# Hectelion SA > Index pour assistants IA et LLM. Cabinet boutique indépendant d'évaluation financière, de due diligence et de conseil en fusions-acquisitions, à double expertise franco-suisse. Ce fichier référence les services, publications et le glossaire du site, en français puis en anglais. / Index for AI assistants and LLMs. Independent boutique firm for financial valuation, due diligence and M&A advisory, with dual Franco-Swiss expertise. This file lists the site's services, publications and glossary, in French then in English. - Site FR : https://www.hectelion.com · Site EN : https://www.hectelion.com/en-us - Rendez-vous / Book a meeting : https://calendly.com/aristide-ruot-hectelion-dcc/30min?month=2 - Sommaire / Contents : Index français puis English index ci-dessous. --- # Hectelion SA (index français) > Cabinet boutique indépendant d'évaluation financière, de due diligence et de conseil en fusions-acquisitions, à double expertise franco-suisse. Hectelion accompagne dirigeants de PME et ETI, actionnaires familiaux, fonds d'investissement et family offices sur des opérations de 2 à 500 MCHF : évaluation d'entreprise, cession et acquisition, structuration de reprise, fairness opinion et évaluation d'actifs incorporels. Fondé et dirigé par Aristide Ruot (Ph.D.), Hectelion applique une méthodologie multi-méthodes alignée sur les standards de l'IVSC et la pratique de marché AMF/SIX, en toute indépendance vis-à-vis des intermédiaires financiers traditionnels. Le cabinet n'est pas agréé FINMA et n'intervient pas sur les opérations portant sur des sociétés cotées relevant d'un tel agrément. - Site : https://www.hectelion.com - Prendre rendez-vous : https://calendly.com/aristide-ruot-hectelion-dcc/30min?month=2 - Fichier bilingue : la version anglaise de cet index figure plus bas dans ce même fichier (section « Hectelion SA (English index) »). ## Services - [Évaluation d'entreprise multi-méthodes](https://www.hectelion.com/services/evaluation-dentreprise): Évaluation d'entreprise multi-méthodes (DCF, multiples, ANR) alignée IVSC, pour cession, levée, litige ou reporting. - [Due diligence financière acquéreur et vendeur](https://www.hectelion.com/services/due-diligence-financiere): Due diligence financière acquéreur et vendeur : qualité des résultats (QoE), dette nette, BFR normatif, points d'ajustement de prix. - [Conseil M&A sell-side et buy-side pour PME et ETI](https://www.hectelion.com/services/fusions-acquisitions): Conseil M&A sell-side et buy-side pour PME et ETI : préparation, valorisation, process, négociation, closing. - [Structuration des reprises](https://www.hectelion.com/services/structuration-financiere): Structuration des reprises (LBO, MBO, MBI, OBO) : dette, sweet equity, ratchet, management package. - [Évaluation d'instruments financiers et dilutifs](https://www.hectelion.com/services/evaluation-dinstruments-financiers): Évaluation d'instruments financiers et dilutifs (options, BSPCE, BSA, actions de préférence) par modèles d'options. - [Fairness opinion pour dirigeants et conseils d'administration de sociétés non cotées](https://www.hectelion.com/services/fairness-opinion): Fairness opinion pour dirigeants et conseils d'administration de sociétés non cotées (MBO, fusion intragroupe, transmission). - [Tests de dépréciation d'actifs](https://www.hectelion.com/services/impairment-testing-ias-36-fer-27): Tests de dépréciation d'actifs (IAS 36 / Swiss GAAP FER 27) : UGT, valeur recouvrable, valeur d'utilité. - [Allocation du prix d'acquisition](https://www.hectelion.com/services/allocation-du-prix-dacquisition-ppa): Allocation du prix d'acquisition (PPA) : identification et évaluation des incorporels, goodwill, WARA/WACC. - [Évaluation d'actifs incorporels](https://www.hectelion.com/services/evaluation-dactifs-intangibles): Évaluation d'actifs incorporels : marques, brevets, technologies, contrats, savoir-faire. - [Évaluation de startups et scale-ups](https://www.hectelion.com/services/evaluation-de-startup): Évaluation de startups et scale-ups : options réelles, VC method, TRL/MRL/SRL, jalons de développement. - [Accompagnement des levées de fonds](https://www.hectelion.com/services/levee-de-fonds): Accompagnement des levées de fonds : valorisation pré-money, term sheet, dilution, négociation investisseurs. - [Évaluation pré-émission de titres tokenisés](https://www.hectelion.com/services/tokenisation-titres-evaluation-pre-emission): Évaluation pré-émission de titres tokenisés (security tokens) et structuration de l'actif sous-jacent. ## Publications · Évaluation d'entreprise : approches, méthodes et cas particuliers - [Combien vaut mon entreprise](https://www.hectelion.com/publications/combien-vaut-mon-entreprise-evaluation-valeur): Combien vaut mon entreprise : logique de valeur et intervalle de valorisation. - [Combien coûte une évaluation d'entreprise](https://www.hectelion.com/publications/combien-coute-une-evaluation-dentreprise-prix-honoraires): Combien coûte une évaluation d'entreprise : prix, honoraires et facteurs de variation. - [Estimation en ligne ou rapport d'expert](https://www.hectelion.com/publications/estimation-en-ligne-ou-rapport-expert-evaluation-entreprise): Estimation en ligne ou rapport d'expert : choisir le bon niveau d'évaluation. - [Panorama des approches d'évaluation](https://www.hectelion.com/publications/evaluation-dentreprise-approches-methodes-et-valorisations): Panorama des approches d'évaluation (patrimoniale, analogique, intrinsèque). - [Primes et décotes de valorisation](https://www.hectelion.com/publications/evaluation-dentreprise-primes-et-decotes): Primes et décotes de valorisation : contrôle, liquidité, minoritaire, holding. - [EBITDA normalisé](https://www.hectelion.com/publications/ebitda-normalise-methode-retraitements-valorisation-entreprise): EBITDA normalisé : retraitements et impact sur la valorisation. - [Quand faire appel à un expert indépendant en évaluation](https://www.hectelion.com/publications/quand-faire-appel-expert-independant-evaluation): Quand faire appel à un expert indépendant en évaluation. - [Intégrer l'intelligence artificielle dans l'évaluation d'entreprise](https://www.hectelion.com/publications/integration-de-lintelligence-artificielle-en-evaluation-dentreprise): Intégrer l'intelligence artificielle dans l'évaluation d'entreprise. - [Évaluation de logiciels et SaaS](https://www.hectelion.com/publications/evaluation-de-logiciel-et-saas-valorisation-et-impact-de-lia): Évaluation de logiciels et SaaS, impact de l'IA sur la valeur. - [Évaluation de marque](https://www.hectelion.com/publications/evaluation-de-marque-approches-methodes-et-valorisations): Évaluation de marque : redevances, premium, coûts de reconstitution. - [Estimer la valeur d'un savoir-faire](https://www.hectelion.com/publications/determiner-et-estimer-la-valeur-dun-savoir-faire): Estimer la valeur d'un savoir-faire (know-how). - [Valorisation de brevet](https://www.hectelion.com/publications/evaluation-valorisation-de-brevet-methodes-et-approches): Valorisation de brevet : méthodes revenu, marché, coût. - [Intégrer le risque géopolitique et les chocs macro dans la valorisation](https://www.hectelion.com/publications/risque-geopolitique-evaluation-entreprise-chocs-macro-valorisation): Intégrer le risque géopolitique et les chocs macro dans la valorisation. - [Taux d'attrition](https://www.hectelion.com/publications/taux-dattrition): Taux d'attrition (churn) : mesure et impact sur la valeur. - [Valorisation d'un club de football](https://www.hectelion.com/publications/valorisation-club-de-football-methodes-evaluation-incorporels): Valorisation d'un club de football : méthodes et évaluation des incorporels. - [Simulateur de valorisation d'entreprise et d'audit en ligne](https://www.hectelion.com/publications/simulateur-valorisation-entreprise-en-ligne-audit-due-diligence-ebitda): Simulateur de valorisation d'entreprise et d'audit en ligne : usages et limites. ## Publications · Startups, options réelles et maturité technologique - [Évaluation de startup](https://www.hectelion.com/publications/evaluation-de-startup): Évaluation de startup : méthodes et intervalles de valorisation. - [Valoriser une startup IA par les options réelles](https://www.hectelion.com/publications/evaluation-et-valorisation-de-startup-ia-par-les-options-reelles-definition-methodologie-et-exemples): Valoriser une startup IA par les options réelles. - [Phases de développement d'une startup](https://www.hectelion.com/publications/phases-de-developpement-dune-startup-de-learly-stage-a-lipo): Phases de développement d'une startup, de l'early stage à l'IPO. - [TRL](https://www.hectelion.com/publications/technology-readiness-level-trl-definition-evaluation-et-cmpc): TRL (Technology Readiness Level) et intégration dans le WACC. - [MRL](https://www.hectelion.com/publications/mrl-manufacturing-readiness-level-definition-niveaux-valorisation): MRL (Manufacturing Readiness Level) et valorisation. - [SRL](https://www.hectelion.com/publications/system-readiness-level-srl-definition-evaluation-cmpc-wacc): SRL (System Readiness Level) et coût du capital. - [Intégrer la maturité technologique](https://www.hectelion.com/publications/trl-et-mrl-integrer-la-maturite-technologique-dans-la-wacc-cmpc): Intégrer la maturité technologique (TRL/MRL) dans la WACC. ## Publications · Coût du capital, primes et flux de trésorerie - [CMPC / WACC](https://www.hectelion.com/publications/cmpc-wacc-definir-comprendre-et-calculer-le-cout-moyen-pondere-du-capital): CMPC / WACC : définir et calculer le coût moyen pondéré du capital. - [Prime de taille dans le CMPC et l'évaluation](https://www.hectelion.com/publications/prime-de-taille-cmpc-et-evaluation-dentreprise): Prime de taille dans le CMPC et l'évaluation. - [Prime de risque spécifique](https://www.hectelion.com/publications/prime-de-risque-specifique-scrp-integration-dans-le-cmpc): Prime de risque spécifique (SCRP) dans le CMPC. - [Multiples de valorisation sectoriels](https://www.hectelion.com/publications/multiples-valorisation-secteur-ev-ebitda-france-suisse): Multiples de valorisation sectoriels (EV/EBITDA) France-Suisse. - [FCFE et FCFF](https://www.hectelion.com/publications/fcfe-fcff-calcul-valorisation-entreprise-startup): FCFE et FCFF : calcul et usage en valorisation. ## Publications · PPA, WARA et impairment - [Purchase Price Allocation](https://www.hectelion.com/publications/purchase-price-allocation-ppa-definition-methode): Purchase Price Allocation (PPA) : définition et méthode. - [Combien coûte un PPA](https://www.hectelion.com/publications/combien-coute-un-ppa-purchase-price-allocation-prix-budget): Combien coûte un PPA : budget et facteurs de prix d'une allocation du prix d'acquisition. - [WARA](https://www.hectelion.com/publications/wara-weighted-average-return-on-assets-definition-calcul-ppa): WARA (Weighted Average Return on Assets) et cohérence de la PPA. - [Impairment testing IAS 36 / FER 27](https://www.hectelion.com/publications/impairment-testing-ias-36-fer-27-test-depreciation-actifs): Impairment testing IAS 36 / FER 27 : test de dépréciation d'actifs. ## Publications · Processus M&A, due diligence et data room - [Comment vendre une entreprise](https://www.hectelion.com/publications/comment-vendre-une-entreprise-processus-ma): Comment vendre une entreprise : processus M&A sell-side. - [Comment acquérir une entreprise](https://www.hectelion.com/publications/comment-acquerir-une-entreprise-processus-ma-buy-side): Comment acquérir une entreprise : processus M&A buy-side. - [Les étapes du processus de cession d'une entreprise](https://www.hectelion.com/publications/processus-de-cession-dune-entreprise): Les étapes du processus de cession d'une entreprise. - [Rédiger une lettre de procédure](https://www.hectelion.com/publications/fusion-acquisition-m-a-comment-rediger-une-lettre-de-procedure): Rédiger une lettre de procédure (process letter). - [Information Memorandum](https://www.hectelion.com/publications/fusion-acquisition-m-a-information-memorandum-im): Information Memorandum (IM) : structure et contenu. - [Locked-box vs completion accounts](https://www.hectelion.com/publications/fusion-acquisition-m-a-locked-box-vs-completion-accounts): Locked-box vs completion accounts : mécanismes de fixation du prix. - [Organisation de la data room de cession](https://www.hectelion.com/publications/organisation-de-la-dataroom): Organisation de la data room de cession. - [Due diligence financière](https://www.hectelion.com/publications/due-diligence-financiere-definition-methodologie-etapes): Due diligence financière : définition, méthodologie, étapes. - [Vendor due diligence](https://www.hectelion.com/publications/vendor-due-diligence-vdd-preparer-cession-pme): Vendor due diligence (VDD) : préparer la cession d'une PME côté vendeur. - [Clauses d'earn-out dans la cession de PME](https://www.hectelion.com/publications/earn-out-clauses-cession-pme-2026): Clauses d'earn-out dans la cession de PME. - [Fairness opinion](https://www.hectelion.com/publications/fairness-opinion-guide-dirigeants-conseil-administration): Fairness opinion : guide pour dirigeants et conseils d'administration. - [Fairness opinion](https://www.hectelion.com/publications/fairness-opinion-quand-obligatoire-prix-cout): Fairness opinion : quand est-elle requise, à quel prix et dans quels délais. - [Honoraires d'un mandat de cession M&A](https://www.hectelion.com/publications/honoraires-mandat-cession-ma-retainer-success-fee): Honoraires d'un mandat de cession M&A : retainer, success fee et structures de rémunération. - [Garantie d'actif et de passif](https://www.hectelion.com/publications/garantie-actif-passif-gap-assurance-wi-cession-entreprise): Garantie d'actif et de passif (GAP) et assurance W&I dans la cession d'entreprise. - [Carve-out](https://www.hectelion.com/publications/carve-out-reconstitution-comptes-valorisation-cession-division): Carve-out : reconstituer les comptes d'une division avant valorisation et cession. ## Publications · Structuration, management package et instruments dilutifs - [LBO](https://www.hectelion.com/publications/structuration-financiere-lbo-mbo-mbi-obo-montages-reprise): LBO, MBO, MBI, OBO : montages de reprise. - [BSPCE](https://www.hectelion.com/publications/bspce-comprendre-structurer-valoriser-management-package): BSPCE : comprendre, structurer et valoriser le management package (Black-Scholes, binomial, Monte-Carlo). - [Favoriser un collaborateur sans rompre l'équilibre juridique](https://www.hectelion.com/publications/peut-on-favoriser-un-collaborateur-sans-rompre-lequilibre-juridique-fiscal-et-economique-dans-une-entreprise): Favoriser un collaborateur sans rompre l'équilibre juridique, fiscal et économique. - [Pacte d'actionnaires](https://www.hectelion.com/publications/pacte-actionnaires-valorisation-clauses-sortie-france-suisse): Pacte d'actionnaires : clauses de sortie et valorisation, France-Suisse. - [Crédit-vendeur](https://www.hectelion.com/publications/credit-vendeur-vendor-loan-financer-reprise-pme): Crédit-vendeur (vendor loan) : financer la reprise d'une PME et sécuriser la cession. - [BSA](https://www.hectelion.com/publications/bsa-bons-de-souscription-dactions-valorisation-structuration): BSA (bons de souscription d'actions) : valorisation et structuration en levée de fonds et LBO. - [Dette privée](https://www.hectelion.com/publications/dette-privee-private-credit-financer-acquisition-pme): Dette privée (private credit) : financer un rachat de PME sans la banque (unitranche, mezzanine, contraintes suisses). ## Publications · Transmission, fiscalité et cadre franco-suisse - [Transmission familiale d'entreprise en Suisse](https://www.hectelion.com/publications/transmission-familiale-entreprise-suisse-valorisation-financement-structuration): Transmission familiale d'entreprise en Suisse : valorisation, financement, structuration. - [Registre suisse de transparence](https://www.hectelion.com/publications/registre-transparence-suisse-ltpm-ayants-droit-economiques-cession): Registre suisse de transparence (LTPM) : identifier ses ayants droit économiques avant une cession (en vigueur le 1er octobre 2026). - [Créer une holding en Suisse](https://www.hectelion.com/publications/processus-methodes-et-approcches-de-creation-dune-holding-en-suisse): Créer une holding en Suisse : méthodes et approches. - [Cession d'entreprise](https://www.hectelion.com/publications/cession-dentreprise-les-differences-entre-la-france-et-la-suisse): Cession d'entreprise : différences entre la France et la Suisse. - [Évaluation d'entreprise](https://www.hectelion.com/publications/evaluation-entreprise-differences-france-suisse): Évaluation d'entreprise : différences France / Suisse. - [Évaluation d'entreprise en cas de divorce](https://www.hectelion.com/publications/evaluation-entreprise-divorce-france-suisse): Évaluation d'entreprise en cas de divorce : France / Suisse. - [Pacte Dutreil](https://www.hectelion.com/publications/pacte-dutreil-donation-transmission-entreprise-2026): Pacte Dutreil : donation et transmission d'entreprise (2026). - [Donation avant cession](https://www.hectelion.com/publications/donation-avant-cession-purge-plus-value-abus-de-droit): Donation avant cession : purge de la plus-value et limites de l'abus de droit. - [Prix de transfert](https://www.hectelion.com/publications/prix-de-transfert-definition-pleine-concurrence-intragroupe): Prix de transfert : définition et principe de pleine concurrence intragroupe. - [Prix de transfert des incorporels](https://www.hectelion.com/publications/prix-de-transfert-incorporels-redevances-logiciels-marques-brevets): Prix de transfert des incorporels : redevances de logiciels, marques et brevets. - [Apport-cession](https://www.hectelion.com/publications/apport-cession-150-0-b-ter-loi-finances-2026-durcissement): Apport-cession (150-0 B ter) : durcissement en loi de finances 2026. - [PLF 2026](https://www.hectelion.com/publications/plf-2026-loi-finances-dirigeant-pme-eti-checklist): PLF 2026 : checklist pour dirigeants de PME et ETI. - [CSRD](https://www.hectelion.com/publications/csrd-omnibus-vsme-durabilite-valorisation-due-diligence-entreprise): CSRD, Omnibus et VSME : durabilité, valorisation et due diligence. - [Tokenisation de titres](https://www.hectelion.com/publications/tokenisation-titres-evaluation-pre-emission-security-token): Tokenisation de titres : évaluation pré-émission des security tokens. - [Rescrit valeur](https://www.hectelion.com/publications/rescrit-valeur-ruling-suisse-securiser-valeur-fiscale-entreprise): Rescrit valeur (France) et ruling fiscal suisse : sécuriser la valeur fiscale d'une entreprise avant transmission. - [Liquidation partielle indirecte](https://www.hectelion.com/publications/liquidation-partielle-indirecte-lpi-suisse-vente-pme): Liquidation partielle indirecte (LPI) : le piège fiscal suisse de la vente de PME. - [Sociétés à prépondérance immobilière](https://www.hectelion.com/publications/cession-parts-societe-preponderance-immobiliere-valorisation-acte-notarie): Sociétés à prépondérance immobilière (SPI) : valorisation et cession des parts. - [Fonds de commerce ou titres de société](https://www.hectelion.com/publications/fonds-de-commerce-ou-titres-societe-valorisation-reprise): Fonds de commerce ou titres de société : que valoriser et que reprendre. ## Acontos · audit et valorisation d'entreprise en ligne (gratuit) - [Acontos](https://www.hectelion.com/acontos): Acontos : la solution d'audit et de valorisation d'entreprise assistée par IA d'Hectelion. - [Simulateur gratuit de valorisation d'entreprise](https://www.hectelion.com/valorisation-entreprise): Simulateur gratuit de valorisation d'entreprise : dépôt des états financiers, analyse par IA (EBITDA normalisé, multiples sectoriels suisses et français), rapport PDF indicatif. ## Formations - [Formation à l'évaluation d'entreprises](https://www.hectelion.com/formations/formation-evaluation-dentreprises): Formation à l'évaluation d'entreprises. - [Formation à l'évaluation de brevets](https://www.hectelion.com/formations/formation-evaluation-de-brevets): Formation à l'évaluation de brevets. - [Formation aux fusions-acquisitions](https://www.hectelion.com/formations/fusions-acquisitions-m-a): Formation aux fusions-acquisitions (M&A). ## Ressources complémentaires - [Glossaire financier](https://www.hectelion.com/glossaire): Plus de 630 définitions d'évaluation, M&A, due diligence et structuration financière (liste complète ci-dessous). - [Références de missions](https://www.hectelion.com/nos-references): Études de cas anonymisées de mandats d'évaluation, de cession et de due diligence. - [Toutes les