How to Estimate the Value of a Company

Introduction

You need a valuation when you set a price - for M&A, fundraising, tax filings, or investor reporting - because those moves change who controls cash and who bears taxes and legal risk. Strategic buyers (acquirers seeking synergies), financial buyers (private equity and return-focused investors), and minority investors (holders protecting downside and upside) all care about the same thing: whether the price reflects expected returns. The core question is: what future cash flows and what risks justify a price today - one line: value = the present price of forecast cash. Valuation is simply the process that translates those future benefits into a present price, using discounting for timing and risk, and it directly shapes negotiation, reporting, and tax choices.

Key Takeaways

• Valuation answers what future cash flows and risks justify a price today - essential for M&A, fundraising, tax, and reporting.
• Use the approach that fits the business: DCF for cash-flow firms, market comps for benchmarking, and asset-based methods for asset-heavy businesses.
• Build DCFs with 5-10 years of FCFF, market-derived WACC, and conservative terminal growth; stress-test sensitivity to growth and discount rates.
• Use EV/EBITDA, P/E, EV/Sales from true peers (normalize one-offs); adjust multiples for size, margin, and liquidity differences.
• Translate headline value into transaction price by adding non-core assets, accounting for debt, control/minority adjustments, deal structure, and presenting a defended value range with scenarios.

Core valuation approaches

You're deciding which valuation method to use for M&A, fundraising, tax, or investor reporting - pick the method that fits the business stage and the quality of available data. Here's the direct takeaway: use the income (DCF) approach for going concerns with predictable cash flows, the market (comparables) approach to anchor your view to market prices, and the asset approach when tangible value dominates.

Income approach: discount expected cash flows

The income approach (discounted cash flow, DCF) converts projected free cash flows into a present enterprise value. Start with clear, driver-based projections for fiscal year 2025 and the next 5-10 years, then add a prudent terminal value.

• Project drivers: revenue growth, gross margin, operating expenses.
• Compute operating profit, subtract tax, add back non-cash, adjust for working capital and CAPEX to get FCFF (free cash flow to firm).
• Estimate discount rate (WACC): cost of equity via CAPM, cost of debt from market yields; use market-implied debt spreads and current 10‑year US Treasury for the risk-free rate.
• Terminal value: use Gordon Growth (TV = FCFFn+1 / (WACC - g)) with terminal growth g typically 2-3%.
• Sensitivity: run a grid for WACC ±1.0% and terminal growth ±1.0%.

Quick math example: assume 2025 FCFF = $20.0 million, growth 15% year1 then 6% average to year5, WACC 8.0%, terminal growth 2.5%. Discount 5-year FCFF and TV to get implied EV-this shows how small WACC moves change value materially. Here's the quick math: year1 FCFF $23.0m, year5 FCFF ≈ $27.6m, terminal value ≈ $920m; present values depend on exact discounting.

Best practices: base forecasts on unit economics, normalize for one-offs, keep terminal growth conservative (

Action: Finance: build a 5-year FCFF model using fiscal 2025 as base, and deliver a sensitivity table by Thursday.

Market approach: comparable companies and precedent transactions

The market approach values by reference to what similar assets and transactions traded for. It's a reality check against DCF and useful when markets are active or when you lack reliable internal forecasts.

• Select peers: match business mix, geography, growth, and accounting treatment.
• Choose multiples: EV/EBITDA, P/E, EV/Sales depending on profitability and lifecycle.
• Normalize items: remove one-offs, stock-comp expense differences, extraordinary taxes.
• Compute central tendency: use median or trimmed mean across 5-12 comparables; prefer deals in the last 18-24 months.
• Apply adjustments: size discount, margin gap, and growth differential (± percentage points).

Concrete example: if target 2025 EBITDA = $25.0 million and median peer EV/EBITDA = 10.0x, implied EV = $250.0 million. If the target is smaller and less profitable, apply a 20% discount to yield an adjusted EV of $200.0 million. Precedent transactions often include a control premium; public comps reflect minority pricing.

Best practices: document peer selection, prefer the same fiscal year basis (use 2025 metrics), show both transactions and trading multiples side-by-side. Limitations: market multiples reflect current sentiment and may misprice structural differences.

Action: Strategy: assemble a 10-company peer set with 2025 financials and calculate median multiples by end of day Wednesday.

