Independent valuations of announced public M&A transactions
Each case takes one announced deal between listed companies, values the target from its public filings and gives a view on the price. The model is attached to every case.
Latest case
All cases →Four steps, nothing hidden.
- i.
Public filings only
Annual reports, deal announcements and company releases. No consensus estimates, and no bankers' numbers while the model is open.
- ii.
The right method
One primary method chosen for the business, one cross-check, every assumption sourced and argued.
- iii.
A verdict on the price
Is the offer fair, and would I advise the target's board to accept it?
- iv.
The model, attached
Download the Excel and check every formula. Plus what the deal taught me.
Joseph van der Valk
I'm Joseph van der Valk. I did my undergrad at Utrecht University, where I completed a BSc in Economics and Business Economics on the International Finance track, with a Dedicated Minor in Applied Data Science. Every summer of my undergrad I did an internship: at Flaminem, a French fintech, where I worked in growth strategy; at PwC, in tax and financial technology; and at Banque Transatlantique, a French private bank, where I worked on the compliance side of wealth management. During my studies I went on an exchange semester at NUS in Singapore, and when I discovered that I really liked deals, I took part in the HEC Paris IB Summer School.
I want to work in M&A, and there is no better way to get good at it than to do the work, so I started Valk Valuations. Each case takes a real announced deal between two listed companies that I find interesting, and values the target from its public filings. I explain every assumption, give a view on the price and publish the model so anyone can check it.
If you work on deals and see something I got wrong, I'd love to hear it!