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We have worked on thousands of matters across virtually every industry in Australia and many different types of engagements. A selection of case studies are provided below as a sample of the types of engagements we have completed for clients. 

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Family Law Dispute Valuation

Iconic website, community based business, including critique of a third party valuation report. Business later sold for ~$50m

Family Law Dispute Valuation

Transportation business (revenue ~$100m) for litigation.Including detailed critique of a third party valuation report with multiple entities

Family Law Dispute Valuation

Professional services business for a matrimonial settlement, other side advised by Big 4 accounting firm

Family Law Dispute Valuation

Specialised medical supplies business including a detailed critique of a third party valuation report

Family Law Dispute Valuation

Specialised medical supplies business including a detailed critique of a third party valuation report

Family Law Dispute Valuation

Valuation and subsequent critique of opposing valuation report – retail business

Family Law Dispute Valuation

Valuation experts report, updated report and critique of opposing report – financial planning businesses

Family Law Dispute Valuation

Single expert – valuation of small restaurant & takeaway shop

Family Law Dispute Valuation

Critique of jointly appointed expert due to dissatisfaction by one party

Family Law Dispute Under-Valued Example

We were appointed as a shadow expert in a divorce proceeding as the client and their lawyers were not satisfied with the jointly appointed valuer’s report. It turned out that the business was grossly under-valued the business. Our valuation of around $2m was well researched and justified, compared to the original $350,000 valuation, which had very little justification and supporting analysis. We also provided a critique, briefed counsel & was cross examined in Federal Court.

Family Law Dispute Over – Valued Example

We were engaged to provide a critique and found that the original report grossly overvalued the business by almost 100%. Our critique identified a range of fundamental valuation issues: 

  1. Did not consider most current financial information
  2. Relied on averaging historical earnings instead of considering maintainable earnings
  3. Failed to consider the business & industry had significantly deteriorated (re GFC)
  4. Did not perform industry research or speak to management about industry trends
  5. Did not understand or factor in some of the major business risks 

Family Law Dispute – Start Ups and Unprofitable Businesses

Engaged to value a business with very little historical results as it was in the start up phase. A DCF was used as the primary methodology to analyse potential value, however in this case there was no value (forecast losses).

Engaged to value businesses where the business has been unprofitable either because it is new or due to major changes in the business. Careful consideration of both past and expected future results are made, including the risk factors to form a view on the value of the business.

Determining A Cost Base For Tax

Our client returned to Australia and had no cost base for their investment. Our report was considered as ‘insurance’ in event ATO looks into value of cost base of the business / investment as it was properly prepared by an independent valuation expert. Retrospective & current valuations were performed.

Valuation for Tax Restructure

IT & consulting business for restructure & cost base determination

Professional consulting business for tax restructure

Clothing design, manufacturing & import business

Valuation for International Tax Valuation

Australian subsidiary of a major automotive distribution business for international tax considerations

Valuing a financial services business for immigration purposes of the major shareholder

Valuation for Tax Consolidations

Printing company for tax consolidation purposes

Three separate businesses of a listed IT company

Estate Planning Valuation

Major funds management business of an iconic Melbourne family business

Tax Office Dispute

Detailed financial modelling and analysis to allocate value between the components of a multi-billion dollar Melbourne based gaming company

Contract Dispute

Valuation and critique of opposing experts report for a VCAT compulsory conference

Shareholder Dispute Valuation

Medical related business (numerous locations). Shareholders at an impasse, crippling the business and destroying value

Shareholder Dispute Valuation

Engineering and construction company, allocating value between divisions

Shareholder Exit in Dispute

Valuation of an established, profitable manufacturing & distribution business to assistone shareholder buy out the other equal shareholder

Shareholder Exit No Dispute

Valuation of an automotive retail and wholesale business to facilitate the orderly and mutually agreed exit price for a retiring shareholder

Shareholder Exit in Dispute

Independent valuation commission by major shareholder to facilitate the urgent exit of a disputing and disruptive shareholder

Comprehensive Divisional Review

90 page board report, major retail utility company (300,000+ customers); quantitative & qualitative, performance metrics & benchmarking

Forensic Financial Report

Appointed by an independent board member (not for profit). Report for complete restructure of the board & systemic changes

Personal Injury Loss of Earnings Quantification

Motor vehicle accident experts report, briefing counsel & critique other expert witness (big 4 accounting firm)

Personal Injury Loss of Earnings Quantification

Motor vehicle accident experts report, briefing counsel & critique other expert witness (big 4 accounting firm)

