Who We Are
Focus Valuation Limited is an independent valuation professional firm not affiliated with any accounting firm or financial institution group.
Our mission is to provide clients with high-quality valuations at competitive prices.
Independent Valuation Firm
Valuation firms affiliated accounting firm groups undergo rigorous internal approval processes and thorough checks to determine their eligibility to offer valuation services to audit clients due to independence issues. This often requires detailed reviews of the target company's capital structure, resulting in longer timelines and higher costs.
Even when affiliated with a financial institution group, concerns about objectivity in valuations may arise if there are existing business relationships with clients or the companies being valued.
Our independence, free from any capital ties to audit corporations or financial institution groups, allows us to streamline contract negotiations, minimizing both time and costs. The absence of pre-existing business relationships positions us to provide objective valuations.
High-Quality Valuations
Our team comprises individuals who have spearheaded valuation practices in the Financial Advisory Services (FAS) department of a Big 4 accounting firm, boasting the most substantial valuation teams in Japan. This collective experience equips us to handle global, large-scale, and intricate valuation projects with expertise.
Furthermore, our team members hold professional designations such as Chartered Financial Analyst (CFA) and Japanese Certified Public Accountant (CPA). They continually enhance their proficiency in valuation and stay abreast of evolving accounting standards.
We are dedicated to delivering high-quality valuations that meet client satisfaction and withstand audit scrutiny for accounting purposes.
Competitive Pricing
While maintaining high-quality valuations, we understand that excessively high service fees may outweigh the benefits. Our independence allows us to minimize contract costs, and by keeping overhead and administrative costs associated with non-operational activities to a minimum, we provide valuations at competitive prices.
Professionals
Tatsuro Nakamura - Partner
Chartered Financial Analyst (CFA)
Career
With a background in corporate accounting and a stint as an equity analyst at an asset management firm, he joined Deloitte Tohmatsu Financial Advisory LLC in 2012. His responsibilities included the valuation and modeling of companies, businesses, and intangible assets, both domestically and internationally.
In addition, serving as an internal valuation specialist in audit operations, I engaged in extensive valuation reviews of equity value and intangible assets.
Between 2019 and 2021, he was based in the UK, providing valuation services to a broad range of international clients, including investment funds.
In 2023, he co-founded Focus Valuation Limited as a managing partner, bringing with his over 15 years of experience in the field of valuation, spanning from his days as an equity analyst to the present.
Professional Experience
- Equity and business valuations, modeling, and Pre-Purchase Price Allocation (Pre-PPA) during M&A phases
- Post-merger PPA under IFRS and US GAAP, including fair value assessments of intangible assets, and goodwill impairment testing
- Valuations for tax purposes related to the restructuring of overseas subsidiaries
- Equity valuation and analysis of venture investments and valuation of preferred stock
- Assist in designing stock options and assessing the fair value of stock options
- Work with the audit firm within the Big 4 accounting group as an internal valuation specialist, reviewing reports on equity and business value, preferred stock, and PPA prepared by audit clients and external valuators
- Join Deloitte LLP's Valuation Team in the UK as a Japanese team from 2019 to 2021, focusing primarily on accounting-related valuations for fund investments and internal expert reviews for audit firms
Languages
Japanese, English
Qualifications and Education
Chartered Financial Analyst (CFA)
The University of Tokyo, Faculty of Economics, Department of Management
Key Business Achievements
M&A Valuation (Deal size: JPY Tens of Billions)
- Modeling and valuation for four energy companies' business carve-out and integration projects
- Modeling, valuation and Pre-PPA support for a trading company's stock acquisition in an overseas apparel-related enterprise
- Valuation for the strategic sale of stock in a bookstore
- Support for business plan development, valuation, and Pre-PPA in acquiring a game production company
- Extensive experience in delivering valuation services across diverse industries, including advertising, road construction, overseas construction machinery manufacturing, construction machinery attachments, leasing companies, automotive component manufacturing, and cloud-managed services
Investments in venture businesses (Equity value on a 100% basis: JPY Hundreds of Millions to Tens of Billions)
Valuation of equity value and preferred stock in companies with complex capital structures using equity value and Option Pricing Method (OPM) for investments in biotech, space, 5G, AI, high-speed transit systems, flea market service apps, and biotech ventures in the US and UK and Japan
Valuations for Financial Reporting Purposes (Value: JPY Tens of Billions to Trillions)
- PPA for an overseas semiconductor company (IFRS)
- PPA and impairment testing for an overseas construction machinery manufacturer (US GAAP)
- PPA for a domestic electronic equipment manufacturer (IFRS)
- PPA for an overseas company in the telecom industry (JGAAP)
- PPA for a domestic construction company (JGAAP)
- PPA for a domestic company in the telecom industry (IFRS)
- Impairment testing for an overseas commodity company (IFRS)
- Impairment testing for an overseas software company (IFRS)
- Valuation of preferred stock for an overseas bio-venture (IFRS)
- Impairment testing for a domestic casualty insurance company (JGAAP)
Valuations for Tax Purposes (Value: JPY Tens of Millions to Hundreds of Billions)
- Tax-purpose PPA in relation to the acquisition of an overseas manufacturer with approximately 70 subsidiaries (i.e., Valuations for allocation of the total acquisition amount to each subsidiary)
- Tax-purpose PPA in relation to the acquisition of an overseas manufacturer with approximately 20 subsidiaries
- Other tax-purpose valuations for the group-wide restructuring of overseas subsidiaries
Stock Option Design Support
Comprehensive support in the design and valuation of stock options for a staffing company
Working with auditors as an Internal Valuation Specialist (Value: JPY Billions to Trillions)
- Reviewed numerous equity and business valuations, PPA, and impairment testing, primarily for Internet and telecommunications companies
Masahiro Sakaguchi - Partner
Certified Public Accountant (CPA)
Career
Since joining Deloitte Touche Tohmatsu LLC in December 2008, his professional journey has included a wide range of audit responsibilities for various business units, including International Financial Reporting Standards (IFRS) implementation support and Initial Public Offering (IPO) support services. In 2017, he moved to Deloitte Tohmatsu Financial Advisory LLC, where he engaged in extensive valuation and modeling work for domestic and international companies and businesses. In addition, serving as an internal valuation specialist in audit, he participated in numerous valuation reviews of equity value and intangible assets, including intellectual property rights. In 2023, he co-founded Focus Valuation Limited.
