Business valuation is not about finding one “correct” number. It is about translating assumptions about the future into today’s monetary value.

At a recent CFO Club ITDC workshop, we put this idea into practice.

Together with Viacheslav Durban, we examined the case of a company with UAH 100 million in revenue and arrived at three possible valuations: UAH 75 million, UAH 92 million, and UAH 105 million. Each figure had its own logic, as it was based on different methods and assumptions about the company’s future.

The case demonstrated how WACC, terminal value, CAPEX, working capital, and the choice of multiple affect the final result. For example, changing the long-term growth rate by just three percentage points can increase the terminal value by 27%.

That is why a credible valuation is not a single definitive number, but a well-reasoned range that explains the assumptions behind it and highlights the key risks.

The main takeaway from the workshop: instead of simply asking, «What is the number?», we should ask, «What story about the future does it tell — and how credible is that story?»

We thank our speaker, Viacheslav Durban, for the practical insights, our moderator, Olha Cherepynska, for the meaningful discussion and valuable IT context, and all participants for their engagement and thoughtful professional questions.