-- estrazione dei dati di bilancio dalla tassonomia XBRL italianaSELECT f.codice_fiscale,       f.anno,SUM(CASEWHEN f.concetto = 'itcc-ci:TotaleValoreProduzione'THEN f.valore END) AS valore_produzione,SUM(CASEWHEN f.concetto = 'itcc-ci:CostiProduzionePersonaleTotale'THEN f.valore END) AS costo_personale,SUM(CASEWHEN f.concetto = 'itcc-ci:AmmortamentiSvalutazioniTotale'THEN f.valore END) AS ammortamenti,SUM(CASEWHEN f.concetto = 'itcc-ci:DebitiTotaleDebiti'THEN f.valore END) AS debitiFROM   xbrl_fatti AS fWHERE  f.contesto = 'esercizio_corrente'AND  f.anno BETWEEN2022AND2025GROUPBY f.codice_fiscale, f.annoORDERBY f.anno DESC;# leibniz/valutazione/modello.pyimport numpy as npfrom leibniz.dati import carica_bilanci_xbrl, carica_comparabilifrom leibniz.ia import ModelloSettorialefrom leibniz.core import enterprise_valuedef multiplo_ev_ebitda(settore: str, anno: int) -> float:    campione = carica_comparabili(settore, anno)    multipli = [c.ev / c.ebitda for c in campione if c.ebitda > 0]returnfloat(np.median(multipli))def simulazione_monte_carlo(fcf_base, wacc, g, n=10_000, seed=42):    rng = np.random.default_rng(seed)    crescita = rng.normal(g, 0.005, n)    tassi = rng.normal(wacc, 0.01, n)    ev = [enterprise_value(fcf_base, w, c) for w, c in zip(tassi, crescita)]return np.percentile(ev, [10, 50, 90])bilanci = carica_bilanci_xbrl(codice_fiscale, anni=range(2022, 2026))modello = ModelloSettoriale.carica("ateco-2025", versione="3.2")segnali = modello.analizza(bilanci, indicatori=["dscr", "pfn_ebitda", "rotazione_crediti"])p10, p50, p90 = simulazione_monte_carlo(segnali.fcf, wacc=0.0874, g=0.02)/* leibniz/core/cashflow.c */#include <math.h>#include"bilancio.h"#define ALIQUOTA_FISCALE 0.279typedefstruct {double ebit;double ammortamenti;double capex;double delta_ccn;} FlussiOperativi;double fcff(const FlussiOperativi *f){double nopat = f->ebit * (1.0 - ALIQUOTA_FISCALE);return nopat + f->ammortamenti - f->capex - f->delta_ccn;}double valore_terminale(double fcf_n, double wacc, double g){if (wacc <= g) return NAN;return fcf_n * (1.0 + g) / (wacc - g);}double enterprise_value(constdouble *fcf, int anni, double wacc, double g){double ev = 0.0;for (int t = 0; t < anni; t++)        ev += fcf[t] / pow(1.0 + wacc, t + 1);    ev += valore_terminale(fcf[anni - 1], wacc, g) / pow(1.0 + wacc, anni);return ev;}double delta_ccn(const StatoPatrimoniale *sp, const StatoPatrimoniale *prec){double ccn = sp->crediti_commerciali + sp->rimanenze - sp->debiti_fornitori;double ccn_prec = prec->crediti_commerciali + prec->rimanenze - prec->debiti_fornitori;return ccn - ccn_prec;}

