Value indication
Roughly what is an SME worth on what it filed? A range from its adjusted equity and its earnings, with your own assumptions, recalculated as you go.
Adjusted equity
What the balance sheet is worth after the corrections a buyer makes, with your own revaluation.
Capitalised earnings
The average result of recent years, capitalised at a rate you choose.
An honest range
Only from filed figures, with no invented market multiples. Indication, not a valuation or advice.