Asset approach: net asset or liquidation value for asset-heavy firms

The asset approach derives value from the fair market value of tangible and identifiable intangible assets less liabilities. Use this when the business is asset-heavy, facing liquidation, or when cash flows are unreliable.

• Inventory assets: mark to market using current replacement or resale values.
• Property, plant & equipment: obtain third-party appraisals for real estate and major equipment.
• Intangibles: separate identifiable intangibles (licenses, mineral rights) from goodwill (often zero in liquidation).
• Subtract liabilities: include debt, lease liabilities, contingent and environmental reserves.
• Apply liquidation haircuts and transactional costs (brokerage, legal): typically 10-30% by asset class.

Example: book assets = $500.0 million, fair-value adjustments +$50.0 million, liabilities = $120.0 million. Net asset value = $430.0 million. If you expect orderly sale but apply an average haircut of 15% to PPE and inventory, liquid value falls accordingly.

Best practices: use recent appraisals, separate going-concern value (if any), and explicitly reserve for environmental and contingent liabilities. Limitations: ignores going-concern intangibles and synergies that a buyer might pay for.

Decision rule checklist: prefer DCF for stable cash flows, comparables when market data exists, assets when tangible value dominates or company is distressed. Owner: Valuation lead-choose primary approach and justify it in the model notes this week.

DCF: step-by-step and practical rules

Project free cash flow to firm

You're building a valuation model and need a clean path from revenue to cash that owners can actually take out - here's the short takeaway: project operating performance for 5-10 years, convert profit into cash (FCFF), then roll excess value into a terminal value.

Step 1 - start with a clear FY2025 baseline. Use last twelve months or fiscal-year numbers as your Year 0. Project revenues by product/geography with explicit growth drivers (price, volume, renewal rates). Keep scenarios simple: base, upside, downside.

Step 2 - forecast margins to operating profit. Build to NOPAT (net operating profit after tax): NOPAT = Operating income (1 - tax rate).

Step 3 - compute FCFF each year with this canonical formula: FCFF = NOPAT + Depreciation & Amortization - Capital Expenditures - Change in Net Working Capital. Here's the quick math for one year: if NOPAT is $12.0m, D&A $2.0m, CapEx $4.0m, ΔNWC $1.0m, FCFF = $9.0m.

Practical rules:

• Model 5 years for growth-stage firms, 7-10 for stable but complex businesses.
• Drive CapEx as % of sales or as a fixed program (maintenance vs growth).
• Express working capital as days of sales and payables; change = (daysrev/365) delta.
• Normalize one-offs and non-cash items; show adjusted and reported lines.

What this estimate hides: unit economics shifts, contract timing, and capital cycles can swing FCFF materially - call out the top two drivers by $ impact.

Set discount rate and WACC using market data

Direct takeaway: your discount rate must reflect the business risk and the target capital structure - compute a market-grounded WACC and stress it by +/-200-400 basis points.

Step 1 - cost of equity (Re) via CAPM: Re = Risk-free rate + Beta × Equity risk premium. Use a current Treasury yield for risk-free and an ERP consistent with long-run market consensus. Example FY2025 plug: risk-free 4.0%, beta 1.1, ERP 5.5% ⇒ Re ≈ 10.05%. (Label this as example input.)

Step 2 - pre-tax cost of debt (Rd) from company bonds or comparable credit spreads; use current market yields for similar-rated corporates. Convert to after-tax: Rd(1-Tax rate). Example: Rd = 6.0%, tax = 21% ⇒ after-tax Rd = 4.74%.

Step 3 - choose capital structure: use market value of equity and debt if available, otherwise target (e.g., 60/40 equity/debt). WACC formula: WACC = E/(E+D)×Re + D/(E+D)×Rd×(1-Tax).

Example WACC math (illustrative): E/(E+D)=60%, D/(E+D)=40% ⇒ WACC = 0.60×10.05% + 0.40×4.74% = 7.93%. One-liner: pick the capital structure investors would expect post-transaction.

Best practices and checks:

• Use bottom-up betas: unlever comparable betas, average, then relever to your target debt ratio.
• Validate Rd against actual borrowing rates and covenant terms.
• Run WACC sensitivity ±200-400 bps; note valuation convexity with respect to WACC.
• Document data sources and dates for Rf, ERP, beta and spreads.

