Option valuation for incentive programs
Should your company set up an option plan?
Should your company set up an option plan?
“We are Sweden’s leading experts in option valuation for incentive programs.”

Hampus Sellmann, COO & founder Leonh
Evaluates hundreds of companies each year for stock option programs
Hampus Sellmann, COO & founder Leonh
Evaluates hundreds of companies each year for stock option programs


How do you set up an option plan?
Warrants are intended to increase participants’ financial incentives and motivation. With the right incentive and option structure, your chances of achieving your set goals increase.
Warrants are intended to increase participants’ financial incentives and motivation. With the right incentive and option structure, your chances of achieving your set goals increase.
Valuate your company
Everything starts with the valuation. An accurate valuation is the foundation of your stock option program.
Calculate the option value
Leonh is based on relevant market volatility, the single most sensitive (and important) parameter in the industry standard Black-Scholes.
Return calculation
Given different outcomes, you get a graph of future gains from the options. Clear and correct.


Safe, simple and affordable.
“With several hundred option valuations created each year, I see companies of all sizes come to Leonh because they get a secure valuation report of the same world-class standard as the big investment banks, but at a fraction of the price. You could say that the only thing I do all day is meet talented entrepreneurs, investors and advisors. This has led to us today being Sweden’s clear leading tool for reliable option valuation.”
Hampus Sellmann, Leonh
Hundreds of companies use Leonh every month
Hundreds of companies use Leonh every month

Hampus Sellmann
COO, Leonh
"Leonh makes it easy to adapt the valuation to the individual case.


