MODA Business Valuation العربية Request a valuation

Know what your business is really worth.

MODA is an independent business valuation firm in Riyadh, licensed by the Saudi Authority for Accredited Valuers (Taqeem). We value businesses, intangible assets, financial instruments and employee share plans to international valuation standards.

Licensed by TaqeemAligned with IVS and IFRS25+ years of combined valuation experience

An accredited valuation practice built on rigor

MODA for Business Valuation is a Saudi, independent valuation firm, accredited and licensed by Taqeem in the business valuation branch and based in Riyadh.

We provide business valuation, intangible asset valuation, financial instrument valuation and Employee Stock Ownership Plan (ESOP) valuation, along with a range of financial advisory services for public and private clients: investors, startups, lenders, developers, government agencies and law firms.

Our valuers bring more than 25 years of combined experience across the Saudi, GCC and US markets, and we serve businesses of every size and legal form.

Every engagement ends in a thorough, fully documented and defensible opinion of value, prepared to professional standards and tailored to the purpose it will serve.

Proven track record

Financial and valuation studies across a wide range of engagements and sectors.

Passion for startups

We believe in the role of tech startups in the economy and know how to value them.

Direct communication

A named contact who answers your questions, and quick turnaround on requests.

Quality and compliance

International valuation standards applied, in full compliance with Taqeem regulations.

Broad industry reach

Hands-on sector experience across the Saudi and GCC economy.

Client partnership

A working relationship built on trust and transparency on every engagement.

Our vision

To be the trusted partner of choice for businesses seeking accurate, insightful and innovative valuation, recognized for excellence, ethics and client satisfaction.

Our mission

To bring deep expertise and independence to business valuation, so our clients make informed decisions with confidence and clarity.

Integrity

The highest standards of ethics and honesty in all our dealings.

Professionalism

Compliance with IVS in every interaction and deliverable.

Client focus

Your needs come first, and we aim to exceed expectations.

Confidentiality

Complete discretion with client information on every engagement.

Services

Valuation, feasibility and advisory services with one goal: a well-reasoned, defensible view of value for decision-makers.

Valuation

  • Business valuation
  • Intangible asset valuation
  • Intellectual property valuation
  • Financial instrument valuation
  • Employee stock ownership plan (ESOP) valuation
  • Purchase price allocation (PPA)
  • Goodwill impairment testing
  • Investments and CGU valuation
  • Expected credit loss estimation (IFRS 9)

Feasibility studies

  • Entirely new projects
  • Expansion phases
  • New products
  • New production lines

Transactions and funding

  • Purchase price allocation after M&A
  • Private placement
  • Business plans

Related advisory on request: financial due diligence, accounting and HR policies and procedures, internal control, project management, and performance dashboards.

Industries we serve

Retail and hypermarketsBanks and financiersGovernmentIndustrial and manufacturingContracting and engineeringOil and gasHealthcareEducation and trainingTechnology and fintechProfessional services

Why companies get a valuation

Businesses value themselves and their intangible assets for many reasons, including:

Financial reporting

  • Goodwill impairment testing
  • Investments in subsidiaries and associates (IFRS 9)
  • Purchase price allocation (IFRS 3, IAS 38)

Transactions

  • Mergers and acquisitions
  • Joint ventures and partnerships
  • Strategic investments

Disputes and litigation

  • Shareholder disputes
  • Litigation support and expert testimony
  • Dissenters' rights cases
  • Economic damages assessment

Funding and financing

  • Venture capital and private equity
  • Bank financing and loans
  • Crowdfunding
  • Capital increases

Ownership and succession

  • Employee stock ownership plans (ESOP)
  • Buy and sell agreements
  • Succession planning and liquidation

Other strategic purposes

  • Business planning
  • Intellectual property valuation
  • Fairness opinions

How an engagement works

Four phases, with clear deliverables from us and a clear, limited set of things we need from you.