What this estimate hides: market inputs move - small mis-specs in ERP or beta change equity value materially; always label which inputs are market-observed vs. management-guided.

Use conservative terminal growth and stress-test with sensitivity tables

Direct takeaway: cap long-term growth to a conservative rate (commonly 2-3%) and show how value swings with WACC and terminal growth - don't present a single point estimate.

Terminal methods: choose between Gordon Growth (perpetuity) or exit multiple. Gordon Growth TV = FCFFn×(1+g)/(WACC-g). Use it when you expect a steady-state business; use exit multiples (EV/EBITDA) when there are clear market comps.

Conservative rule: set terminal growth ≤ long-term nominal GDP or inflation + productivity; in many US cases that implies 2-3%. One-liner: prefer lower g and show an upside multiple scenario.

Stress testing - do a sensitivity matrix across WACC and g. Here's an illustrative FY2025 example with projected FCFF for years 1-5 = $8m, $10m, $12m, $14m, $16m. Using a base WACC of 10% and base g 2.5% the implied enterprise value ≈ $180m.

Example sensitivity table (enterprise value, illustrative):

Interpretation rules:

• Flag parameter combinations that imply implausible perpetual growth (g ≥ WACC is invalid).
• Show tornado or spider charts for the top three drivers (revenue growth, margin, WACC).
• Translate enterprise value to equity by adding non-op assets, subtracting debt and minority interests.

What this estimate hides: terminal value often dominates total value (here ~75%+ in many scenarios), so small errors in g or WACC magnify enterprise value - defintely call that out, and give a probability-weighted range rather than a point.

Next step: Finance - build a three-case DCF (base/up/down) using current FY2025 inputs and deliver the model and sensitivity table by Friday; owner: Finance.

Market multiples: selection and application

Select true peers by business mix, geography, and growth profile

You want peers that behave like the business you're valuing so multiples mean something; start with business mix, geography, and growth profile.

Step 1 - screen by product and revenue mix: pick firms where the same product lines make up at least a similar share of revenue (aim for within ±20% of the target on key lines).

Step 2 - match geography and regulation: keep peers in the same primary markets (US, EU, APAC) because margins and capital intensity differ by jurisdiction.

Step 3 - match growth and stage: choose peers with trailing and forward revenue growth within about ±300 basis points (3 percentage points) or similar CAGR over 3 years; separate early-stage, scale-up, and mature sets.

Step 4 - check capital structure and business model (asset-light vs asset-heavy, subscription vs transactional). Drop peers with wildly different models.

Quick one-liner: good comps look like cousins, not strangers.

Use EV/EBITDA, P/E, EV/Sales; normalize for one-offs and accounting differences

Pick multiples that reflect what you're buying: enterprise multiples for the whole firm (EV/EBITDA, EV/Sales), equity multiples for shareholders (P/E).

Calculate Enterprise Value (EV) as market cap + debt - cash + minority interest + preferred. Example (worked math): market cap $1,500m, debt $400m, cash $100m → EV = $1,800m.

If FY2025 reported EBITDA is $180m, then EV/EBITDA = EV ÷ EBITDA = 10.0x. Here's the quick math: $1,800m ÷ $180m = 10.0x.

Normalize operating metrics for one-offs and accounting differences: add back restructuring, M&A fees, unusual impairments; choose consistent treatment for stock-based comp (capitalized vs expensed) and lease accounting (IFRS16/ASC842). Note: normalized EBITDA should reflect sustainable cash earnings.

Quick one-liner: translate financials to a common yardstick before you compare.

Apply median or trimmed-mean multiples, then adjust for size and margin gaps

Run the peer multiples, then summarize with the median or a trimmed mean (drop top and bottom 10% of values) to avoid outliers driving the result.

Adjust the headline multiple back to the target using clear, quantified premiums/discounts: size/liquidity, margin differential, growth gaps, and control vs minority.

• Size/liquidity: consider a discount of 0-25%.
• Margin gap: each 100 bps of EBITDA margin difference typically maps to ~0.1-0.3x EV/EBITDA adjustment, depending on sector.
• Growth differential: for every 1% of sustainable growth gap, move multiple ~0.1-0.4x, sector-dependent.
• Illiquidity/holding period: add 0-15% discount for private or thinly traded assets.

Show the math in a compact table or sensitivity grid: peers → median multiple → applied adjustments → implied value range. Always cross-check the implied equity value against a DCF; if DCF and comps diverge materially, re-check assumptions.

