Business Valuation: Find Out What Your Company Is Really Worth
Independent valuation reports for a company sale, generational succession, funding rounds and tax compliance. We apply DCF, comparable multiples and net asset methods to arrive at a defensible range.
92,4%
Of Spanish companies are family businesses
Who needs a business valuation?
"Price expectations" are the main obstacle in M&A deals in Spain (34% of professionals, Deloitte 2025).
Companies being bought or sold
- SMEs in the middle of a full or partial sale
- Buyers who need to validate the acquisition price
- Groups going through a merger or a restructuring
Succession and generational handover
- Family businesses planning the transfer of their shareholdings
- Heirs who need an objective basis for dividing the estate
- Tax planning for gifts and inheritance of a business
Investment and funding
- Funding rounds with private equity funds or business angels
- Shareholders joining or leaving, with a valuation of their holdings
- Reports for banks or institutional investors
Tax and legal obligations
- Related-party transactions (art. 18 LIS): valuation at market price
- Court proceedings: shareholder separation or divorce
- Transfer pricing documentation (threshold of €250,000 a year)
How we value your company
Gathering the information
We ask for the annual accounts of the last 3–5 years, a breakdown of financial debt, a list of off-balance-sheet assets and liabilities, and the key contracts with customers or suppliers.
Analysis and normalisation
We adjust EBITDA by stripping out one-off items, correcting shareholder remuneration and restating intra-group transactions at market prices (art. 18 LIS).
Applying the methods
We apply at least two methods (DCF plus comparable multiples, or adjusted net asset value plus DCF) and cross-check against comparable transactions in the sector to reach a reasoned value range.
Delivery of the report
We deliver a written, structured and signed report, fit for investors, buyers, the Spanish Tax Agency (AEAT) or a court. We talk you through how to read it and how to set your price strategy.
The valuation methods we apply
We use at least two methods for every valuation: triangulating the results produces a range that is stronger and easier to defend in front of third parties.
Discounted Cash Flow (DCF)
Intrinsic value based on the capacity to generate future earnings. Projections over 5–7 years with a discount rate adjusted to the risk of the business.
Comparable Multiples (EV/EBITDA)
A market benchmark: we compare your company with sale transactions in your sector. In Spanish industrial SMEs: 5–7x EBITDA.
Adjusted Net Asset Value
For companies with significant tangible assets: we restate the book value of assets and liabilities to market value.
Mixed method
We combine DCF and net asset value to capture both the value of the assets and the goodwill. Well suited to businesses with a long history and intangible assets.
What is your company worth?
Only 1 in 3 family businesses complete their succession successfully. An independent valuation is the basis for a fair agreement between generations, shareholders or buyers.
Request a free consultationA first indication of value, without commitment
Other Industrial M&A and Business Transfer services
Full Due Diligence
Financial, legal, tax and ESG review to find hidden risks before the deal is closed.
Negotiation and Completion
Price defence, deal structuring (SPA) and support through to the notarial signing.
Buyer Search
We identify strategic and financial investors through a confidential process under NDA.
Business valuation in figures
3.473
M&A deals in Spain in 2024 (TTR Data)
92,4%
Of Spanish companies are family businesses
1 in 3
Family businesses that complete their succession
Frequently asked questions about business valuation
There are three common methods: Discounted Cash Flow (DCF), which works out intrinsic value from the future capacity to generate earnings; comparable multiples (EV/EBITDA), which benchmark against transactions in the sector (in Spanish SMEs, between 4x and 8x depending on the industry); and Adjusted Net Asset Value, for companies with significant tangible assets. At Tecnocim we apply at least two methods to arrive at a defensible range.
For SMEs with turnover below €5M, the usual range in Spain is €2,000 to €5,000, delivered in 2–4 weeks. For mid-sized companies (€5–20M), it is €5,000 to €15,000 in 3–6 weeks. In an M&A or litigation context, the cost can reach €15,000–€40,000. The report pays for itself quickly: selling below the real value costs far more.
Art. 18 LIS (the Spanish corporate income tax act) requires all transactions between related parties to be carried out at market value. Once the volume exceeds €250,000 a year, the company has to document it with a comparability analysis. The penalty for incomplete documentation is 15% of the adjustment assessed by the Spanish Tax Agency (AEAT). A valuation is also needed for inheritance, gifts and the separation of shareholders.
Gathering the information and analysing it takes between 2 and 4 weeks for a standard SME. The full process, including EBITDA normalisation, applying the methods and drafting the report, usually takes 3 to 6 weeks. In complex deals — M&A involving several companies, or litigation — it can extend to 2–3 months.
Book value reflects what the annual accounts say: net equity under accounting rules. Market value is what an informed buyer would be willing to pay. The gap can be very wide: a technology company with few tangible assets can have a minimal book value and a very high market value, because of its capacity to generate future earnings (goodwill).
The first step is to normalise EBITDA over the last 3–5 years: strip out the owner's personal expenses, salaries above or below market and one-off items. Sector multiples are then applied: in Spanish industrial SMEs, 5–7x EBITDA; in services, 5–8x; in technology, it can reach 10x or more. A professional report also applies discounts for founder dependency (15–30%) or customer concentration.
Real success story
Bassachs · Carpintería
“Access to Green 2024 grant funding, an end-to-end digital strategy from marketing through to production, and a position as a benchmark in sustainable, innovative carpentry with a circular economy target for 2029.”
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