Valuation
Independent valuations of defence and aerospace businesses and shareholdings, for owners, family offices, investors and their advisers. You get a number you can rely on, with a clear account of what supports it, what could weaken it and what could strengthen it.
Capabilities
Four routes into the practice. Each begins with the same question: what is this business worth, and what is driving that number.
Assessment of enterprise and equity value using appropriate methodologies, including discounted cash flow, comparable company analysis and precedent transaction analysis. Prepared for shareholders, management teams, investors and professional advisers who need an independent view of value.
Discuss a valuationValuation analysis for private-company shares and equity interests, including minority holdings and individual shareholdings where the value of a stake differs from a proportionate share of the whole.
Discuss a valuationA specialist analytical resource working alongside corporate finance boutiques, accounting firms, financial advisers and investors. Independent valuation analysis, financial modelling, comparable company research, precedent transaction analysis and aerospace and defence sector input.
Discuss a requirementSector judgement applied to a financial question. Programme positions, qualified supplier status, certification barriers and export control exposure all bear on whether earnings are durable. Set out in detail below.
Read the detailBefore a Process Begins
An independent assessment of how a business may be viewed from a valuation perspective ahead of a potential future transaction.
Most owners meet the question of value for the first time inside someone else's process, when the time to influence the answer has already passed. The diagnostic exists to move that conversation earlier.
Analysis may consider
The objective is to help shareholders and management understand what drives the value of the business before entering a formal, adviser-led transaction process. It is analysis, not execution.
Onyx does not undertake to sell a business, identify or approach purchasers, negotiate terms, or execute a transaction.
Sector
Valuation in aerospace and defence requires more than financial statements and a set of trading multiples.
Two suppliers can report identical margins while only one of them holds a position a competitor cannot take. A qualified material inside an approved formulation, a sole-source position on a long programme, a certification that takes years to obtain: these determine whether earnings persist, and they are invisible in the accounts.
Method
The approach is selected to suit the business and the purpose of the valuation, and the reasoning is set out so that a reader can follow and challenge it.
Discounted cash flow analysis, with the cost of capital, growth assumptions and terminal value stated explicitly rather than embedded.
Comparable company and precedent transaction analysis, with the basis of comparability and the reasons for any premium or discount made clear.
Applied where the nature of the business or the purpose of the valuation makes it the appropriate measure.
Valuation analysis is prepared with reference to the International Valuation Standards issued by the International Valuation Standards Council, and conducted in accordance with the CFA Institute Code of Ethics and Standards of Professional Conduct.
Onyx Advisory Ltd is not authorised or regulated by the Financial Conduct Authority. Our work is valuation and financial analysis.
We do not advise on the merits of buying, selling or subscribing for securities. We do not arrange or execute transactions, identify or approach purchasers, raise capital, or act as a corporate finance or mergers and acquisitions adviser. Where a transaction process is contemplated, clients should appoint an appropriately authorised adviser; Onyx can work alongside that adviser as a specialist analytical resource.
Sector knowledge is applied to improve financial judgement. Onyx does not provide engineering, technical, audit, tax or legal advice, and valuation analysis is not investment advice.
A valuation may show that margins or growth are held back by reliance on a single supplier or by input costs. Where that is the case, Onyx can separately discuss sourcing options: an alternative producer, another supply route or more competitive commercial terms.
Valuation conclusions remain independent. Any sourcing support is discussed and agreed separately, and information from a valuation engagement is not shared with any supplier without the client’s agreement.
Fees
Every engagement is quoted as a fixed fee, agreed in writing before work begins. The fee depends on the complexity of the business, the quality of its financial records and the purpose of the valuation.
Expertise
Founder
Artur Bryzghalov, CFA
Onyx Advisory
Artur has worked in valuation since 2018, with dedicated aerospace and defence coverage since 2019. His experience spans business valuation, financial analysis and sector-focused valuation work across aerospace and defence, including the valuation of Tier 1 United States aerospace and defence prime contractors. His wider career spans global consulting, a national bank and the security printing of banknotes and passports.
He is a CFA charterholder, and founded Onyx Advisory to provide independent financial analysis and specialist commercial support in sectors where financial judgement and industry context have to work together.
Tell us about the company, the purpose of the valuation and the timing you are working to. An initial conversation costs nothing and will establish quickly whether we are the right fit.
