Quality of Earnings
Sustainable earnings, defensible numbers, on the timeline your deal demands.
Sellers preparing exit, sponsors validating LOI, lenders sizing facilities — across the DACH–Greater China corridor.
Standalone QoE for sponsors, lenders, and sellers who want defensible numbers, fast.
The work, line by line.
EBITDA bridge
From reported earnings to a defensible adjusted figure, line by line.
Adjustment library
Non-recurring, owner-related, run-rate, pro-forma adjustments documented and sourced.
Revenue quality
Recurring versus one-time, pricing changes, customer-cohort durability.
Margin sustainability
Gross-to-EBITDA waterfall, contribution margin per channel or product.
Cash conversion
EBITDA-to-FCF analysis, working capital intensity, capex profile.
Cross-border accounting reconciliation
HGB → IFRS or IFRS → HKFRS / China GAAP normalizations as required for the buyer.
What separates the work.
- 01
QoE as a product
Our QoE is sold and scoped independently — not folded into an FDD bundle. Sellers and lenders deserve a standalone, named deliverable.
- 02
Built to be defended
Every adjustment is sourced and traceable. Designed to withstand counterparty challenge from a sophisticated buyer on the other side of the corridor.
- 03
Audit-grade documentation
Workpapers structured to audit standards. Reviewed by Henrik before release.
- 04
Speed for tight processes
Vendor QoE delivered in 5 weeks for businesses under €500mm enterprise value.
Active categories along the corridor.
- Industrials & Manufacturing
- Technology, Media & Telecom
- Consumer & Retail
- Healthcare & Life Sciences
- Business & Professional Services
From scoping to deliverable.
- 012–3 days
Scoping
Adjustment categories agreed in writing before fieldwork.
- 023–4 weeks
Analysis
Bridge construction, adjustment validation, source-document referencing.
- 033–5 days
Review
Partner review, management challenge meeting, draft delivery.
- 041 week
Final report
Final QoE report, Excel databook, executive summary.
Founding partners leading the work.
Reading from the team.
- Practitioner Note
Why QoE Reports Are Getting Longer (And What That Means for Sellers)
A practitioner's note on the inflation of QoE scope, what it tells you about cross-border buyers, and how DACH sellers should respond when preparing for a process with Asian counterparties.
By Henrik Bergmann6 min read - Practitioner Note
Cross-Border Carve-Outs: A DACH–Asia Practitioner's Field Guide
What separates a clean cross-border DACH–Asia carve-out from a punishing one — drawn from observations across European industrial conglomerates, German Mittelstand sellers, and Asian acquirers operating in the corridor.
By Henrik Bergmann9 min read
What clients usually ask before kickoff.
8–12 weeks before going to market. A vendor QoE shortens exclusivity, reduces buy-side surprises, and gives advisors a defensible EBITDA number to anchor the marketing process — particularly important when the eventual buyer is unfamiliar with the seller's reporting framework.
A QoE is a focused product centered on adjusted EBITDA and cash flow quality. An FDD is broader and includes working capital, net debt, balance-sheet stratification, and revenue/margin diagnostics. Many sponsors want a QoE early and an FDD if they advance.
Yes, when the methodology is correct and the cross-border reconciliation is included. Our QoE deliverable is built to be read on both sides of the corridor.
Yes. Sponsor add-ons under €50mm of TEV often warrant a focused QoE rather than full FDD. We scope and price these tightly.
Discuss this QoE engagement.
We respond within one business day.
A founding partner reads every inbound. References available on request, under NDA.