Phase 1

Mobilization

  • Project plan: scope, valuation date, premise of value and standard of value
  • Team allocation and industry research
  • Initial information request
  • Subject-matter experts where needed
What we need from youAppoint a project coordinator, share available information and approve the project plan.
Phase 2

Business environment and internal review

  • Economy and industry overview
  • Revenue, cost and driver analysis for at least 3 years
  • Review of projections and assumptions
  • Management interviews
What we need from youProvide requested information on time and discuss the assumptions behind your projections.
Phase 3

Value determination

  • Competitive position against peers
  • Industry multiples from comparable companies
  • Goodwill, intangible assets and nonoperating assets
  • A control premium, or discounts for lack of control, marketability or liquidity
What we need from youGive access to the accounting, legal and contractual records needed to determine value.
Phase 4

Valuation report

  • Draft for discussion shared with you
  • Final valuation report issued after your review
What we need from youComment on the draft within seven business days and provide a management representation letter.

The timeline for each phase is agreed in the engagement letter, and depends on the scope of work and on how quickly the information we request is provided.

Our nine-step methodology

From understanding your business to a reconciled conclusion of value.

  1. Understand and gather dataIn-depth understanding of the business and the ownership interest.
  2. Analyze performanceFinancial and qualitative analysis, including normalizing adjustments.
  3. Consider the valuation approachesThe income, market and asset approaches are all considered.
  4. Income approachTest applicability.
  5. Market approachSelect the most suitable valuation method.
  6. Asset approachTest applicability.
  7. Weigh the valuesReconcile the indicated values into a conclusion of value.
  8. Consider adjustmentsA control premium, or discounts for lack of control, marketability or liquidity, where relevant.
  9. Produce the reportPresent the conclusion of value in a clear report.

Valuation methodologies

Every engagement considers the income, market and asset approaches, and the report states the valuation date, premise of value and standard of value it applies.

Income approach

Value is estimated by converting expected economic income into a present amount.

  • Discounted cash flow (DCF) method
  • Capitalization of earnings method
  • Multi-period excess earnings method
  • Relief from royalty method

Market approach

Value is estimated by comparing the subject with assets, businesses or investments that have been sold, or for which price information is available.

  • Guideline public company method
  • Guideline transaction method
  • Prior transaction method
  • Backsolve method

Asset approach

Value is the sum of the assets, net of liabilities, with each valued using the market, income or cost approach.

  • Adjusted net asset value method
  • Replacement cost method
  • Replacement cost new

Other methods: option pricing method (OPM), probability-weighted expected return method (PWERM), Monte Carlo method and scenario analysis, applied under a going concern or liquidation premise of value.

The people behind your valuation

Fahad Saleh Al-Shoumar

Fahad Saleh Al-Shoumar

Founder & Chief Executive Officer

An accredited business valuer working across business valuation, financial performance analysis, investment evaluation, feasibility studies and impairment testing. Holds a bachelor's degree in industrial engineering and a master's in financial management.

  • Accredited business valuer
  • Valuation for reporting, M&A, tax and disputes
  • Investment evaluation and feasibility studies
Awad Mohamed

Awad Mohamed

Manager, Business Valuation

A senior valuation professional who has valued more than 360 entities over his career, across businesses, intangible assets, financial instruments and ESOPs. Deep knowledge of IVS, USPAP and IFRS and of the Saudi, GCC and US markets.

  • Master of Accounting (USA)
  • Member, American Society of Appraisers (ASA)
  • Certificates from iiBV and ACCA in business valuation

Licensed and accredited

MODA is licensed by the Saudi Authority for Accredited Valuers (Taqeem) to practice business valuation, and holds a commercial activity license. Taqeem facility license 23035. Commercial registration 1010562845.

What to prepare

The information we typically need for a robust, well-supported valuation.

Documents
  • Commercial registration and articles of association
  • GOSI and Saudization certificates
  • Latest Zakat certificate
  • Last 6 months' VAT returns
  • Management memos and land deeds, if any
Financial information
  • Audited financial statements for the last 5 years
  • Interim financials for the current year
  • Loans, related parties and commitments
  • Contingent liabilities and pending litigation
  • Inventory breakdown
  • 5-year business plan and projected statements
  • CAPEX details and key assumptions
Business and market
  • Year founded, locations and branches
  • Legal structure and brief history
  • Products, services and operating strategy
  • Management, employees and org chart
  • Sales breakdown for last year
  • Competition, market share and segmentation
  • Competitive advantages and SWOT

Tell us what you need valued

Share a few details and we'll reply with next steps and a proposal.

Building 4305, Altahawi Street, Al Qairawan District, Riyadh 13531, Kingdom of Saudi Arabia (short address RRQA4305)
Commercial registration 1010562845 · Taqeem facility license 23035

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