package it.progemafin.leibniz.analisi;import java.math.BigDecimal;import java.math.RoundingMode;publicfinalclass RiclassificazioneBilancio {privatestaticfinal BigDecimal ALIQUOTA = new BigDecimal("0.279");public ContoEconomicoRiclassificato aValoreAggiunto(Bilancio b) {        BigDecimal valoreProduzione = b.ricavi()            .add(b.variazioneRimanenze())            .add(b.altriRicavi());        BigDecimal valoreAggiunto = valoreProduzione            .subtract(b.costiMateriePrime())            .subtract(b.costiServizi())            .subtract(b.godimentoBeniTerzi());        BigDecimal ebitda = valoreAggiunto.subtract(b.costoPersonale());        BigDecimal ebit = ebitda            .subtract(b.ammortamenti())            .subtract(b.svalutazioni());returnnew ContoEconomicoRiclassificato(valoreProduzione, valoreAggiunto, ebitda, ebit);    }public BigDecimal posizioneFinanziariaNetta(StatoPatrimoniale sp) {return sp.debitiVersoBanche()            .add(sp.debitiVersoAltriFinanziatori())            .add(sp.obbligazioni())            .subtract(sp.disponibilitaLiquide())            .subtract(sp.attivitaFinanziarieCorrenti());    }public BigDecimal dscr(FlussiDiCassa f, ServizioDebito s) {        BigDecimal servizio = s.quotaCapitale().add(s.interessi());if (servizio.signum() == 0) returnnull;return f.flussoOperativo().divide(servizio, 4, RoundingMode.HALF_UP);    }public BigDecimal margineEbitda(ContoEconomicoRiclassificato ce) {return ce.ebitda().divide(ce.valoreProduzione(), 4, RoundingMode.HALF_UP);    }}-- estrazione dei dati di bilancio dalla tassonomia XBRL italianaSELECT f.codice_fiscale,       f.anno,SUM(CASEWHEN f.concetto = 'itcc-ci:TotaleValoreProduzione'THEN f.valore END) AS valore_produzione,SUM(CASEWHEN f.concetto = 'itcc-ci:CostiProduzionePersonaleTotale'THEN f.valore END) AS costo_personale,SUM(CASEWHEN f.concetto = 'itcc-ci:AmmortamentiSvalutazioniTotale'THEN f.valore END) AS ammortamenti,SUM(CASEWHEN f.concetto = 'itcc-ci:DebitiTotaleDebiti'THEN f.valore END) AS debitiFROM   xbrl_fatti AS fWHERE  f.contesto = 'esercizio_corrente'AND  f.anno BETWEEN2022AND2025GROUPBY f.codice_fiscale, f.annoORDERBY f.anno DESC;

package it.progemafin.leibniz.analisi;import java.math.BigDecimal;import java.math.RoundingMode;publicfinalclass RiclassificazioneBilancio {privatestaticfinal BigDecimal ALIQUOTA = new BigDecimal("0.279");public ContoEconomicoRiclassificato aValoreAggiunto(Bilancio b) {        BigDecimal valoreProduzione = b.ricavi()            .add(b.variazioneRimanenze())            .add(b.altriRicavi());        BigDecimal valoreAggiunto = valoreProduzione            .subtract(b.costiMateriePrime())            .subtract(b.costiServizi())            .subtract(b.godimentoBeniTerzi());        BigDecimal ebitda = valoreAggiunto.subtract(b.costoPersonale());        BigDecimal ebit = ebitda            .subtract(b.ammortamenti())            .subtract(b.svalutazioni());returnnew ContoEconomicoRiclassificato(valoreProduzione, valoreAggiunto, ebitda, ebit);    }public BigDecimal posizioneFinanziariaNetta(StatoPatrimoniale sp) {return sp.debitiVersoBanche()            .add(sp.debitiVersoAltriFinanziatori())            .add(sp.obbligazioni())            .subtract(sp.disponibilitaLiquide())            .subtract(sp.attivitaFinanziarieCorrenti());    }public BigDecimal dscr(FlussiDiCassa f, ServizioDebito s) {        BigDecimal servizio = s.quotaCapitale().add(s.interessi());if (servizio.signum() == 0) returnnull;return f.flussoOperativo().divide(servizio, 4, RoundingMode.HALF_UP);    }public BigDecimal margineEbitda(ContoEconomicoRiclassificato ce) {return ce.ebitda().divide(ce.valoreProduzione(), 4, RoundingMode.HALF_UP);    }}/* leibniz/core/cashflow.c */#include <math.h>#include"bilancio.h"#define ALIQUOTA_FISCALE 0.279typedefstruct {double ebit;double ammortamenti;double capex;double delta_ccn;} FlussiOperativi;double fcff(const FlussiOperativi *f){double nopat = f->ebit * (1.0 - ALIQUOTA_FISCALE);return nopat + f->ammortamenti - f->capex - f->delta_ccn;}double valore_terminale(double fcf_n, double wacc, double g){if (wacc <= g) return NAN;return fcf_n * (1.0 + g) / (wacc - g);}double enterprise_value(constdouble *fcf, int anni, double wacc, double g){double ev = 0.0;for (int t = 0; t < anni; t++)        ev += fcf[t] / pow(1.0 + wacc, t + 1);    ev += valore_terminale(fcf[anni - 1], wacc, g) / pow(1.0 + wacc, anni);return ev;}double delta_ccn(const StatoPatrimoniale *sp, const StatoPatrimoniale *prec){double ccn = sp->crediti_commerciali + sp->rimanenze - sp->debiti_fornitori;double ccn_prec = prec->crediti_commerciali + prec->rimanenze - prec->debiti_fornitori;return ccn - ccn_prec;}# leibniz/valutazione/modello.pyimport numpy as npfrom leibniz.dati import carica_bilanci_xbrl, carica_comparabilifrom leibniz.ia import ModelloSettorialefrom leibniz.core import enterprise_valuedef multiplo_ev_ebitda(settore: str, anno: int) -> float:    campione = carica_comparabili(settore, anno)    multipli = [c.ev / c.ebitda for c in campione if c.ebitda > 0]returnfloat(np.median(multipli))def simulazione_monte_carlo(fcf_base, wacc, g, n=10_000, seed=42):    rng = np.random.default_rng(seed)    crescita = rng.normal(g, 0.005, n)    tassi = rng.normal(wacc, 0.01, n)    ev = [enterprise_value(fcf_base, w, c) for w, c in zip(tassi, crescita)]return np.percentile(ev, [10, 50, 90])bilanci = carica_bilanci_xbrl(codice_fiscale, anni=range(2022, 2026))modello = ModelloSettoriale.carica("ateco-2025", versione="3.2")segnali = modello.analizza(bilanci, indicatori=["dscr", "pfn_ebitda", "rotazione_crediti"])p10, p50, p90 = simulazione_monte_carlo(segnali.fcf, wacc=0.0874, g=0.02)

