What's it worth?

As at 31 August 2026, the business is valued at NZD $295,000 for 100% of the shares, within a range of $225,000–$360,000. The value rests entirely on what the business earns each year - the balance sheet is in deficit, so there's no asset backing behind it.

How did we get there?

Two methods carry equal weight: what similar businesses sell for (a 1.50× multiple of the owner's cash earnings, giving $381,500) and capitalised yearly earnings ($207,000). The blended result is $294,250, concluded at $295,000.

What's the biggest driver of value?

Customer spread. Three customers account for 83% of sales, and a customer that was in the top three last year has already almost disappeared. Reducing that dependence is the single biggest lever - it would lower the 6.0% risk premium and support the multiple moving from the 1.11× observed sale toward the 2.0× category average.

What would a buyer watch out for?

Four of the last five years produced little or no profit - today's earnings are real but recent. Nearly 45% of sales are unhedged exports to the Pacific, the business depends on one key person, and $375,000 of customer cash is for work not yet delivered - a cost a buyer inherits.