MANDA INSTITUTE

You want a number you can defend, not one you have to trust.

You are going to have to repeat this figure to a buyer, an accountant, a spouse and possibly a bank. This page is how it is built, so you can decide for yourself whether it holds.

The hard part is not getting a number. It is getting one worth having.
Valuations are easy to produce and difficult to check, which is why so many of them are produced. Three things follow from that.
Every valuation you can get today comes from someone with a position.
A buyer's number is an opening bid. A broker's number wins a mandate. A free calculator returns a range so wide that it commits to nothing. None of them shows you the working, so none of them can be argued with.
You cannot tell a good number from a confident one.
That is not a failure of judgement. Valuation is a small field with its own vocabulary, and it is very easy to produce a figure that looks rigorous and is not. Without the sources and the adjustments in front of you, the two are indistinguishable.
A number you cannot check is not information. It is an assertion.
An owner making the largest financial decision of their life is entitled to see where a figure came from, what it assumed, and what it could not account for. That is the standard institutional buyers work to. There is no good reason it should stop at their door.
We are not asking you to trust the number. We are showing you how it was made.
Every valuation starts from the 8.6× profit that medium sized European businesses sold for in Q1 2026, according to the Argos Mid-Market Index. Per industry figures are MANDA's own estimates, not figures published by Argos. From that anchor, the EBITDA multiple sets the headline range, or the revenue multiple when adjusted EBITDA is not positive, with discounted cash flow and net asset value shown as cross checks where the data allows.
EBITDA multiple
Your adjusted EBITDA measured against sector benchmarks, using live market data where we have it and clearly labelled when estimated. The primary basis for profitable businesses.
Revenue multiple
An EV to revenue view derived from sector multiples and margins, used when a business is not yet EBITDA positive.
Discounted cash flow
A forward looking model that discounts future cash flows at a rate built on the live ECB base rate. This is where country risk is applied, because there is no defensible way to apply it to a multiple.
Asset based (NAV)
Total assets minus debt, applied only when you provide a balance sheet, never assumed.
One method sets the headline
The methods are not averaged or weighted together. One method produces the headline figure and the others are shown beside it so you can see whether they agree with it.
A person signs it
The software does the arithmetic. An M&A advisor reads the output and signs off before it reaches you. If a figure could not be defended in front of a buyer, it does not go out.
The limits are written down
We are not yet ISO 27001 certified. We hold no verified transaction data of our own. Where a figure is our estimate rather than a publisher's, the figure itself says so.
The Argos Mid-Market Index tracks what buyers actually paid for medium sized European companies. It is published four times a year by Argos Wityu, and the current figure is 8.6× profit.
Three steps. You can stop after any of them.
Nothing here commits you to selling. The first step commits you to nothing at all.
See your number
Free, with no account and no name.
Answer a few questions about your sector, your country, your revenue and your profit. You get an indicative range back, with the benchmark it is calibrated against and the reasoning underneath it. You do not create an account and you do not give us your name.
Make it real
Add your accounts and watch the range tighten.
The first number is built on the little we know. Add your accounts and the adjustments a buyer would make get made in the open, one at a time, and the range narrows around your business rather than around businesses like yours.
Choose your path
Sell, sell part, raise or wait. You decide.
Knowing the number does not commit you to anything. Sell the whole business, sell part of it, raise money against it, or decide the timing is wrong and wait. Every one of those is a real answer, and waiting is the one most owners never price properly.
None of these is a step you have to take.
Which strategic and financial acquirers are active in your sector, and which of them match your size, geography and profile.
The specific things a buyer will discount you for, and what changing them would be worth. Useful whether you sell next year or in five.
Introductions, negotiation and due diligence support, on a success basis. Nothing is due unless the deal completes.
Start with the number.
No account. No name. An indicative range in under 60 seconds, with the benchmark it was measured against.
What a badly built valuation costs you.
These are not hypothetical failure modes. They are the three ordinary ways a free valuation turns out to be worth what you paid for it.
A number that falls apart when it is checked
A valuation with no sources behind it survives exactly as long as nobody serious reads it. It fails in due diligence, which is the worst possible moment for it to fail.
An average applied to a business that is not average
One European multiple across every sector, size and country produces a figure that is right for nobody in particular. It is the most common way a free valuation goes wrong.
A confident figure with an assumption hidden in it
Every valuation makes assumptions. The dangerous ones are the ones that were never stated, because those are the ones you cannot argue with when a buyer finds them.
A figure that still stands up in week six.
The adjustments were made in the open. Each source is named. The method that set the headline is stated, and so is what it could not account for. When a buyer's advisor goes through it line by line, there is nothing in there to find.
Export or delete everything, any time
Source named, or labelled an estimate
Built for European businesses
Free to start. No account needed for the instant benchmark.
The one success fee we intend to charge, only when a deal closes.
The instant benchmark takes under 60 seconds.
Technology & telecoms
The instant benchmark gives you an indicative value range in under 60 seconds, measured against completed sales of medium sized European businesses. The full valuation takes about 5 minutes, uses your own financials and shows up to four methods. Both are free. Both are indicative estimates, not a formal appraisal.
The one success fee we intend to charge applies only when a deal closes. Provisional. No engagement letter has been drafted yet, so this is how we intend to charge rather than terms you can hold us to.

See what it's worth