publications](https://www.hectelion.com/publications): Catalogue complet des publications Hectelion. - [À propos](https://www.hectelion.com/a-propos): Présentation du cabinet et de sa démarche. - [Aristide Ruot](https://www.hectelion.com/aristide-ruot): Parcours du fondateur. - [Contact](https://www.hectelion.com/contact): Formulaire de contact et coordonnées. ## Glossaire financier (683 termes) Définitions de référence en évaluation d'entreprise, fusions-acquisitions, due diligence, structuration financière et fiscalité, en contexte franco-suisse. - [Abandon de créance](https://www.hectelion.com/glossaire/abandon-de-creance) - [Abattement pour durée de détention (France)](https://www.hectelion.com/glossaire/abattement-pour-duree-de-detention-france) - [ABSA (Action à bon de Souscription d’Actions)](https://www.hectelion.com/glossaire/absa-action-a-bon-de-souscription-dactions) - [Abus de biens sociaux](https://www.hectelion.com/glossaire/abus-de-biens-sociaux) - [Abus de droit fiscal (art. L64 LPF)](https://www.hectelion.com/glossaire/abus-de-droit-fiscal-art-l64-lpf) - [Accedit](https://www.hectelion.com/glossaire/accedit) - [Accord amiable](https://www.hectelion.com/glossaire/accord-amiable) - [Accord de confidentialité (NDA / accord de non-divulgation)](https://www.hectelion.com/glossaire/accord-de-confidentialite-nda) - [Acquéreur potentiel](https://www.hectelion.com/glossaire/acquereur-potentiel) - [Actif corporel](https://www.hectelion.com/glossaire/actif-corporel) - [Actif courant](https://www.hectelion.com/glossaire/actif-courant) - [Actif disponible](https://www.hectelion.com/glossaire/actif-disponible) - [Actif immobilisé](https://www.hectelion.com/glossaire/actif-immobilise) - [Actif incorporel](https://www.hectelion.com/glossaire/actif-incorporel) - [Actif net (ou situation nette)](https://www.hectelion.com/glossaire/actif-net-ou-situation-nette) - [Actif net comptable](https://www.hectelion.com/glossaire/actif-net-comptable) - [Actif net réévalué (ANR)](https://www.hectelion.com/glossaire/actif-net-reevalue-anr) - [Actif non-courant](https://www.hectelion.com/glossaire/actif-non-courant) - [Actif sans risque](https://www.hectelion.com/glossaire/actif-sans-risque) - [Actif économique](https://www.hectelion.com/glossaire/actif-economique) - [Actif économique négatif](https://www.hectelion.com/glossaire/actif-economique-negatif) - [Action de préférence](https://www.hectelion.com/glossaire/action-de-preference) - [Action nominative (Suisse)](https://www.hectelion.com/glossaire/action-nominative-suisse) - [Action ordinaire](https://www.hectelion.com/glossaire/action-ordinaire) - [Actualisation](https://www.hectelion.com/glossaire/actualisation) - [Administrateur judiciaire](https://www.hectelion.com/glossaire/administrateur-judiciaire) - [ADR modes alternatifs de résolution des litiges](https://www.hectelion.com/glossaire/adr-modes-alternatifs-de-resolution-des-litiges) - [ADR mécanismes alternatifs de résolution des litiges](https://www.hectelion.com/glossaire/adr-mecanismes-alternatifs-de-resolution-des-litiges) - [AFC Administration fédérale des contributions (Suisse)](https://www.hectelion.com/glossaire/afc-administration-federale-des-contributions-suisse) - [Affacturage](https://www.hectelion.com/glossaire/affacturage) - [Affaires spéciales](https://www.hectelion.com/glossaire/affaires-speciales) - [Agrégat](https://www.hectelion.com/glossaire/agregat) - [Agrément](https://www.hectelion.com/glossaire/agrement) - [AGS](https://www.hectelion.com/glossaire/ags) - [Ajustement de prix](https://www.hectelion.com/glossaire/ajustement-de-prix) - [Allocation du prix d’acquisition](https://www.hectelion.com/glossaire/allocation-du-prix-dacquisition) - [Amendement Charasse (art. 223 B CGI)](https://www.hectelion.com/glossaire/amendement-charasse-art-223-b-cgi) - [Amiable composition](https://www.hectelion.com/glossaire/amiable-composition) - [Analyse "but for"](https://www.hectelion.com/glossaire/analyse-but-for) - [Analyse de sensibilité](https://www.hectelion.com/glossaire/analyse-de-sensibilite) - [Analyse par cohortes (cohort analysis)](https://www.hectelion.com/glossaire/analyse-par-cohortes-cohort-analysis) - [Annexes de divulgation (disclosure schedule)](https://www.hectelion.com/glossaire/annexes-de-divulgation-disclosure-schedule) - [Anti-dilution full ratchet](https://www.hectelion.com/glossaire/anti-dilution-full-ratchet) - [Anti-dilution weighted average](https://www.hectelion.com/glossaire/anti-dilution-weighted-average) - [APA – Asset Purchase Agreement](https://www.hectelion.com/glossaire/apa---asset-purchase-agreement) - [Apport en nature](https://www.hectelion.com/glossaire/apport-en-nature) - [Apport en nature (Suisse)](https://www.hectelion.com/glossaire/apport-en-nature-suisse) - [Apport en réserve (Suisse)](https://www.hectelion.com/glossaire/apport-en-reserve-suisse) - [Apport fiscalement qualifié (Suisse)](https://www.hectelion.com/glossaire/apport-fiscalement-qualifie-suisse) - [Apport mixte (Suisse)](https://www.hectelion.com/glossaire/apport-mixte-suisse) - [Apport partiel d'actif (France)](https://www.hectelion.com/glossaire/apport-partiel-dactif-france) - [Apport-cession (art. 150-0 B ter)](https://www.hectelion.com/glossaire/apport-cession-art-150-0-b-ter) - [Approche directe](https://www.hectelion.com/glossaire/approche-directe) - [Approche indirecte](https://www.hectelion.com/glossaire/approche-indirecte) - [Arbitrage](https://www.hectelion.com/glossaire/arbitrage) - [Arbitrage ad hoc](https://www.hectelion.com/glossaire/arbitrage-ad-hoc) - [Arbitre](https://www.hectelion.com/glossaire/arbitre) - [ARR – Annual Recurring Revenue](https://www.hectelion.com/glossaire/arr---annual-recurring-revenue) - [Article 1592 du Code civil](https://www.hectelion.com/glossaire/article-1592-du-code-civil) - [Article 1843-4 du Code civil](https://www.hectelion.com/glossaire/article-1843-4-du-code-civil) - [Asset Deal](https://www.hectelion.com/glossaire/asset-deal) - [Association (Suisse)](https://www.hectelion.com/glossaire/association-suisse) - [Assurance d'earn-out (earnout insurance)](https://www.hectelion.com/glossaire/assurance-earnout-earnout-insurance) - [Assurance de risque identifié (contingent risk insurance)](https://www.hectelion.com/glossaire/assurance-risque-identifie-contingent-risk) - [Assurance W&I – Warranty and Indemnity](https://www.hectelion.com/glossaire/assurance-w-i---warranty-and-indemnity) - [Background check / Vérification des antécédents](https://www.hectelion.com/glossaire/background-check-verification-des-antecedents) - [Bad leaver](https://www.hectelion.com/glossaire/bad-leaver) - [Basket et de minimis (seuils de garantie)](https://www.hectelion.com/glossaire/basket-de-minimis-seuils-de-garantie) - [Benford’s law](https://www.hectelion.com/glossaire/benfords-law) - [Besoin en fonds de roulement (BFR)](https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-bfr) - [Besoin en fonds de roulement d’exploitation](https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-dexploitation) - [Besoin en fonds de roulement d’exploitation normatif](https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-dexploitation-normatif) - [Besoin en fonds de roulement hors exploitation](https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-hors-exploitation) - [Besoin en fonds de roulement négatif](https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-negatif) - [Besoin en fonds de roulement permanent](https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement-permanent) - [Besoin en fonds de roulement – ratios](https://www.hectelion.com/glossaire/besoin-en-fonds-de-roulement---ratios) - [Best Alternative To a Negotiated Agreement (BATNA)](https://www.hectelion.com/glossaire/best-alternative-to-a-negotiated-agreement-batna) - [Best practices](https://www.hectelion.com/glossaire/best-practices) - [Bilan (Suisse – CO)](https://www.hectelion.com/glossaire/bilan-suisse---co) - [Blanchiment d’argent](https://www.hectelion.com/glossaire/blanchiment-dargent) - [Blind pool](https://www.hectelion.com/glossaire/blind-pool) - [Board rights](https://www.hectelion.com/glossaire/board-rights) - [Boni et mali de fusion](https://www.hectelion.com/glossaire/boni-et-mali-de-fusion) - [Break fee (indemnité de rupture)](https://www.hectelion.com/glossaire/break-fee-indemnite-de-rupture) - [Break-up fee](https://www.hectelion.com/glossaire/break-up-fee) - [BSA Air (équivalent français du SAFE)](https://www.hectelion.com/glossaire/bsa-air-equivalent-francais-du-safe) - [BSPCE](https://www.hectelion.com/glossaire/bspce) - [Build-up (acquisition complémentaire)](https://www.hectelion.com/glossaire/build-up-acquisition-complementaire) - [Bullet loan](https://www.hectelion.com/glossaire/bullet-loan) - [Burn rate](https://www.hectelion.com/glossaire/burn-rate) - [Business angel](https://www.hectelion.com/glossaire/business-angel) - [Business plan (évaluation)](https://www.hectelion.com/glossaire/business-plan-evaluation) - [Buy-In Management Buy-Out (BIMBO)](https://www.hectelion.com/glossaire/buy-in-management-buy-out-bimbo) - [Buy-side (acquisition d'entreprise)](https://www.hectelion.com/glossaire/buy-side-acquisition-dentreprise) - [Bénéfice distribuable (Suisse)](https://www.hectelion.com/glossaire/benefice-distribuable-suisse) - [Bêta](https://www.hectelion.com/glossaire/beta) - [Bêta de l’actif économique](https://www.hectelion.com/glossaire/beta-de-lactif-economique) - [Bêta des capitaux propres](https://www.hectelion.com/glossaire/beta-des-capitaux-propres) - [CAC payback](https://www.hectelion.com/glossaire/cac-payback-delai-recuperation) - [CAC – Coût d'acquisition client](https://www.hectelion.com/glossaire/cac---cout-dacquisition-client) - [Cap table](https://www.hectelion.com/glossaire/cap-table) - [Capacité d'endettement (debt capacity)](https://www.hectelion.com/glossaire/capacite-endettement-debt-capacity) - [Capacité d’autofinancement](https://www.hectelion.com/glossaire/capacite-dautofinancement) - [CAPEX (dépenses d'investissement)](https://www.hectelion.com/glossaire/capex-depenses-investissement) - [Capital conditionnel](https://www.hectelion.com/glossaire/capital-conditionnel) - [Capital développement](https://www.hectelion.com/glossaire/capital-developpement) - [Capital libéré (Suisse)](https://www.hectelion.com/glossaire/capital-libere-suisse) - [Capital propre (Suisse)](https://www.hectelion.com/glossaire/capital-propre-suisse) - [Capital transmission](https://www.hectelion.com/glossaire/capital-transmission) - [Capital-risque](https://www.hectelion.com/glossaire/capital-risque) - [Capitalisation boursière](https://www.hectelion.com/glossaire/capitalisation-boursiere) - [Carried interest](https://www.hectelion.com/glossaire/carried-interest) - [Cash flow fade](https://www.hectelion.com/glossaire/cash-flow-fade) - [Cash flow statement](https://www.hectelion.com/glossaire/cash-flow-statement) - [Cash sweep](https://www.hectelion.com/glossaire/cash-sweep) - [Cash-free / debt-free](https://www.hectelion.com/glossaire/cash-free-debt-free) - [Caution](https://www.hectelion.com/glossaire/caution) - [CCSF (anciennement CODECHEF)](https://www.hectelion.com/glossaire/ccsf-anciennement-codechef) - [Certificat d'actions (Suisse)](https://www.hectelion.com/glossaire/certificat-dactions-suisse) - [Cessation des paiements](https://www.hectelion.com/glossaire/cessation-des-paiements) - [Cession d'entreprise](https://www.hectelion.com/glossaire/cession-dentreprise) - [Cession d'entreprise : France vs Suisse](https://www.hectelion.com/glossaire/cession-dentreprise-france-vs-suisse) - [Charges constatées d’avance](https://www.hectelion.com/glossaire/charges-constatees-davance) - [Charges de personnel](https://www.hectelion.com/glossaire/charges-de-personnel) - [Charges d’exploitation](https://www.hectelion.com/glossaire/charges-dexploitation) - [Charges exceptionnelles](https://www.hectelion.com/glossaire/charges-exceptionnelles) - [Charges financières](https://www.hectelion.com/glossaire/charges-financieres) - [Charges non récurrentes](https://www.hectelion.com/glossaire/charges-non-recurrentes) - [Charges à payer](https://www.hectelion.com/glossaire/charges-a-payer) - [Charges à répartir](https://www.hectelion.com/glossaire/charges-a-repartir) - [Chiffre d'affaires en run-rate](https://www.hectelion.com/glossaire/chiffre-affaires-run-rate) - [Chiffre d’affaires](https://www.hectelion.com/glossaire/chiffre-daffaires) - [Chiffre d’affaires à l’avancement](https://www.hectelion.com/glossaire/chiffre-daffaires-a-lavancement) - [Churn rate](https://www.hectelion.com/glossaire/churn-rate) - [Cible](https://www.hectelion.com/glossaire/cible) - [Clause anti-sandbagging](https://www.hectelion.com/glossaire/clause-anti-sandbagging) - [Clause compromissoire](https://www.hectelion.com/glossaire/clause-compromissoire-20949) - [Clause d'agrément](https://www.hectelion.com/glossaire/clause-dagrement) - [Clause de non-concurrence](https://www.hectelion.com/glossaire/clause-de-non-concurrence) - [Clause de non-sollicitation](https://www.hectelion.com/glossaire/clause-de-non-sollicitation) - [Clause MAC (Material Adverse Change)](https://www.hectelion.com/glossaire/clause-mac-material-adverse-change) - [Clawback](https://www.hectelion.com/glossaire/clawback) - [Cliff](https://www.hectelion.com/glossaire/cliff) - [Cliquet de marge (margin ratchet)](https://www.hectelion.com/glossaire/cliquet-de-marge-margin-ratchet) - [Closing](https://www.hectelion.com/glossaire/closing) - [Co-investissement](https://www.hectelion.com/glossaire/co-investissement) - [Commitment / Drawdown](https://www.hectelion.com/glossaire/commitment-drawdown) - [Comparable](https://www.hectelion.com/glossaire/comparable) - [Completion accounts](https://www.hectelion.com/glossaire/completion-accounts) - [Complément de prix](https://www.hectelion.com/glossaire/complement-de-prix) - [Compte de résultat](https://www.hectelion.com/glossaire/compte-de-resultat) - [Comptes consolidés](https://www.hectelion.com/glossaire/comptes-consolides) - [Comptes courants d’associés](https://www.hectelion.com/glossaire/comptes-courants-dassocies) - [Comptes pro forma](https://www.hectelion.com/glossaire/comptes-pro-forma) - [Conciliation (procédure amiable France)](https://www.hectelion.com/glossaire/conciliation-procedure-amiable-france) - [Condition suspensive](https://www.hectelion.com/glossaire/condition-suspensive) - [Conditions suspensives (M&A)](https://www.hectelion.com/glossaire/conditions-suspensives-m-a) - [Conseil des parties](https://www.hectelion.com/glossaire/conseil-des-parties) - [Contentieux](https://www.hectelion.com/glossaire/contentieux) - [Continuation fund](https://www.hectelion.com/glossaire/continuation-fund) - [Contrat de domination (Suisse)](https://www.hectelion.com/glossaire/contrat-de-domination-suisse) - [Contrats de location (IFRS 16)](https://www.hectelion.com/glossaire/contrats-de-location-ifrs-16) - [Contrôle des concentrations](https://www.hectelion.com/glossaire/controle-des-concentrations) - [Contrôle ordinaire (Suisse)](https://www.hectelion.com/glossaire/controle-ordinaire-suisse) - [Convention de groupe (Suisse)](https://www.hectelion.com/glossaire/convention-de-groupe-suisse) - [Convention de New York](https://www.hectelion.com/glossaire/convention-de-new-york) - [Convention entre créanciers (intercreditor)](https://www.hectelion.com/glossaire/convention-entre-creanciers-intercreditor) - [Corporate intelligence](https://www.hectelion.com/glossaire/corporate-intelligence) - [Corruption](https://www.hectelion.com/glossaire/corruption) - [Covenant financier](https://www.hectelion.com/glossaire/covenant-financier) - [Covenant-lite (cov-lite)](https://www.hectelion.com/glossaire/covenant-lite-cov-lite) - [Covenants](https://www.hectelion.com/glossaire/covenants) - [Covenants bancaires (Suisse)](https://www.hectelion.com/glossaire/covenants-bancaires-suisse) - [Coût de la dette](https://www.hectelion.com/glossaire/cout-de-la-dette) - [Coût des capitaux propres](https://www.hectelion.com/glossaire/cout-des-capitaux-propres) - [Coût du capital](https://www.hectelion.com/glossaire/cout-du-capital) - [Coût du capital non coté](https://www.hectelion.com/glossaire/cout-du-capital-non-cote) - [Coût moyen pondéré du capital (CMPC / WACC)](https://www.hectelion.com/glossaire/cout-moyen-pondere-du-capital-cmpc-wacc) - [Croissance organique](https://www.hectelion.com/glossaire/croissance-organique) - [Créances d’exploitation](https://www.hectelion.com/glossaire/creances-dexploitation) - [Créancier chirographaire](https://www.hectelion.com/glossaire/creancier-chirographaire) - [Créancier garanti (secured creditor)](https://www.hectelion.com/glossaire/creancier-garanti-secured-creditor) - [Crédit d'impôt recherche (CIR)](https://www.hectelion.com/glossaire/credit-dimpot-recherche-cir) - [Crédit hypothécaire d’entreprise (Suisse)](https://www.hectelion.com/glossaire/credit-hypothecaire-dentreprise-suisse) - [Crédit lombard (Suisse)](https://www.hectelion.com/glossaire/credit-lombard-suisse) - [Crédit-bail](https://www.hectelion.com/glossaire/credit-bail) - [Crédit-relais (bridge loan)](https://www.hectelion.com/glossaire/credit-relais-bridge-loan) - [Dailly](https://www.hectelion.com/glossaire/dailly) - [Damnum emergens](https://www.hectelion.com/glossaire/damnum-emergens) - [Data room](https://www.hectelion.com/glossaire/data-room-c69b8) - [Debt pushdown (remontée de dette)](https://www.hectelion.com/glossaire/debt-pushdown-remontee-de-dette) - [Dette financière nette](https://www.hectelion.com/glossaire/dette-financiere-nette) - [Dette mezzanine](https://www.hectelion.com/glossaire/dette-mezzanine) - [Dette privée (private credit)](https://www.hectelion.com/glossaire/dette-privee-private-credit) - [Dette senior](https://www.hectelion.com/glossaire/dette-senior) - [Dette subordonnée](https://www.hectelion.com/glossaire/dette-subordonnee) - [Dette unitranche](https://www.hectelion.com/glossaire/dette-unitranche) - [Dilutif](https://www.hectelion.com/glossaire/dilutif) - [Dilution](https://www.hectelion.com/glossaire/dilution-c1036) - [Dires à expert](https://www.hectelion.com/glossaire/dires-a-expert) - [Disclosure Letter](https://www.hectelion.com/glossaire/disclosure-letter) - [Dissolution de société (Suisse)](https://www.hectelion.com/glossaire/dissolution-de-societe-suisse) - [Distressed M&A](https://www.hectelion.com/glossaire/distressed-m-a-31080) - [Distribution dissimulée de bénéfice (Suisse)](https://www.hectelion.com/glossaire/distribution-dissimulee-de-benefice-suisse) - [Dol](https://www.hectelion.com/glossaire/dol) - [Dommages et intérêts](https://www.hectelion.com/glossaire/dommages-et-interets) - [Donation avec réserve d'usufruit](https://www.hectelion.com/glossaire/donation-avec-reserve-dusufruit) - [Donation-partage](https://www.hectelion.com/glossaire/donation-partage) - [Dotation aux amortissements](https://www.hectelion.com/glossaire/dotation-aux-amortissements) - [Down round](https://www.hectelion.com/glossaire/down-round) - [DPI – Distributions to Paid-In](https://www.hectelion.com/glossaire/dpi---distributions-to-paid-in) - [Drag along – Obligation de sortie conjointe](https://www.hectelion.com/glossaire/drag-along---obligation-de-sortie-conjointe) - [Droit comptable suisse (CO)](https://www.hectelion.com/glossaire/droit-comptable-suisse-co) - [Droit de préemption](https://www.hectelion.com/glossaire/droit-de-preemption) - [Droit de sortie conjointe (Tag-along)](https://www.hectelion.com/glossaire/droit-de-sortie-conjointe-tag-along) - [Droit de timbre d'émission (Emissionsabgabe)](https://www.hectelion.com/glossaire/droit-de-timbre-demission-emissionsabgabe) - [Droit de timbre de négociation (Umsatzabgabe)](https://www.hectelion.com/glossaire/droit-de-timbre-de-negociation-umsatzabgabe) - [Droit de veto](https://www.hectelion.com/glossaire/droit-de-veto) - [Droit préférentiel de souscription (DPS)](https://www.hectelion.com/glossaire/droit-preferentiel-de-souscription-dps) - [Droits d’enregistrement](https://www.hectelion.com/glossaire/droits-denregistrement) - [Dry powder (poudre sèche)](https://www.hectelion.com/glossaire/dry-powder-poudre-seche) - [DSCR – Debt Service Coverage Ratio](https://www.hectelion.com/glossaire/dscr---debt-service-coverage-ratio) - [Due diligence](https://www.hectelion.com/glossaire/due-diligence) - [Due diligence commerciale](https://www.hectelion.com/glossaire/due-diligence-commerciale) - [Due diligence ESG](https://www.hectelion.com/glossaire/due-diligence-esg) - [Due diligence fiscale](https://www.hectelion.com/glossaire/due-diligence-fiscale) - [Due diligence