Independent Valuation Report

Company Valuation Report France: Methods, Mandates

A company valuation report france is an independent estimate of the worth of a business, a share class, or a business division, prepared by a regulated practice for a transaction, a corporate event, an accounting requirement, or a dispute. The dossier sets out the method picked, the assumptions used, the calculations, and a value bracket, written for a defined readership — board, shareholders, auditor, or court. Interexco has delivered business valuation work for international groups, private equity sponsors, and French SMEs for over 40 years.

Interexco combines a regulated expert-comptable practice (OEC) with a CNCC-registered statutory audit function. The valuation team operates from Paris (30 Boulevard Haussmann), Lille, Milan, and Tunis, working directly in English and French, with Italian, Spanish,Russian and Arabic also covered in-house by our experienced accountants and senior partners.

What a Company Valuation Report in France Covers

A company valuation report in France addresses one of four matters: what is a target worth in a deal, what is equitable in a regulated corporate event, what value the accounts should carry for an asset, and what is a defensible value in a dispute or tax position. Each matter carries its own purpose, its own method, and its own readership. The valuator’s view shapes the answer.

This kind of independent work draws on internationally recognised approaches (discounted cash flow, market multiples, precedent deals, asset-based work) and, where the engagement is a regulated procedure, on the specific framework of the Code de commerce and CNCC norms. The exercise is a structured analysis with cross-checks, not a simple estimate of headline number.

A typical engagement runs across seven phases, from kick-off and information request through analysis, modelling, drafting, and issuance.

Worked Example: Méthode d’évaluation Française

For francophone owners and counsel: la méthode d’évaluation utilisée pour la valeur d’une entreprise peut combiner l’actif net réévalué, les flux de trésorerie futurs actualisés (DCF), ou un ratio de bénéfice (P/E), un multiple de chiffre d’affaires, ou la capacité à distribuer des dividendes — elle dépend du type d’entité, des futurs cash flows attendus, et de l’audience visée. Multilingual deliverables are available where the engagement requires it, to facilitate review by international sponsors and local counsel.

When This Independent Work Is Required

Five recurring situations trigger this kind of engagement:

Deals and exits — M&A, share sale, share-for-share exchange, secondary buyout. The valuator supports negotiation and deal structuring for buyers, sellers, and investors. An exit plan often starts here.
Capital contributions (apport en nature) — pursuant to Code de commerce Article L. 225-147 and equivalents for SAS/SARL, a commissaire aux apports must value any non-cash contribution above defined thresholds. A merger of two entities raises the same question.
Corporate transformations — pursuant to Code de commerce Article L. 225-244, a commissaire à la transformation values the entity on transformation from SAS/SARL into SA, or from SA into SAS.
Fairness opinions (attestation d’équité) — required by AMF Position-Recommandation 2006-15 for listed entities in certain corporate events; widely used voluntarily by boards of unlisted entities for governance and to protect minority shareholder positions.
Accounting and dispute support — impairment testing under IFRS (IAS 36) or French GAAP, purchase price allocation (IFRS 3), employee share plans, goodwill and intellectual asset coverage, transfer pricing valuations, divorce or shareholder claims, insurance loss claims.

Whichever the situation, the readership determines the output style, the depth of the analyses, and the level of detail expected.

What Our Valuation Reports Include

Our valuation reports in France typically combine several techniques, with each one supporting and cross-checking the others. The professional norm expected by French M&A counsel and statutory auditors is a comprehensive multi-method engagement with documented weighting.

Discounted cash flow (DCF) — a three to five-year explicit forecast of future cash flow plus terminal value, with WACC built from the local risk-free rate, equity premium, beta, and country-specific adjustments. The valuator adjusts working capital, normalises non-recurring elements, and documents the projections in detail.
Trading multiples — listed peer group analysis, with adjustments for size, growth, profitability, and capital structure. We select listed peers, compute the relevant multiple (EV/EBITDA, EV/Revenue, P/E ratio), and explain the spread.
Precedent transactions — historical comparable transactions on French and EU peers, with a description of each comparable, the implied multiple, and an assessment of relevance.
Asset-based approach — net asset value with revaluation of intangible elements, real estate items, and embedded liabilities. This route is common for holding companies, property vehicles, and certain regulated entities, and provides a reliable floor.
Cross-checks — implied multiples, returns analysis, sensitivity tables, and an internal-consistency check between techniques.
Conclusion — a value bracket with a central case, supporting elements, key assumptions, and caveats, presented to the board, shareholders, or counterparty pursuant to the engagement norm.