Andreas Kristensen, Freja Partners
Valuate your company professionally with Leonh.
We guide you from the first call to the final statement and ensure that the process is correct and smooth. The valuation is carried out using proven methods in accordance with IPEV, and you receive a clear report with the methodology as well as the responsible valuer’s CV.
Book a free consultation
Submitting a request for a business valuation with us is completely free, and we will determine the best way to value your company. On weekdays from 8 a.m. to 5 p.m., we respond within 1 hour at the latest.
Response within an hour
Certified expert help
Confidential and affordable
Book a free consultation
Submitting a request for a business valuation with us is completely free, and we will determine the best way to value your company. On weekdays from 8 a.m. to 5 p.m., we respond within 1 hour at the latest.
Response within an hour
Certified expert help
Confidential and affordable
Book a free consultation
Submitting a request for a business valuation with us is completely free, and we will determine the best way to value your company. On weekdays from 8 a.m. to 5 p.m., we respond within 1 hour at the latest.
Response within an hour
Certified expert help
Confidential and affordable
When do I need an independent business valuation?
An independent business valuation is mainly needed in common ownership-related situations, for example when shares are to be transferred between co-owners, when a partner enters or leaves, or during negotiations about ownership stakes. It is also common in connection with the division of property, estate distribution, or an estate where the company’s value must be determined. In many shareholders’ agreements, there is also a requirement that an external and independent valuer carries out the analysis to ensure a fair and transparent result.
What types of companies can Leonh appraise?
We value all types of companies – from startups and growth companies to mature family businesses and publicly listed groups. Our methodology is tailored to the company’s size, industry and business model.
How does the valuation process work?
A valuation specialist from Leonh will contact you for an introductory meeting where we go through the company, its history, market, and future prospects. We then analyze the company using relevant valuation methods and compile the results in a clear and easy-to-understand valuation report. After that, we review the report together and answer your questions. The process is usually completed within one working week, but can be carried out faster if needed.
What does a business valuation cost?
The price of a business valuation depends on complexity, scope, and purpose. Contact us for a quote. Our prices are generally significantly lower than those of other providers with comparable quality and depth of analysis.
How does Leonh valuate the company?
A business valuation from Leonh includes several established valuation methods, including discounted cash flow analysis (DCF), leveraged buyout valuation (LBO), transaction multiples, and trading multiples. Everything is compiled into a professional report that follows industry best practices and can be used for both internal and external purposes. In more complex cases, we also perform special analyses, such as valuing the customer base, intangible assets like source code and software, or other unique assets that affect the value.
Can Leonh valuate a company that does not have positive cash flows?
Yes! We have methods for valuing companies that do not yet have positive cash flows. In those cases, we use other methods, such as the most recent funding round (Backsolve Valuation Method), comparable transactions, and discounted present value calculations of future revenues.
Can I request a valuation even if I'm just curious about the company's value?
Of course. Understanding what drives the value in your business is a central part of building a successful company. Many business owners order a valuation to get a snapshot of the company's current value and identify areas for improvement.
Do auditors and the Swedish Tax Agency approve Leonh's business valuations? (Do they follow IPEV?)
Yes. We work daily with auditors throughout Sweden who use and appreciate our valuation reports. Our reports comply with the applicable formal requirements and are aligned with the IPEV Guidelines (International Private Equity and Venture Capital Valuation Guidelines), which means they are internationally recognized and accepted by both auditors and the Swedish Tax Agency.
Can I use Leonh's valuation in negotiations with investors or the bank?
Yes. Our reports are often used in connection with raising capital, negotiations with investors, or when companies need supporting documentation for the bank during credit assessment.
Is a business valuation tax-deductible as an expense in the company?
Yes, the cost of a professional company valuation is normally tax-deductible as a consulting expense in the company. Always check with your accountant to be on the safe side.
What experience do Leonh's appraisers have?
Our valuation experts are transaction advisors with extensive experience in corporate acquisitions, business sales, and capital raising. We are convinced that business valuations are most accurate when performed by experts who work daily with the buying and selling of companies.
When do I need an independent business valuation?
An independent business valuation is mainly needed in common ownership-related situations, for example when shares are to be transferred between co-owners, when a partner enters or leaves, or during negotiations about ownership stakes. It is also common in connection with the division of property, estate distribution, or an estate where the company’s value must be determined. In many shareholders’ agreements, there is also a requirement that an external and independent valuer carries out the analysis to ensure a fair and transparent result.
What types of companies can Leonh valuate?
We valuate all types of companies—from startups and growth companies to mature family businesses and publicly listed groups. Our methodology is adapted to the company’s size, industry, and business model.
How does the valuation process work?
A valuation specialist from Leonh will contact you for an introductory meeting where we go through the company, its history, market, and future prospects. We then analyze the company using relevant valuation methods and compile the results in a clear and easy-to-understand valuation report. After that, we review the report together and answer your questions. The process is usually completed within one working week, but can be carried out faster if needed.
What does a business valuation cost?
