplified
 X++O €1 500 .00
 DCF WACC dynamic
 X++X 
 DCF APV (Adjusted Present Value)
 X++X 
 DDM (Dividend Discount Model) 
 XO+X€900 .00
 Capitalized earnings
 XO+X €900.00
 Leveraged Buy-out (LBO)
 XO+X €900.00
 VCM (Venture Capital Method)
 XOO+€900.00 
 FEATURES AND VALUATION DRIVERS USED:      
 Asset turnover
 +++X 
 Return on Assets
+++X 
 Return on Equity
 ++++
 DuPont analysis (analysis of value drivers)
 XX+X 
 Peer Group analysis
+++O€1 500 .00
 Benchmarking
 +++O €900.00
 Normalizations (revenues, opex, EBITDA etc.)
 X++X  
 Semi-automatic forecasting
X+++ 
 AI-based forecasting (historical data, KPIs etc.)
 XO+X €900.00
 Multi-scenario analysis 
XOOX€1 500 .00
 Analysis of ESG implication to EV (WACC)
 XOOX €2 500.00
 EV report (pdf)
 ++++ 
 Valuation presentation and suggestions (max 1-2 h)
 ++++ 
 INPUT DATA NEEDED:     
 Profit & Loss Statements (1-3 years)
 +++O 
 Balance Sheets (1-3 years)
 +++O 
 Cash Flow Reports (1-3 years)
 +++O 
 Annual Reports (1-2 years)
O++O 
 Detailed Management Reports (1-3 years)
 OO+O 
 High-level forecasts / growth KPIs (revenues, COGS, opex, capex)
 +OO+ 
 Business plan with financial projections, 3-5 years
O+OO 
 Detailed business plan with financial projections and KPIs (3-5 years)
OO+O 
 Questionnaire - Qualitative Assessment of the company
 ++++ 
 Questionnaire - ESG
XOOX 
 Other data or reports, subject to releveance
 OOOO 
 Additional workload (exceeding amount in package), Partner, hourly rate 
 OOOO€135.00 
Additional workload (exceeding amount in package), Director, hourly rate 
 OOOO €95.00
 Additional workload (exceeding amount in package), Analyst, hourly rate  OOOO€55.00 

All of the prices of EVaaS packages and additional services are subject to the value-added tax (VAT) applicable in the Republic of Estonia.

Any need for additional workload shall be agreed upon in advance with the client, and payment will be based on timesheets submitted to the client.

For the Express and Medium packages of the EVaaS service, limitations of liability apply to the use of valuation results due to the varying quality of input data. For more information regarding the limitations on the use of the work, please consult a TMT Capital expert.

​​

​​Sample of valuation report of EVaaS

Executive Summary of EV report (8/81)

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