For more than half a decade, AN Valuations has been assisting a major ETF with its PRIIPs KID regulatory requirements in the European Union. Our services include the calculation of the SRI summary risk indicator, performance scenarios under various holding periods, cost scenarios, the impact of fund costs, and the composition of costs. AN Valuations also provides advice on KID and prospectus text.
A successful crypto fund asset manager was looking to offer a minority portion of their shares to a new business partner. They asked that the valuation be consistent with Dutch tax standards. Valuations are based in part on future cash flow and the risk of achieving that future cash flow. The fund manager generates income based on a percentage of assets under management and fund performance. To value this fund manager, AN Valuations simulated numerous scenarios of assets under management into the future and certain risk factors that could impact future cash flow. In addition to opining on the value of the fund manager, AN Valuations advised them on how to structure the deal with the new partner.
AN Valuations supports a number of companies with their employee participation plans. These plans can take various forms, including options (ESOPs), stock appreciation rights (SARs), voting shares, non-voting foundation shares, etc. Employee participation plan support packages offerd by AN Valuations typically include advice on plan structure, periodic grant price calculations, and (sometimes in the case of option plans) option valuations. One of our clients had an multiple option plans (for different classes of participants) and a complex capital structure. This was a challenging case. The client began as a restructuring case and went through various reformulations of their business plan over the years, at one point earning the coveted FD Gazellen award, and was ultimately acquired by the Facebook parent company Meta Platforms Inc (NASDAQ: META). AN Valuations stood by their client throughout the years providing primarily employee participation plan support and occasionally providing valuation advisory and financial advisory services.
A Toronto stock exchange listed Canadian biotech firm was looking to acquire a Dutch firm from which it licensed certain products. The Canadian biotech firm retained AN Valuations to estimate the value of the Dutch firm and its license agreement. AN Valuations worked onsite with management at the Canadian biotech firm to analyze different strategies and scenarios.
A Netherlands-based tank storage and shipping company acquired the UK, Netherlands and Poland operations of a global tank storage competitor. The acquirer must revalue the target’s balance sheets and estimate residual goodwill for accounting purposes, also known as purchase price allocation. The Netherlands tank storage company asked AN Valuations to carry out the purchase price allocation. Due to the easy working relationship with AN Valuations, the tank storage company also asked for AN Valuations for assistance with impairment testing on certain intangible assets. The following year, when the Netherlands tank storage company was acquired by a consortium of investors backed by a global investment bank for more than EUR 1 billion, AN Valuations was asked to assist again with a purchase price allocation.
A Netherlands-based crowd funding platform specializing in personal loans required funding to support its growth strategy. AN Valuations was asked to estimate the company’s value to support discussions with an interested investor. During the process, AN Valuations also introduced the company to another investor group, broadening the company’s alternatives, and provided strategic advice.