The starting point is the economic value, based on the net revenue and the associated business risks. This value lies in the future, not the past. We have no doubt about that, which is why we use valuation models that are based on that perspective, such as the discounted cash flow method. Our approach combines financial know-how with a deep understanding of the company’s current and future performance and the market it operates in. The result is a valuation with substance and that does justice to all the parties involved in the transaction.