What information is commonly needed for a business valuation?

A valuer needs enough reliable information to understand what is being valued, how the business creates value and which assumptions are supportable at the valuation date. The list is case-specific: not every item below is required for every engagement.

Start with information at or near the valuation date

Financial statements as of the valuation date are preferred. Audited statements generally provide the strongest starting point, while management accounts are commonly acceptable when audited accounts are unavailable or the valuation date falls between year ends. Clearly label whether information is audited, reviewed, management-prepared, forecast or provisional.

01

Business scope and ownership

  • Company profile, history, products and services
  • Business model, revenue streams, customer groups and routes to market
  • Operating locations, legal entities and group structure
  • Cap table, ownership interest being valued and relevant share rights
  • Constitution, shareholder agreements and restrictions on transfers
  • Key management, licences, major dependencies and concentration risks

02

Historical financial information

  • Audited financial statements, where available
  • Management accounts at or close to the valuation date
  • Monthly or segment results when seasonality or business units matter
  • Debt, cash, working capital and non-operating asset schedules
  • Details of one-off, owner-related or non-recurring items
  • Reconciliations between management reports and statutory accounts

03

Forecasts for income or DCF models

  • Management-approved financial projections and budgets
  • Revenue drivers, pricing, volume, customer and market assumptions
  • Margins, headcount, operating costs and taxes
  • Capital expenditure, depreciation and working-capital assumptions
  • Funding needs, debt terms and cash runway
  • Base, upside and downside cases where uncertainty is material

Forecasts should reflect management’s informed view and be explained—not merely generated to fit a desired value.

04

Asset-heavy businesses

  • Fixed asset register with description, location and acquisition date
  • Original cost, accumulated depreciation and book value
  • Invoices or contracts supporting significant costs
  • Ownership, lease, maintenance, condition and utilisation records
  • Recent appraisals, insurance values and disposal history
  • Information on idle, obsolete, specialised or restricted assets

05

Key contracts and agreements

  • Material customer and supplier contracts
  • Leases, licences, franchises, concessions and distribution agreements
  • Loan, security, preference share and convertible instrument terms
  • Employment, incentive and key-person arrangements
  • Joint ventures, related-party arrangements and guarantees
  • Litigation, claims, contingent liabilities or termination rights

Focus on agreements that could materially change cash flows, risk, control or transferability.

06

Patents, trademarks and other intangibles

  • Registration documents, legal ownership and renewal status
  • Countries or territories where rights are protected or used
  • Products, services and business units using the intangible asset
  • Revenue, cost savings or licence income associated with the asset
  • Licence, royalty, co-development and restriction terms
  • Remaining useful life, obsolescence, disputes and infringement matters

07

Startups and early-stage companies

  • Latest investor presentation, business plan or company profile
  • Current and fully diluted cap table
  • Financing history, term sheets and rights attached to each security
  • Historical results, cash burn, runway and financial projections
  • Operational KPIs, pipeline, unit economics and customer traction
  • Product stage, technology roadmap, market opportunity and competition

08

Purpose-specific information

  • Transaction: offers, term sheets, transaction structure and due-diligence findings
  • Accounting/audit: applicable SFRS(I), FRS or IFRS requirement, budgets and auditor expectations
  • Tax: relevant rule, filing purpose and authority correspondence
  • Dispute: pleadings, instructions, legal assumptions and evidence cut-off
  • Internal planning: decision question, scenarios and required level of detail

More documents do not automatically mean better evidence

Quality matters: information should be accurate, complete enough for the purpose, timely and transparent about its source and limitations. Clean reconciliations and clear explanations are often more useful than a large folder of unlabelled files.

A practical way to organise the data room

01 — Scope

Purpose, valuation date, target interest, intended users, deadline and key contacts.

02 — Core records

Corporate, ownership, financial, forecast, commercial and legal folders with clear dates.

03 — Questions log

Record information requests, management explanations, source documents and unresolved items.

Ready to discuss scope?

Send the concise background first

Use the seven-line message format before transferring confidential documents. A valuer can then tailor the detailed request to the actual case.

Open the enquiry checklist

Professional references

The specific information required depends on the assignment. International Valuation Standards emphasise appropriate data and inputs, while established business valuation guidance highlights the nature and history of the business, financial condition, earning capacity, intangible value, ownership interest and market evidence.