Adjusted Net Asset Value
The methods used to value the investments are as follows:
Stock market comparables method: This is an analogical valuation method based on a comparison of the company’s data with those of a sample of comparable companies in terms of activity, size, risk, growth… The multiples are constructed from a sample of comparable listed companies. An average or median multiple is then applied to the company to be valued. In the case of a non-listed company, it is customary to apply an illiquidity discount to the value obtained to take into account a valuation differential compared to comparable listed companies, due to the liquidity of their securities on the market.
Comparable transactions which is an analog valuation method using multiples observed on a sample of past transactions considered comparable to evaluate a new transaction. After the multiples have been constructed, the average or median multiple should be used to evaluate the transaction in question.
Target price: This is an evaluation method based on the selection of target prices published by brokers for a given company. In the case of a non-listed company, it is customary to apply an illiquidity discount to the value obtained to take into account a valuation differential compared to comparable listed companies, due to the liquidity of their securities on the market.
Discounted Cash Flow: is based on the principle that the value of an asset is equal to the net present value of the future cash flows it generates. The value of an asset or entity is thus calculated as the sum of the cash flows generated, discounted at a rate that reflects the level of risk of the asset or entity in question. The valuation of a company by the DCF method is based on an explicit construction of the assumptions underlying a valuation, namely the forecasts of growth, investment and long-term profitability as well as the discount rate of future cash flows reflecting the level of risk of the business and its financial structure.