leibniz> analisi avviata   bilanci=1284   esercizi=2022..2025leibniz> riclassificazione a valore aggiunto ......... okleibniz> flussi di cassa FCFF / FCFE ................. ok  ebitda_margin   = 0.1418  pfn_su_ebitda   = 2.31  dscr            = 1.47  wacc            = 0.0874  g_terminale     = 0.0200  ev_p50          = 12640000leibniz> modello settoriale ateco-2025 v3.2 ........ in corsoleibniz> scenari Monte Carlo  n=10000  ev_p10          = 10910000  ev_p90          = 14380000leibniz> report di sintesi in preparazione/* leibniz/core/cashflow.c */#include <math.h>#include"bilancio.h"#define ALIQUOTA_FISCALE 0.279typedefstruct {double ebit;double ammortamenti;double capex;double delta_ccn;} FlussiOperativi;double fcff(const FlussiOperativi *f){double nopat = f->ebit * (1.0 - ALIQUOTA_FISCALE);return nopat + f->ammortamenti - f->capex - f->delta_ccn;}double valore_terminale(double fcf_n, double wacc, double g){if (wacc <= g) return NAN;return fcf_n * (1.0 + g) / (wacc - g);}double enterprise_value(constdouble *fcf, int anni, double wacc, double g){double ev = 0.0;for (int t = 0; t < anni; t++)        ev += fcf[t] / pow(1.0 + wacc, t + 1);    ev += valore_terminale(fcf[anni - 1], wacc, g) / pow(1.0 + wacc, anni);return ev;}double delta_ccn(const StatoPatrimoniale *sp, const StatoPatrimoniale *prec){double ccn = sp->crediti_commerciali + sp->rimanenze - sp->debiti_fornitori;double ccn_prec = prec->crediti_commerciali + prec->rimanenze - prec->debiti_fornitori;return ccn - ccn_prec;}leibniz> analisi avviata   bilanci=1284   esercizi=2022..2025leibniz> riclassificazione a valore aggiunto ......... okleibniz> flussi di cassa FCFF / FCFE ................. ok  ebitda_margin   = 0.1418  pfn_su_ebitda   = 2.31  dscr            = 1.47  wacc            = 0.0874  g_terminale     = 0.0200  ev_p50          = 12640000leibniz> modello settoriale ateco-2025 v3.2 ........ in corsoleibniz> scenari Monte Carlo  n=10000  ev_p10          = 10910000  ev_p90          = 14380000leibniz> report di sintesi in preparazione# leibniz/valutazione/modello.pyimport numpy as npfrom leibniz.dati import carica_bilanci_xbrl, carica_comparabilifrom leibniz.ia import ModelloSettorialefrom leibniz.core import enterprise_valuedef multiplo_ev_ebitda(settore: str, anno: int) -> float:    campione = carica_comparabili(settore, anno)    multipli = [c.ev / c.ebitda for c in campione if c.ebitda > 0]returnfloat(np.median(multipli))def simulazione_monte_carlo(fcf_base, wacc, g, n=10_000, seed=42):    rng = np.random.default_rng(seed)    crescita = rng.normal(g, 0.005, n)    tassi = rng.normal(wacc, 0.01, n)    ev = [enterprise_value(fcf_base, w, c) for w, c in zip(tassi, crescita)]return np.percentile(ev, [10, 50, 90])bilanci = carica_bilanci_xbrl(codice_fiscale, anni=range(2022, 2026))modello = ModelloSettoriale.carica("ateco-2025", versione="3.2")segnali = modello.analizza(bilanci, indicatori=["dscr", "pfn_ebitda", "rotazione_crediti"])p10, p50, p90 = simulazione_monte_carlo(segnali.fcf, wacc=0.0874, g=0.02)

