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Valuation of enterprises and intangible assets, including: shares, management options, trademarks, patents, know-how and copyrights. Art supported by solid craftsmanship.


Standards, regulations, good practice

15 February 2024

Methods of assessing damage to IPR

The valuation of IPR (Industrial Property Rights) is still an art supported by solid craftsmanship and is only as reliable as it stands up in court. Valuatio...
15 February 2024

Value and price of IPR

Experts agree that the valuation of Industrial Property Rights (IPR) results from an opinion-giving process. Similarly, there is no dispute regarding the gen...
15 February 2024

Valuation conclusions

The simultaneous use of several different valuation methods is often desirable and conditioned by the nature of the subject of the valuation and the investor...
15 February 2024

Identification of valuation's subject

Identification of the subject of valuation is essential in the case of intangible assets. The identification process is the first step towards establishing ...
14 February 2024

Risk measurement in valuation

The measurement of value is inherently related to the measurement of risk because we refer to future events, i.e. forecasted factors. According to a unanimo...
06 February 2024

New version of the International Valuation Standard

IVSC has published the new version of the valuation standards on the online platform The new standards enter into force on Janua...

Our services

Valuation of Companies and intangible assets

We specialize in the valuation of innovative startups and intangible assets: brands, patents, know-how, customer relations, copyrights and advanced financial and contractual instruments.

Opinions for court purposes

Estimation of damage resulting from acts of unfair competition or unauthorized use of someone else's rights. Over 25 years of experience in providing opinions for procedural purposes commissioned by courts, prosecutors' offices and law firms.

Transfer pricing analysis

Determining the market value of the subject of transactions concluded between related entities in accordance with legal regulations and the requirements of good national and international practice in the area of Transfer Pricing.

Financial modeling

Designing and processing financial models for advanced financial analysis using simulation analysis tools, option and forecasting models, and qualitative and quantitative risk values.


We conduct tailor-made training workshops for small groups of participants. The topics concern methods of valuing capital instruments and intangible goods, as well as financial models and tools used in the valuation process.

Contact an expert

As part of our social activities, we do not charge remuneration for occasional consultations provided in good faith and within the scope of professional competence in the form of information and explanations, but not advice.


Professional opinions

In our consulting practice, we strictly follow the "Code of Ethical Principles for Professional Valuers" and the "Procedural Guidelines for Fairness Opinion" by the International Valuation Standards Council (IVSC). These documents constitute the foundation of our activity, defining ethical principles and procedures, compliance with which is crucial for professional valuation and honest issuing of opinions.


FAQ - regulations, standards, good practice

Questions and problems raised by e-mail or telephone consultation

How did the conflict of interest arise when the client demanded unjustified changes in opinions/valuation results?

The expert works for the client, which does not mean, however, that the expert should consider every suggestion or request from the client to change his opinion. Our contracts always include the following clause: "The Contractor may refuse to introduce changes only if it would limit his independence of assessment and harm the interests of the Ordering Party. In such a case, the Contractor immediately justifies its position in writing.

How to defend your own opinion in the presence of several significantly different valuation results prepared by different experts?

Different valuation results prepared by recognized experts are nothing exceptional, especially when the subject of the valuation is unique, and the valuation is carried out in conditions of high uncertainty (start-up companies, intangible assets in the development process, etc.). Experts can correctly use different methods (derived from different methodological approaches - market, income, cost), which leads them to justify differences in the valuation results. Defending our opinion does not consist of finding weaknesses in the views of other experts but of demonstrating that our opinion is consistent with the purpose of the valuation, the standard of value was correctly established, appropriate valuation methods and financial models were selected, the parameters of which were objectified and the assumptions were reliably established by reasoned inference. Therefore, we demonstrate compliance with developing our opinion with the requirements of specific legal regulations, field standards and expert practice.

Are there generally recognized valuation standards that must be applied?

There are many valuation standards developed and published by associations and professional organizations of experts; in addition, international organizations such as the OECD generate principles of good practice in specific areas (e.g. Transfer Pricing Guidelines in transfer prices, proposed for implementation in national regulations). The expert's role is to indicate the standard and good practice to which he applies and to justify that the principles and methods he adopts are consistent with applicable legal regulations. This approach does not exclude innovative solutions. However, they must be published solutions (verified during discussions in the professional environment

What do conditions of high uncertainty in valuation mean?

In everyday speech, "risk" and "uncertainty" are often confused. Unfortunately, our reality is not deterministic and is subject to many random factors. We function in conditions of variability that characterize a complex ecosystem about which we have a level of knowledge that is difficult to determine. Uncertainty is a lack of knowledge that can be limited by obtaining information. Variability is an inherent feature of the process/system that we can restrict through stabilizing action (e.g. insuring against the effects of variability). Volatility and uncertainty are key risk factors, which we define as an event with a reliably estimable probability of occurrence that will result in specific negative consequences when it occurs. From a valuation point of view, we can consider risk expressed in quantitative terms.

What is the difference between an estimate and a valuation?

Preparing a "valuation" involves applying all the requirements of standards, good practice and legal regulations. In the case of "estimation", it is possible to depart from some valuation requirements and adopt simplifications; however, in such a case, information should be included as to what extent the requirements have been deviated from and what impact this may have on the estimation result. Sometimes, in the existing information conditions of the valuation process, it is only possible to prepare an estimate, which should not be called a valuation.

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