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Sample study

See a complete business valuation before you order yours.

A study of a fictional company, in the same eight chapters you receive: the earnings adjustments, the three methods, the value range and the answer to the offer the owner had on the table.

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Fictional company, names and figures, created to show the format. No client data.

Valuation date: September 30, 2026

Equity study

Illustrative healthcare services company

Adjusted EBITDA
R$ 6.2 M
Concluded range (EV)
R$ 35.0 – R$ 41.0 M
Net debt
− R$ 2.1 M
Equity value
R$ 32.9 – R$ 38.9 M
Illustrative example, no client data.
The sample company

A clinic network with an offer on the table.

Company Alfa (a fictional name) received an offer of R$ 33.0 million for its shares from a consolidator: 70% in cash at closing and 30% over three years, subject to targets. The owners ordered the study to decide whether to accept, reject or negotiate.

Industry
Diagnostic imaging
Operations
4 clinics, 18 years in business
Net revenue (12 months)
R$ 38.7M
Adjusted EBITDA
R$ 6.2M (16.0% margin)
Net debt
R$ 2.1M
Valuation date
September 30, 2026
Chapter 01

Executive summary

The value on one page. The R$ 33.0 million offer sits at the floor of the equity value range, and only 70% of it is paid at signing.

Enterprise value (EV)
R$ 35.0 – 41.0 M
Equity value
R$ 32.9 – 38.9 M
Implied multiple
5.6x to 6.6x EBITDA
Offer received
R$ 33.0M (R$ 23.1M in cash)
Recommendation: negotiate.

A counteroffer at the middle of the range, R$ 35.9 million for the shares, is supported by all three methods. The part paid over three years should depend on revenue, which the seller can follow, and not on profit, which comes to depend on the buyer’s decisions.

Chapter 02

Business review

What a buyer sees before looking at the number: what supports the value and what they will use to ask for a discount.

What supports the value

  • Revenue grew 9.5% a year from 2023 to 2025, from R$ 31.2M to R$ 37.4M.
  • Equipment with an average age of 4 years: little required investment in the short term.
  • Four sites in mid-sized cities, with no other diagnostic network in the same region.

What the buyer will question

  • The largest health insurer accounts for 31% of revenue.
  • The founding partner signs 14% of the reports and runs the relationship with insurers.
  • Two sites operate in buildings owned by the partners, with below-market rent.
Chapter 03

Normalized EBITDA

The earnings a buyer will consider. We start from the financial statements and adjust item by item, up and down.

ItemR$ M
Reported EBITDA (12 months)4.87
(+) Owner pay above a market salary for a director0.96
(+) Personal expenses paid by the company0.31
(+) One-off labor settlement0.42
(−) Market rent on the partners’ buildings(0.36)
Adjusted EBITDA6.20

The rent adjustment lowers earnings. It is included because the buyer will pay market rent; leaving it out would inflate the number and cost credibility in due diligence.

Chapter 04

Multiples and precedent transactions

What the market pays for similar companies, and why Company Alfa sits below the median.

DealCompanyRegionYearEBITDA (R$ M)EV/EBITDA
AImaging clinic networkSoutheast20254.86.4x
BClinical laboratorySouth20253.15.2x
CDiagnostic clinicsCenter-West20247.96.9x
DImaging centerNortheast20242.64.9x
EImaging clinic networkSoutheast202611.47.6x
Median6.4x

Fictional deals, created for this example.

Market multiples

Listed healthcare companies trade at 8.4x EBITDA (illustrative median). A private company of this size takes a 17% to 35% discount for size and liquidity: 5.5x to 7.0x.

Precedent transactions

Range applied: 5.3x to 6.6x, below the 6.4x median because of the concentration in the largest insurer and the reliance on the founding partner.

MethodMultipleEnterprise value
Market multiples5.5x – 7.0xR$ 34.1 – 43.4 M
Precedent transactions5.3x – 6.6xR$ 32.9 – 40.9 M
Chapter 05

Discounted cash flow

What the cash the company will generate is worth today: five projected years and a terminal value, discounted at 14.5% a year.

