Evaluations & Transactions

Valuation of the management’s option programme

Finantsakadeemia assessed the value of the management options programme of a company operating in the road construction industry. Options had to be disposed of due to the restructuring of the Group. The assessment was performed by using a combination of the binominal and the Black-Scholes methods. Valuation was unusually complicated due to the fact that the date of the transfer of options was different from the date of their issue and the transfer depended on whether the employment relationship continued on the date of transfer.
Time: 01/2014

Cross-border acquisition’s advise

Finantsakadeemia consulted a leading company operating in the light industry in connection with the acquisition of companies in Finland and Estonia. Our main tasks included valuation, the review of the financial and business terms of contracts and the adjustment of the cost of the transaction (working capital, net loan, etc.). The transaction was successfully completed and at present, the post transaction integration of the acquired companies is ongoing.
Time: 10/2013-05/2014

Acquisition of majority holding in a construction company

Finantsakadeemia performed the valuation of the minority holding of a company operating in the construction industry. The contracting entity was the owner of the majority holding in the company and intended to acquire full control over the company. For assessment, we used both the market (transaction coefficients) and the income (discounted cash flows) approach.
Time: 04-05/2014

The weighted average cost of the capital estimate

Finantsakadeemia consulted a Group that operates in different sectors (retail and industry) in the calculation of the weighted average cost of the capital of its subsidiaries for the preparation of financial statements. The companies are located in several countries.
Time: 09/2014

Valuation for restructuring purposes

Finantsakadeemia performed the valuation of a leading textile company for the purposes of the restructuring of a Group. The methods of assessment included both the revenue method (discounted cash flows) and the market method (coefficients of benchmarked companies).
Time: 02/2015

Post-transaction purchase price allocation

Finantsakadeemia performed the purchase price allocation (PPA) for a leading light industry company according to the Guideline of the Estonian Accounting Standards Board. PPA is obligatory if majority holding is being acquired. The analysis was performed for the subsidiaries acquired in Finland and Estonia and in close cooperation with the auditor of the company.
Time: 01-04/2015

Valuation of a power generation undertaking

Finantsakadeemia performed the analysis of the value of a power undertaking that generates energy from renewable sources in connection with a potential transaction between its owners. In the valuation, we took into account the fact that the support granted for renewable energy will end soon, the term of the right of superficies, useful life of assets and other relevant matters. We used the revenue method for assessment.

Valuation of a construction company

Finantsakadeemia assessed the value of a 100% stake in a large construction company in connection with a shareholder buy-out plan. Both the market method and the income method were used as valuation methods.

Time: 01-02 / 2016

Valuation of a wholesale company

Finantsakadeemia assessed the values of the 100% shareholding of the Lithuanian subsidiary of the wholesaler operating in the Estonian building materials market in connection with the plans to sell it. The valuation was performed using the net assets method.

Time: 08-09 / 2016

Software company valuation

The Academy of Finance assessed the market value of 100% equity of a document management software company. The work was commissioned in connection with a possible sale of the Company’s shares for the purpose of involving a strategic partner.

Time: 10-11 / 2016

Media and advertising company purchase price allocation analysis

Together with Opinio Finance, Finantsakadeemia conducted a post-transaction purchase price allocation analysis of the Estonian branch of an international media company.

Time: 4-6 / 2017

Analysis of the value of pharmacies

At the request of the Estonian Association of Pharmacies, Finantsakadeemia prepared an expert assessment with the aim of analysing the fair value of general pharmacies and justified compensation to pharmacists in connection with the so-called transfer obligation provided for in the Medicines Act.

Time: 05-07 / 2017

Wholesaler value analysis

Pursuant to the agreement, Finantsakadeemia carried out work in connection with the assessment of the market value of 29.9% of the shares of the Estonian importer of industrial equipment, in connection with the planned purchase and sale transaction.

Time: 10-11 / 2017

Textile manufacturer value analysis

At the request of Estonia’s leading textile manufacturer, Finantsakadeemia carried out an analysis of the value of a German company in the same sector in connection with a planned purchase transaction.

Time: 01/2018

Valuation of textile manufacturers’ subsidiaries

The Academy of Finance assessed the value of the subsidiaries of a listed textile company in connection with intra-group restructuring.

Time: 01 – 02/2020