TvF Consulting, Warsaw, all of Poland
Every number has a source
the other side can verify
I value businesses, break profitability down to its drivers and build tools that read financial statements automatically. I work from source data – statements filed with the commercial register, ledgers, time records – not from materials prepared by the seller. For owners, boards and investors – in Warsaw and across Poland.
Tomasz Fordymacki
Financial adviser, valuation, transaction analytics, management reporting
Tomasz Fordymacki
Financial adviser, valuation, transaction analytics, management reporting
8
financial analyses
one engine, over a dozen companies compared, the same method
7
valuation models
income, market and asset approach in each
11
applications and tools
built from scratch, some of them public
335
scripts
they do the repetitive work so I can do the rest
Expertise
This is not a list of everything I can do – it is a list of what is worth coming to me for.
How I work
The order is not accidental. The most expensive mistakes come from skipping the first step.
Source data
Register filings in machine-readable form, a ledger export, time records, contracts. Not summaries prepared to support a thesis. If data is missing, I say so at the start rather than in the conclusions.
One-off events, related-party transactions, owner’s remuneration, costs unrelated to the business. Every adjustment has a number, an amount and a justification – so each one can be argued separately.
The numbers are calculated in the file, not in my head. Changing an assumption recalculates the whole model, and closing checks make sure the balance sheet ties and the cash flow reconciles to zero.
At the end there is something you can put on the table: a workbook, a report and a presentation stating the same number. Three documents that contradict each other are worse than none.
AI and automation
I use language models and my own scripts where the work consists of reading documents and retyping numbers. Decisions on adjustments, weights and the conclusion stay with me – and are documented so they can be checked.
Registry filings in XML, ledger exports, time records – loaded and reconciled automatically, a dozen companies with one method.
Around a hundred ledger-control rules and several hundred tests that catch errors before they reach the report. A document that checks itself.
Dashboard, report and presentation generated from one model, in Polish and French – the same number everywhere, no retyping.
What I never hand to the model
Normalisation adjustments, valuation method weights, forecast assumptions and the final conclusion. The model speeds up reading and computing; responsibility for the number on the table is mine.
Glossary
Half the misunderstandings at the table come from two sides reading the same word differently. These are ten terms that come up in every conversation about value – with a definition and with the mistake most often made around them.
Common mistake
Comparing one company’s enterprise value with another’s share price. These are two different numbers and they differ by net debt.
Common mistake
Treating EBITDA as cash flow. It ignores working capital, capital expenditure and tax – a company with positive EBITDA can still fail.
Common mistake
Treating the whole cash balance as surplus. Part of it is working capital the business needs to operate and cannot be taken out.
Common mistake
Ignoring it while growing. Rising sales always consume cash through working capital – the main reason growing companies fail.
Common mistake
Taking the weights from the current book balance sheet rather than from target values. The valuation then depends on an accidental year-end position.
Common mistake
Underestimating its weight. It is usually 60–80% of the whole valuation, so a small change in the growth assumption moves the result more than the entire forecast.
Common mistake
An adjustment without evidence. The seller always normalises upwards and the buyer downwards – a document settles it, not a statement.
Common mistake
Reaching for listed-company multiples for a small private business. Indicative ranges for Polish SMEs in 2025–2026 are 3–6× for small and 5–8× for mid-sized companies – depending on sector, growth and data quality.
Common mistake
Skipping the test. Healthy companies keep conversion above 70–80%; a persistently lower figure means the profit is sitting in receivables.
Common mistake
Reading the ratio without context. In Polish banking practice (2025–2026) comfortable lending reaches about 3.0×; above 4.0× the conversation is about restructuring, not growth.
Projects
Client work is described without names and without figures that would allow identification – industry, problem, approach, result. My own projects are named, because they are mine.
From LinkedIn
Short posts about company numbers – each leads to a calculator or article that develops the topic.
