Professional, independent, valuation

Paul Trilivas, B.Com, CFA

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Paul has been an Investment Analyst working in financial markets for over 12 years. He started his professional career at The Standard Bank Group, working in the Specialized Credit department. He then moved into an Investment Analyst role at ValueKwik, a sell-side free cash flow focused equity research boutique. After eight years at ValueKwik he moved into buy-side as an Investment Analyst at Integrity Asset Management. Working closely with the Portfolio Manager he implemented further modelling and valuation skills, specialising in local and international stock valuation and selection. He built on, and implemented a robust valuation and research structure within the company. He then joined Counterpoint Asset Management in an Investment Analyst role until October 2022. He currently works at Tadman Wealth and Advisory as an Investment Analyst in both Private and Listed investments.

His professional experience and years of company analysis have awarded him extensive experience in valuation and financial modelling skills, across all industries and sectors.

He holds a B.Com in finance and is a CFA Charterholder. He also holds two valuation certificates through his continued learning efforts. He is a member of the respected international and local CFA institute societies, and the Investment Analysts Society of South Africa (IASSA).

Business Owners

What is your business really worth? Reduce uncertainty and find out what your business might sell for in a fair-market transaction. Learn more about the financials, the sensitivities, what to do to maximize efficiencies and the value of your business. Deeper financial analysis and "what if" analysis to see how the valuation changes under differing scenarios can help management to focus on the important area's of the business. Whether to increase the valuation, or understand the best time to market, or as a general planning tool to drive and focus management.

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Business buyers

Don't overpay for a business - a thorough investigation and due diligence is required. Obtaining a fair-market value for the business is the first step in the overall due diligence process. If the seller has set the price, which can sometimes be emotional and void of any logic, you want to understand how this valuation has been achieved. What are their forecasts? What are their assumptions? What is justifying the valuation? Ultimately an independent valuation can uncover important questions and give you a fair anchor and basis from which to negotiate. Without a proper appraisal you are at the mercy of the sellers price. Use a professional independent valuation in your negotiations to establish a fair price for the business.

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Professional advisors

No matter the purpose - raising capital, merging, divesting, selling - all parties involved need a clear indication of the company's worth. Having a professional and independent valuation will help: 1) Give objective / unbiased confidence in the underlying valuation; 2) Eliminate 'back of the envelope' and 'rule of thumb' assumptions; 3) Give clarity of key value drivers and assumptions driving future value; 5) Help separate unattainable expectations vs reality; and 6) Save time by achieving quickly an acceptable price for all parties.

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It is widely agreed that there are three main approaches to business valuation:

1) The asset approach
Looks at the value of a company's assets and liabilities. Importantly considering the return generated on the asset base/equity.

2) The relative approach
Looks at similar company's in the market place, recent selling price multiples, and even listed company trading multiples.

3) The income / free cash flow approach
Focuses on the company's free cash flow generation and the future free cash flow expectations, discounting back to a present value.

Different approaches are used in different sectors, situations, and in different environments. To get an objective and holistic grasp on the final intrinsic valuation - all approaches should be applied, reviewed, tested and weighted accordingly. The valuation is also tested under differing scenarios, identifying a 'base case', a 'good case', and a 'bad case'; or under any conceived scenario for that matter. Through this testing the financial sensitivities can be identified and brought to the attention of the owners and investors. This information supplies further financial and operational understanding and can extract advisory or efficiency benefits from the valuation.

Valuations can be completed remotely. With access to company financials and discussions with management, brokers, or buyers, most valuations can be completed over email and telephone.

 Paul helped resolve a client partnership dissolution for me. The work was handled in a speedy and professional manner. 

Lana Miller

 Dear Paul, Thank you for your final valuation report. You have indeed added value to our due diligence process, thank you for your insight and assistance. You have given us pertinent questions to ask the seller and your info on Eskom is also of great use. 

J & J
Business Buyers

 Thanks so much Paul, you helped in such a massive way. Really value your work and insight provided. 

Business Owner
  • Newlands, Cape Town, Western Cape, South Africa
  •  It is important to point out that valuations will be completed outside of duties due at Tadman Wealth and Advisory. Valuations can be completed remotely. With access to company financials and discussions with management, brokers, or buyers, most valuations can be completed over email and telephone.