Company inputs
Revenue or ARR, growth and profitability. Optional metrics affect the model only when you provide them.
VALUATION METHODOLOGY
Understand the range before you use it.
A transparent starting point for a valuation discussion. See what comes from your inputs, what the model assumes and what needs company-specific review.
Presentation updated: 2026-10-08 · Model assumptions: H1 2026 · vea-model-2.2.1
VALUATION, STEP BY STEP
Inputs. Assumptions. Output.
VEA assumptions
The model uses ARR or EBITDA, with disclosed multiples and adjustments. These are model assumptions, not a buyer offer.
A value range
The output is enterprise value (EV). Subtracting net debt gives an indicative equity value.
How does this relate to the VEA Index?
The Index applies the same model to 449 companies using FY2024 accounts. Every company uses the IT-services profile, with EBIT as a proxy for EBITDA. KRS supplies revenue and operating profit. It does not supply acquisition prices or valuation multiples.
The Index covers profitable companies only (EBIT > 0) with EUR 10-50m revenue. It does not represent the entire market, smaller businesses or a separate SaaS population. A change in the Index may reflect financials, sample composition or model changes; it does not by itself prove a change in deal prices.
Model version: vea-model-2.2.1 · Aggregates generated: 2026-07-22
Review the VEA Index data and scope →Use the output to explore sensitivity to company inputs and prepare questions for a discussion. A model range is not a statistical confidence interval. The net-debt bridge does not automatically account for taxes, fees, earn-outs or working-capital adjustments.
Model details: bases, adjustments and limits
Base EBITDA assumptions
These are VEA model settings. The middle value is a model anchor, not an observed transaction median.
| Profile | Low | Model centre | High |
|---|---|---|---|
| B2B SaaS | 8x | 11x | 15x |
| IT services | 3.5x | 5x | 7x |
| Tech-enabled | 3x | 4x | 5.5x |
ARR and mixed businesses
SaaS uses EBITDA at growth of 10% or below, ARR at 30% or above, and a continuous blend in between. A dominance rule compares the adjusted values from both approaches. ARR centre anchors are 10% growth: 2.5x; 20% growth: 3.2x; 33% growth: 3.75x; 48% growth: 4.5x; 60% growth: 5x. The low and high ARR edges are 0.72 and 1.28 times the centre. Below -20% EBITDA margin, the ARR centre is capped at 3x.
For a mixed recurring and project business, the split approach uses total annual revenue and the margin of each segment. Recurring earnings use 5/6.5/8x EBITDA; project earnings use 3.5/5/7x. In the simple SaaS path, ARR multiplied by margin is an earnings proxy. Material non-recurring revenue needs a separate review.
Adjustments and limits
Growth and profitability, international revenue and company size affect the scenario. Retention, gross margin, recurring revenue and customer concentration affect it when supplied. AI positioning, regulation and tenure are declared assumptions; the AI-native setting requires a confirmation of proprietary IP or data. This confirmation is not independent diligence.
- Declared upside adjustments are capped at +25% combined.
- Above +40% total premium, each additional point counts half; net premium is capped at +60%, discount at -65%.
- Centre backstops: 8x ARR or 18x EBITDA for SaaS, 8x EBITDA for services; the blend uses a weighted cap.
- Low-end safeguards: 1x ARR for SaaS, 2.5x EBITDA for profitable companies. These are construction rules, not guaranteed market floors.
The engine calculates in EUR. PLN and USD use rounded indicative conversion assumptions, not live FX quotes. In the Index, growth is clipped to 0-80%, international revenue is assumed at 30%, the IT-services profile is used for all companies and other refinements are unset.
Full coefficient table in Polish →What to verify before a decision
Review recurring revenue definitions, sustainable earnings, customer concentration, IP rights and the transaction structure. A buyer-specific valuation also needs comparable evidence with matching metrics and scope. The calculator does not verify company records or forecast a closing price.