9 October 2026, Post in Polish
W firmie z marżą EBITDA 9 % podnosi wynik o około jedną czwartą – nawet gdy zakładam, że 30 % efektu ucieknie razem z częścią wolumenu. Cięcie kosztów stałych o 5 % daje zwykle drugie tyle. Skrócenie spływu należności o…
8 October 2026, Post in Polish
Przejęcie ma sens, gdy trzy rzeczy są prawdziwe naraz: cel pasuje do Twoich klientów i produktów, synergie da się wskazać na konkretnych pozycjach kosztów, nie „około 10 %”, dług grupy po transakcji zostaje poniżej…
7 October 2026, Post in Polish
Zrobiłem kalkulator wyceny, który nie ukrywa metody: DCF i mnożnik liczone obok siebie, wszystkie parametry na wierzchu (WACC, wzrost, mnożnik EBITDA), a wynik podany jako widełki, nie jako „Twoja firma jest warta X…
6 October 2026, Post in Polish
Wycena i mnożniki mówią o przedsiębiorstwie. Umowa sprzedaży – o udziałach. Pomiędzy jest most: dług netto, quasi-dług i kapitał obrotowy. W przykładzie z mojego kalkulatora most zabiera 20 % wartości firmy. I to jest…
5 October 2026, Post in Polish
Do tego służy prognoza gotówki na 13 tygodni: kwartał do przodu, tydzień po tygodniu, wpływy i wypływy z konkretnymi datami – nie „średnio w miesiącu". Trzynaście, bo tyle widać z realną precyzją: faktury już…
2 October 2026, Post in Polish
Do brutto dochodzą składki pracodawcy (emerytalna, rentowa, wypadkowa, FP, FGŚP), ewentualnie PPK. Kandydat porównuje netto na etacie z fakturą na B2B i te porównania zwykle są nieuczciwe wobec jednej ze stron…
Tool
The same scheme I start every valuation with: a discounted forecast and a market approach, reconciled by weights, ending with a bridge from enterprise value to equity value. The result is indicative and does not replace a valuation.
Equity value
16,9m
Sensitivity to cost of capital ±1 pp: 15,9 – 18,1 m
The model discounts a cash flow calculated as EBITDA after tax less maintenance capital expenditure and the increase in working capital (assumed at 4% of revenue). The result is an estimate based on seven numbers – a real valuation requires normalising the result, reviewing contracts and checking source data.
I want this calculated properlyWhere the figure on the right comes from. Every step can be challenged on its own, which is the point.
Poland in numbers
Twelve indicators from Statistics Poland, the NBP, Eurostat and the ECB in one place: pick a period from 2015 and every number recalculates. With a 2027 forecast and a downloadable PDF.
Materials
Short method notes – one page per topic. They set out how I calculate, so it can be checked before a conversation rather than after it.
Questions
Six questions that come up in the first conversation – and the answers I usually give.
A short conversation about the problem (no commitment), then a list of the data I need and a scope proposal with a deadline. Work starts once the scope is accepted – there is no “valuation of the valuation” stage.
Valuation: two to four weeks from complete data. A thirteen-week cash ledger: a few days. Profitability analysis with segment accounts: two to three weeks, depending on ledger quality. Most of the time goes to questions about data, not to computing.
Financial statements (ideally XML files from the registry), a trial balance, a ledger export for the period, material contracts and debt information. For profitability – also time records or cost allocation keys. If something is missing, I say so at the start.
An NDA before the first file, data stored locally and encrypted, no client names on this site or in materials. Portfolio descriptions are anonymised: sector, problem, effect.
Tools compute – scripts, models, partly language models. I answer: for adjustments, assumptions and the conclusion. Every number in a document has a source the other side can check, and that is a rule I do not depart from.
Yes – most of the work happens on data, not in the client’s office. Meetings in Warsaw or online; for clients across Poland and for companies with foreign capital (in English, in French at a working level).
Write two sentences about what it is. I will tell you whether it is my kind of work and roughly how long it takes.