juridique](https://www.hectelion.com/glossaire/due-diligence-juridique) - [Due diligence opérationnelle](https://www.hectelion.com/glossaire/due-diligence-operationnelle) - [Duplique](https://www.hectelion.com/glossaire/duplique) - [Durée de prescription (CO Suisse)](https://www.hectelion.com/glossaire/duree-de-prescription-co-suisse) - [Déclaration de cessation des paiements (DCP)](https://www.hectelion.com/glossaire/declaration-de-cessation-des-paiements-dcp) - [Déclarations et garanties](https://www.hectelion.com/glossaire/declarations-et-garanties-8adf8) - [Décote d'illiquidité](https://www.hectelion.com/glossaire/decote-dilliquidite-ded85) - [Décote de holding](https://www.hectelion.com/glossaire/decote-de-holding) - [Décote de minoritaire (décote de minorité)](https://www.hectelion.com/glossaire/decote-de-minoritaire) - [Démembrement de propriété](https://www.hectelion.com/glossaire/demembrement-de-propriete) - [Dépenses d’exploitation](https://www.hectelion.com/glossaire/depenses-dexploitation) - [Dépréciation](https://www.hectelion.com/glossaire/depreciation) - [Dépréciation d’actif circulant](https://www.hectelion.com/glossaire/depreciation-dactif-circulant) - [Détourage](https://www.hectelion.com/glossaire/detourage) - [Détournement d’actifs](https://www.hectelion.com/glossaire/detournement-dactifs) - [Earn-out](https://www.hectelion.com/glossaire/earn-out) - [EBE / EBITDA](https://www.hectelion.com/glossaire/ebe-ebitda) - [EBIT](https://www.hectelion.com/glossaire/ebit) - [Effet de levier](https://www.hectelion.com/glossaire/effet-de-levier) - [Engagements de retraite](https://www.hectelion.com/glossaire/engagements-de-retraite) - [Erreur grossière](https://www.hectelion.com/glossaire/erreur-grossiere-a925d) - [Escompte](https://www.hectelion.com/glossaire/escompte) - [Escrow](https://www.hectelion.com/glossaire/escrow) - [Escrow account](https://www.hectelion.com/glossaire/escrow-account) - [ESOP (actionnariat salarié)](https://www.hectelion.com/glossaire/esop-plan-actionnariat-salarie) - [Etablissement stable (France / Suisse)](https://www.hectelion.com/glossaire/etablissement-stable-france-suisse) - [EV/EBIT – Multiple d'EBIT](https://www.hectelion.com/glossaire/ev-ebit---multiple-debit) - [EV/Sales – Multiple de chiffre d'affaires](https://www.hectelion.com/glossaire/ev-sales---multiple-de-chiffre-daffaires) - [EVA (Economic Value Added)](https://www.hectelion.com/glossaire/eva-economic-value-added-creation-de-valeur) - [Ex aequo et bono](https://www.hectelion.com/glossaire/ex-aequo-et-bono) - [Exclusivité](https://www.hectelion.com/glossaire/exclusivite) - [Excédent Brut d’Exploitation avant loyers](https://www.hectelion.com/glossaire/excedent-brut-dexploitation-avant-loyers) - [Excédent de trésorerie (cash non opérationnel)](https://www.hectelion.com/glossaire/excedent-de-tresorerie-cash-non-operationnel) - [Exercice comptable (Suisse)](https://www.hectelion.com/glossaire/exercice-comptable-suisse) - [Exit tax (France)](https://www.hectelion.com/glossaire/exit-tax-france) - [Exonération cession PME - dirigeant en retraite (art. 150-0 D ter)](https://www.hectelion.com/glossaire/exoneration-cession-pme----dirigeant-en-retraite-art-150-0-d-ter) - [Expert des parties](https://www.hectelion.com/glossaire/expert-des-parties) - [Expert du tribunal](https://www.hectelion.com/glossaire/expert-du-tribunal) - [Expert judiciaire](https://www.hectelion.com/glossaire/expert-judiciaire) - [Expert judiciaire en évaluation](https://www.hectelion.com/glossaire/expert-judiciaire-en-evaluation) - [Expert sapiteur](https://www.hectelion.com/glossaire/expert-sapiteur) - [Expert-réviseur agréé (Suisse)](https://www.hectelion.com/glossaire/expert-reviseur-agree-suisse) - [Fairness opinion (Avis d'équité)](https://www.hectelion.com/glossaire/fairness-opinion-avis-dequite) - [Falsification](https://www.hectelion.com/glossaire/falsification) - [Family office](https://www.hectelion.com/glossaire/family-office) - [Federal Corrupt Practices Act (FCPA)](https://www.hectelion.com/glossaire/federal-corrupt-practices-act-fcpa) - [Fiduciaire (Suisse)](https://www.hectelion.com/glossaire/fiduciaire-suisse) - [Financement mezzanine (Suisse)](https://www.hectelion.com/glossaire/financement-mezzanine-suisse) - [Financial lease](https://www.hectelion.com/glossaire/financial-lease) - [Flat tax (PFU - Prélèvement Forfaitaire Unique)](https://www.hectelion.com/glossaire/flat-tax-pfu----prelevement-forfaitaire-unique) - [Flux de trésorerie disponible (FCFF) : définition et formule](https://www.hectelion.com/glossaire/flux-de-tresorerie-disponible-fcff) - [Flux de trésorerie disponible aux actionnaires (FCFE) : formule et calcul](https://www.hectelion.com/glossaire/flux-de-tresorerie-disponible-aux-actionnaires-fcfe) - [Flux normatif](https://www.hectelion.com/glossaire/flux-normatif) - [Fondation (Suisse)](https://www.hectelion.com/glossaire/fondation-suisse) - [Fonds de capital-investissement](https://www.hectelion.com/glossaire/fonds-de-capital-investissement) - [Fonds de commerce](https://www.hectelion.com/glossaire/fonds-de-commerce) - [Fonds de fonds (fund of funds)](https://www.hectelion.com/glossaire/fonds-de-fonds-fund-of-funds) - [Fonds de private equity](https://www.hectelion.com/glossaire/fonds-de-private-equity) - [Fonds de roulement](https://www.hectelion.com/glossaire/fonds-de-roulement) - [Fonds evergreen (capital permanent)](https://www.hectelion.com/glossaire/fonds-evergreen-capital-permanent) - [Forensic accounting](https://www.hectelion.com/glossaire/forensic-accounting) - [Fortune commerciale (Suisse)](https://www.hectelion.com/glossaire/fortune-commerciale-suisse) - [Frais de gestion](https://www.hectelion.com/glossaire/frais-de-gestion) - [Franchise](https://www.hectelion.com/glossaire/franchise) - [Fraude](https://www.hectelion.com/glossaire/fraude) - [Free cash flow](https://www.hectelion.com/glossaire/free-cash-flow) - [Fusion](https://www.hectelion.com/glossaire/fusion) - [Fusion simplifiée (Suisse)](https://www.hectelion.com/glossaire/fusion-simplifiee-suisse) - [Fusion à l'endroit / fusion à l'envers](https://www.hectelion.com/glossaire/fusion-a-l-endroit-fusion-a-l-envers) - [Gage mobilier (Suisse)](https://www.hectelion.com/glossaire/gage-mobilier-suisse) - [Gain en capital (Suisse)](https://www.hectelion.com/glossaire/gain-en-capital-suisse) - [Gain manqué (lucrum cessans)](https://www.hectelion.com/glossaire/gain-manque-lucrum-cessans) - [Garantie](https://www.hectelion.com/glossaire/garantie) - [Garantie d’actif](https://www.hectelion.com/glossaire/garantie-dactif) - [Garantie d’actif et de passif](https://www.hectelion.com/glossaire/garantie-dactif-et-de-passif) - [Gearing](https://www.hectelion.com/glossaire/gearing) - [Gearing cible](https://www.hectelion.com/glossaire/gearing-cible) - [Gearing comptable](https://www.hectelion.com/glossaire/gearing-comptable) - [Gearing de marché](https://www.hectelion.com/glossaire/gearing-de-marche) - [Gearing sectoriel](https://www.hectelion.com/glossaire/gearing-sectoriel) - [Good leaver](https://www.hectelion.com/glossaire/good-leaver) - [Goodwill](https://www.hectelion.com/glossaire/goodwill) - [Goodwill négatif (Badwill)](https://www.hectelion.com/glossaire/goodwill-negatif-badwill) - [Gouvernance d’entreprise (Suisse)](https://www.hectelion.com/glossaire/gouvernance-dentreprise-suisse) - [GP – General Partner](https://www.hectelion.com/glossaire/gp---general-partner) - [GP-led secondary](https://www.hectelion.com/glossaire/gp-led-secondary) - [Hawala](https://www.hectelion.com/glossaire/hawala) - [Heads of Terms](https://www.hectelion.com/glossaire/heads-of-terms) - [Holdback (retenue sur prix)](https://www.hectelion.com/glossaire/holdback-retenue-sur-prix) - [Holding (Suisse)](https://www.hectelion.com/glossaire/holding-suisse) - [Holding de reprise (NewCo)](https://www.hectelion.com/glossaire/holding-de-reprise-newco) - [Holding familiale](https://www.hectelion.com/glossaire/holding-familiale) - [Holding pure (Suisse)](https://www.hectelion.com/glossaire/holding-pure-suisse) - [Honoraires de succès](https://www.hectelion.com/glossaire/honoraires-de-succes) - [Horizon explicite](https://www.hectelion.com/glossaire/horizon-explicite) - [Hors bilan](https://www.hectelion.com/glossaire/hors-bilan) - [Hurdle rate](https://www.hectelion.com/glossaire/hurdle-rate) - [IBR – Incremental Borrowing Rate (taux d'emprunt marginal)](https://www.hectelion.com/glossaire/incremental-borrowing-rate-ibr-ifrs-16) - [IBR – Independent Business Review](https://www.hectelion.com/glossaire/ibr---independent-business-review) - [Impôt anticipé (Suisse)](https://www.hectelion.com/glossaire/impot-anticipe-suisse) - [Impôt anticipé sur distributions (Suisse)](https://www.hectelion.com/glossaire/impot-anticipe-sur-distributions-suisse) - [Impôt foncier (Suisse)](https://www.hectelion.com/glossaire/impot-foncier-suisse) - [Impôt fédéral direct (Suisse)](https://www.hectelion.com/glossaire/impot-federal-direct-suisse) - [Impôt sur la fortune (Suisse)](https://www.hectelion.com/glossaire/impot-sur-la-fortune-suisse) - [Impôt sur le bénéfice (Suisse)](https://www.hectelion.com/glossaire/impot-sur-le-benefice-suisse) - [Impôt sur le capital (Suisse)](https://www.hectelion.com/glossaire/impot-sur-le-capital-suisse) - [Impôt sur les gains immobiliers (Suisse)](https://www.hectelion.com/glossaire/impot-sur-les-gains-immobiliers-suisse) - [Impôt sur les sociétés (IS) - France](https://www.hectelion.com/glossaire/impot-sur-les-societes-is----france) - [Impôt sur les successions (Suisse)](https://www.hectelion.com/glossaire/impot-sur-les-successions-suisse) - [Impôts différés actif (IAS 12)](https://www.hectelion.com/glossaire/impots-differes-actif-ias-12) - [Inaliénabilité](https://www.hectelion.com/glossaire/inalienabilite) - [Indemnisation post-closing](https://www.hectelion.com/glossaire/indemnisation-post-closing) - [Indemnité compensatrice](https://www.hectelion.com/glossaire/indemnite-compensatrice) - [Indétermination du prix](https://www.hectelion.com/glossaire/indetermination-du-prix) - [Information Memorandum (Info Memo)](https://www.hectelion.com/glossaire/information-memorandum-info-memo) - [Institution d’arbitrage](https://www.hectelion.com/glossaire/institution-darbitrage) - [Intelligence artificielle (IA) en