We recently worked on a company where the past 3 years looked busy with multiple projects and different revenue streams. Small engineering jobs here and there.
However, something changed.
A new contract.
A “big customer.”
A completely different business model.
So the question was:
Do we value the company based on what it used to do…
or what it is actually becoming?
We had management interviews to confirm our understanding — and excluded parts of the historical business that had already stopped.
Because valuation is not about honoring the past.
It’s about understanding what drives cash flow going forward.
If the business has fundamentally changed, the valuation assumptions should too.
#ORNA #BusinessValuation #Consult #DCF
ORNA Company Limited 
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