Due diligence, investment appraisal and valuation
Before committing money, an investor or lender needs to know that the business is what its documents say it is, that the investment makes sense, and what it is worth. This service covers all three.
IntrepidX has carried out more than 20 due diligence assignments for Kampani, an institutional investor based in Belgium, covering financial, governance, legal, technical and commercial due diligence, valuation and investment appraisal. One of them is described under ongoing assignments.
Sebyala Samuel leads this work. He is an investment manager with more than 12 years' experience and over US$150 million of private-sector debt and equity transactions in 15 African and 2 European markets.
Five kinds of due diligence
| Due diligence | What we look at | What the client gets |
|---|---|---|
| Financial | Historical financial statements, rebuilt from the audited accounts; quality of earnings; working capital, net debt and debt-like items; tax position and URA compliance; budgets and forecasts | Report with adjusted earnings, issues ranked by severity, conditions precedent and outstanding information |
| Commercial | The market, customers and competitors; pricing and margins; supply chains; whether the sales and growth assumptions in the business plan are realistic | Assessment of the plan's market assumptions, with a full market study where needed |
| Governance | Ownership and related parties; board make-up and oversight; management capacity; policies, credit processes, internal controls and reporting | Governance assessment with a prioritised action plan |
| Legal | Incorporation and ownership records; licences and permits; material contracts; security over assets; litigation and regulatory compliance | Legal due diligence report, prepared with an associate advocate |
| Technical | Plant, equipment and processes; capacity and condition; capital expenditure plans; environmental and social compliance | Technical report, prepared with a sector specialist |
Legal and technical due diligence are carried out with qualified advocates and technical specialists engaged for each assignment, working under our Team Leader.
Investment appraisal
We prepare and review feasibility studies, financial models and business plans, and test them: how much debt a project can carry, and what happens to returns if prices, volumes or the exchange rate move.
Valuation
Business valuations based on cash-flow models, collateral assessment for credit decisions, and reviews of valuations prepared by others, reconciled to the asset register and accounts. Formal asset valuations are done with an associate registered valuer.
| Client or funder | Assignment | Team member | Year |
|---|---|---|---|
| UNCDF | Guidelines for identifying and appraising income-generating projects in refugee-hosting areas, with bankable proposals and a financial model for each project in Gulu and Arua (Team Leader) | Dr. Yusuf Kiwala | – |
| Mercy Corps and IOM | Market assessment, financial model and business plan for a proposed e-waste cooperative in Bidi Bidi settlement (Team Leader) | Dickson Turyahabwe | 2025 |
| Iungo Capital (as Investment Manager) | Debt sizing and risk-adjusted return modelling for US$12 million of SME debt and equity transactions | Sebyala Samuel | 2018–2020 |
| Government of South Sudan | Feasibility study for the Yirol oil project | Dr. Yusuf Kiwala | 2010 |
The examples on this page come from work by members of our team, before joining IntrepidX or alongside it. They were not IntrepidX contracts.
Discuss an assignment
To discuss an assignment or request company documents for a tender, contact the Company Secretary, Dean Niwarinda, at [email protected].