Business valuations built from the ground up.
Independent valuations for owners, investors, advisers and lenders. We develop a deep understanding of each business’s value drivers, then apply the valuation methodologies that fit, so the number holds up when someone tests it.
Perth and Sydney, with work across regional Western Australia and regional New South Wales.
When a valuation matters
The purpose shapes the scope, the standard of value and the level of evidence required. We agree all three with you before work begins.
Buying or selling
An independent view of value before you negotiate, set a price or test an offer.
Shareholder exits and disputes
Buy-sell agreements, partner departures and disagreements over what a stake is worth.
Capital raising
Supporting pre-money valuations and investor discussions with a defensible basis.
Restructures and tax
Internal reorganisations, share transfers, stamp duty and related tax matters.
Family law and estates
Valuing business interests for property settlements, succession and deceased estates.
Financial reporting
Impairment testing, purchase price allocations and fair value for accounts.
How a valuation is built
No single method suits every business. We choose methods to fit how the business earns its money, then test the answer against independent evidence. Each layer rests on the one below it.
Understand the business
Operations, revenue drivers, cost structure, management, competitive position and industry conditions. We visit sites where it changes the answer, including regional and remote operations.
Understand the numbers
Adjust for owner remuneration, one-off items, related-party arrangements, non-operating assets and working capital, to arrive at maintainable earnings or a credible cash flow forecast.
Select and apply methods
Discounted cash flow, capitalisation of maintainable earnings, comparable trading and transaction multiples, net assets, and industry-specific measures such as resource multiples, ARR multiples or yields. The method follows the business, not the other way around.
Cross-check
Test the primary method against secondary evidence and market data. Where results differ we find out why and reconcile them, rather than averaging the gap away.
Report clearly
A report that sets out scope, sources, assumptions and sensitivities, so a buyer, a court, an auditor or a co-owner can follow the reasoning and test it.
Read from the bottom up: the conclusion is only as sound as the layers beneath it.
Industries we value
Complex valuations need industry knowledge, not just a model. Here is what typically drives value in each sector and how we approach it.
| Industry | What drives value | Primary approaches |
|---|---|---|
| Mining | Resources and reserves, grade, mine life, operating and capital costs, commodity prices, funding and jurisdiction. | NPV of the mine plan, EV per resource unit, comparable transactions. |
| Mining services | Contract book, fleet utilisation, customer concentration and exposure to the commodity cycle. | Through-the-cycle capitalised earnings, DCF, asset backing. |
| Technology | Product position, margin trajectory, growth runway and capital requirements. | DCF, EV/EBITDA and EV/revenue comparables. |
| Software | Recurring revenue, net retention, churn, gross margin and customer acquisition payback. | ARR multiples, DCF with explicit unit economics. |
| Services | Client retention, contract terms, key-person dependence and margin stability. | Capitalised maintainable earnings, comparable transactions. |
| Healthcare | Practitioner dependence and retention, funding mix, referral base and regulatory settings. | Capitalised earnings adjusted for practitioner risk, comparable transactions. |
| Manufacturing | Capacity utilisation, input costs, sustaining capex and working capital intensity. | Capitalised earnings, DCF, asset backing. |
| Food & Agriculture | Land and water, seasonal variability, yields, commodity prices and scale. | Asset-based with land and water rights, earnings over a normalised season. |
| Real estate | Tenancy profile, lease expiry, capitalisation rates and development pipeline. | Net tangible assets on a look-through basis, yield capitalisation, DCF for developments. |
| Hospitality | Trading history, lease terms, licences, location and seasonality. | Capitalised earnings with lease adjustments, comparable sales. |
Valuation experience from both sides of the table
Bedrock Valuations brings more than 14 years of investment and transaction experience to every engagement. That means having priced businesses as an analyst, as an investor deploying capital, and as an adviser on deals.
The result is valuation work that reflects how buyers, sellers and investors actually think about value, grounded in rigorous analysis.
- Equities researchValuing listed companies across sectors and market cycles.
- Private equityAssessing investments, returns and value creation as a capital provider.
- Corporate M&APricing, structuring and testing transactions.
- Real estateAsset-backed businesses, property-rich entities and development.
- QualificationsCFA charterholder. Finance degree, The University of Western Australia.
Where we work
Based in two capitals and comfortable on the road. Regional businesses get the same depth of work, including site visits where they matter.
Perth
Metropolitan Perth and surrounds.
Sydney
Greater Sydney and surrounds.
Regional WA
Including the Pilbara, Goldfields, South West, Mid West and Wheatbelt.
Regional NSW
Including the Hunter, Central West, Riverina, New England and the coast.
Tell us about the business
Share a little about the business and why you need a valuation. We’ll come back to you to discuss scope, timing and a fee proposal. Enquiries are treated in confidence.