What the report covers
Normalised EBITDAReported profit rebuilt with one-offs, owner benefit, related-party charges and non-recurring items adjusted out, each one evidenced.
Revenue recognitionCut-off, accrual and deferral testing, plus whether revenue is recognised on a basis a buyer will accept.
Revenue durabilityCustomer concentration, churn, contract terms and how much of the base is genuinely recurring.
Working capital and net debtA normalised working capital level for the peg, plus debt-like items that belong in the price.
Proof of cashEarnings reconciled to cash actually collected, because that is the first thing a serious buyer checks.
What this is not
An auditWe issue no audit opinion and provide no assurance. If you need an audit, you need a licensed audit firm.
A tax or legal opinionTax exposure and contract risk sit with your tax preparer and your counsel. We flag what we see and stop there.
A valuationA QoE produces the earnings. What multiple applies to them is a separate piece of work.
A number shaped to the dealWe will not adjust something out because it helps the price. Adjustments have to survive the other side reading them.