---
title: "Full Enterprise Economic Value Appraisal"
url: "https://legal.ge/en/service/valuation-advisory-services-en/full-enterprise-economic-value-appraisal-en"
field: "Valuation & Advisory Services"
description: "Full enterprise economic value appraisal & business valuation in Georgia for M&A and investments. Find certified valuation experts on Legal.ge."
reviewed: "2026-05-06"
updated: "2026-10-14"
publisher: "legal.ge"
---

# Full Enterprise Economic Value Appraisal

> Source: legal.ge, https://legal.ge/en/service/valuation-advisory-services-en/full-enterprise-economic-value-appraisal-en

## What is a Full Enterprise Economic Value Appraisal?

A full enterprise economic value appraisal (Business Valuation) is a complex, in-depth financial and analytical process aimed at determining the true, objective, and fair market value of an operating business. It is not merely the sum of the assets listed on a company's balance sheet; rather, it is the valuation of the business as a living organism capable of generating future income. In Georgia, where the capital market is developing and the volume of both foreign and local investments in Mergers and Acquisitions (M&A) is growing, accurate business valuation is critically important. The process takes into account the company's tangible assets (real estate, machinery), intangible assets (brand, patents, client base), historical financial performance, projected future cash flows, industry-specific risks, and the macroeconomic environment. A highly qualified appraiser analyzes the company not just as a static entity, but evaluates its potential within a competitive market, which is ultimately reflected in the certified valuation report issued by the expert.

## Service Scope and Components

### What Does the Enterprise Appraisal Service Cover?

A full business valuation covers all aspects of an organization's economic activity and includes the following key components:

-   **Financial Analysis and Modeling:** A detailed audit and normalization of the company's historical financial statements (balance sheet, income statement, cash flows) over the last 3-5 years, and the construction of a Discounted Cash Flow (DCF) model forecasting the next several years.
-   **Valuation of Tangible and Intangible Assets:** Determining the market value of the company's real estate, specialized equipment, inventory, and stock. It also includes the valuation of brand equity, licenses, proprietary software, and goodwill.
-   **Analysis of Liabilities and Capital Structure:** Reviewing the company's credit portfolio, current and long-term liabilities, and accounts payable to determine the exact volume of Equity Value and the total Enterprise Value.
-   **Assessment of Industry and Macroeconomic Risks:** Calculating sectoral trends, market competitiveness, legislative regulations, and currency or political risks, all of which are factored into the Weighted Average Cost of Capital (WACC) discount rate.
-   **Identification of Synergies:** In the context of M&A transactions, evaluating the additional value that can be created through the merger of two companies or the optimization of operational expenses.

The full text is available on legal.ge after signing in: https://legal.ge/en/service/valuation-advisory-services-en/full-enterprise-economic-value-appraisal-en

### What is the difference between Enterprise Value (EV) and Equity Value?

Enterprise Value (EV) represents the total value of a company's core operating business, belonging to all investors (both debt and equity holders). Equity Value is the value that remains strictly for the shareholders after deducting the company's total debt from the Enterprise Value and adding any cash and cash equivalents.

### What documents are required to start a full business valuation?

To begin the valuation, the appraiser will need the company's audited financial statements (balance sheet, income statement) for the last 3-5 years, a business plan with financial projections for the upcoming years, a fixed asset register, details of the loan portfolio, and copies of major contracts with clients or suppliers.

### How long does the enterprise valuation process take?

A full enterprise valuation is a highly analytical process. For a small to medium-sized enterprise (SME), it typically takes between 2 to 4 weeks. For large corporations, holdings, or businesses with complex operational structures, the process can take from 1 to 2 months to complete thoroughly.

### Does this service include the valuation of the company's brand?

Yes. As part of a full business valuation, if the company's revenue is heavily reliant on its brand recognition, the appraiser will conduct a specific valuation of intangible assets (such as goodwill, trademarks, and patents) in accordance with IVS standards.