Insights

NBO: what a non-binding acquisition offer means

Services and guides

Compare the price, conditions and next steps before committing

A non-binding offer (NBO) is an indicative proposal in which a prospective buyer presents the economic terms of an acquisition. It helps the seller assess the seriousness of the interest and the buyer explain the information and conditions on which it wishes to proceed. This is a term used in transaction practice: using it does not, by itself, create a preliminary sale agreement.

The label ‘non-binding’ does not remove every possible obligation. The document must be considered as a whole, taking account of its content, the parties’ common intention and their conduct. Make clear which terms remain indicative and which clauses are intended to be binding.

What an NBO is useful for

An initial offer makes expectations easier to compare. The seller wants to understand whether the interest is concrete; the buyer needs to state its information and assumptions. The NBO can identify the points still open without replacing checks on the business.

A useful offer explains what is being acquired and what remains to be verified. A number alone leaves essential questions unanswered: is it enterprise value or the price of the shares? How will financial debt and cash be treated? Is payment immediate or deferred?

What to check before responding

Scope: shares, a business or business unit, the percentage acquired and any excluded assets.
Price: amount or range, reference date and assumptions about earnings and the financial position.
Payment: amounts due at closing, deferrals and components linked to future performance.
Conditions: investigations, availability of funding and required approvals.
Timetable: offer validity and time allowed for the next stage.
Commitments: confidentiality, exclusivity, costs or other obligations that require separate consideration.

An example: the same headline amount, different conditions

Imagine two proposals mentioning one million euros. The first offers a fixed price paid in full when the transaction is completed, at closing. The second offers a maximum amount reached only if future conditions are met. The headline number is not enough: compare fixed and conditional amounts, timing and collection risk.

This is an illustration, without market rates or valuations. Read how much a business is worth for the connection between earnings and value, or our vendor loan guide for deferred payment.

NBO and LOI: what is the difference?

An NBO often focuses on the initial economic proposal. A letter of intent (LOI) can organise shared terms and the investigation process. In practice, the documents may overlap and use different names: there is no compulsory sequence for every transaction.

Under Italian law, negotiations must be conducted in good faith even where the economic proposal does not yet bind the buyer to acquire. Clauses that are already binding must be respected.

How to proceed after receiving an offer

List what is clear, what needs clarification and what information is missing. Ask for the price assumptions and conditions to be made explicit before organising the next stage. This helps avoid discovering late in the process that the parties were discussing different transaction scopes.

If you are selling, read how to sell a business. If you are buying, start with how to acquire a company. For a concrete transaction, tell us which stage you have reached or explore our M&A advisory.

English editorial version based on the Italian texts by Andrea Ricciardi, Italian chartered accountant (Studio Ricciardi).

Contact