La due diligence financière dans le contexte de la crise de la Covid-19 : quels impacts sur la valorisation dans le processus d'acquisition des PME wallonnes ?

Abstract

The purpose of this thesis is to assess the effects of the Covid-19 crisis on the valuation of Walloon SMEs within the framework of acquisition processes. Furthermore, given its close association with valuation, the study also delves into financial due diligence to uncover how the crisis has impacted the financial indicators of Walloon SMEs examined as part of this mission, which contribute to determining a company's value. Through a comprehensive literature review, various hypotheses were formulated, encompassing financial parameters, projections, as well as technical valuation parameters such as EBITDA multiples and discount rates, all influenced by the Covid-19 pandemic. A qualitative study involving interviews with experts in Walloon SME valuation was conducted to compare their viewpoints with the proposed hypotheses. In summary, this thesis concludes that the valuation of Walloon SMEs must consider potential changes in valuation parameters due to the Covid-19 pandemic. However, generalizing the impacts of the pandemic and identifying trends universally applicable to all Walloon SME valuation exercises is complex. Indeed, the Covid-19 pandemic has brought about changes, but these impacts are not similar or convergent for all companies, nor do they have a one-off or lasting impact in all cases, nor are they unanimously shared by all the experts we interviewed.