The Kanzas company provides independent share valuation and valuation of corporate rights in privately held businesses — from a single member's interest in a Ukrainian LLC to share packages within multi-entity corporate groups. Our team includes RICS- and TEGoVA (REV)-certified valuers, and every engagement is delivered in line with the International Valuation Standards (IVS). 20+ years of practice.
When you need a share valuation
An independent valuation report establishes the market value of a shareholding where that value must be documented and defensible:
- shareholder exit from a Ukrainian LLC and settlement of the withdrawing member's interest;
- sale and purchase of shares or ownership interests, including transactions between existing shareholders;
- shareholder disputes and litigation over the value of an interest;
- inheritance and gift of corporate rights;
- contribution of shares to the capital of another entity;
- M&A transactions and group restructurings;
- regulatory filings with the Ukrainian securities regulator (NSSMC).
Valuation of shares in a private company under Ukrainian law
The most common engagement is the valuation of a member's interest when a shareholder exits a Ukrainian limited liability company. Under Article 24 of the Law of Ukraine "On Limited and Additional Liability Companies", the withdrawing member is entitled to a payout based on the market value of the company's aggregate equity, pro rata to their interest — not on the nominal or book value of the contribution. In practice, the gap between nominal and market value is often severalfold, which is precisely why an independent valuation protects both the exiting shareholder and the company making the payment.
For foreign shareholders and investors in Ukrainian entities, we prepare reports that satisfy Ukrainian statutory requirements while presenting the analysis in a format familiar to international counsel and auditors.
Fairness opinions and minority interest valuation
Beyond statutory valuations, we support transactions where an independent view of value is required by boards, investors or courts: fairness opinions on the price of a proposed transaction, minority interest valuation in disputes, and squeeze-out pricing for mandatory buyouts of minority shareholders. Where a minority holding lacks control or ready marketability, we apply and fully document discounts for lack of control (DLOC) and lack of marketability (DLOM) — adjustments that materially affect value and routinely become the focal point of a dispute.
Methodology
Valuations follow IVS and Ukrainian national valuation standards, applying the three classical approaches as appropriate to the business:
- asset-based approach — net asset value, with each material asset (real estate, machinery, inventory, receivables) restated to market value less liabilities;
- income approach — discounted cash flow analysis, the primary approach for profitable going concerns;
- market approach — where reliable data on comparable transactions or companies is available.
Every report sets out the reasoning behind approach selection, key assumptions and each adjustment, so the conclusion withstands scrutiny by auditors, courts and opposing experts.
Scope of services for international clients
Our RICS and TEGoVA certifications allow us to provide business and share valuation, valuation of intangibles and damages quantification for clients in the EU, UK, US and other jurisdictions where these services do not require additional local licensing. Fees and timelines depend on the size and complexity of the company; both are fixed in the engagement contract after we review the documents.
FAQ
Can the value of a share be taken from the balance sheet? Only as a rough reference. For a shareholder exit settlement, court proceedings or notarial acts in Ukraine, the law requires market value determined by a certified valuation entity — and book value typically differs from market value substantially.
What if the company withholds financial statements from a shareholder? A valuation can still be performed on the basis of publicly available data, court-ordered disclosures and documents available to the client. We have practical experience with such engagements in shareholder litigation; any informational limitations are transparently stated in the report.
Will a Ukrainian court accept the valuation report? Yes. A report issued by a certified valuation entity is admissible evidence in Ukrainian courts. Where needed, the report can undergo formal review, and the valuer can provide explanations in court.
A share valuation is work where the cost of an error equals the value of the stake itself. We deliver it with full attention to your situation — on the agreed schedule, with a defensible, fully reasoned conclusion, and support through to the close of your matter. Contact us by email or messenger to discuss your case.