Quick one-liner: use trimmed peers, then tweak with explicit, defensible adjustments - not gut calls.

Next step: you run a peer screen with FY2025 financials and produce a trimmed-median table; Valuation: deliver by Friday.

Transaction adjustments and deal mechanics

You're converting a headline valuation into the price a buyer will actually pay, and that requires adjusting for cash, debt-like claims, control, and deal structure so you don't get surprised at close.

One-liner: convert EV to equity, then layer premiums, discounts, and structure to get the likely price.

Add and subtract non-operating items

Start by picking the right base: if your model gives Enterprise Value (EV), convert to equity value with a simple bridge: Equity value = EV + excess cash + non-operating assets - debt-like obligations - minority interests.

Practical steps:

• Collect 2025 balance sheet line items: cash, marketable securities, short-term investments.
• Define operating cash (minimum cash needed). Treat the remainder as excess cash to add back.
• Identify debt-like obligations: bank debt, convertibles (at dilution-adjusted value), capital leases (present value), unfunded pensions, contingent liabilities.
• Value non-operating assets separately: investments, NOLs (net operating losses) as PV of tax shield using expected taxable income and effective tax rate.

Worked example (use these inputs to sanity-check your model): start EV $200,000,000, cash on balance sheet $30,000,000, debt outstanding $80,000,000, PV of leases $10,000,000, non-op investments $5,000,000. Equity = 200 + 30 + 5 - 80 - 10 = $145,000,000.

Best practice: document each adjustment with a source and an assumed close-date value; update cash and debt to the projected close date rather than using last fiscal-period balances.

Control premium, minority discounts, and illiquidity

Decide whether the stake being valued is controlling or minority. That choice drives a material uplift or haircut to the pro rata equity value.

One-liner: control costs more; minority and illiquid stakes sell for less.

Practical guidance and ranges (market-observed, use precedents for your sector):

• Control premium for a controlling block: typical range 20%-35%, median often near 25%.
• Minority discount for non-controlling stakes: typical range 10%-25%.
• Illiquidity (private-company) discount: typical 15%-35%, higher for small revenue/EBITDA bases.

How to apply:

• If selling a controlling stake: Price = pro rata equity value × (1 + control premium).
• If selling a minority stake: Price = pro rata equity value × (1 - minority discount) and consider additional illiquidity haircut if the stake cannot be sold quickly.
• When both apply (private company sold to strategic buyer), model stepwise: apply control premium to get implied takeover price; for minority carve-outs, start from pro rata and apply minority/illiquidity discounts.

Worked example: pro rata equity $145,000,000. Buyer pays a control premium of 25% → headline acquisition price = 145 × 1.25 = $181,250,000. If instead selling a minority stake and applying a 20% minority discount, price = 145 × 0.80 = $116,000,000.

Best practice: use sector transaction studies for precise premium/discount estimates and stress-test results with +/- 5-10 percentage-point changes.

Deal structure, earnouts, and tax effects on price

Deal structure determines cash at close, deferred value, and post-close risk for the seller. Model the economics at the component level: cash, stock, escrow/holdbacks, and contingent consideration (earnouts).

One-liner: who takes the risk (buyer or seller) and who pays tax changes the realized price materially.

Key steps and modeling tips:

• Quantify the consideration mix. Example split: 60% cash, 40% stock of the buyer.
• Model escrow/holdbacks: typical 5%-15% of purchase price held for 12-24 months for reps & warranties.
• Structure earnouts: common to tie 10%-30% of purchase price to revenue/EBITDA targets over 1-3 years; model probability-weighted payouts and discount them to present value.
• Apply tax mechanics: cash at close is usually immediately taxable to the seller (apply seller's expected tax rate); stock rollovers can defer tax if structured as a tax-deferred reorg, changing net proceeds today vs later.

Worked example (combine prior numbers): acquisition headline price = $181,250,000. Buyer offers 60% cash ($108,750,000) and 40% stock ($72,500,000). Escrow at 8% = $14,500,000 withheld. Earnout potential = 20% of price = $36,250,000 payable over 2 years with an assumed 50% probability of full payment (PV discount applied).

