-- 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

How much is my business worth? Understanding SME valuation

Services and guides

From representative earnings to equity value and a negotiated price

To understand what your business is worth, examine representative results, prospects and risks. Revenue or book equity alone is insufficient. A useful assessment links the operating business to the value of its shares and the information needed for negotiations.

Try the free business value simulator to understand the mechanism, or explore a professional valuation for a concrete decision.

Choose a method suited to the business

Multiples: compare consistent measures from comparable businesses or transactions. EV/EBITDA refers to operating enterprise value; P/E relates equity value to net income. They are not interchangeable.
Discounted cash flow: estimates value from expected cash flows and a risk-consistent discount rate. The quality of the plan, investment and working capital assumptions matter.
Asset-based and mixed methods: consider relevant asset and liability values and, in mixed methods, an earnings component. Their usefulness depends on the business.

Choose methods according to the purpose, the business and the available information. Several methods can be complementary when their assumptions and results are interpreted consistently.

From EBITDA to equity value

Reconstruct representative EBITDA, with a clear definition and period. It is different from revenue, net income and cash flow.
Explain adjustments, which can increase or decrease earnings. Removing a non-recurring cost has a different effect from removing exceptional income or including a missing recurring cost.
Apply a consistent EV/EBITDA multiple to estimate operating enterprise value.
Bridge enterprise value to equity value, considering net financial debt and other items consistently with the scope and method.
Distinguish that estimate from the negotiated price, which also reflects transaction terms, adjustments, guarantees and payment arrangements.

When a P/E multiple is applied to representative net income, the reference is already equity value: do not automatically deduct financial debt a second time.

Illustration: EBITDA of €1 million multiplied by 5 gives enterprise value of €5 million. Financial debt of €2 million less cash of €500,000 gives net debt of €1.5 million, producing indicative equity value of €3.5 million for 100% of the shares, assuming no other adjustments. The multiple is illustrative and is not a market recommendation for your company.

Prepare a useful first discussion

Gather several years of accounts and recent management figures, explanations of non-recurring items, financial debt and cash at the same date, major-customer information, dependence on the owner and investment needs. Clarify whether the estimate supports a sale, acquisition, new shareholder or succession. Identify missing information rather than treating it as zero.

Compare the terms of offers

Estimated value, the agreed price and cash received on a specific date answer different questions. Payment arrangements, including a vendor loan, need to be considered alongside the price.

Before negotiations or an investor decision, a professional valuation provides a reasoned assessment. You can also read how to sell a business or contact our M&A advisory team.

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

Contact