Enterprise value forms on the same principle. It is not disclosed by a single set of accounts or by market sentiment; it is what remains once business structure, cash flow, governance and people have been compressed over years.
For that reason we do not open with a list of targets. We first establish where the company stands, whether this is the moment to transact, and what structure a transaction would require. Where a deal is unlikely to hold, we say so at the outset — in our view the most substantive advice an adviser can offer.
Since our establishment in 2007, a single team has carried each mandate from origination to completion: sell-side and buy-side advisory, capital raising and deal structuring, due diligence and negotiation, and post-completion integration.