Financial Modeling & Valuation

WACC is derived from the actual capital structure of the business being valued. For cross-border mandates, we adjust the equity risk premium for country risk, normalize for inflation differences across markets, and use unlevered beta frameworks when benchmarking Indian or GCC companies against listed peers in the US or Europe. The result is a cost of capital that reflects the business, its capital structure, and the market in which it operates - and can be tested against the underlying assumptions.

A model audit starts with the structural checks, does the balance sheet actually balance from movements rather than by plug, does the cash flow statement derive from the balance sheet, are the three statements genuinely linked. From there, the audit examines the assumptions, whether revenue drivers are grounded in market data or carried forward from a management case, whether WACC reflects the actual capital structure, and whether scenario analysis runs live through the model or is a static sensitivity table. The audit produces a specific list of what needs to be rebuilt and what can stay.

A VDR-ready model is prepared for external scrutiny before the data room opens. Bridge charts between management accounts and audited financials are clearly documented, while revenue recognition policies and unit economics assumptions are made explicit rather than buried within formula logic. The model is structured to anticipate the questions a buy-side analyst is likely to ask. The objective is simple: the model should answer the questions before they are raised.

Sector complexity shapes the model architecture itself - from revenue recognition and cost drivers to working capital and capital structure. Biotech models require epidemiology-based revenue forecasts and probability-weighted valuation across clinical stages. Cleantech models require project finance structures incorporating capacity, offtake arrangements, and debt service coverage. SaaS models require cohort-based revenue forecasting with churn, expansion, and LTV-to-CAC analysis. Manufacturing models require working capital assumptions linked to inventory turns and supply chain dynamics. In each case, the model is designed around the sector’s actual value drivers rather than adapted from a generic template.

External modelling support becomes valuable when the model will be reviewed by someone who did not build it. An internal forecast may work as a planning tool, but a model presented to an investment committee, lender, acquirer, or data room must withstand detailed scrutiny.
The other common trigger is a specialist discipline the internal team does not perform regularly - such as an LBO, cross-border valuation, or purchase price allocation. On a live transaction, the cost of learning through execution is often greater than the cost of bringing in experienced support.

Usually, three areas require attention. We rebuild the assumption layer using primary sources rather than carrying forward an untested management case. We derive the discount rate from the company’s actual capital structure instead of borrowing one from a comparable business. And we build scenarios into the model architecture as live components rather than presenting them as three columns with different growth rates. In many cases, the underlying model is sound. The work may involve a focused review and the rebuild of only two or three key drivers. We determine that after assessing the existing model.

It changes what happens in the room. A defensible model allows the team to answer difficult questions when they are asked, rather than losing momentum by promising to follow up later. It also protects the valuation. When an investor or buyer tests an assumption and the underlying logic holds, the valuation is more likely to hold with it.

Start with the decision, not the deliverable. A fundraising model must withstand investor scenarios. An acquisition model must price the deal and support the proposed structure. A board reporting model must bridge cleanly to the management accounts. Tell us the decision you are facing, and we will build the model to that standard rather than adapt a generic template.

Pricing depends on the scope, engagement type, depth of work, business complexity, seniority of the team involved, and the number of entities or geographies covered. A single-entity DCF and a multi-market LBO with integrated scenario analysis require very different levels of work. Once the deliverable and timeline are clear, we define the scope and provide a complete quote before the engagement begins.