Business valuation

A free estimate of indicative value from the financials: book equity, capitalised earnings and a sector EBITDA multiple, with public sources.

Main activity code
Fiscal Year Turnover Earnings before taxes 2024 2023
Borrowings Cash Equity

Fill in revenue and profit before tax for at least two years.

* An indicative estimate from the figures you entered, not a valuation. It excludes what the balance sheet does not record and does not replace a certified valuer. Methodology and multiples · Terms of use

The calculation runs in your browser. Nothing is stored.

How it is calculated

The range comes from three earnings-based methods, in the income and market approaches of IVS 105. If you enter equity, the book value is also shown, the minimum transfer value under article 42 of the Greek Income Tax Code, without being part of the range.

Average profit after tax is capitalised at 10.6%, i.e. bond yield and Greek risk premium, and multiplied by 10.9, the median price-to-earnings ratio of the Athens Exchange with a 30% discount for unlisted companies. Cash less borrowings is added to both amounts when it is positive.

The fourth method applies your sector multiple to EBITDA, from European SME acquisition prices (Argos Index) and Damodaran's data, less net debt. If you do not enter EBITDA, it is built from profit before tax, interest and a sector depreciation estimate. A size factor applies to all three earnings methods, because smaller businesses sell for less. The table of multiples with source dates is public.

The lowest and the highest of these amounts form the range. Its width is the uncertainty of the estimate, not an error: a real sale closes within it depending on customers, contracts and the owner's role, which no balance sheet shows.

Frequently asked questions

How much is my business worth?
There is no single number, there is a range, from three methods based on earnings: capitalised earnings, the earnings multiple and the sector EBITDA multiple. The range is the lowest and the highest of these amounts. Next to it the book value is shown, i.e. the equity of the balance sheet, which is the minimum transfer value under the Greek Income Tax Code but does not say what a profitable business is worth. The final price in a sale depends on what the balance sheet does not record: customers, contracts, know-how and the owner's role.
What is EBITDA and how is it calculated?
EBITDA is earnings before interest, taxes, depreciation and amortisation. It is operating result plus depreciation, or profit before tax plus interest plus depreciation. It shows what the business produces before financing, tax and the accounting depreciation of assets, which is why market multiples are applied to it.
What is goodwill?
The difference between the price a buyer pays and the book value of the business. It is the value of what the balance sheet does not record: customers, reputation, know-how, self-developed software. It appears only when the transaction happens. In this calculation it corresponds to the gap between the range and the book value.
What is book equity?
Total assets less total liabilities, i.e. equity. It is the accounting value of the business and the minimum transfer value of shares under article 42 of the Greek Income Tax Code. It excludes the current value of fixed assets and any intangibles not on the books.
Which multiple applies to my sector?
The table of multiples by sector group, with its sources, is public on the methodology page. It starts from European SME acquisition prices (Argos Index) and is adjusted by sector with Damodaran's data. The earnings methods are also multiplied by a size factor: 0.5 for EBITDA up to €250 thousand, 0.65 at €1 million, 0.85 at €5 million and 1 from €20 million up, changing smoothly in between.
Why is there no estimate for my business?
When there is a loss-making year in the last three, negative equity, only one year or profit above revenue, earnings are not representative and a range would mislead. The same applies when net debt exceeds 8 times EBITDA, or when the figures cannot be right. It is not computed for financial and real-estate companies, branches of foreign companies and figures in another currency.
Why do you ask for the partners' pay?
In small businesses, especially partnerships and single-owner companies, the owner does not pay themselves a salary. Profit then includes the pay for their work. A buyer does not pay a multiple for that work, because it leaves with the owner: they would have to do it themselves or pay someone. That is why the pay is deducted from profit before the estimate, as the Greek tax administration does when a business is transferred (POL 1055/2003). The calculator asks for it when the pre-tax margin exceeds 60%, because profit then almost certainly includes work by partners without a salary. If little profit is left after the deduction, the value falls close to cash. If the pay is larger than the profit, the business without its partners is loss-making and no range is computed.
Do you store the figures I enter?
No. The calculation runs in your browser and nothing you type is sent or stored. Prefilling from the registry reads the company's published data, like any other search on BizList.
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