Directional and educational. GLO25 does not provide a formal valuation, audit, quality-of-earnings, tax, legal, investment or financing service or advice. Nothing here is a promise of value, multiple or transaction outcome.
01 · Four terms, one distinction
EBITDA is not enterprise value. Enterprise value is not equity value.
Reported EBITDA
What the accounts state today — before a buyer tests how real, repeatable and transferable it is.
Buyer-credible EBITDA
Earnings reconciled, evidence-supported and appropriately normalised — what a buyer or lender can understand and challenge.
Enterprise value
Buyer-credible EBITDA × a quality-adjusted, contextual multiple. Directional, never a promise.
Equity value
Enterprise value less net debt and debt-like items, plus non-operating assets — what actually reaches the owner.
02 · The value bridge
From reported EBITDA to indicative equity value.
- StartReported EBITDA
- + / −Evidence-supported adjustments, less risk and normalisation effects
- =Buyer-credible EBITDA
- ×Quality-adjusted EV/EBITDA multiple (contextual)
- =Indicative enterprise-value range
- − / +Net debt and debt-like items; non-operating assets
- =Indicative equity-value range
Directional and scenario-based — not a formal valuation.
- EBITDA is not cash flow.
- Enterprise value is not equity value.
- Net debt and debt-like items affect what the owner actually receives.
- Adjustments require evidence; recurring “one-offs” should be challenged.
- Multiples are contextual, not promises.
03 · The connection
Hidden Value. Hidden Risk. Hidden Waste.
Value you already own but nobody prices; conditions a buyer will discount you for; effort that returns no value. Each maps to a driver of buyer-credible EBITDA and enterprise value.
04 · Diagnostics → outcomes
Six diagnostics, mapped to enterprise-value outcomes.
- HTD™ — Confirms you are solving the right problem before spend commits.
- Kennisgraaf™ — Links evidence across silos so value and risk become provable.
- GLO Predictus™ — Surfaces second-order effects of a move before you make it.
- Bottleneck SNIPER™ — Isolates the binding constraint behind most of the margin loss.
- Algorithm Audit™ — Tests decision logic independently — AI Act / DORA line of defence.
- REVERSO™ — Works back from your target outcome to the choices required today.
05 · The offer
GLO25 Enterprise Value Signal™
A focused diagnostic for owners 18–36 months before a transaction, refinancing, succession or value-creation programme. Indicative deliverables:
- Reported-to-buyer-credible EBITDA bridge (directional).
- Hidden Value / Hidden Risk / Hidden Waste map.
- Earnings-quality and evidence-readiness assessment.
- Causal map of commercial and operating performance.
- Customer, margin, dependency and working-capital risk review.
- Scenario-based enterprise-value range (directional; not a formal valuation).
- Ranked intervention portfolio and a 90-day value-creation plan.
- Board-level decision narrative and an evidence/diligence backlog.
Scope, timeline and fee confirmed with you before any engagement.
06 · Method & limitations
Evidence-led, and clear about what it is not.
Directional and educational. GLO25 does not provide a formal valuation, audit, quality-of-earnings, tax, legal, investment or financing service or advice. Nothing here is a promise of value, multiple or transaction outcome. GLO25 does not replace your ERP, BI, data team, accountant, auditor, tax adviser, lawyer or investment bank; it operates above the data layer to make sure the right questions are answered with evidence.
Related
Where this work connects.