JJurical
Valuation3 credits

Business valuation by DCF — including the tax overlay for your use case

Value a business with a five-year DCF on normalised EBITDA, a built-up WACC and a sensitivity grid, with a multiples band as a cross-check — and carry the outcome straight into your situation: succession with the business succession relief, a substantial-interest settlement, a WHOA comparison against liquidation value, or a division on divorce.

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valucalc v1.0.0 · vintage 2026.1 · draft free
Example outcome
Equity value€ 9,331,781
Normalised EBITDA — weighted 20/30/50€ 914,000
WACC — cost of equity 11.83%, 20% debt10.13%
Succession exemption — 85% business assets, 2026€ 6,334,885
sha256 a3f19c47e8b2d05f6c91a4e7d23b8f50…

Who it’s for

01Tax specialists on a business transfer who need a valuation that feeds straight into gift, inheritance or box 2 tax.
02Corporate finance advisers and accountants who want to build a DCF with visible normalisation, WACC and sensitivity.
03Restructuring and family law advisers who must set going-concern value against liquidation value or a division.

What the tool does

✓ Normalised EBITDA over three years with corrections for director’s salary, non-recurring income and costs, rent and other items, weighted 20/30/50✓ A WACC build-up: risk-free rate, market risk premium, a size premium per size class and a company-specific premium, with after-tax cost of debt✓ Five-year free cash flow derived automatically from growth, margin, depreciation, capex and working capital, or entered manually per year✓ A sensitivity grid of seven WACC steps against six terminal growth values✓ A per-sector multiples band on EV/EBITDA and EV/revenue as a cross-check, with a flag when the DCF outcome falls outside it✓ Six use cases with their own tax overlay: gift and inheritance with succession relief, substantial interest with a DLOM, WHOA and divorce
01 — Form
Case and key figures — a handful of fields.
02 — Draft
Full outcome layout, free.
03 — Pay and receive
Via Mollie, VAT/VIES handled.
04 — Report
Certified PDF + public hash.

A valuation is a set of assumptions, not a number

A DCF outcome depends more on the discount rate and terminal growth than on the cash flows themselves. Half a percentage point of WACC readily shifts the value of a mid-sized business by a tenth. That is why the sensitivity grid sits beside the outcome rather than in an appendix: it shows how sharply your value moves under assumptions just as defensible as your own. And that is why the multiples band is there — not as a second valuation, but as a plausibility check.

The tax overlay then makes the value concrete. In a succession, the split between business and investment assets determines how much of the value falls under the exemption and what remains subject to gift or inheritance tax; for a substantial interest it is the gain over the acquisition price, possibly after a discount for lack of marketability. Every report records the normalisation, the WACC build-up, the assumptions and the dataset vintage used, so the valuation stays traceable and repeatable.

Frequently asked questions about this tool

Does the tax overlay replace a succession relief analysis?
No. The overlay applies the exemption and rates to the value the valuation produces, based on the percentage of business assets you enter. The conditions of the succession scheme — ownership period, continuation requirement, age on a gift — are not tested here; there is a separate succession calculator for that. Use this outcome as a value input, not as a test of the scheme.
Is the normalised EBITDA used in the DCF?
Not directly. In automatic mode the forecast builds on the latest year’s revenue and the EBITDA margin you enter; the normalised EBITDA serves as a check on it and the tool warns when the implied margin differs from it by more than five percentage points. In manual mode you enter the cash flows yourself and the normalisation is used only for the multiples band.
Why doesn’t the sensitivity grid’s base cell match my value exactly?
Because the grid computes on rounded axes: WACC and growth are set to one decimal per cell before the value is recomputed. The cell at your own assumptions therefore sits close to but not exactly on the headline outcome, and with a quarter-step growth rate no base cell is marked at all. Read the grid as a range; the headline figure in the report is the valuation.
Are the default parameters current?
They come from the dataset vintage and are meant as starting values you adjust to your valuation date — certainly the risk-free rate and the equity risk premium, and the sector multiples too. Note one quirk: entering 0% for the risk-free rate or the equity risk premium makes the calculation fall back to the default. The 2026 tax figures are likewise marked in the source as still to be verified; the report states the vintage used.
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Business valuation by DCF — including the tax overlay for your use case — Jurical