When: Prior to- or in parallel with diligence to test the initial equity thesis and challenge the upside potential

What: An outside-in assessment leveraging benchmarks, insights from comparators and testing initial value hypotheses

Why: Provides the investment committee with an initial litmus test of the initial valuation potentia

When: As part of the diligence phase, in parallel or subsequent to the financial, tax, and other diligence work

What: Internal and external assessment to build confidence over growth outlook, forecast cost development and assess market & operational risks as well as opportunities

Why: To confirm the investment’s underlying equity thesis and obtain an objective opinion on risks and opportunities

When: Post-deal but ideally pre-Day 1 to embed the right objectives into integration and transformation plans

What: Establish & execute a fully validated set of upside initiatives that form the basis of an integration programme or transformation

Why: Defines key focus areas and tangible levers for the program to ensure the assumed value and synergies are being created and realized

When: When a business or unit underperforms or when a step change is required in competitiveness

What: An outside-in assessment of performance potential and opportunities, leveraging an ‘external investor’ perspective

Why: Takes an unconstrained view of improvement potential, relying on facts and experiences from outside the business to push the envelope