Youfone Belgium is active on the Belgian mobile market and offers, among other things, mobile subscriptions (SIM cards) to its customers. The company currently operates under the name Yoin. The valuation was prepared in the context of a proposed share transfer between the shareholders, for the benefit of a management participation.
The challenge
At the time of the valuation, Youfone Belgium was a young company without a track record. This made preparing the valuation complex: without historical years to rely on, an accurate forecast is more difficult to substantiate, while relatively little was known about the company yet. Because the forecast has a decisive impact on the outcome of the valuation, a careful approach was essential. The valuation had to be prepared bottom-up and with clearly substantiated assumptions, in close consultation with the management, who had the best view of the company's growth initiatives.
Beyond the deal
For a young company without a track record, a valuation is never just a calculation exercise: the outcome stands or falls with the assumptions behind it. That is why we did not arrive with a ready-made model, but worked intensively with management to translate their growth plans and expectations into a well-founded forecast. This joint approach was essential: it gave the shareholders and management not only a valuation, but also a shared and supported starting point for the management participation. Maasdael recorded and presented the final valuation in a valuation report.
The value of sector knowledge
This case study increased our knowledge of the dynamics in the mobile telecom market, specifically with rapidly growing subscription providers such as Youfone. In this segment, customer base growth first requires investments before scale and a more mature customer base lead to profitability. A valuation therefore requires a good understanding of the company's underlying growth dynamics, not just current results. This knowledge of the telecom sector, and of valuing young, fast-growing players in particular, is something we take with us in similar valuation and M&A processes within this sector.
