Key takeaway: IQ-EQ gave a regulated, non-listed asset manager an independent valuation view that supported a planned shareholder reorganisation, helped frame a €100m capital raise and gave management, auditors and potential investors a clear basis for discussion.
The client, their challenge
The client is a leading European insurer-affiliated asset manager, regulated by the Autorité des marchés financiers. It asked IQ-EQ to provide an independent valuation of its enterprise value as part of a shareholder structure reorganisation.
The planned transaction aimed to raise around €100m of new equity, net of fees, for the investee company. The funds were intended to cover financing needs over the life of the business plan. As the company was non-listed and regulated, the client needed a valuation conclusion that was independent, well documented and aligned with market practice.
The key challenge was the quality and consistency of the five-year business plan assumptions. Investment assumptions were central to expected growth, so they needed careful review. The client also needed a report that could support discussions with auditors and potential investors.
Our solution
IQ-EQ France carried out an independent, stand-alone valuation of the company’s enterprise value on an arm’s length basis. Our team used a multi-criteria approach, combining discounted cash flow analysis with market-based methods. This gave the client a more balanced view of fair value.
We reviewed management information, analysed market data and tested the assumptions behind the projected cash flows. We also prepared sensitivity scenarios to show how changes in the key assumptions could affect value. This gave the client a clear, evidence-based report that could be used in the context of the planned share capital increase.
Results
In November 2025, the client appointed IQ-EQ to deliver an independent valuation report. The work gave the client a clear valuation reference point and a documented basis for decision-making.
- A valuation range for enterprise value, giving management a clear reference point for the planned share capital increase
- A structured review of the business plan, free cash flows and adjustments, supporting a consistent approach to compute a normalised cash flow
- A full valuation report covering the approach, key assumptions, sensitivity analysis and valuation conclusion
- A practical output the client could use with auditors, management and potential investors
Why IQ-EQ
Valuation work in a regulated context needs technical rigour, market knowledge and clear communication. IQ-EQ brings all three. Our valuation advisory team works with entrepreneurs, fund managers and investment professionals on complex valuation needs, including unlisted companies and securities. Our reports are built to reflect relevant international standards and market practice.
This case study shows how IQ-EQ can help clients turn a sensitive valuation requirement into a clear decision-making tool. It also shows the value of combining analytical discipline with practical understanding of the French market.
Céline Vidal, Head of Valuation Services, IQ-EQ France, said: “In a regulated market, valuation is about more than a number. Clients need a clear view of value that they can explain, challenge and rely on. In this case, our role was to bring independence, market discipline and practical insight, so the client could move forward with greater confidence.”
That combination is central to IQ-EQ ’s valuation advisory approach: independent judgement, robust analysis and advice clients can use in real-world decisions.
IQ-EQ supports valuation committee work for more than 160 funds, giving clients access to deep, current market experience across unlisted assets.