évaluation](https://www.hectelion.com/glossaire/intelligence-artificielle-ia-en-evaluation) - [Intuitu personae](https://www.hectelion.com/glossaire/intuitu-personae) - [Intégration fiscale (France)](https://www.hectelion.com/glossaire/integration-fiscale-france) - [IRR (taux de rentabilité interne)](https://www.hectelion.com/glossaire/irr-taux-de-rentabilite-interne) - [IT forensics / Computer forensics](https://www.hectelion.com/glossaire/it-forensics-computer-forensics) - [J-curve](https://www.hectelion.com/glossaire/j-curve) - [Joint venture](https://www.hectelion.com/glossaire/joint-venture) - [Juste valeur (IFRS 13)](https://www.hectelion.com/glossaire/juste-valeur-ifrs-13) - [KPI – Indicateur clé de performance](https://www.hectelion.com/glossaire/kpi-indicateur-cle-de-performance) - [LBO secondaire](https://www.hectelion.com/glossaire/lbo-secondaire) - [LBO – Leverage Buy-Out](https://www.hectelion.com/glossaire/lbo---leverage-buy-out) - [Leakage](https://www.hectelion.com/glossaire/leakage) - [Letter of Intent (LOI)](https://www.hectelion.com/glossaire/letter-of-intent-loi) - [Lettre de procédure (M&A)](https://www.hectelion.com/glossaire/lettre-de-procedure-m-a) - [Lettre d’intention](https://www.hectelion.com/glossaire/lettre-dintention) - [Liquidation judiciaire](https://www.hectelion.com/glossaire/liquidation-judiciaire) - [Liquidation partielle directe (Suisse)](https://www.hectelion.com/glossaire/liquidation-partielle-directe-suisse) - [Liquidation partielle indirecte (Suisse)](https://www.hectelion.com/glossaire/liquidation-partielle-indirecte-suisse) - [Liquidation preference](https://www.hectelion.com/glossaire/liquidation-preference) - [Liquidation préférentielle](https://www.hectelion.com/glossaire/liquidation-preferentielle) - [Liquidation préférentielle non participative](https://www.hectelion.com/glossaire/liquidation-preferentielle-non-participative) - [Liquidation préférentielle participative](https://www.hectelion.com/glossaire/liquidation-preferentielle-participative) - [Liquidité](https://www.hectelion.com/glossaire/liquidite) - [LMBO – Leverage Management Buy-Out](https://www.hectelion.com/glossaire/lmbo---leverage-management-buy-out) - [Location-financement](https://www.hectelion.com/glossaire/location-financement) - [Locked-box (mécanisme de prix)](https://www.hectelion.com/glossaire/locked-box-mecanisme-de-prix) - [Loi de Benford](https://www.hectelion.com/glossaire/loi-de-benford) - [Long Stop Date](https://www.hectelion.com/glossaire/long-stop-date) - [LP – Limited Partnership](https://www.hectelion.com/glossaire/lp---limited-partnership) - [LPP – Prévoyance professionnelle (Suisse)](https://www.hectelion.com/glossaire/lpp---prevoyance-professionnelle-suisse) - [LTV – Lifetime Value](https://www.hectelion.com/glossaire/ltv---lifetime-value) - [Lucrum cessans](https://www.hectelion.com/glossaire/lucrum-cessans) - [Majorité qualifiée](https://www.hectelion.com/glossaire/majorite-qualifiee) - [Management fee](https://www.hectelion.com/glossaire/management-fee) - [Management Package](https://www.hectelion.com/glossaire/management-package) - [Management presentation](https://www.hectelion.com/glossaire/management-presentation) - [Mandat ad hoc](https://www.hectelion.com/glossaire/mandat-ad-hoc) - [Mandataire judiciaire](https://www.hectelion.com/glossaire/mandataire-judiciaire) - [Marchand de valeurs mobilières (Suisse)](https://www.hectelion.com/glossaire/marchand-de-valeurs-mobilieres-suisse) - [Marge](https://www.hectelion.com/glossaire/marge) - [Marge actuarielle](https://www.hectelion.com/glossaire/marge-actuarielle) - [Marge brute](https://www.hectelion.com/glossaire/marge-brute) - [Marge commerciale](https://www.hectelion.com/glossaire/marge-commerciale) - [Marge d’exploitation](https://www.hectelion.com/glossaire/marge-dexploitation) - [Marge d’intérêt](https://www.hectelion.com/glossaire/marge-dinteret) - [Marge normative](https://www.hectelion.com/glossaire/marge-normative) - [MBI – Management Buy-In](https://www.hectelion.com/glossaire/mbi---management-buy-in) - [MBO – Management Buy-Out](https://www.hectelion.com/glossaire/mbo---management-buy-out) - [MEDAF](https://www.hectelion.com/glossaire/medaf) - [Mezzanine warrants](https://www.hectelion.com/glossaire/mezzanine-warrants) - [Milestone](https://www.hectelion.com/glossaire/milestone) - [MOIC – Multiple of Invested Capital](https://www.hectelion.com/glossaire/moic---multiple-of-invested-capital) - [Montage financier](https://www.hectelion.com/glossaire/montage-financier) - [MRL (Manufacturing Readiness Level)](https://www.hectelion.com/glossaire/mrl-manufacturing-readiness-level) - [MRR – Monthly Recurring Revenue](https://www.hectelion.com/glossaire/mrr---monthly-recurring-revenue) - [Multiple](https://www.hectelion.com/glossaire/multiple) - [Multiple d'ARR (valorisation SaaS)](https://www.hectelion.com/glossaire/multiple-arr-valorisation-saas) - [Multiple EV/EBITDA sectoriel](https://www.hectelion.com/glossaire/multiple-ev-ebitda-sectoriel) - [Multiples de sortie (Exit multiples)](https://www.hectelion.com/glossaire/multiples-de-sortie-exit-multiples) - [Médiation](https://www.hectelion.com/glossaire/mediation) - [Mémorandum d'information](https://www.hectelion.com/glossaire/memorandum-dinformation) - [Méthode analogique](https://www.hectelion.com/glossaire/methode-analogique) - [Méthode DCF](https://www.hectelion.com/glossaire/methode-dcf) - [Méthode des multiples boursiers](https://www.hectelion.com/glossaire/methode-des-multiples-boursiers) - [Méthode des multiples de transactions](https://www.hectelion.com/glossaire/methode-des-multiples-de-transactions) - [Méthode des praticiens (Suisse)](https://www.hectelion.com/glossaire/methode-des-praticiens-suisse) - [Méthode des surprofits](https://www.hectelion.com/glossaire/methode-des-surprofits) - [Méthode d’actualisation des dividendes](https://www.hectelion.com/glossaire/methode-dactualisation-des-dividendes) - [Méthode First Chicago](https://www.hectelion.com/glossaire/methode-first-chicago) - [Méthode Gordon-Shapiro](https://www.hectelion.com/glossaire/methode-gordon-shapiro) - [Méthode patrimoniale](https://www.hectelion.com/glossaire/methode-patrimoniale) - [Méthode Venture Capital](https://www.hectelion.com/glossaire/methode-venture-capital) - [Nantissement](https://www.hectelion.com/glossaire/nantissement) - [NAV financing (financement adossé à la NAV)](https://www.hectelion.com/glossaire/nav-financing-financement-nav) - [Net Operating Profit After Tax (NOPAT)](https://www.hectelion.com/glossaire/net-operating-profit-after-tax-nopat) - [Niveaux 1 / 2 / 3 IFRS 13](https://www.hectelion.com/glossaire/niveaux-1-2-3-ifrs-13) - [Non-valeur](https://www.hectelion.com/glossaire/non-valeur) - [Normalisation de l'EBITDA](https://www.hectelion.com/glossaire/normalisation-de-lebitda) - [Normatif](https://www.hectelion.com/glossaire/normatif) - [Norme Daubert](https://www.hectelion.com/glossaire/norme-daubert) - [Normes IFRS](https://www.hectelion.com/glossaire/normes-ifrs) - [Note aux parties](https://www.hectelion.com/glossaire/note-aux-parties) - [Nouvelle réserve légale (Suisse)](https://www.hectelion.com/glossaire/nouvelle-reserve-legale-suisse) - [NRR – Net Revenue Retention](https://www.hectelion.com/glossaire/nrr---net-revenue-retention) - [Nue-propriété](https://www.hectelion.com/glossaire/nue-propriete) - [Numéro IDE / UID (Suisse)](https://www.hectelion.com/glossaire/numero-ide-suisse) - [Obligation de sortie conjointe (Drag along)](https://www.hectelion.com/glossaire/obligation-de-sortie-conjointe-drag-along) - [Obligation de tenir un registre des actions (Suisse)](https://www.hectelion.com/glossaire/obligation-de-tenir-un-registre-des-actions-suisse) - [Obligations](https://www.hectelion.com/glossaire/obligations) - [Obligations convertibles (OC)](https://www.hectelion.com/glossaire/obligations-convertibles-oc) - [Obligations remboursables en actions (ORA)](https://www.hectelion.com/glossaire/obligations-remboursables-en-actions-ora) - [Obligations à bons de souscription d’actions (OBSA)](https://www.hectelion.com/glossaire/obligations-a-bons-de-souscription-dactions-obsa) - [OBO – Owner Buy-Out](https://www.hectelion.com/glossaire/obo---owner-buy-out) - [Offre ferme (Binding offer)](https://www.hectelion.com/glossaire/offre-ferme-binding-offer) - [Offre indicative (IOI – Indication of Interest)](https://www.hectelion.com/glossaire/offre-indicative-ioi---indication-of-interest) - [Offre publique de retrait (OPR)](https://www.hectelion.com/glossaire/offre-publique-de-retrait-opr) - [Offre publique d’achat (OPA)](https://www.hectelion.com/glossaire/offre-publique-dachat-opa) - [Offre publique d’échange (OPE)](https://www.hectelion.com/glossaire/offre-publique-dechange-ope) - [OID (décote d'émission)](https://www.hectelion.com/glossaire/oid-decote-emission-original-issue-discount) - [Open bid](https://www.hectelion.com/glossaire/open-bid) - [OPEX](https://www.hectelion.com/glossaire/opex) - [Option pool](https://www.hectelion.com/glossaire/option-pool) - [Options de souscription ou d’achat d’actions](https://www.hectelion.com/glossaire/options-de-souscription-ou-dachat-dactions) - [Ordre de mouvement](https://www.hectelion.com/glossaire/ordre-de-mouvement) - [Organe de révision (Suisse)](https://www.hectelion.com/glossaire/organe-de-revision-suisse) - [Pacte de préférence](https://www.hectelion.com/glossaire/pacte-de-preference) - [Pacte Dutreil](https://www.hectelion.com/glossaire/pacte-dutreil) - [Pacte d’actionnaires](https://www.hectelion.com/glossaire/pacte-dactionnaires) - [Pacte successoral (Suisse)](https://www.hectelion.com/glossaire/pacte-successoral-suisse) - [Parachute doré (golden parachute)](https://www.hectelion.com/glossaire/parachute-dore-golden-parachute) - [Pari passu](https://www.hectelion.com/glossaire/pari-passu) - [Participation qualifiée (Suisse)](https://www.hectelion.com/glossaire/participation-qualifiee-suisse) - [Passif](https://www.hectelion.com/glossaire/passif) - [Passif courant](https://www.hectelion.com/glossaire/passif-courant) - [Passif d'impôt différé (IAS 12)](https://www.hectelion.com/glossaire/passif-dimpot-differe-ias-12) - [Passif exigible](https://www.hectelion.com/glossaire/passif-exigible) - [Passif non courant](https://www.hectelion.com/glossaire/passif-non-courant) - [Pay-to-play](https://www.hectelion.com/glossaire/pay-to-play) - [PEG (Price/Earnings to Growth)](https://www.hectelion.com/glossaire/peg-price-earnings-to-growth) - [PER – Price Earning Ratio](https://www.hectelion.com/glossaire/per---price-earning-ratio) - [Perte de chance](https://www.hectelion.com/glossaire/perte-de-chance) - [Perte de dilution](https://www.hectelion.com/glossaire/perte-de-dilution) - [Perte de valeur](https://www.hectelion.com/glossaire/perte-de-valeur) - [Perte subie (damnum emergens)](https://www.hectelion.com/glossaire/perte-subie-damnum-emergens) - [Phases de développement d'une startup](https://www.hectelion.com/glossaire/phases-de-developpement-dune-startup) - [PIK – Payment in Kind](https://www.hectelion.com/glossaire/pik---payment-in-kind) - [Plafond de garantie (cap)](https://www.hectelion.com/glossaire/plafond-de-garantie-cap) - [Plan de cession](https://www.hectelion.com/glossaire/plan-de-cession) - [Plan de financement (LBO)](https://www.hectelion.com/glossaire/plan-de-financement-lbo) - [Plan de restructuration](https://www.hectelion.com/glossaire/plan-de-restructuration) - [Plan d’affaires](https://www.hectelion.com/glossaire/plan-daffaires) - [Plus-value de cession de titres (France)](https://www.hectelion.com/glossaire/plus-value-de-cession-de-titres-france) - [Point mort](https://www.hectelion.com/glossaire/point-mort) - [Politique de distribution](https://www.hectelion.com/glossaire/politique-de-distribution) - [Politique d’amortissement](https://www.hectelion.com/glossaire/politique-damortissement) - [Politique d’endettement](https://www.hectelion.com/glossaire/politique-dendettement) - [Pont VE – Capitaux propres (Bridge)](https://www.hectelion.com/glossaire/pont-ve---capitaux-propres-bridge) - [Post-money valuation](https://www.hectelion.com/glossaire/post-money-valuation) - [Pre-closing covenants](https://www.hectelion.com/glossaire/pre-closing-covenants) - [Pre-money valuation](https://www.hectelion.com/glossaire/pre-money-valuation) - [Preferred return](https://www.hectelion.com/glossaire/preferred-return) - [Price-to-Book (PBR)](https://www.hectelion.com/glossaire/price-to-book-pbr) - [Prime de contrôle](https://www.hectelion.com/glossaire/prime-de-controle) - [Prime de risque](https://www.hectelion.com/glossaire/prime-de-risque) - [Prime de risque de marché](https://www.hectelion.com/glossaire/prime-de-risque-de-marche) - [Prime de risque pays](https://www.hectelion.com/glossaire/prime-de-risque-pays) - [Prime de taille](https://www.hectelion.com/glossaire/prime-de-taille) - [Principe de l'apport en capital (KEP)](https://www.hectelion.com/glossaire/principe-apport-en-capital-kep) - [Prix de cession](https://www.hectelion.com/glossaire/prix-de-cession) - [Prix de transfert](https://www.hectelion.com/glossaire/prix-de-transfert) - [Process letter](https://www.hectelion.com/glossaire/process-letter) - [Processus d'enchères (sell-side auction)](https://www.hectelion.com/glossaire/processus-dencheres-sell-side-auction) - [Procédure de sauvegarde](https://www.hectelion.com/glossaire/procedure-de-sauvegarde) - [Provisions](https://www.hectelion.com/glossaire/provisions) - [Préjudice financier](https://www.hectelion.com/glossaire/prejudice-financier) - [Prévoyance professionnelle – LPP (Suisse)](https://www.hectelion.com/glossaire/prevoyance-professionnelle---lpp-suisse) - [Prêt d'actionnaire (Suisse)](https://www.hectelion.com/glossaire/pret-dactionnaire-suisse) - [Prêt indexé sur la durabilité (SLL)](https://www.hectelion.com/glossaire/pret-indexe-durabilite-sll) - [Public Market Equivalent (PME)](https://www.hectelion.com/glossaire/public-market-equivalent-pme) - [Période d'investissement (investment period)](https://www.hectelion.com/glossaire/periode-investissement-investment-period) - [Période d’observation](https://www.hectelion.com/glossaire/periode-dobservation) - [Période suspecte](https://www.hectelion.com/glossaire/periode-suspecte) - [Quality of earnings](https://www.hectelion.com/glossaire/quality-of-earnings) - [Quantum](https://www.hectelion.com/glossaire/quantum) - [Quotité disponible](https://www.hectelion.com/glossaire/quotite-disponible) - [Rachat d'actions (buyback)](https://www.hectelion.com/glossaire/rachat-dactions-buyback) - [Rang des créanciers](https://www.hectelion.com/glossaire/rang-des-creanciers) - [Rapport d'échange](https://www.hectelion.com/glossaire/rapport-dechange) - [Rapport de due diligence](https://www.hectelion.com/glossaire/rapport-de-due-diligence) - [Rapport à la succession](https://www.hectelion.com/glossaire/rapport-a-la-succession) - [Ratchet](https://www.hectelion.com/glossaire/ratchet) - [Ratio de couverture des intérêts (ICR)](https://www.hectelion.com/glossaire/ratio-couverture-interets-icr) - [Ratio de levier (dette nette / EBITDA)](https://www.hectelion.com/glossaire/ratio-de-levier-dette-nette-ebitda) - [Recapitalisation par dividende (dividend recap)](https://www.hectelion.com/glossaire/recapitalisation-par-dividende-dividend-recap) - [Recovery](https://www.hectelion.com/glossaire/recovery) - [Red flag (due diligence)](https://www.hectelion.com/glossaire/red-flag-due-diligence) - [Redressement judiciaire](https://www.hectelion.com/glossaire/redressement-judiciaire) - [Registre du commerce (Suisse)](https://www.hectelion.com/glossaire/registre-du-commerce-suisse) - [Relief-from-royalty](https://www.hectelion.com/glossaire/relief-from-royalty) - [Remise de commerce (art. 181 CO)](https://www.hectelion.com/glossaire/remise-de-commerce-art-181-co) - [Rendement du dividende (dividend yield)](https://www.hectelion.com/glossaire/rendement-du-dividende-dividend-yield) - [Rentabilité financière](https://www.hectelion.com/glossaire/rentabilite-financiere) - [Rentabilité économique](https://www.hectelion.com/glossaire/rentabilite-economique) - [Report d'imposition (art. 150-0 B ter)](https://www.hectelion.com/glossaire/report-dimposition-art-150-0-b-ter) - [Report en avant des déficits (France)](https://www.hectelion.com/glossaire/report-en-avant-des-deficits-france) - [Reprise d'entreprise](https://www.hectelion.com/glossaire/reprise-dentreprise) - [Représentation des salariés](https://www.hectelion.com/glossaire/representation-des-salaries) - [Responsabilité des organes (art. 754 CO)](https://www.hectelion.com/glossaire/responsabilite-des-organes-art-754-co) - [Restructuration fiscalement neutre (Suisse)](https://www.hectelion.com/glossaire/restructuration-fiscalement-neutre-suisse) - [Restructuring](https://www.hectelion.com/glossaire/restructuring) - [Retenue à la source (Suisse)](https://www.hectelion.com/glossaire/retenue-a-la-source-suisse) - [Retournement](https://www.hectelion.com/glossaire/retournement) - [Reverse break fee](https://www.hectelion.com/glossaire/reverse-break-fee) - [Reverse vesting](https://www.hectelion.com/glossaire/reverse-vesting) - [Revolving credit facility](https://www.hectelion.com/glossaire/revolving-credit-facility) - [Risque spécifique (risque idiosyncratique)](https://www.hectelion.com/glossaire/risque-specifique) - [Risque systématique](https://www.hectelion.com/glossaire/risque-systematique) - [ROCE – Return on Capital Employed : définition et formule](https://www.hectelion.com/glossaire/roce---return-on-capital-employed) - [ROE – Return on Equity (rendement des fonds propres) : formule](https://www.hectelion.com/glossaire/roe---rendement-des-fonds-propres) - [ROIC (retour sur capitaux investis)](https://www.hectelion.com/glossaire/roic-retour-sur-capitaux-investis) - [Royalties](https://www.hectelion.com/glossaire/royalties) - [Rule of 40 (règle des 40 %)](https://www.hectelion.com/glossaire/rule-of-40-regle-des-40) - [Ruling fiscal (Suisse)](https://www.hectelion.com/glossaire/ruling-fiscal-suisse) - [Ruling fiscal de structuration (Suisse)](https://www.hectelion.com/glossaire/ruling-fiscal-de-structuration-suisse) - [Runway (Startup)](https://www.hectelion.com/glossaire/runway-startup) - [RVPI – Residual Value to Paid-In](https://www.hectelion.com/glossaire/rvpi---residual-value-to-paid-in) - [Règle du pouce (barème sectoriel)](https://www.hectelion.com/glossaire/regle-du-pouce-bareme-sectoriel) - [Règlement d’arbitrage](https://www.hectelion.com/glossaire/reglement-darbitrage) - [Réduction pour participations (Suisse)](https://www.hectelion.com/glossaire/reduction-pour-participations-suisse) - [Régime de faveur des fusions (art. 210 A CGI)](https://www.hectelion.com/glossaire/regime-de-faveur-des-fusions-art-210-a-cgi) - [Régime mère-fille (France)](https://www.hectelion.com/glossaire/regime-mere-fille-france) - [Régularisation (compte de)](https://www.hectelion.com/glossaire/regularisation-compte-de) - [Réplique](https://www.hectelion.com/glossaire/replique) - [Réserve héréditaire (France et Suisse)](https://www.hectelion.com/glossaire/reserve-hereditaire-france-et-suisse) - [Réserve légale (Suisse)](https://www.hectelion.com/glossaire/reserve-legale-suisse) - [Réserves issues d’apports en capital – RAP (Suisse)](https://www.hectelion.com/glossaire/reserves-issues-dapports-en-capital---rap-suisse) - [Réserves latentes (Suisse)](https://www.hectelion.com/glossaire/reserves-latentes-suisse) - [Résolution amiable (Suisse)](https://www.hectelion.com/glossaire/resolution-amiable-suisse) - [Résultat global](https://www.hectelion.com/glossaire/resultat-global) - [Résultat net](https://www.hectelion.com/glossaire/resultat-net) - [Résultat par action (BPA / EPS)](https://www.hectelion.com/glossaire/resultat-par-action-bpa-eps) - [Résultat étendu](https://www.hectelion.com/glossaire/resultat-etendu) - [SaaS (Software as a Service)](https://www.hectelion.com/glossaire/saas-software-as-a-service) - [SAFE (Simple Agreement for Future Equity)](https://www.hectelion.com/glossaire/safe-simple-agreement-for-future-equity) - [Savoir-faire](https://www.hectelion.com/glossaire/savoir-faire) - [Scission (France)](https://www.hectelion.com/glossaire/scission-france) - [Scission (Suisse)](https://www.hectelion.com/glossaire/scission-suisse) - [SCRP (prime de risque spécifique)](https://www.hectelion.com/glossaire/scrp-prime-de-risque-specifique) - [Second lien](https://www.hectelion.com/glossaire/second-lien) - [Secondaire LP-led](https://www.hectelion.com/glossaire/secondaire-lp-led) - [Sell-side (cession