Business Valuation and Financial Model for an Investor

The Task

An outsourcing firm in Astana was preparing to attract an investor. A financial model and business valuation backed by real financial statements were required.

What We Did

• Reviewed financial statements for two years. Revenue grew 87%, net margin 35%, no debt.
• Revenue breakdown across four segments: LLPs, AIFC companies, public-sector entities, and sole traders. Identified concentration and average retainer structure per segment.
• Cost structure analysis. Payroll accounts for 66% of operating costs: the key scaling risk.
• 3-year financial model with three investment scenarios. Conservative revenue growth forecast of +10% per year. NPV and payback period calculated for each scenario.

Result

• 3-year financial model with three scenarios

  NPV and payback period calculated for each investment option. Recommended scenario: ₸16M, 1.2-year payback, NPV +₸4.9M.

• Verified growth metrics

  Revenue +87%, net profit +184% year-on-year. Growth confirmed by financial statements.

• Transparent revenue structure for the investor

  25 clients split across 4 segments with average retainer per segment. The investor sees exactly where revenue comes from and how it is distributed across the client base.

• Cost structure analysis

  Payroll accounts for 66% of OPEX: the key scaling risk. Key line items identified: rent, 1C, professional services. Total OPEX: ₸44M per year.