Valuation & Financial Modeling

Valuation is not a template exercise. It is an attempt to understand how human action, risk, time, and information interact to produce prices in real markets. Financial modeling, in turn, is not about decorating cells with formulas, but about building a logically coherent map of possible futures.

At Gillory & Associates, Valuation & Financial Modeling is a core analytical discipline that underpins everything we do as a national investment bank. We approach valuation as a Praxeogenic problem—a question of how acting agents, with specific time preferences and constraints, coordinate capital over time under uncertainty.

Our clients rely on us when the stakes are high: strategic acquisitions, capital raising, fund formation, recapitalizations, and corporate transformations that cannot afford naïve or mechanistic approaches to value.

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Our Philosophy: Valuation as Action-Based Reasoning

Traditional valuation often assumes equilibrium, constant conditions, and clean comparables. Real markets do not work this way.

G&A’s approach starts with a different premise: value is rooted in purposeful action over time, constrained by scarcity, shaped by expectations, and constantly updated by new information. That means:

 

We treat valuation as a dynamic, forward-looking judgment, not a static number.
We explicitly incorporate uncertainty, liquidity, and optionality into our modeling architecture.
We recognize that different stakeholders—owners, managers, lenders, investors—perceive value through different lenses and time horizons.
We adapt models to the institutional and strategic context of each engagement, rather than forcing every problem into the same template.

 

The result is an analytical practice that is both rigorous and honest about the limits of what models can know.

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What We Do

Enterprise & Equity Valuation

We perform full-scale valuations for companies across stages and sectors, including:

• Strategic valuations for M&A (buy-side and sell-side)

• Fairness and reference valuations for recapitalizations and restructurings

• Private company valuations for capital raises, internal transactions, and governance decisions

• Valuations for founder liquidity events and family-owned business transitions

 

Our work integrates discounted cash flow (DCF), trading and transaction multiples, and sector-/asset-specific approaches, enhanced by Praxeogenic overlays that consider control, information asymmetry, and strategic positioning.

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The Praxeogenic Modeling Edge

Our modeling is differentiated not by exotic mathematics, but by logical discipline grounded in human action.

When G&A builds a model, we insist on:

1. Structure Before Spreadsheets
   We design the logic of the model—what questions it must answer, what dynamics it must capture, and what decisions it must support—before any cell is populated. The model is an expression of theory and strategy, not a random assembly of formulas.

2. Clear Assumption Architecture
   Inputs are not buried; they are surfaced, structured, and traceable. We distinguish between what is known, what is estimated, and what is speculative, and we make those distinctions explicit.

3. Scenario and Regime Awareness
   Markets move in regimes—different combinations of rates, liquidity, volatility, and regulation. We build models that examine how value behaves across plausible regimes, not just in a single “base case.”

4. Decision-Centric Outputs
   Our models are designed to answer: What should we do? Under what conditions does this decision still make sense? When does it stop making sense? Every major output links back to an actual decision or negotiation point.