Project Description
Overview
Saverio Canepa led the valuation of an Italian B2B platform in private healthcare in preparation for a potential minority investment. The goal was to deliver an outcome that would stand up to due diligence, with transparent, traceable assumptions, while not disclosing the final figure on this page. The work balanced technical rigor with negotiation pragmatism to support discussions with investors and advisors.
Client Profile
the platform is a B2B platform serving Italy’s private healthcare sector, with a broad client base and established industrial partnerships. Recent growth—together with the progressive opening of the pharmaceutical channel—required a forward-looking reading of value drivers rather than a simple extrapolation of the past.
Approach
The methodology combined EV/EBITDA multiples on a normalized EBITDA with a lean DCF built on prudent, verifiable assumptions. Historical figures were cleansed of non-recurring items, reconciled to statutory accounts, and stress-tested on revenue and margins. Intangibles—logistics, relationships, digitalization—were used as qualitative rationale to position the multiples, not as a numerical add-on. The new pharmaceutical channel was modeled through scenarios, clearly separating upside from execution risk and regulatory scope. The main issues—post-COVID distortions, the absence of a formal plan, and overly aggressive legacy estimates—were addressed through transparent normalizations, a coherent peer cluster, and an open-formula workbook ready for the data room.
Results
The result is a methodologically consistent range across approaches, backed by a clear narrative and verification checks. Deliverables include full traceability of assumptions, replicable materials, and an investor Q&A set. By design, the final numerical value is not disclosed on this page.
