Category: Financial Valuation

As part of a strategic reorganization operation, a community services group mandated INCENT to evaluate the securities of one of its subsidiaries specializing in waste collection and urban cleaning in France and internationally.

Our mission consisted of determining a fair value of the securities at the date of the transaction, integrating the specificities of the economic model based on responding to public calls for tender and the execution of multi-year contracts with local authorities.

Two approaches were chosen for this valuation:

• The discounted cash flow (DCF) method, to reflect medium-term development prospects based on a business plan integrating current contracts, anticipated renewals, and the pace of new contract acquisitions. This method required an in-depth analysis on our part, including modeling the cash flows associated with several dozen contracts. The analysis also took into account the specific investments required at the start of the contract (fleet acquisition, staff transfers), the sensitivity of the business model to price indices, and the growing environmental issues impacting local authority decisions.

• The stock market comparables method, based on a panel of European companies active in the waste management sector, allows us to anchor the results of our approaches in market practices.

The INCENT team is proud to have supported this client in this strategic transaction. The mission was led by Guy Jacquot and Anne-Sophie Haniez, assisted by Arthur Heinbach.

As part of a fundraising project, a cosmetics startup commissioned INCENT to conduct an independent evaluation of its securities. This startup is developing a range of cosmetic products, combining scientific innovation and environmental commitment.

The mission was carried out using two methodological approaches adapted to the profile of a fast-growing startup:

• The discounted cash flow (DCF) method, which takes into account the company's strong growth prospects through its Business Plan, and
• The Venture Capital approach allows investors to discount their expected exit value at a rate that reflects the company's own risk level.

INCENT is proud to have supported this startup in this strategic phase of its development. The mission was led by Guy Jacquot and Anne-Sophie Haniez, assisted by Kevin Oumar.

As part of its annual review of the value of its intangible assets, a major player in real estate development commissioned INCENT to evaluate its brand, which has been operating on a national scale for several decades.

This mission aimed to confirm the relevance of the value recorded on the balance sheet in a context where the real estate market is experiencing a significant crisis. Thanks to an approach based on the excess profits method and the "value sharing matrix" developed by Guy Jacquot, INCENT was able to isolate and quantify the economic contribution of the brand among all of the company's intangible assets.

Our analysis also enabled us to validate the consistency of the internal royalty rate applied within the group.

INCENT is proud to have supported this historic client in this mission, led by Guy Jacquot and Maxime Rannou, assisted by Etienne Crunelle.

INCENT was mandated to carry out a purchase price allocation following the acquisition of a renowned pastry house by an investment fund. This mission involved the identification and valuation of the company's intangible assets, such as the brand and lease rights attached to stores located in strategic locations.

Our work has enabled us to determine the fair value of these assets essential to the operation. The goodwill or residual unallocated acquisition difference reflects the strategic added value of this prestigious brand and its growth potential in its sector.

INCENT is proud to have supported this company in this crucial stage of financial consolidation. The mission was led by Anne-Sophie Haniez and Maxime Rannou, assisted by Nicola Falappa.

As part of a strategic audit mission, INCENT was commissioned to carry out a brand assessment of a prestigious French haute parfumerie house. This house distributes its products through its own boutiques as well as a multi-brand network and is distinguished by its heritage and the quality of its creations.

The objective of this valuation was to provide an updated estimate of the brand value, taking into account profitability prospects and planned expansion strategies. The approaches used by our firm include the cost approach and the market royalty approach, allowing for a comprehensive analysis tailored to the specificities of the brand and its sector of activity.

INCENT is proud to have supported this haute parfumerie house in this process of valorization. The mission was led by Guy Jacquot and Anne-Sophie Haniez, accompanied by Nicola Falappa.

INCENT was mandated by a minority shareholder of a Norwegian online bank to provide its opinion on the value of the latter's shares in the context of a mandatory delisting following a takeover bid. The dispute between the minority shareholder and the initiator of the takeover bid concerns the exercise price of the mandatory delisting. The minority shareholders contested the proposed price, which they considered insufficient, in particular due to the failure to take into account certain market data and the underestimation of potential synergies.

Our team developed a DDM valuation model, specifically adapted to the banking sector. This model integrates changes in key interest rates, macroeconomic parameters and the bank's long-term growth prospects. Our approach demonstrated that the price offered at the time of the mandatory squeeze-out did not fully reflect the potential synergies and market dynamics, thus justifying the challenge by minority shareholders.

As part of the procedure, our team defended its expert report before the competent Norwegian courts. This mission was led by Guy Jacquot and Maxime Rannou, assisted by Nicola Falappa and Arthur Heinbach.

After only three years of existence, the Incent firm is proud to be ranked in the 'high profile' category of the ranking. Financial assessment & audit of contributions and mergers from Décideurs magazine. This ranking highlights our expertise and the commitment of our teams to providing solutions adapted to our clients' challenges.

This recognition reflects the work of our partners, Guy Jacquot, Anne-Sophie Haniez And Maxime Rannou, supported by a team of around ten employees, and demonstrates the trust that our customers place in us.

We are now aiming for the 'excellent' category in Financial Valuation and Dispute Assistance, and aim to integrate our new Transaction Services business into this ranking in the future.

Thank you all for your trust.

As part of a simplified public purchase offer, Incent Valuation was consulted by a minority shareholder to assess the fairness of the offer.

The company is an emblematic institution of the financial center, established in 40 countries and present mainly in the investment banking and asset management segments.

The entire Incent firm is proud to have supported the minority shareholder in its approach. The mission was led by Guy Jacquot And Maxime Rannou, assisted by Hicham Ait Messaoud, Nicola Falappa And Arthur Heinbach.

As part of a capital transition project, Incent Valuation was mandated as an expert to evaluate the securities of a large real estate development company.

The company, a major player in property development in France with over 1 million m² of logistics space, hundreds of homes delivered and over 1 billion in assets under management, is a leading player in the property development market.

The entire Incent firm is proud to have supported this company in its approach. The mission was led by Guy Jacquot And Maxime Rannou, assisted by Hicham Ait Messaoud.