Start from cash
EBITDA is an opinion, cash is a fact. Every thesis begins with cash conversion and real debt.
Financial Analysis · M&A · Private Equity · Venture
Valueis never guessed.It is demonstrated.
I turn raw accounts into investment decisions: adjustments, valuation, structuring and thesis - every assumption traceable, every figure defensible.
§ 01 ThesisI II III
A good case fits on one page. A good analysis holds up to the next adjustment. I look for the gap between what the accounts show and what they are worth.
Adjust before you value
A multiple applied to un-normalised EBITDA only values an illusion. Adjustments always come before price.
Write for the committee
A decision memo: recommendation first, quantified risks next, appendices for whoever wants to check.
§ 02 Expertise
Four crafts, one standard.
DD01 / 04
Financial due diligence
Read a data room like an auditor, conclude like an investor.
- Quality of Earnings
- EBITDA adjustments
- Adjusted net debt
- Working-capital analysis
- Intragroup revenue
→ Decision memo
VAL02 / 04
Valuation
Triangulate value rather than decree it.
- DCF (mid-year)
- Trading comparables
- Precedent transactions
- Liquidation vs going-concern
- Sensitivities
→ Defensible value range
LBO03 / 04
Private Equity & LBO
Measure what drives returns: growth, multiple or deleveraging.
- Debt structuring
- Cash sweep
- IRR / MOIC
- Value-creation bridge
- Covenants
→ Quantified investment case
VC04 / 04
Venture & M&A
From term sheet to accretion: understand who captures value.
- VC method
- Liquidation preferences
- Cap table & dilution
- EPS accretion / dilution
- Synergies
→ Investment memo
§ 03 Deal Desk
From sourcing to closing, in six screens.
Each module reproduces an analyst's reflex. Change the assumptions: calculations, alerts and notes update live.
Screening 6,819 companies
Cross profitability, structure and leverage to go from a universe to a shortlist.
Sectors
Funnel1,129
- Universe6,819
- Sectors6,819
- Size3,819
- Margin2,504
- Leverage2,055
- Growth1,347
- Coverage1,129
ShortlistScore
- Target #6578 · Software27653%3.1x
- Target #4651 · Software3948%-0.1x
- Target #6242 · Software3235%0.5x
- Target #0683 · Software2843%-1.3x
- Target #5942 · Software41145%0.7x
- Target #5622 · Software10342%0.3x
Margin × leverage - retained targets highlighted
Illustrative data - simplified model for demonstration.
§ 04 Analyst's notebook
What the accounts won't tell you on their own.
DiligenceN° 01
Cut-off tells the year's story
Accruals, prepaid and deferred items: closing entries reveal where EBITDA was smoothed. I always compare December with January.
DebtN° 02
Debt doesn't stop at the balance sheet
Overdue tax and social liabilities, deconsolidated factoring, earn-outs, litigation provisions: anything paid in cash before the buyer is debt.
NWCN° 03
Normalised working capital is negotiated
Price assumes a 'normal' working capital. A target that stretches suppliers before closing sells its cash twice.
LBON° 04
IRR loves short holds
A 2.0x MOIC is a 26% IRR over 3 years, 15% over 5. They don't tell an LP the same story.
VentureN° 05
The power law decides
In a VC portfolio, one position often returns the fund. You don't invest in the median case; you invest in the tail.
M&AN° 06
Cost synergies must be proven
Revenue synergies are promised. I only value those with an owner, a timeline and an implementation cost.
ValuationN° 07
A multiple is a compressed DCF
Paying 10x EBITDA implicitly assumes a growth rate and a cost of capital. Making them explicit prevents overpaying.
RestructuringN° 08
Liquidation or going concern?
For a distressed target, comparing liquidation value with going-concern value sets the floor and ceiling of the negotiation.
§ 05 Research
Notes & studies
Sector analyses, case studies and methodological notes.
All notes20 September 2026
1 min read30 August 2026
1 min read
1 min read
Adjusting EBITDA: a Quality of Earnings method★
From reported earnings to normalised EBITDA: the five adjustments that most often move the price of a deal.
1 min read
Liquidation or going concern: setting the floor and ceiling of a negotiation
For a distressed target, two values frame any offer. A method to build and compare them.
§ 06 Projects
Analytical work
Tools, models and projects built to answer a precise question.
All projects§ 07 Foundations
Education & toolkit
- Audencia Business SchoolMaster in Management (Grande École) - Finance major, English track2024 - 2027
- Università Ca' Foscari VeneziaAcademic exchange - Financial Economics, M&A Law, R & Python2025 - 2026
- CPGE ECTPreparatory classes in economics and business2022 - 2024
Toolkit
Advanced ExcelFinancial modellingPythonRSQLPower BIPowerPointBloomberg (BMC)
Languages- FrenchNative
- ArabicNative
- EnglishFluent - professional writing
§ 08 Contact
A case to discuss?
An opportunity, an analysis to challenge or a conversation about a deal: I reply within 48 hours.
Or directlys.nasser@audencia.com