Tax math example for seller (simplified): immediate taxable cash = $108,750,000 minus escrow portion released later; assume combined tax rate of 25% → after-tax cash ≈ 108.75 × 0.75 = $81,562,500. Stock value is subject to market risk and eventual tax on sale.

Model mechanics checklist:

• Build an equity bridge showing headline EV → transaction price → cash at close → escrow → deferred/contingent value → after-tax proceeds.
• Discount contingent consideration by probability and a discount rate that reflects performance and market risk (use higher discount for seller-paid milestones).
• Model tax outcomes under both asset and stock sale scenarios; show buyer synergies and tax step-up effects separately.

Practical note: earnouts are defintely common in deals where buyer and seller disagree on future growth; capture that disagreement with scenario-weighted projections rather than a single optimistic forecast.

Next step: Finance: build a 3-case deal-adjusted equity bridge (base/upside/downside) using actual 2025 close-date balances and deliver by Friday.

Risk, scenarios, and presenting ranges

You're deciding price or buy/sell moves and need a defensible range, not a gut number. Quick takeaway: identify the handful of value drivers, build base/upside/downside cases, and show sensitivity tables so decision-makers see how price moves when assumptions change.

Identify top value drivers: revenue growth, margins, CAPEX, churn

You care about a few things that move value most: top-line growth, operating margins (EBIT or EBITDA), capital expenditure (CAPEX), and customer churn (or retention). For Company Name FY2025, use actuals as your starting facts: Revenue $240,000,000, gross margin 48%, EBITDA margin 12% (EBITDA $28,800,000), and an estimated FCFF $18,000,000. CAPEX was $12,000,000, working capital outflow $2,000,000, and reported churn ~14%.

Concrete steps

• List five-year historical series for revenue, EBITDA, CAPEX, and churn.
• Calculate FY2025 baselines from financials (use audited or 10‑Q/10‑K numbers).
• Translate churn into revenue retention: example, 14% churn → 86% retention; convert to net ARR decline for subscription businesses.
• Estimate sustainable CAPEX as percent of revenue (Company Name = 5% of revenue in FY2025).
• Flag one-offs: asset sales, legal settlements, or tax refunds to normalize EBITDA.

One-liner: Focus on the three numbers you can change in your model tomorrow-growth rate, margin, CAPEX.

Build base, upside, and downside cases; show probability-weighted value

Use the FY2025 baselines to create three internally consistent scenarios. Keep each case transparent: inputs, mechanics, and why the case is plausible.

Scenario templates (Company Name example)

• Base: revenue growth 10% year 1 then 8→6→5→4%; EBITDA margin rising to 14%; WACC 10%; terminal growth 2.5%.
• Upside: faster early growth 15% for three years, margin expansion to 16%, WACC 9%, terminal growth 3%.
• Downside: growth -5% first year then flat, margin compresses to 10%, WACC 12%, terminal growth 0%.

Quick math (illustrative, Company Name): base DCF gives enterprise value ~$305 million; upside ~$458 million; downside ~$140 million. Subtract net debt $40 million to get equity values: base ~$265 million, upside ~$418 million, downside ~$100 million. What this estimate hides: sensitivities in year‑1 growth and terminal assumptions dominate the spread.

Probability-weighted value: assign credible probabilities (example: base 60%, upside 25%, downside 15%) and compute a weighted equity value: 0.60×265 + 0.25×418 + 0.15×100 ≈ $279 million. One-liner: Weight realistic odds, not wishful thinking.

Produce sensitivity tables for discount rate and terminal growth

Sensitivity tables make the DCF transparent. Hold projected 5-year cash flows constant and show how Enterprise Value changes when WACC and terminal growth shift. Use the terminal multiple formula: TV = FCFF5 × (1+g) / (WACC - g). For Company Name, FCFF year 5 is $26,353,800 (projected), and the 5-year PV of explicit forecast cash flows (discounted at 10%) is ~$81,820,000.

Terminal-value sensitivity table (Enterprise Value ≈ PV 5Y cash flows + PV terminal value)

How to use the table

• Highlight your best-estimate WACC row and your chosen terminal growth column.
• Show the reconciled range against market comps (multiples) and precedents-if table EVs contradict market anchors, explain why.
• Create sensitivity charts for top two drivers (e.g., year‑1 growth vs WACC) for board or investor slides.

One-liner: A small change in WACC or terminal g moves value by tens or hundreds of millions-show the math.

