16 — Valuation
Valuation Framework
This page answersWhat frameworks would a buyer use, and what do they produce?
Methods
Four valuation approaches
Adjustable valuation model
Adjustable assumptions
Model output
Method notes
What each method captures and misses
Revenue multiple
ASSUMPTIONStandard for software and marketplaces. Requires demonstrated, durable revenue — which a pre-scale U.S. business does not yet have.
User-based
ASSUMPTIONCommon where the audience is the asset. Sensitive to engagement quality; low-frequency users are worth far less per head.
Cost to replicate
ASSUMPTIONSets a floor: what an acquirer would spend to build the dataset, brand and product internally, including time cost.
Strategic premium
ASSUMPTIONReflects what the asset is worth specifically to a buyer with distribution, not to the open market. Highly buyer-dependent.
These outputs are MODEL OUTPUTS from user-adjustable assumptions. They are not a valuation, a fairness opinion, an offer, or advice. No independent valuation has been performed and any transaction value would be determined by negotiation and diligence.
Investor implication
The methods disagree by design. The spread between them — not the midpoint — is the honest answer, and it narrows only with demonstrated U.S. traction.
Strategic transaction enquiries
Discuss the U.S. Opportunity