Fairness Opinions and Valuations

BZM’s specialist skills in valuations, together with the knowledge of capital markets and experience of highly structured transactions, have led to numerous engagements for valuations and fairness opinions on complex situations. BZM’s expertise extends from the company valuations to the valuation of various types of assets and liabilities, including equity instruments, goodwill and intangibles (brands, customer list, know-how, etc.), derivatives and financial instruments, corporate bonds, non-performing loans and stock option plans.

The valuations prepared by BZM take many forms and are carried out in various contexts.

  • Independent fairness opinions and valuations for extraordinary transactions such as mergers, capital contributions, de-mergers, etc.
  • Valuations to support the preparation of financial statements: impairment tests, purchase price allocations (PPA), assessment of debt sustainability.
  • Valuations and opinions required by law: expert opinions on withdrawal value, contribution in kind  and capital increase, fairness of the merger exchange rates, assessments of LBO debt sustainability.
  • Valuations in contexts of crisis and restructuring: valuations of companies and equity instruments in situations of financial distress or pre-bankruptcy, opinions on financial reliability and solvency, estimation of the market value of non-performing loans and their interest rates , valuation reports as technical advisors in judicial and out-of-court proceedings.
  • Valuations in support of extraordinary operations: valuations for acquisitions, disposals, IPOs, corporate and shareholding restructuring (e.g. family business agreements) and for special situations, such as the drafting of shareholders’ agreements, design of management incentive plans with the presence of stock options (EOSP), launch of start-ups, preparation of investment plans in the real estate sector (development, acquisitions and restructuring).