R$ M20272028202920302031
Net revenue42.245.648.851.754.3
EBITDA margin16.3%16.6%16.9%17.2%17.5%
EBITDA6.97.68.28.99.5
(−) Income taxes(1.9)(2.1)(2.3)(2.5)(2.7)
(−) Capital expenditure(1.5)(1.6)(1.7)(1.8)(1.9)
(−) Working capital(0.3)(0.3)(0.3)(0.2)(0.2)
Free cash flow3.23.64.04.44.7
Present value of cash flows, 2027 to 2031
R$ 13.1 M
Present value of the terminal value
R$ 23.7 M
Enterprise value
R$ 36.8 M

Figures are rounded; some totals may differ in the last digit. The terminal value accounts for 64% of the value, which is why the discount rate and long-term growth appear in the sensitivity table.

Chapter 06

Value range and sensitivity

The three methods on one scale and the range that concludes the study. The table shows how much the value moves if the assumptions change.

Cash flow sensitivity

Enterprise value (R$ M). Rows: discount rate. Columns: terminal growth.
Rate \ Growth3.5%4.0%4.5%
14.0%37.438.840.2
14.5%35.736.838.2
15.0%34.135.136.3
Concluded range

R$ 35.0 to 41.0 million for the company, where the three methods meet. After net debt of R$ 2.1 million, R$ 32.9 to 38.9 million for the shareholders.

Chapter 07

Value drivers

What raises the number before a sale and how much each point can be worth. Useful even if the decision is to negotiate now.

  1. 01

    Take the founder out of the center of operations

    Hire a medical director and hand over the relationship with insurers.

    +0.3x to +0.5x on the multiple · R$ 1.9 to 3.1M

  2. 02

    Reduce reliance on the largest insurer

    Bring the largest insurer from 31% to under 20% of revenue, with new plans and private patients.

    +0.2x to +0.4x on the multiple · R$ 1.2 to 2.5M

  3. 03

    Put the rent at market terms

    Sign new leases on the partners’ buildings before due diligence.

    Avoids a dispute over R$ 0.36M of EBITDA · about R$ 2.2M in price

  4. 04

    Close the books every month

    Monthly statements and an audit of the last fiscal year.

    Cuts the discount and the length of due diligence · not quantified

Chapter 08

Assumptions and valuation date

Everything behind the math, in writing. Facts are kept apart from estimates.

Facts (company documents)

  • Financial statements for 2023 to 2025 and the first nine months of 2026, unaudited.
  • Contracts with health insurers and lease agreements.
  • Payroll and owner withdrawals.

Estimates (study assumptions)

  • Discount rate of 14.5% a year, in Brazilian reais, with a size premium.
  • Terminal growth of 4.0% a year, close to inflation.
  • Revenue growth from 9% down to 5% a year through 2031; EBITDA margin from 16.3% to 17.5%.
  • Income taxes of 34% (Brazilian actual profit regime); capex of 3.5% of revenue; working capital of 8% of revenue growth.
Limits

Valuation date of September 30, 2026: the value changes over time and with new figures. The study is not a formal appraisal for court or corporate purposes and does not replace the buyer’s due diligence.

A number you can explain at the table is a number the buyer cannot dismiss.

Get this study with your company’s numbers.

Tell us your goal in a private conversation. We sign a confidentiality agreement before any number, and a specialist presents the study in a meeting, chapter by chapter.

The first conversation is free and carries no commitment. You tell us the goal; we tell you whether a study makes sense now and how it would be done.

Specialist team

Corporate finance and mergers and acquisitions

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Questions

Frequently asked questions

Straight answers for owners thinking about valuing or selling their company.

Still have questions? Talk to a specialist
Does the example use real client data?

No. The company, the deals and the figures were created to show the format of the study. The math is consistent throughout, but no data comes from a client.

Will my study have the same eight chapters?

Yes. The structure is the same; the content of each chapter changes with the industry, the goal and the company’s numbers.

Why is the value shown as a range and not a single number?

Because each method starts from different assumptions. The range shows where the methods agree; the point within it depends on the negotiation.

What is the difference between enterprise value and equity value?

Enterprise value (EV) is what the business is worth. Equity value is what is left after net debt. An offer for the shares should be compared with the second.

How long does a study like this take?

Usually two to four weeks after we receive the documents, depending on the size of the company and how organized the numbers are.

Can the study be used as a formal appraisal in court or corporate proceedings?

Not in this format. When the purpose calls for a formal appraisal, we point to the right path in the first conversation.