With a comprehensive background in accounting knowledge, including Japanese Accounting Standards, IFRS, US GAAP, and more, his expertise contributes to address key focus points that are paramount to auditors in the field of valuation, along with staying updated on the latest trends.
Professional Experience
- Valuations for financial reporting purposes, including fair value assessments of intangible assets related to Post-merger PPA, valuations for impairment testing of fixed assets including goodwill, and fair value assessments of stocks based on accounting standards requirements
- Fairness opinion services for several large-scale Tender Offers (TOBs)
- Equity and business valuations, modeling, and Pre-Purchase Price Allocation (Pre-PPA) during M&A phases
- Work with the audit firm within the Big 4 accounting group as an internal valuation specialist, reviewing reports on equity and business value, preferred stock, and PPA prepared by audit clients and external valuators
- Providing training on valuation practices as an instructor for internal and external parties
Languages
Japanese, English
Qualifications and Education
Certified Public Accountant (CPA), Japan
Key Business Achievements
Valuations for Financial Reporting Purposes (Value: JPY Tens of Billions to Trillions)
- PPA and impairment testing for a major domestic semiconductor manufacturer (IFRS)
- PPA for an overseas semiconductor manufacturer (IFRS)
- Pre-PPA and PPA for a leading domestic chemical manufacturer (JGAAP)
- Impairment testing support for a leading domestic electronics manufacturer (US GAAP) and value advisory services on impairment issues arising after the conversion of accounting standards
- Impairment testing support for a leading domestic media company (Assistant in establishing an internal framework for fair value assessments)
- Impairment testing for a banking subsidiary of a leading domestic megabank (IFRS)
- PPA for a real estate techonology company (IFRS)
- Impairment testing for a leading domestic electronics manufacturer (IFRS)
- PPA for a domestic data center operator (JGAAP)
- Advisory services on PPA for acquisitions resulting in negative goodwill
- PPA for a cryptocurrency exchange operator (JGAAP)
- Advisory services on stock options with market conditions
Fairness Opinion Services (Value: JPY Hundreds of Billions to Trillions)
Fairness opinion for several large-scale TOBs based on the "Fair M&A Guidelines" issued by the Ministry of Economy, Trade and Industry on June 28, 2019
- Fairness opinion for a large-scale TOB of a leading domestic chemical manufacturer
- Fairness opinion for a large-scale TOB related to the restructuring of a leading domestic telecommunications company
Valuations for Tax Purposes (Value: JPY Tens of Billions)
- Modeling and valuations for a leading trading house's leasing business (aircraft leasing and car leasing)
- Extensive experience in valuations for tax purposes in the technology and media industries
M&A Valuation (Deal size: JPY Billions to Tens of Billions)
- Extensive experience in modeling, valuation, and Pre-PPA for M&A transactions, with a focus on the technology and media industries
Working with auditors as an Internal Valuation Specialist (Value: JPY Billions to Trillions)
- Reviewed numerous equity and business valuations, PPA, and impairment testing for Internet, telecommunications, and financial services companies, which include banking, credit card, credit card lending, and leasing businesses
- Extensive experience in reviewing valuation issues related to venture investments, including valuation of preferred stock using the Option Pricing Method (OPM)
- With extensive accounting and auditing experience, covering a wide range of focus points that are paramount to auditors in the field of valuation and the latest trends
Company Profile
| Company Name: | Focus Valuation Limited |
|---|---|
| Co-Owners: | Tatsuro Nakamura Masahiro Sakaguchi |
| Business Activities: |
Valuation services for stocks, stock options, businesses, assets, and liabilities. All businesses incidental or related to any of the above. |
| Phone Number: | 03-4316-2963 |
| Address: | N&E Building, 7th Floor, 1-12-4 Ginza, Chuo-ku, Tokyo 104-0061, Japan |
