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Buy-side Valuation for one of UAE’s largest travel operators

Making the seemingly impossible, possible.

CASE STUDY

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Assignment

A large family office in UAE approached us to issue an independent valuation opinion alongside a financial due diligence of a leading travel+tourism operator with a dominant presence in the government sector.

Our Approach

Outcome

While the business was both profitable and growing, we needed to study the potential impact of dilution on the sustainability of revenues (and hence earnings) in determining the valuation. We did this as part of our financial due diligence.

We then examined each major customer contract to assess the renewal risk and assess the revenue dependency on the exiting partner’s “halo” factor. We used scenario analysis to factor the probability and quantum of likely loss of earnings to produce a distribution of values.

Our enumeration of customer concentration risk, key man risk via scenario analysis provided our client with a risk-weighted valuation range to open negotiations with the seller.

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