Key takeaway: Independent valuation work helps regulated firms turn complex judgement calls into clear, documented decisions. In this case, IQ-EQ France gave the client a practical valuation conclusion it could use with confidence to support its employee share plan.
The client, their challenge
A French management company, regulated by the Autorité des marchés financiers (AMF), engaged IQ-EQ to carry out an independent valuation of its shares. The work was needed to support an employee share plan.
The client needed a valuation conclusion it could rely on. It had to reflect market practice, support the tax and social workstream linked to the plan, and be clear enough to document for the French tax authorities. The assignment called for technical rigour and practical judgement. It also needed a partner who understood the French private equity market, regulated entities and the importance of a well-evidenced valuation process.
Our solution
IQ-EQ France carried out an independent, stand-alone valuation of the company’s shares on an arm’s length basis. Our team reviewed management information, assessed relevant market data and used a multi-criteria approach based on income and market methods. We then produced a clear equity value conclusion, supported by an enterprise value-to-equity value bridge and the normalisations required for this type of assessment.
The work drew on IQ-EQ’s valuation expertise in France and our wider experience supporting private equity firms, management companies and investors. This gave the client access to a specialist French team, backed by the scale and service range of a global investor services group.
Céline Vidal, Head of Valuation Services: “Independent valuation work is about more than arriving at a number. The process needs to be clear, well documented and suitable for the decisions it supports. In this case, our role was to give the client a robust valuation basis it could use with confidence.”
The result
In May 2026, IQ-EQ France delivered an independent valuation report that gave the client a practical, decision-ready basis for its employee share plan and a clear reference point for decision making.
- A normalised net financial debt position to support the enterprise value-to-equity value bridge and the fair value conclusion for the shares
- A concise report covering the approach, key judgement areas, sensitivity analysis and valuation conclusion, ready to support the tax and social workstream
- Documentation of the key adjustment driving the tax impact, in a way that could be presented to the relevant authorities
Why it matters
For regulated management companies, valuation work often sits at the centre of sensitive decisions. It needs to be technically sound, commercially grounded and easy to explain. IQ-EQ’s valuation team in France supports clients with independent valuations for unlisted companies, transaction-related pricing, fairness opinions, management incentive plans and internal valuation procedures.
This case study shows how IQ-EQ helps clients turn complex valuation questions into clear, usable outputs. It also reinforces IQ-EQ France’s position as a credible local partner with access to broader investor services expertise.
Planning a valuation?
If you’re planning an employee share plan, reviewing an unlisted company valuation or preparing for a transaction, an early conversation can help you avoid gaps later. IQ-EQ can help you shape the right valuation approach, identify the evidence you’ll need and produce a clear report that stands up to review. To discuss your next valuation need, speak to our Valuation team.
