It’s been a busy few weeks — ORNA just wrapped up a valuation project for a client who wanted to invest in a very early-stage SaaS startup.
The company was so new that there was very little financial history. What we had was:
- A business plan
- Revenue projections
- One paying customer and a few on free trial
- Some market data that had to be verified
🧩 From there, we started piecing things together.
✅ First step: Ask the right questions and gather the right documents
✅ Then: Analyze the startup’s model — how it plans to grow, what it offers, and whether the numbers make sense
✅ Method chosen: Discounted Cash Flow (DCF) — because it was the most suitable. The company is not listed, has no strong book value, and no clear peers for multiples comparison.
We also:
🔹 Researched listed SaaS companies to estimate beta and calculate WACC
🔹 Built forecasted income statement, balance sheet, and cash flow
🔹 Modeled different growth scenarios (best, base, worst) to help our client see a range of possible outcomes
✨ One key reminder: These are just assumptions. The real future might look different — and that’s okay. That’s why valuation is both art and science.
ORNA Company Limited 
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