Valuation by multiples

Sources and assumptions

Calculation assumptions

• This calculator freezes no legal value: the aggregate, the multiple, the financial debt, the cash and the stake are your own entries. Hence the absence of any tax year on this page.
• The multiple is not supplied: no public authority publishes a scale of sector multiples. The French tax administration's valuation guide points instead to barometers and observatories published by third-party bodies, and states that it is not meant to provide mechanically applicable formulas. The multiple you enter must therefore be backed by comparables you can produce: listed companies, comparable transactions, or an earlier transaction on your own shares.
• The amount you enter is used as is. Aggregates should be adjusted where needed before a multiple is applied to them, and consistency matters: a multiple built on the EBITDA of listed companies does not apply to a French statutory gross operating surplus, and a multiple based on a forecast aggregate does not apply to a historical one.
• Only net financial debt bridges enterprise value to equity value. The other bridge items are not computed: finance-lease debt, factored receivables to be added back, correction of an unrepresentative working capital requirement, non-operating assets and liabilities, minority interests, pension commitments.
• No premium or discount is applied: no control premium, no minority discount, no discount for illiquidity, size, transfer restrictions, key-person risk, holding structure or latent tax. Applying them can never be mechanical — it depends on the circumstances of each valuation and must be justified. The figure shown is therefore a value before any discount.