Valuation of Earnings Potential

Valuation of the earnings
potential of an Australian celebrity

Binding Determination for A Commercial Dispute

Nominated by the President of the Institute of Chartered Accountants per shareholder agreement

International Acquisition

Valuation of a business being acquired by a large listed US multinational company

Valuation Potential Takeover Target

Funds Management business based in Melbourne with multiple separate business unites

Acquisition by European Company

Detailed cash flow forecasting for 3 separate businesses with multiple locations, for one of the largest listed European Multinational utility companies (revenue > €50bn)

Understanding Business Value

Our client was approached by a large overseas company to acquire a controlling interest. The owner didn’t even have a ‘ballpark’ impression of value. We were engaged and determined that the offer significantly undervalued the well-established business. We provided advice on additional issues such as control, minority interests, future prospects etc.

Valuations for Mergers

Engaged separately by two Canberra law firms for a planned merger on amicable terms.

Valuation of two consulting firms in different states for an intended merger. Engaged separately by each firm to ensure independence and confidentiality prior to negotiations.

Valuation for Industry Consolidation

Engaged by a very large farming and agribusiness client to undertake a complex valuation, encompassing multiple business units and numerous locations. Required to separately value the different business units and also provide an overall value of the business for the client to identify and assess offers for the different business units and for the entire business.

International Sale Assistance

Valuation of a large business and assisting in negotiations of an acquisition offer from a Canadian listed company.

Valuation for Business Sale

Transport company based in South Australia, including detailed cash flow forecasting

Tool maintenance, repair & replacement company based in Western Australia

Electrical and mechanical engineering company based in NSW (Revenues > $20m)

Valuation of Earn out Component

Current value of the earn out component of a proposed acquisition by a very large international company for local IT company.

Valuation for Buy-Ins & Exits

Valuing and assisting in negotiating (buy-ins and exits) for medical, dental and orthodontic practices, assisting both the acquirer & purchaser

Employee Incentive Scheme Valuation

Established complex manufacturing business; determining price to institute employee share option incentive scheme

Shareholder Exit

Timber company, assisting shareholders in determining an exit price

Shareholder Oppression

Engaged by a large law firm to provide a current valuation of a large business for a Supreme Court shareholder oppression case.

Minority Interest Valuation

Minority interest holdings in a major property developer operating in central and eastern Europe.

Compulsory Acquisition of Minority Interests

Retained by one of the largest law firms to provide independent experts report on fairness of a compulsory acquisition by an international acquirer.

Valuation & Financial Modelling For Capital Raising

Food distribution company based in Melbourne

Valuation Large Capital Raising

Mining Company based in Western Australia (Market Cap ~ $500m)

Valuation For Capital Raise

Dynamic start-up looking to disrupt the property sales industry with innovative technology

Valuation For Capital Raise

Melbourne based of high-tech IT start up, including intellectual property

Sydney based master franchisor of international brand

Valuation, Financial Model & IM

Fast growing, young business in need of expansion finance and stock finance to keep up with demand

International Inbound Investment

Valuation report & capital management options re potential investment from an overseas supplier of a Pharmaceutical Company

Preparation of Information Memorandum – Large Businesses

Large integrated property marketing group based in Melbourne, valued at ~$80-100m 

Property business with interest from large Asian acquirer, multiple multi-million dollar developments 

Large HR & outsourcing business with > 1,000 staff & international operations

Preparation of Information Memorandums – New Businesses

Preparation of slide pack for an investor ‘roadshow’ / presentation for a start-up 

New online dispute resolution platform, seeking to revolutionise dispute resolution in Australia.

Start up businesses including a beauty range of products for export to China

Purchase Due Diligence & Deal Assistance

We were engaged to review & provide advice and due diligence on potential acquisitions. Examples include and orthodontist buying into a practice, acquisition of a hospitality business, back door listing of an ASX listed company. Both financial and commercial issues considered.

Financial Modelling

Construction of financial projection tool to incorporate multiple business units and divisions for 30+ year retailer

Review of Financial Models

Independent review of financial models & detailed spreadsheets prepared by CFO of a large ($100m+) property development (supermarkets and shopping centres) group

Special Projects

Financial Modelling & Comprehensive Strategic Report for the board of a major hospital

Analysis & reporting re major tax amnesty submission

Costing Analysis

Valuation & modelling tools for costing new clients and working out profitability & pricing –
industrial solar energy panels industry

Commercial & Financial Due Diligence

Assessment of proposed acquisition & highlighting issues for consideration

Assessment of an investment in a ASX listed company

Forecasting for Refinance

Air charter company requiring $10m aircraft refinancing and expansion capital