Four Documents. One Complete Picture.
Every Verum engagement ends with a complete deliverable package — not a number in a spreadsheet. Four documents designed to be used, not filed.
The deliverable package below is what every valuation client receives. For our other practices, deliverables are scoped to the engagement — from quarterly NAV reports in Performance, to board materials and management reports in Advisory. Each engagement letter defines exactly what you'll receive and when.
Built to hold up anywhere you need it.
In the Boardroom
Built around the three demands that matter most to institutional stakeholders — governance, reporting, and investment committee decisions — with documentation to match each one.
When the Number Is Challenged
A defensible, fully documented figure that holds up when a buyer, a lender, an auditor or a counterparty tests it — at every milestone where the number matters.
In the Audit File
Independent, fully documented valuations prepared specifically for tax, estate, and regulatory purposes — meeting the evidentiary standard each authority requires.
Valuation Report
The core document. A rigorous, fully-documented valuation of the business or asset — combining multiple methodologies into a single, defensible conclusion of value. Every assumption is stated, every method is explained, and every number is traceable. Built to survive scrutiny from a counterparty, an auditor, or an investment committee.
- Executive summary with conclusion of value
- Business and industry overview
- Financial analysis and normalization
- DCF valuation with full assumptions and sensitivity
- Market comparables (trading and transaction multiples)
- Valuation bridge and reconciliation across methods
- Valuation Confidence Rating with factor breakdown
IC Memo
The investment committee memorandum. A concise, structured summary of the valuation engagement designed for decision-makers who need the conclusions, the logic, and the key risks — without reading the full report. Written in the language of investment professionals. One document that can stand alone in a board package.
- Transaction or engagement context
- Business description and key value drivers
- Methodology summary and conclusion of value
- Bull case and bear case summary
- Key risks and mitigants
- Valuation Confidence Rating and rationale
- Recommendation or decision framework
Risk & Scenario Report
The full risk picture. Not just a valuation range — a structured analysis of the optimistic and adverse scenarios, the assumptions that drive them, and the sensitivity of the result to the key variables. Designed for clients who need to understand not just what the business is worth today, but what it could be worth under different futures.
- Optimistic scenario: assumptions, drivers, and valuation
- Adverse scenario: assumptions, risks, and valuation
- Monte Carlo simulation output and probability distribution
- Sensitivity analysis on key value drivers
- Scenario comparison table and range summary
- Key risk register with probability and impact ratings
Valuation Confidence Rating
The number that explains the number. An explicit score — expressed as a rating from 1 to 10 — indicating how much confidence to place in the valuation result, and why. Built from seven weighted factors: data quality, assumption supportability, methodology fit, business complexity, market comparability, forecast reliability, and time sensitivity.
No other firm gives you this. Most valuations tell you what the business is worth. The Confidence Rating tells you how much to trust it.
Strong data quality, well-supported assumptions, deep market comparables.
Confidence RatingData Quality
How complete, audited, and internally consistent the financial records are.
Assumption Supportability
Degree to which each key assumption underlying the valuation is grounded in verifiable evidence, market data, or audited history — rather than projection, expectation, or management preference.
Methodology Fit
Degree to which each methodology applied is the most appropriate for the business type, sector, and purpose of the valuation.
Business Complexity
How operational, structural, and jurisdictional complexity widens or narrows the valuation range.
Market Comparability
Availability and relevance of comparable transactions and companies in the market at the time of valuation — and how closely they reflect the subject company's size, sector, and risk profile.
Forecast Reliability
Track record and credibility of management projections assessed against actual historical performance, industry benchmarks, and the consistency of prior forecast accuracy.
Time Sensitivity
An assessment of whether market conditions at the valuation date are introducing meaningful uncertainty into the final number and how sensitive that number is to a shift in those conditions.
What Performance Clients Receive
Quarterly NAV Report
Fund or portfolio-level net asset value with full reconciliation to prior period, waterfall attribution by asset class, and management commentary on material movements. Formatted for LP distribution or internal governance.
LP / Stakeholder Report
A reader-friendly performance summary with allocation breakdown, return metrics (IRR, MOIC, TWR), scenario analysis, and forward-looking commentary. Designed for family members, LPs, or investment committee review — not just the finance team.
Annual Performance Review
A comprehensive year-end package including benchmark comparisons, peer analysis, compliance attestations (ASC 820 / IFRS 13 where applicable), portfolio recommendations, and a summary of methodology changes or assumption updates for the year ahead.
What Advisory Clients Receive
Valuation Deliverables
Tailored to the engagement: valuation analysis, financial model, valuation report, fairness considerations, or valuation opinion. Every document is built for its intended audience — counterparties, boards, or regulators — and designed to withstand scrutiny.
Incentive Compensation Deliverables
Equity and incentive valuation report, equity incentive plan term sheet, participant allocation schedule, vesting and exercise modeling, and board resolution templates. Updated annually or upon triggering events (material business changes, liquidity events).
See what a Verum deliverable looks like.
Request a sample IC Memo or Valuation Report summary in your discovery conversation.
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