The financial statement base is first reviewed for accounting policy, then adjusted for one-off entries, then projected forward. We prepare an explanation of every adjustment to ensure the data is dependable and the calculations accurate.

In France vs. Internationally: How the Output Differs

The international valuator typically applies International Valuation Standards (IVS) and IFRS 13 (fair value measurement), producing an FMV estimate written for cross-border sponsors and group financial coverage. The framework is broadly consistent: income route, market route, asset route, with weighting picked accordingly.

In France, the engagement is more codified for regulated procedures. The commissaire aux apports and commissaire à la transformation operate under Code de commerce and CNCC Normes d’Exercice Professionnel, with a defined report structure, statutory filings with the Greffe du Tribunal de Commerce, and a court-supervised appointment in many cases. Fairness opinions for listed entities follow the AMF framework. The same DCF and multiple-based techniques are used, but the readership and the legal weight differ — a French attestation d’équité is a regulated instrument, not a private advisory note.

Cross-border groups asking us to value a French subsidiary therefore receive two layers: an internationally aligned analysis (IVS, IFRS 13) for group financial coverage, and a French-compliant report (CNCC, Code de commerce) for the local corporate event. Both are reconciled and explained side by side.

French Regulatory and Standards Framework

This kind of independent work is delivered under a mixed framework of legal and professional standards. The named regulators and bodies that practitioners must understand include:

Code de commerce Articles L. 225-8, L. 225-147, L. 225-244, and equivalents — defining the mandate of the commissaire aux apports and commissaire à la transformation.
CNCC (Compagnie Nationale des Commissaires aux Comptes) professional standards (Normes d’Exercice Professionnel) — including the framework for the attestation d’équité, apport, and transformation reports.
OEC (Ordre des Experts-Comptables) valuation guidance — methodological frameworks aligned with international standards.
AMF Position-Recommandation 2006-15 — fairness opinions for listed companies in tender offers, public buyouts, and material related-party deals.
DGFiP (Direction Générale des Finances Publiques) — rules for gifts, successions, droit d’enregistrement, transfer pricing, and inspections where intangible elements and goodwill must be valued.
Greffe du Tribunal de Commerce — registry where apport and transformation reports are filed, and where the commissaire is often appointed by court order.
ANC (Autorité des Normes Comptables) — accounting standard-setter, with the Plan Comptable Général (PCG) for French GAAP entries.
IVS, IFRS 13, IAS 36 — international yardsticks for equitable value and impairment.

Verifiable benchmark: the French corporate income rate (impôt sur les sociétés) is 25% standard rate (DGFiP, 2025), with a reduced 15% on the first €42,500 of profit for SMEs meeting defined conditions. This rate is one of the inputs used in any French DCF model. Statutory audit thresholds, also relevant when the work feeds the audited accounts, are now bilan ≥ 5 M€, CA HT ≥ 10 M€, and ≥ 50 employees on two consecutive years (Décret n° 2024-152 du 28 février 2024, transposing EU Directive 2023/2775).

Industries Served

Our valuator partners cover a wide range of sectors and industries, with the route picked calibrated to each sector’s economic drivers, multiples, and risk profile:

Industrial businesses and manufacturing — multiples adjusted for cyclicality, working capital intensity, and capex outlook
Consumer and retail — like-for-like growth, gross margin trajectory, inventory components
Property and holding entities — net asset value, NAV discount
Technology and software — recurring revenue base, cohort analysis, growth rates, brand value
Financial services and insurance — embedded value, regulatory capital, run-off
Hospitality and leisure — RevPAR, EBITDAR, lease adjustments
Construction and infrastructure — backlog quality, long-term contract margin, percentage-of-completion

In each sector, two to three approaches are applied, with cross-checks, a documented chosen weighting, the peer set, and the embedded assumptions explained in plain English. The output stays consistent in shape and depth, even when the sector context is complex.

Methodology: A Seven-Phase Process

The valuation process follows a structured set of phases, applied consistently across every mandate. Each phase has a defined deliverable and a defined sign-off, which keeps the output repeatable, the conclusion defensible, and the workflow ready for review by a third party (auditor, court, or counter-party). The seven-phase guide:

