In certain cases involving a public listing or other capital market operations, the AMF imposes the designation of an independent expert, when:

  • The listing may give rise to a conflict of interests
  • The listing may threaten the fairness between shareholders
  • The issuer raises capital by selling shares at a significant discount.


As an independent expert since 1983, Sorgem Evaluation subscribes to a strict and rigorous selection method:

Step 1: Nomination of Sorgem Evaluation by the board of directors or by a member of the oversight committee

Step 2: Transfer to Sorgem Evaluation of:

  • The assignment
  • The business plan of the target company
  • All information deemed necessary in completing the assignment (the work done by the underwriting bank(s), all the data that assist in appraising the expected synergies, etc.).

Step 3: Sorgem Evaluation establishes a multivariate approach fully complying with the recommendations of the AMF.

The main methods used are listed below:

  • Relative valuation methods that are based on the analysis of comparable companies (listed and non-listed) and of comparable precedent transactions
  • Intrinsic valuation methods that are based on the expected return and risk of a company (Discounted Cash Flow, Net Asset Value, etc.).

The obtained results are then compared to the company’s market capitalization and/or previous transactions completed on its shares.

Our Work

Upon completion of our mission, we submit a thoroughly documented report, detailing the following elements:

  • The reasons explaining the choice of a method over another
  • The results obtained and our opinion on the Initial Public Offering (IPO) and its fair character.

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