Infrastructure | Financial Modelling | Valuation Bridging | Portfolio Analysis
We are Amberside Valuations
Amberside Valuations is a specialist provider of valuation services to infrastructure and energy investors and is part of the wider Amberside Group. The company’s experienced valuations team draws from a background of private equity, accounting, advisory, financial modelling, and asset management.
We provide clear and concise outputs that will make monitoring and managing investments easy. We work with you to target value enhancements and strategic decision making.
Our current mandates include some of the largest European infrastructure investors and covers over 300 assets and multiple funds, joint ventures, and other investment vehicles.
By working with Amberside you will gain an experienced and professional partner that is dedicated to ensuring continuity and expertise is brought to the valuation of your investments.
Current investment valuation mandates
Infrastructure assets valued
Portfolio models built and maintained
Asset Valuations and Bridging
Our valuation bridge enhances investor reporting by providing a clear high-level summary of the key drivers of value change. This summary can then be reconciled back to individual changes allowing the user to obtain analysis at every level of granularity.
A valuation bridge shows the main factors causing the change in value of an asset between two valuation points. Bridges can be back to the point of investment or to a previous valuation date.
We provide commentary to explain the commercial impact to support the movements which provides additional assurance over both the valuation and the financial model.
Outputs are relevant and informative and assist management in making decisions and understanding investment performance.
Value enhancement analysis can be performed for each asset, using the valuation bridge, which identifies possible value enhancement areas. Our focus areas for such analysis typically cover: major maintenance expenditure, refinancing potential, trapped cash, validation of operating budgets. The analysis can then be used to assist in setting and meeting both internal and external KPIs.
We are experts at portfolio and aggregation modelling, having built and maintained aggregation models for over 30 funds, joint ventures, and other holding companies. We understand that these structures can be extremely complex with capital structures, tax groups/consortiums, foreign exchange and many other factors.
Our fund models are built with ease of use in mind. Macros can be designed to automate the loading of data from underlying asset models to the fund model, including full version control tracking underlying model errors along with details relating to the model. Sensitivities can be set and run from the fund model, and this process is also automated using a macro.
The Amberside ICAEW-approved financial modelling standard is applied to create portfolio and aggregation models that are easy to use, analyse, and interrogate. We also have extensive proprietary software that assists in collating and populating data that makes running a valuation process smooth and accurate.
Our divestment support service is designed to perform all modelling tasks during the exit of portfolios, sub-portfolios and individual assets. Our financial modelling background and extensive knowledge of the infrastructure sector allows us to identify potential value enhancements, to help our clients realise maximum value.
Asset models are reviewed for appropriateness and accuracy, and sale assumptions are checked for consistency across the portfolio. A health check and assessment of the model also ensures confidence and can prepare the vendor for questions from the buyer. We also model any assumptions the Vendor would like to include.
Once an agreed vendor position has been made, including the approved value enhancements identified, we perform a full valuation bridge from the Lender approved case to the Vendor model and can provide switches for vendor assumptions to be turned on or off as appropriate.
Our team’s advisory and private equity background has given us substantial experience acquiring assets, setting up investment vehicles and divesting of investments in competitive environments. As such we are well placed to assist in acquisitions, disposals, and refinancings.
Our team has experience of dozens of transactions totalling over £5bn.
Our acquisition support service is designed to identify risks, validate value enhancements, verify the vendor’s model and provide support to the Investor Committee process.
We validate the vendor case assumptions by reviewing vendor models for accuracy and reasonableness of the presented scenario, checking to documentation where available. Working closely with the client, we then develop appropriate bidding assumptions. We ensure that the assumptions used in any Investment Committee papers are reflected fully within the acquisition model, assisting asset managers with the delivery of acquisition targets.
We provide assurance for your current valuation, including discount rate review. Our extensive infrastructure experience and rigorous processes have equipped us better to review and audit valuations.
During our review, we check that the valuation has been calculated correctly, using widely accepted methodologies and that the assumptions underpinning the valuation are reasonable. We use our market and sector knowledge, together with publicly listed information to provide assurance that any discount rates or multiples used fairly reflect the risk associated with the asset.
Our assurance enhances investor decision making, through increased comfort over the valuation, as well as helping fund managers to meet both regulatory and internal compliance requirements.
We produce a concise report that allows stakeholders to easily understand the key value risks.
Paul is in charge of financial analysis at Amberside Valuations. He has worked with and provided infrastructure and portfolio level valuation services to several of Europe’s largest and most recognisable funds. He has valued over £3bn of investments and is a specialist in ensuring smooth delivery of large and complex analytical projects. Prior to Amberside Valuations, Paul spent 4.5 years working for Amberside Advisors where in addition to fund services, he specialised in bespoke modelling for non-infrastructure projects. Paul is a qualified CIMA management accountant, has a degree in Mathematics from the University of Warwick and is furthering his professional development by studying CFA.