Next step: Finance: draft the three-case DCF and produce the two sensitivity tables above using live FY2025 close numbers by Friday (owner: Finance).

How to reconcile valuations into a defensible price today

Reconcile DCF, multiples, and transactions into a defensible range

You're presenting a price to investors or a buyer and need a number that survives pushback from both bankers and auditors, so start with the facts you can back up.

Step 1 - gather three clean outputs: a completed DCF, a market-multiples implied EV, and a transactions-implied EV. Use the same FY2025 baseline for each input (revenue, EBITDA, net debt, shares). Here's the quick math with an illustrative FY2025 snapshot: FY2025 revenue $250m, EBITDA $50m, net debt $40m, shares 20m. DCF enterprise value = $620m; comp-multiples EV (median EV/EBITDA 12x) = $600m; transaction comps EV = $675m. One-liner: put the methods side-by-side and let the outliers show themselves.

Step 2 - trim and adjust before averaging. Remove outlier comps (top/bottom 10-20%), normalize for non-recurring items, and adjust DCF for any non-operating assets. For example, add excess cash $10m, subtract debt-like leases or guarantees $0m if already in net debt. Convert EV to equity value by subtracting net debt: reconciled equity values become roughly $580m-$700m range depending on method.

Step 3 - weight the methods by relevance: for growth firms put more weight on DCF, for stable firms weight comps/transactions more. Practical weighting example: 50% DCF, 30% comps, 20% transactions gives implied EV = 0.5620 + 0.3600 + 0.2675 = $625m; implied equity = EV - net debt = $585m; implied per-share = $29.25. What this estimate hides: sensitivity to terminal growth and WACC.

• Use trimmed means, not simple extremes
• Normalize one-offs (FY2025 severance, legal gains)
• Adjust for size and margin gaps (+/- 0.5-2.0x EBITDA for small-company discount/premium)

Document assumptions, sources, and model mechanics for auditability

You need to hand someone a path from raw data to price so they can rerun your model; this saves time and prevents scope creep.

Create a single assumptions tab that lists every input with a source and date: revenue drivers, unit economics, WACC derivation, terminal growth, capex schedule, working capital cadence, FY2025 audited figures, and share count. Example entries: WACC 9.5% (derived from 5% risk-free rate, 6.5% equity risk premium, beta 1.1, cost of debt 5.0% after tax), terminal growth 2.5%, capex as 4% of revenue from FY2025 capex spend of $10m. One-liner: if it isn't sourced, it isn't auditable.

Include a model mechanics note that explains calculation steps and cell links: show where FCFF (free cash flow to firm) is computed, how terminal value is calculated (Gordon growth or exit multiple), and exactly how EV to equity conversion is done (net debt, minority interests, pension deficits). Archive source docs (quarterly filings, management slides, broker notes) in a timestamped folder and cite filenames in the model.

Best practices:

• Lock inputs and expose only assumption cells
• Include a change log with author and timestamp
• Export key tables as PDF for reviewers

Highlight top three risks, mitigants, and the immediate next step

You'll be asked what can go wrong and what you'll do about it; be precise and give numbers tied to FY2025 performance.

Top risk 1 - revenue shortfall. If FY2026 growth misses by 200 bps vs model, equity value can drop ~10-15% depending on margin leverage. Mitigant: add a downside case with 200 bps lower growth and tie 20% of management bonus to commercial milestones. One-liner: revenue misses hit fastest; hedge with sales milestones.

Top risk 2 - margin compression. A 300 bps EBITDA margin decline from FY2025 margin of 20% reduces free cash flow sharply. Mitigant: prioritize gross-margin improvements, freeze discretionary spend, and model a covenant buffer in debt schedules. Quantify impact in the downside case.

Top risk 3 - WACC and capital markets volatility. A +200 bps move in WACC can cut EV by roughly 15-25% in growth scenarios. Mitigant: structure deals with earnouts, partial stock, or collars; if raising now, consider locking a portion as fixed-rate debt. Provide a sensitivity table for investors (sample below).

Next step: you run the model with current inputs; Finance: draft a three-case model (base, upside, downside) using FY2025 audited inputs and the sensitivity grid above by Friday. Assign owner and file path: Finance Lead - draft in /Shared/Valuations/CompanyName_FY2025_3Case.xlsx. small typo: defintely run the sensitivity checks before circulating.