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Designing a Phantom Option Plan for an NBFC
Qapita is pleased to have supported Manifest Global (Manifest) on its year-end valuations for FY2024 audit valuations in line with IFRS 2 – Share-based Payments, IFRS 3 – Business Combinations, and IFRS 13 – Fair Value Measurement.
Manifest, headquartered in Singapore, is a rapidly expanding global education investment firm that specialises in building companies that services student mobility through a broad network of partnerships with renowned higher education institutions on a global scale.
This marks our third consecutive valuations engagement for Employee Share Option Plan (ESOP) valuation and our first Purchase Price Allocation (PPA) valuation engagement with Manifest arising from a recent business acquisition. This reflects our growing relationship and deepening trust, given the repeated engagements and being entrusted with supporting their reporting requirements arising from their first acquisition event.
Our team delivered audit-ready valuations for:
For the ESOP valuation engagement, we have utilised the Option Pricing Model (OPM) Backsolve approach and Value Allocation Theory to arrive the Fair Market Value of the various classes of shares outstanding, and the Black Scholes Merton model to determine the Fair Value of the ESOPs, with market benchmarks used to validate key assumptions.
Working on the purchase price allocation for the acquisition of a higher education consulting company was a detailed and valuable process. We used a combination of valuation techniques focused on income approaches, such as relief-from-royalty, multi-period-excess-earnings and with-without methods, which allowed us to accurately assess the value of the company’s intangible assets. This comprehensive approach enabled us to thoughtfully allocate goodwill, providing clear insights that supported the overall transaction reporting and ensured a detailed derivation of the company’s true value.
These works supported Manifest’s financial reporting and audit processes, contributing to the timely finalisation of audited financial statements with an unqualified opinion.
“Working with Qapita was a truly positive experience… The reports they provided for our PPA and ESOP valuations were thorough, accurate, and audit-ready, making our compliance work much smoother.” - Mayank Aggarwal, Financial Reporting Analyst, Manifest.
“We go beyond just numbers—our goal is to provide valuation guidance that’s both analytically robust and grounded in a real-world understanding of how businesses scale and create lasting value.” - Evelyn Tay, Head of International Valuations, Qapita.
This collaboration signals a meaningful chapter in Qapita’s evolution within the private markets space, highlighting our unwavering focus on equipping Southeast Asia’s enterprises with valuation insights that meet the highest audit standards and business needs.
