Advisory Firm Valuation Multiples in Spain [2026]

There is no single market multiple for an advisory firm in Spain. A defensible valuation starts with normalised EBITDA, tests the result against recurring revenue and comparable transactions, and then adjusts for client transferability, founder dependence, team continuity, concentration and deal terms. A quoted multiple is only a starting point; it is not the price a buyer must pay.

Which metric should be used?

Established firms with sustainable profit are normally assessed on enterprise value to normalised EBITDA. Revenue can be a useful cross-check when fees are genuinely recurring and margins are comparable. Seller's Discretionary Earnings may help analyse a very small owner-operated practice, but it should not be mixed with EBITDA without reconciling the owner's market-rate remuneration.

Metric	Best use	Main limitation
Normalised EBITDA	Profitable firm with a transferable operating team	Adjustments must include the real cost of replacing the owner
Recurring revenue	Portfolio with stable contracts and comparable margins	Turnover alone does not show profitability or churn
SDE	Small owner-operated practice	Not directly comparable with institutional EBITDA multiples
Discounted cash flow	Business plan with supportable forecasts	Highly sensitive to growth, margin and discount-rate assumptions

The International Valuation Standards Council defines the market approach as comparing an asset with similar assets for which price information is available. IFRS 13 also recognises market, income and cost approaches and requires assumptions that reflect current market conditions. Neither source publishes a universal multiple for Spanish advisory firms.

Indicative EBITDA ranges: how to read them

Based on Capittal's internal valuation work and advised processes, the following ranges can be used to build scenarios. They are not a complete public transaction index, a fairness opinion or an offer. Date, size, service mix, buyer competition and payment structure can move an outcome outside the table.

Firm profile	Indicative EV / normalised EBITDA	Condition behind the range
Small, founder-dependent practice	2x–4x	Relationships and delivery rely heavily on the owner
Profitable firm with recurring clients	4x–6x	Stable portfolio and an operating team
Professionalised, growing firm	6x–8x	Documented processes, management depth and low concentration
Scalable platform or premium niche	8x+	Strategic scarcity, credible growth and competitive buyer interest

Use the ranges to test a valuation, not to choose the highest number. Our broader guide to valuation multiples explains how to select comparables and distinguish enterprise value from equity value.

Normalising EBITDA before applying a multiple

Accounting profit often includes an owner salary above or below market, personal expenses, related-party rent, exceptional recruitment costs or one-off projects. A buyer will remove non-recurring items but will also add missing costs needed to operate without the seller. Every adjustment should have an invoice, payroll record, contract or other evidence.

• Replace the owner's remuneration with the market cost of the role that must remain.
• Separate recurring retainers from projects that may not repeat.
• Remove exceptional income as well as genuinely exceptional costs.
• Check that software, compliance, management and commercial costs are sufficient for the forecast.
• Reconcile EBITDA with cash conversion and working-capital requirements.

What changes the multiple?

A buyer pays for earnings that can continue after completion. Retention history, contract terms, service mix, team stability and documented client ownership therefore matter more than a generic threshold. Founder dependence reduces transferability; concentration increases the effect of losing one client; weak pricing or undocumented work reduces visibility. No fixed retention percentage or concentration ratio guarantees a premium.

Deal terms also affect headline value. A higher number partly deferred through an earn-out is not equivalent to the same amount paid at completion. Compare cash at closing, conditions, working-capital adjustment, debt, seller warranties and any required transition period. The guide to selling an advisory firm covers the preparation behind these points.

Worked valuation example

Assume an advisory firm has €420,000 of supportable normalised EBITDA. At 5.5x, indicative enterprise value is €2.31 million. If completion accounts show €300,000 of net financial debt and no other agreed adjustments, indicative equity value would be €2.01 million. The calculation is:

Equity value = normalised EBITDA × multiple − net debt ± agreed adjustments

This example is arithmetic, not evidence that 5.5x applies to a particular firm. A valuation should test at least a low, base and high case and record why each multiple and adjustment was selected. As the Spanish General Accounting Plan notes, fair value is measured at a particular date and can cease to be appropriate when market conditions change.

Practical next step

Prepare three years of monthly revenue, client cohorts, churn, hours and margin by service, staff costs, owner adjustments, contracts and concentration. Then compare the resulting range with real buyer appetite. You can use Capittal's company valuation calculator for an initial scenario, but a sale decision requires a company-specific review.

Sources and methodology

• IVSC: market approach and valuation terminology.
• IFRS Foundation: IFRS 13 Fair Value Measurement.
• BOE: Spanish General Accounting Plan.

The ranges are Capittal's internal, indicative observations. The cited sources support the valuation framework, not those numerical ranges.