Mltpl Private company valuation
Private company valuation, made straightforward.
A considered view of value, without turning every valuation into a lengthy manual exercise. Company accounts and listed market data in; a structured market approach valuation out.
EV / EBITDA · comparable multiple range
Comparable set
Pool assessed
01 The proposition
Six stages. One place. Nothing hidden.
Traditional valuation work involves several separate stages: extracting financial information, rebuilding the numbers, identifying comparable businesses, considering the relevant market multiples and making the adjustments required for the business being valued.
Mltpl brings that process together, and shows its work.
Filed statements read and captured, including the notes.
Rebuilt into an analytical model, with items worth review flagged.
A pool of 1,000+ UK listed businesses narrowed on substance.
Positioned within the comparable range, alongside an independent model estimate.
Listed market data adjusted for a private business, and for its size.
A figure, with every input and calculation behind it visible.
02 Financial Engine
Company accounts in. A working model out.
The Financial Engine reads a company's financial statements and rebuilds them into a working financial model. It captures the figures across the accounts, understands how they relate to one another and maps the underlying notes back to the face of the financial statements.
As part of that process it identifies items that may be exceptional, unusual or one off, and therefore worth considering when assessing maintainable earnings.
Developed across the principal UK frameworks
| Profit and loss account | FY24 £000 | FY23 £000 |
|---|---|---|
| Turnover | 12,480 | 11,840 |
| Cost of sales | (7,930) | (7,610) |
| Administrative expenses | (3,120) | (2,880) |
| Operating profit | 1,430 | 1,350 |
| Note 4 · Legal and settlement costs | 210 | — |
| Note 11 · Depreciation | 300 | 280 |
| Analytical model | FY24 £000 | Margin |
|---|---|---|
| Revenue | 12,480 | — |
| Gross profit | 4,550 | 36.5% |
| EBITDA | 1,730 | 13.9% |
| Legal and settlement costs One off | +210 | — |
| Owner remuneration above market Review | +230 | — |
| Maintainable EBITDA | 1,970 | 15.8% |
03 Comparable companies
More than a thousand companies considered. Six that hold up.
Comp Finder starts by understanding the subject company: what it sells, the market it serves, where it sits in the value chain and how it generates revenue. It then assesses candidates individually before narrowing them into a final comparable set.
Each selected company is named, and accompanied by an explanation of why it has been considered comparable.
Halvern Industrial Group
Manufactures and distributes engineered components into the same UK industrial end markets, with a comparable proportion of revenue from aftermarket service work.
04 Multiple selection
Comparable range, positioning and model estimate
EBITDA margin 15.8% · revenue growth +5.4% 6.9×
Trained on UK listed and private transaction data 7.1×
From a range to a reasoned point.
Comparable companies will usually produce a range of potential valuation multiples. The harder question is where within that range the subject company reasonably sits.
Mltpl compares the company's operational metrics, including EBITDA margin and revenue growth, with the comparable businesses, and considers that analysis alongside an independent indicative multiple produced by its own machine learning model.
The two approaches combine into an indicative point estimate, with every input visible.
05 Private Company Discount
From listed markets to private company value.
A private company should not ordinarily be valued by applying an unadjusted listed company multiple.
Mltpl maintains a private company discount based on the relationship between UK listed EV / EBITDA multiples and multiples observed in private company transactions. The analysis is refreshed quarterly, and can be tailored to reflect the relative size of the company being valued.
The proposed adjustment is documented, and remains user adjustable.
06 Transparency
See how the valuation was reached.
Mltpl has deliberately been designed so that a valuation can be interrogated rather than simply accepted. Identical inputs produce reproducible results.
Company financials, as filed
The statutory accounts as captured by the Financial Engine, with the notes mapped back to the face of the statements.
Every comparable, with reasoning
The selected comparable set is named, and each company carries an explanation of why it has been considered comparable.
The adjustments made to the numbers
Normalisation adjustments, exceptional items and maintainable earnings are shown as adjustments to the filed figures rather than buried in a total.
From listed to private company value
The private company discount, its evidence base and the size scaling applied to the subject company.
The arithmetic, in full
Every calculation connecting maintainable earnings, the applied multiple, net debt and equity value.
07 Who it is for
The people who live with private company value.
Whether the valuation relates to a transaction, tax planning, employee incentives, succession, a dispute or simply understanding what a company may be worth, Mltpl provides a structured starting point.
A valuation you can actually see.
Private company valuation will always require judgement. Mltpl makes the work around that judgement faster, clearer and easier to evidence.