Step one — Scoping and kick-off. Define the purpose, the valuation date, the basis of value (FMV, investment value, fair value), the norm (IVS, CNCC, AMF), the readership, and any specific sector context. Agree the timetable and the partners.
Step two — Information request and gathering. Issue a detailed information request: historical financial statements, management accounts, business plan, capex calendar, debt calendar, key contracts, ownership structure, intangible entries, and dispute overview. We review each document and provide clarifying queries on any gap.
Step three — Analysis and adjustments. Adjust historical earnings and income for one-off entries, related-party entries, and non-recurring elements. Build a normalised earnings base. Compare with sector benchmarks. Determine the underlying economic profit pool of the business.
Step four — Selection and modelling. Choose two or three approaches based on the entity’s size, sector, and engagement purpose. Build the DCF, the trading multiple analysis, and the precedent transaction set. Calculate the asset-based answer where relevant. Discount cash flow at the appropriate WACC.
Step five — Cross-checks and judgment. Compare results across techniques. Where ranges diverge, the practitioner applies judgment, documents the weighting rationale, and runs sensitivity analyses on the major inputs.
Step six — Drafting. Prepare a structured document: executive summary, scope, methodology, major inputs, calculations, conclusion, caveats, disclaimers, and exhibits.
Step seven — Review and issuance. Internal partner review, second-partner check, and issuance. For regulated mandates, filing with the Greffe du Tribunal de Commerce.

This sequenced, phased process keeps every output accurate and reliable; the final deliverable involves both partners on review and a quick estimate of likely sensitivity range before sign-off. The format remains the same across every mandate, regardless of industry, with consistent intended use, reliable comparison to real-world peers, and clear method coverage.

Final Reporting and Filing Steps

For regulated mandates, the closing filing schedule is co-ordinated with the Greffe and the company secretary. For a commissaire aux apports or transformation report, the firm prepares the signed document, the filing schedule, and any annexes required by the Code de commerce. The reporting timeline is set at kick-off and tracked against the court calendar. These closing steps make the underlying engagement file complete and inspection-prepared for any subsequent review.

Who Uses Our Valuation Work

Typical client groups include:

Private equity sponsors and funds acquiring or exiting French portfolio holdings, requiring an independent value for board governance and bid discussion.
International groups carrying out intra-group restructurings — contributions, share exchanges, mergers — that require formal reports and a documented description of the deal.
Boards of listed entities commissioning attestations d’équité for related-party transactions, tender offers, or significant restructurings under AMF expectations.
Foreign entrepreneurs and family owners valuing French operating entities, holdings, or property for deals, succession planning, wealth structuring, or exit planning.
Counsel and advisers on direct taxation requiring a defensible valuation for transfer pricing, employee share plans, restructuring efficiency, and DGFiP enquiries.
General counsel and dispute lawyers requiring a value in support of shareholder disputes, divorce proceedings, insurance claims, or commercial actions.

Benefits of an Independent Valuation

An independent, professional output is a valuable governance instrument. Owners and boards cite the following benefits:

Dependable benchmark of worth in deals, narrowing the gap between buyer and seller positions.
Defensible documentation for the board, the fiscal authority, the auditor, or the court, with comprehensive explanation of every assumption — a valuable record for future decisions.
Internal alignment between shareholders, management, and sponsors on the worth of the business, the future plan, and the potential exit. The owner gets a clear understanding of where value sits today.
Comprehensive review of the financial statement, working capital, debt entries, off-balance-sheet liabilities, and goodwill positions.
A solid base for impairment testing, IFRS 3 allocation work, employee share plans, and other coverage requirements.
Risk identification — the process surfaces accounting, commercial, and operations issues that affect value.
Faster execution — a well-prepared estimate is a ready answer to investor queries and shortens the deal cycle.

The work also acts as a critical reality check: management projections are stress-tested against sector benchmarks, peer transactions, and dependable peer data. The benchmarking tools — financial databases, ratio tools, and peer-screening tools — are documented in the appendix so the reader can replicate the analysis.

How to Choose a Valuation Firm in France

When you decide on a service partner for this kind of independent work, the factors that matter most are: regulatory status, sector experience, independence, working approach, language coverage, and the picked output style. A short checklist before you get started:

Is the partner registered with the OEC and CNCC, and can it act as commissaire aux apports, commissaire à la transformation, or attestateur d’équité where the engagement requires it?
Does the practice have experienced partners in the relevant sector and the techniques required (DCF, multiples, asset-based)?
Is the practice independent of the target, the buyer, and the seller — and can it evidence that independence to the board and the auditor?
Can it work in the languages required by the international sponsors, the parent entity, and the local team?
Does it follow a documented working approach with cross-checks, sensitivity, and a structured executive summary?
Is it ready to defend the work in front of the auditor, the fiscal authority, or the court if needed?

