Financial Modeling & Valuation
DCF, LBO, and three-statement integrated forecasting for cross-border capital mandates - built from primary source assumptions, not adapted from templates.
DCF, LBO, and three-statement integrated forecasting for cross-border capital mandates - built from primary source assumptions, not adapted from templates.
The mechanics can be flawless: three statements linked, DCF structured correctly, LBO returns calculated to the penny, and the output can still be wrong. It fails when the revenue driver is carried from a management case nobody stress-tested, the WACC is borrowed from a sector database rather than derived from the actual capital structure, or the terminal value is selected to justify a conclusion already reached. The model looks credible, but the assumptions underneath it do not survive scrutiny.
Perusal Global builds models where the assumptions are the starting point, not the thing the model works backwards to justify. Every engagement begins with validating the commercial logic against the source data before a formula is written for corporate clients, PE and VC and also brokerage firms if asked for. The model is built as a live component of the client's decision-making process, stress-tested, VDR-ready, and structured so that changing one assumption shows exactly how the entire business responds.
The value of a model is not in the final number. It is in the ability to change one assumption and see exactly how the entire business responds.
Founders and CFOs whose existing model will not survive a sophisticated investor's first pass, the reasons being the scenario analysis is a single case with different labels, the valuation basis is not documented, or the management accounts and investor-facing numbers do not bridge cleanly.
PE and VC deal teams that need an independent DCF, LBO, or comparable transaction analysis to challenge a management case, evaluate acquisition pricing, or stress-test deal feasibility across entry multiples, debt structures, and exit scenarios.
Brokerage firms and research desks that need coverage models built and maintained to the standard an institutional investor will interrogate, initiating coverage builds, earnings cycle updates, and valuation frameworks that hold up when the analyst presents them..
Corporates and M&A deal teams preparing for a transaction, a regulatory filing, or a board-level decision where the model needs to hold up when a counterparty's analyst opens it.
Three-statement integration is the technical standard every model is built to: the income statement, balance sheet, and cash flow statement function as one linked framework, where a change to any input flows through all three simultaneously. This is what a financial audit or institutional review requires, and what a significant proportion of models presented to investors do not actually deliver. Scenario and sensitivity analysis runs live within the model architecture from the start. The final model includes a documented assumption register, every driver, every rate, every source, so the client can defend any number in it.
For cross-border mandates, Country Risk Premium adjustments and Inflation Differential normalization are applied so the valuation is directly comparable across markets without manual adjustment by the investor reviewing it. GAAP-to-IFRS reconciliations are handled where the engagement requires them. For Indian or GCC companies benchmarked against US or European peers, the Unlevered Beta framework is adjusted for local cost of debt and liquidity premiums.
WACC is derived from the actual capital structure of the business being valued. For cross-border mandates, we apply Country Risk Premium adjustments to the equity risk premium, Inflation Differential normalization when comparing businesses across high and low-inflation markets, and Unlevered Beta frameworks when benchmarking Indian or GCC companies against US or European listed peers. The result is a cost of capital that reflects the specific risk profile of the business in its market, one the investor can verify against the specific market context.
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 needs to be clean for external audit before the data room opens. That means bridge charts between management accounts and audited financials are documented, revenue recognition policies and unit economics assumptions are explicit rather than embedded in formula logic, and the model structure anticipates the specific questions a buy-side analyst will ask when they open it. The objective is that nothing requires explanation after the fact, the model answers the questions before they are asked.
Sector complexity changes the model architecture itself, the revenue recognition logic, the cost drivers, and the capital structure. Biotech requires epidemiology-based revenue models and clinical-stage probability-weighted valuation. Cleantech requires project finance structures with capacity, offtake, and debt service coverage analysis. SaaS requires cohort-based revenue modeling with churn, expansion, and LTV/CAC analysis. Manufacturing requires working capital modeling specific to inventory turns and supply chain dynamics. In each case, we build the model architecture around the sector's actual value drivers rather than adapting a generic template.
Whether you are preparing for a raise, evaluating an acquisition, building out a coverage universe, or heading into a listing: the model is what an investor, acquirer, or counterparty analyst will open first.