Sectors

Five markets we know from both sides.

HealthHow the same money could deliver more and better care.Where demand outgrows supply, and how a provider stands out.EducationHow the system could reach every child and teach each one better.Where families look for more, and how a private school or faculty earns its premium.ICT & digital infrastructureHow support could follow skills and adoption at home, not headcount.Where the market moves from hours to solutions, and which firms are worth backing.Manufacturing & exportersHow support could help domestic firms grow, not only bring new plants.Where domestic manufacturers can sell more, and what it takes to get there.Agri-foodHow farm support could raise what a hectare earns.Where land earns most, and who can capture the value.All sectorsOverview

Topics

Five questions that cut across every market.

SMEs & entrepreneurshipHow support could reach the small and mid-sized firms able to grow.Where domestic know-how sits, and which firms are worth backing.Competitiveness & investmentHow support could raise productivity, not only jobs.Where firms have underinvested, and what it takes to catch up.Public financeHow each dinar could be tied to a purpose, and pay to the value of work.Where the state will spend, and how to compete for it.Green & digital transitionHow carbon revenue and support could help firms measure and cut, not only pay.Where clean power and carbon data open a market, and who can serve it.Skills & labour marketsHow adults in work and out of it could keep learning what the economy needs.Where to find the people a plan needs, and how to train and keep them.All topicsOverview

Services

Economic analysis for governments, donors and international organisations: we diagnose sectors and public spending, design and cost programmes, and evaluate what they changed.Economic analysis for companies and investors: we size markets and plan entry, find and assess firms to buy, and model what a business is worth.

Sector & value-chain diagnosticsWhere a sector creates value, who leads it, and what holds it back.Public expenditure & functional reviewsWhere public money goes, what it achieves, and how the same budget could do more.Policy & programme designWhom a programme should reach, with what instrument, and how it will be judged.Cost-benefit & fiscal impactWhat a policy or project will cost, year by year, and what it returns.EvaluationWhat a programme changed, for whom, and what would have happened anyway.Market entry studiesHow large the market is, who buys, who competes and what it takes to win.Policy, regulatory & public-demand riskHow incentives, licences, rules and public spending move a business case.Market-entry programmesFrom a study to an operation on the ground: set-up, people, partners and first customers.Business plansA plan a board can approve and a lender or investor can fund.Target search & screeningWhich firms exist, who owns them, and which deserve a closer look.Due diligenceWhat a target’s business, clients and earnings really are, before the price is set.Financial models & valuationWhat a business or an investment is worth, and how it pays back under different scenarios.Surveys & primary dataThe evidence that does not exist yet, collected so that it can be trusted.Custom analytical & performance toolsModels, dashboards and indices, used every time a decision comes back.All servicesOverview

Service · For companies and investors · What to buy

Financial models & valuation

What a business or an investment is worth, and how it pays back under different scenarios.

Context

What it answers

A decision to invest or to acquire rests on a model: what the business will earn, what it is worth, how the price should be structured, and what happens to returns if things go differently.

  • What is the business worth, on its cash flows and against comparable deals?
  • How do returns change with the entry price, the growth path and the exit?
  • Which improvements or add-ons create value, and which only add risk?

Evidence

How we work

We build integrated models that link the income statement, the balance sheet and cash flow, rebuilt from the target’s audited accounts into service lines, volumes, prices and staff. Value is estimated on discounted cash flows and checked against regional deal multiples and comparable transactions; returns are tested on the entry price, growth and exit, and each improvement or add-on is modelled as its own case under several scenarios. Every input is sourced, and the models are delivered open, so that the client’s team can audit and change them.

Integrated three-statement models · discounted cash flow · multiples and comparable transactions · returns and sensitivity · deal structure · scenario calculators

Direction

What you get

An integrated financial model, a valuation range with its drivers, investment theses and returns analysis, and, where useful, an interactive scenario calculator that an investment committee can use itself.

What the tool looks like

Model

Returns by exit year and exit multiple

Equity IRR and money multiple

For investors · Financial models & valuation
Model

Profit bridge, from entry to exit

Operating profit by driver, € m

For investors · Financial models & valuation

Illustration with invented figures.

Examples of our work

For investorsStrategic investor2025–26

Investment cases for acquisition targets in private healthcare

Integrated models rebuild a target’s audited accounts into service lines, volumes, prices and staff. They value it on discounted cash flows checked against regional deal multiples, and test each improvement or add-on as its own business case under three scenarios.

For investorsProspective buyer2026

Due diligence of a software company in Serbia: business model, clients and quality of earnings

Ten years of statutory accounts, the company’s own management model reconciled with the books, revenue by client and type of work, and a bridge from reported to recurring profit, ending in a valuation range against regional deal multiples and a price split between a fixed and a deferred part.

For investorsInvestor2025

Private higher education in Serbia: the market and the options to acquire

Built from the filed accounts of every private institution, official enrolment by field and source of financing, listed tuition by programme and data on graduate outcomes.

All work
Talk to Nemanja Šormaz

The other side

Market entry, business plans, due diligence and valuation for companies and investors.Diagnostics, programme design, cost-benefit analysis and evaluation for institutions.

Read this as an investorRead this as an institution
Next serviceSurveys & primary data

Contact

Tell us the decision in front of you, and when you need it.

nemanja@econominess.rs

Company profile, PDF · Belgrade, Serbia