Grant Thornton Baltic has over 20 years of experience in determining the value of various asset groups with internationally accepted valuation methods. We have experience in valuation of different companies and various industries in Estonia, the Baltic States and as well in other countries.

In strategically important decisions the management and owners do not only ask what the fair value of the company is, but also wish to get insight into the value drives of the company. Depending on the purpose of the valuations and specifics of the business, we perform valuations using the income approach (discounting the cash flows generated), market approach (selecting actual data in an active market), net assets method (determining the fair value of assets and obligations) or combining different methods.

We provide valuation services of different asset groups and the main services are:

  • Companies and business lines
  • Shares
  • Financial instruments and contracts
  • Commercial real estate
  • Industrial property (warehouses, industrial buildings and factories)
  • Infrastructure objects (water, heat and gas supply networks)
  • Support in court and commercial disputes
  • Other assets (i.e. property, plant and equipment)

To find out more about how our team can provide valuation advice, please contact us. 

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You may require a valuation for many different purposes, for example:

  • Transactions and restructuring – valuation for investment decisions and bid support, for equity investments and issuing new shares, implementing a share option scheme, support from an independent expert for valuation of non-monetary contributions, valuations in related party transactions
  • Valuation of collateral assets and guarantees for loan refinancing purposes or raising debt
  • Accounting and financial reporting purposes – including purchase price allocation and impairment testing
  • Valuation support in disputes and court proceedings – breach of contract, negligence, loss due to business disruption, determining the causes and timing of insolvency, assessment of losses

We evaluated Graanul Invest's factories in Estonia, Latvia and Lithuania

Graanul Invest AS wished to conduct the valuation of pledged assets.
Graanul Invest OÜ is Europe’s largest pellet producer and one of the biggest renewable energy producers in the Baltic Sea region. In Estonia, Graanul Invest OÜ is one of the largest private forest owners. In the Baltic states, the group owns 11 pellet plants and six co-generation plants. Grant Thornton Baltic conducted a valuation of the assets of Graanul Invest OÜ, which are pledged to Luminor Bank AS, i.e. property together with pellet factories and energy co-generation plants in Estonia, Latvia and Lithuania.
The income approach
To perform the valuation of the business units, Grant Thornton’s advisers divided the group’s assets into separate business units. The technical data and production capacity of each plant was taken into consideration in the case of each business unit in order to determine the cash flow generated by the specific unit. To determine the market value of the real estate and the movable property, the cash flows related to other tangible and intangible assets were excluded from the business unit’s cash flow (labour costs, changes in working capital and entrepreneurship).
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