Working through this checklist early avoids surprises later. A good understanding of how the practice operates is the best guide to whether it can deliver.=

Risk Management, Limitations and Caveats

Every output carries caveats, and we explain them clearly:

Dependence on management information. Projections are supplied by management; the valuator reviews them for reasonableness but does not audit them.
Sensitivity to assumptions. Small changes in WACC, terminal growth, or terminal weighting can have a material impact on the value. Sensitivity tables are part of every output.
Market conditions. Valuation is point-in-time; a shift in interest rates, peer multiples, or sector condition can affect the result.
Limited access to certain data. In hostile or contested situations, access to internal information may be limited; the work flags any such gaps.
Scope. The engagement addresses the matter agreed in the engagement letter; it is not a fairness opinion unless contracted as one, and it is not a substitute for a statutory audit of the statement set.

These exposures are managed with a structured process, partner-level review, and documented judgment on every major input.

Bottom Line: When This Engagement Is the Right Choice

The practical conclusion: a formal company valuation report in France is the right choice whenever a credible, third-party value is required for a regulated event, a transaction decision, an accounting entry, a fiscal position, or a dispute matter. The output combines internationally recognised techniques (DCF, multiples, asset-based) with French-compliant style and CNCC-aligned norms, delivered by a regulated practice with sector experience and the language coverage needed by international sponsors.

Interexco delivers a defensible and dependable document written for the readership that will rely on it. Additional findings, sensitivity overview, and a clear description of the chosen route are included in every mandate. Once the action is decided — sell, contribute, restructure, refinance — the dossier is ready.

Frequently Asked Questions

What methods are used in a company valuation report in France? A French company valuation report typically combines discounted cash flow (DCF), trading multiples (listed peer comparables), precedent deals, and where relevant an asset-based approach. The method used depends on the entity’s sector, size, growth profile, and the engagement purpose. For regulated procedures — apports, transformations, attestations d’équité — CNCC standards prescribe a multi-method engagement with cross-checks.

Who can sign a company valuation report in France? The signatory depends on the engagement. A commissaire aux apports or commissaire à la transformation must be a commissaire aux comptes registered with the CNCC and appointed pursuant to the Code de commerce. A fairness opinion is typically delivered by an OEC- or CNCC-registered practice or an independent valuation house, subject to AMF expectations for listed deals.

What is an attestation d’équité in France? An attestation d’équité (fairness opinion) is a written opinion from an independent expert that the economic terms of a deal are equitable, from a financial point of view, to the affected party — usually minority shareholders. AMF Position-Recommandation 2006-15 sets the framework for listed companies; unlisted boards use the same framework voluntarily.

When is a commissaire aux apports required in France? A commissaire aux apports is required when a non-cash contribution (apport en nature) is made to an SA, SAS, or SARL above defined thresholds set by the Code de commerce. The commissaire values the contribution, verifies its substance, and issues a report filed with the Greffe du Tribunal de Commerce. The appointment is generally made by ordonnance du Président du Tribunal de commerce or by unanimous consent.

Can a company valuation report support an IFRS impairment test? Yes. Interexco prepares reports supporting IFRS impairment testing under IAS 36 — CGU value-in-use, fair value less costs to sell — and purchase price allocation under IFRS 3. The output is calibrated to be acceptable to the company’s statutory auditor and group auditor in the year-end review process.

Does Interexco act as both auditor and valuation adviser on the same target? Independence rules under CNCC standards restrict the commissaire aux comptes from delivering most valuation engagements for the same target where the work is used in the audited accounts. Interexco organises its audit and valuation functions in separate structures so clients can engage Interexco across audit, valuation, and related services without conflict, subject to the specific independence assessment of each mandate.

How long does this kind of valuation work take in France? A standard transaction-driven engagement takes three to six weeks from kick-off, depending on the size and complexity of the entity, the quality of the data, and the depth required. A regulated apport or transformation engagement follows the court timetable. Fairness opinions for listed deals are scoped against the announcement.

How much does it cost to value a business in France? The fee depends on the size of the entity, the methods required, the engagement purpose, and the audience. Interexco provides a fixed-fee or capped-fee quote after a short scoping discussion, including a detailed description of the deliverable, the team, and the timetable.

What information is needed to start the work? Three to five years of historical financial statement files, the current management accounts, the business plan or financial projections, capex and debt outlook, the ownership structure, key contracts, and a description of the industry, the market, and any specific operations or legal items that affect value.

Speak With Our Valuation Partners

If you require this kind of independent work for an acquisition, an apport en nature, a corporate transformation, a fairness opinion, an IFRS impairment test, an exit, or a litigation matter, contact one of our partners about the engagement norm, the audience, and the timetable. We operate in English, French, Italian, Spanish, Russian and Arabic and routinely act for international groups, family offices, private equity investors, and listed boards on cross-border valuation matters.