The price of a business valuation depends on complexity, scope, and purpose. Contact us for a quote. Our prices are generally significantly lower than those of other providers with comparable quality and depth of analysis.
How does Leonh valuate the company?
A business valuation from Leonh includes several established valuation methods, including discounted cash flow analysis (DCF), leveraged buyout valuation (LBO), transaction multiples, and trading multiples. Everything is compiled into a professional report that follows industry best practices and can be used for both internal and external purposes. In more complex cases, we also perform special analyses, such as valuing the customer base, intangible assets like source code and software, or other unique assets that affect the value.
Can Leonh valuate a company that does not have positive cash flows?
Yes! We have methods for valuing companies that do not yet have positive cash flows. In those cases, we use other methods, such as the most recent funding round (Backsolve Valuation Method), comparable transactions, and discounted present value calculations of future revenues.
Can I request a valuation even if I'm just curious about the company's value?
Of course. Understanding what drives the value in your business is a central part of building a successful company. Many business owners order a valuation to get a snapshot of the company's current value and identify areas for improvement.
Do auditors and the Swedish Tax Agency approve Leonh's business valuations? (Do they follow IPEV?)
Yes. We work daily with auditors throughout Sweden who use and appreciate our valuation reports. Our reports comply with the applicable formal requirements and are aligned with the IPEV Guidelines (International Private Equity and Venture Capital Valuation Guidelines), which means they are internationally recognized and accepted by both auditors and the Swedish Tax Agency.
Can I use Leonh's valuation in negotiations with investors or the bank?
Yes. Our reports are often used in connection with raising capital, negotiations with investors, or when companies need supporting documentation for the bank during credit assessment.
Is a business valuation tax-deductible as an expense in the company?
Yes, the cost of a professional company valuation is normally tax-deductible as a consulting expense in the company. Always check with your accountant to be on the safe side.
What experience do Leonh's appraisers have?
Our valuation experts are transaction advisors with extensive experience in corporate acquisitions, business sales, and capital raising. We are convinced that business valuations are most accurate when performed by experts who work daily with the buying and selling of companies.
When do I need an independent business valuation?
An independent business valuation is mainly needed in common ownership-related situations, for example when shares are to be transferred between co-owners, when a partner enters or leaves, or during negotiations about ownership stakes. It is also common in connection with the division of property, estate distribution, or an estate where the company’s value must be determined. In many shareholders’ agreements, there is also a requirement that an external and independent valuer carries out the analysis to ensure a fair and transparent result.
What types of companies can Leonh valuate?
We valuate all types of companies – from startups and growth companies to mature family businesses and publicly listed groups. Our methodology is adapted to the company's size, industry, and business model.
How does the valuation process work?
A valuation specialist from Leonh will contact you for an introductory meeting where we go through the company, its history, market, and future prospects. We then analyze the company using relevant valuation methods and compile the results in a clear and easy-to-understand valuation report. After that, we review the report together and answer your questions. The process is usually completed within one working week, but can be carried out faster if needed.
What does a business valuation cost?
The price of a business valuation depends on complexity, scope, and purpose. Contact us for a quote. Our prices are generally significantly lower than those of other providers with comparable quality and depth of analysis.
How does Leonh valuate the company?
A business valuation from Leonh includes several established valuation methods, including discounted cash flow analysis (DCF), leveraged buyout valuation (LBO), transaction multiples, and trading multiples. Everything is compiled into a professional report that follows industry best practices and can be used for both internal and external purposes. In more complex cases, we also perform special analyses, such as valuing the customer base, intangible assets like source code and software, or other unique assets that affect the value.
Can Leonh valuate a company that does not have positive cash flows?
Yes! We have methods to valutate companies that do not yet have positive cash flows. In those cases, we use other methods, such as the latest funding round (Backsolve Valuation Method), comparable transactions, and present value calculations of future revenue.
Can I request a valuation even if I'm just curious about the company's value?
Of course. Understanding what drives the value in your business is a central part of building a successful company. Many business owners order a valuation to get a snapshot of the company's current value and identify areas for improvement.
Do auditors and the Swedish Tax Agency approve Leonh's business valuations? (Do they follow IPEV?)
Yes. We work daily with auditors throughout Sweden who use and appreciate our valuation reports. Our reports comply with the applicable formal requirements and are aligned with the IPEV Guidelines (International Private Equity and Venture Capital Valuation Guidelines), which means they are internationally recognized and accepted by both auditors and the Swedish Tax Agency.
Can I use Leonh's valuation in negotiations with investors or the bank?
Yes. Our reports are often used in connection with raising capital, negotiations with investors, or when companies need supporting documentation for the bank during credit assessment.
Is a business valuation tax-deductible as an expense in the company?
Yes, the cost of a professional company valuation is normally tax-deductible as a consulting expense in the company. Always check with your accountant to be on the safe side.
What experience do Leonh's appraisers have?
Our valuation experts are transaction advisors with extensive experience in corporate acquisitions, business sales, and capital raising. We are convinced that business valuations are most accurate when performed by experts who work daily with the buying and selling of companies.
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