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The subject of business valuation is a very controversial one. Indeed, many practitioners agree that it is not an exact science. It is therefore understandable that the valuation of Belgian small and medium-sized enterprises is even more so. The lack of visibility of the market makes comparisons almost impossible and involves varied and poorly formalized methodologies. In addition, there are many evaluation techniques and can lead to results that are very different from each other. These differences are mainly due to the parameters used in the implementation of methods.

This project-thesis will therefore be divided into two main parts. The first one will present in a theoretical way the different valuation techniques of the host company. It will provide the necessary information to the reader so that he or she can have the knowledge necessary for a proper understanding of the project. The second part will discuss the analyses carried out on the company's operational tool as well as the research carried out on the market, with professionals in the field. The results obtained will then be presented and will lead to modifications and improvements to the Excel tool, which will also be developed in this part of the work.

This paper will therefore address some of the parameters used when implementing techniques, such as Small Firm Premium or the amount of equity capital used. It will also make it possible to analyze the relevance of the methods implemented and the accuracy of new techniques. Finally, advice and suggestions will be given to the company in order to enable it to better defend its files and obtain valuation results closer to the prices the market accepts to pay.

Enterprise Valuation --- Equity Value --- Corporate Finance --- Small Firm Premium --- Discounted Cash Flows --- Small and Medium Enterprises --- Sciences économiques & de gestion > Finance