d'entreprise)](https://www.hectelion.com/glossaire/sell-side-cession-dentreprise) - [Sentence arbitrale](https://www.hectelion.com/glossaire/sentence-arbitrale) - [Service de la dette](https://www.hectelion.com/glossaire/service-de-la-dette) - [Seuil de déclenchement](https://www.hectelion.com/glossaire/seuil-de-declenchement) - [Share Deal](https://www.hectelion.com/glossaire/share-deal) - [Side letter](https://www.hectelion.com/glossaire/side-letter) - [Signing](https://www.hectelion.com/glossaire/signing) - [Société anonyme – SA (Suisse)](https://www.hectelion.com/glossaire/societe-anonyme---sa-suisse) - [Société à responsabilité limitée – Sàrl (Suisse)](https://www.hectelion.com/glossaire/societe-a-responsabilite-limitee---sarl-suisse) - [Sociétés écrans](https://www.hectelion.com/glossaire/societes-ecrans) - [Somme des parties (sum-of-the-parts)](https://www.hectelion.com/glossaire/somme-des-parties-sum-of-the-parts) - [Soulte](https://www.hectelion.com/glossaire/soulte) - [Sous-traitance](https://www.hectelion.com/glossaire/sous-traitance) - [SPA – Share Purchase Agreement](https://www.hectelion.com/glossaire/spa---share-purchase-agreement) - [Spin-off](https://www.hectelion.com/glossaire/spin-off) - [Sponsor (fonds sponsor LBO)](https://www.hectelion.com/glossaire/sponsor-fonds-sponsor-lbo) - [Spread](https://www.hectelion.com/glossaire/spread) - [SPV (véhicule ad hoc)](https://www.hectelion.com/glossaire/spv-vehicule-ad-hoc) - [Staple financing](https://www.hectelion.com/glossaire/staple-financing) - [Step-up](https://www.hectelion.com/glossaire/step-up) - [Step-up fiscal (Suisse)](https://www.hectelion.com/glossaire/step-up-fiscal-suisse) - [Stressed M&A](https://www.hectelion.com/glossaire/stressed-m-a) - [Structuration d'un earn-out](https://www.hectelion.com/glossaire/structuration-dun-earn-out) - [Subordination contractuelle](https://www.hectelion.com/glossaire/subordination-contractuelle) - [Substance économique (Suisse)](https://www.hectelion.com/glossaire/substance-economique-suisse) - [Succession d'entreprise](https://www.hectelion.com/glossaire/succession-dentreprise) - [Succursale (Suisse)](https://www.hectelion.com/glossaire/succursale-suisse) - [Surendettement (Suisse)](https://www.hectelion.com/glossaire/surendettement-suisse) - [Surprofit](https://www.hectelion.com/glossaire/surprofit) - [Sursis concordataire (Suisse)](https://www.hectelion.com/glossaire/sursis-concordataire-suisse) - [Sweet equity](https://www.hectelion.com/glossaire/sweet-equity) - [Synergies](https://www.hectelion.com/glossaire/synergies) - [Série A / Série B](https://www.hectelion.com/glossaire/serie-a-serie-b) - [Tableau des flux de trésorerie](https://www.hectelion.com/glossaire/tableau-des-flux-de-tresorerie) - [Tag along – Droit de sortie conjointe](https://www.hectelion.com/glossaire/tag-along---droit-de-sortie-conjointe) - [Taux d'attrition](https://www.hectelion.com/glossaire/taux-dattrition) - [Taux d'imposition effectif (Suisse)](https://www.hectelion.com/glossaire/taux-dimposition-effectif-suisse) - [Taux de capitalisation (Cap Rate)](https://www.hectelion.com/glossaire/taux-de-capitalisation-cap-rate) - [Taux de conversion du cash (cash conversion)](https://www.hectelion.com/glossaire/taux-de-conversion-du-cash) - [Taux de croissance à l'infini (g)](https://www.hectelion.com/glossaire/taux-de-croissance-a-linfini-g) - [Taux de distribution (Payout ratio)](https://www.hectelion.com/glossaire/taux-de-distribution-payout-ratio) - [Taux de marge EBITDA](https://www.hectelion.com/glossaire/taux-de-marge-ebitda) - [Taux de rendement interne modifié (TRIM)](https://www.hectelion.com/glossaire/taux-de-rendement-interne-modifie-trim) - [Taux d’actualisation](https://www.hectelion.com/glossaire/taux-dactualisation) - [Teaser](https://www.hectelion.com/glossaire/teaser) - [Term Loan A / Term Loan B (TLA / TLB)](https://www.hectelion.com/glossaire/term-loan-a-term-loan-b) - [Term sheet](https://www.hectelion.com/glossaire/term-sheet) - [Test de dépréciation](https://www.hectelion.com/glossaire/test-de-depreciation) - [Thin capitalisation (Suisse)](https://www.hectelion.com/glossaire/thin-capitalisation-suisse) - [Théorie du triangle (Dreieckstheorie)](https://www.hectelion.com/glossaire/theorie-du-triangle-dreieckstheorie) - [Ticket d'investissement](https://www.hectelion.com/glossaire/ticket-dinvestissement) - [Ticking fee](https://www.hectelion.com/glossaire/ticking-fee) - [Tiers évaluateur](https://www.hectelion.com/glossaire/tiers-evaluateur) - [Tracfin](https://www.hectelion.com/glossaire/tracfin) - [Traité (projet) de fusion](https://www.hectelion.com/glossaire/traite-projet-de-fusion) - [Transaction](https://www.hectelion.com/glossaire/transaction) - [Transaction majoritaire](https://www.hectelion.com/glossaire/transaction-majoritaire) - [Transaction minoritaire](https://www.hectelion.com/glossaire/transaction-minoritaire) - [Transformation juridique (Suisse)](https://www.hectelion.com/glossaire/transformation-juridique-suisse) - [Transmission d'entreprise](https://www.hectelion.com/glossaire/transmission-dentreprise) - [Transmission universelle de patrimoine (TUP)](https://www.hectelion.com/glossaire/transmission-universelle-de-patrimoine-tup) - [Transposition (Transponierung)](https://www.hectelion.com/glossaire/transposition-transponierung-suisse) - [Travaux en cours](https://www.hectelion.com/glossaire/travaux-en-cours) - [TRI – Taux de rentabilité interne (Private Equity)](https://www.hectelion.com/glossaire/tri---taux-de-rentabilite-interne-private-equity) - [Tribunal arbitral](https://www.hectelion.com/glossaire/tribunal-arbitral) - [TRL (Technology Readiness Level)](https://www.hectelion.com/glossaire/trl-technology-readiness-level) - [TRL et MRL dans le CMPC](https://www.hectelion.com/glossaire/trl-et-mrl-dans-le-cmpc) - [TVA (Suisse)](https://www.hectelion.com/glossaire/tva-suisse) - [TVPI – Total Value to Paid-In](https://www.hectelion.com/glossaire/tvpi---total-value-to-paid-in) - [Témoin expert](https://www.hectelion.com/glossaire/temoin-expert) - [UK Bribery Act](https://www.hectelion.com/glossaire/uk-bribery-act) - [Unité génératrice de trésorerie (UGT / CGU)](https://www.hectelion.com/glossaire/unite-generatrice-de-tresorerie) - [Up round](https://www.hectelion.com/glossaire/up-round) - [Usufruit de titres](https://www.hectelion.com/glossaire/usufruit-de-titres) - [Valeur actuelle](https://www.hectelion.com/glossaire/valeur-actuelle) - [Valeur actuelle nette](https://www.hectelion.com/glossaire/valeur-actuelle-nette) - [Valeur d'utilité (IAS 36)](https://www.hectelion.com/glossaire/valeur-dutilite-ias-36) - [Valeur de liquidation (Liquidation value)](https://www.hectelion.com/glossaire/valeur-de-liquidation-liquidation-value) - [Valeur de marché](https://www.hectelion.com/glossaire/valeur-de-marche) - [Valeur de marque (valorisation de marque)](https://www.hectelion.com/glossaire/valeur-de-marque-valorisation-de-marque) - [Valeur de rendement](https://www.hectelion.com/glossaire/valeur-de-rendement) - [Valeur des capitaux propres](https://www.hectelion.com/glossaire/valeur-des-capitaux-propres) - [Valeur d’entreprise](https://www.hectelion.com/glossaire/valeur-dentreprise) - [Valeur d’usage](https://www.hectelion.com/glossaire/valeur-dusage) - [Valeur fiscale (Suisse)](https://www.hectelion.com/glossaire/valeur-fiscale-suisse) - [Valeur intrinsèque](https://www.hectelion.com/glossaire/valeur-intrinseque) - [Valeur liquidative](https://www.hectelion.com/glossaire/valeur-liquidative) - [Valeur nominale (Nennwertprinzip)](https://www.hectelion.com/glossaire/valeur-nominale-nennwertprinzip) - [Valeur substantielle (ANC)](https://www.hectelion.com/glossaire/valeur-substantielle-anc) - [Valeur substantielle (Suisse)](https://www.hectelion.com/glossaire/valeur-substantielle-suisse) - [Valeur terminale](https://www.hectelion.com/glossaire/valeur-terminale) - [Valorisation d'un éditeur de logiciel](https://www.hectelion.com/glossaire/valorisation-editeur-de-logiciel-saas) - [Valorisation PME](https://www.hectelion.com/glossaire/valorisation-pme) - [Vendor due diligence](https://www.hectelion.com/glossaire/vendor-due-diligence) - [Vendor loan](https://www.hectelion.com/glossaire/vendor-loan) - [Vesting](https://www.hectelion.com/glossaire/vesting) - [Vintage year](https://www.hectelion.com/glossaire/vintage-year) - [Virtual data room](https://www.hectelion.com/glossaire/virtual-data-room) - [Volatilité](https://www.hectelion.com/glossaire/volatilite) - [WARA](https://www.hectelion.com/glossaire/wara) - [Warranty & Indemnity Insurance](https://www.hectelion.com/glossaire/warranty-indemnity-insurance) - [Waterfall (distribution)](https://www.hectelion.com/glossaire/waterfall-distribution) - [Écart de conversion](https://www.hectelion.com/glossaire/ecart-de-conversion) - [Écart d’acquisition négatif](https://www.hectelion.com/glossaire/ecart-dacquisition-negatif) - [Éléments assimilés à de la dette (debt-like items)](https://www.hectelion.com/glossaire/elements-assimiles-a-de-la-dette-debt-like-items) - [Équité](https://www.hectelion.com/glossaire/equite) - [États financiers](https://www.hectelion.com/glossaire/etats-financiers) - [Évaluation amiable](https://www.hectelion.com/glossaire/evaluation-amiable) - [Évaluation d'entreprise : France vs Suisse](https://www.hectelion.com/glossaire/evaluation-dentreprise-france-vs-suisse) - [Évaluation de startup](https://www.hectelion.com/glossaire/evaluation-de-startup) - [Évaluation des actifs incorporels](https://www.hectelion.com/glossaire/evaluation-des-actifs-incorporels) --- # Hectelion SA (English index) > Independent boutique firm for financial valuation, due diligence and M&A advisory, with dual Franco-Swiss expertise. Hectelion supports SME and mid-cap executives, family shareholders, investment funds and family offices on transactions from 2 to 500 MCHF: business valuation, sale and acquisition, acquisition structuring, fairness opinions and intangible-asset valuation. Founded and led by Aristide Ruot (Ph.D.), Hectelion applies a multi-method methodology aligned with IVSC standards and AMF/SIX market practice, in full independence from traditional financial intermediaries. The firm is not FINMA-authorised and does not act on transactions involving listed companies that require such authorisation. - Website: https://www.hectelion.com/en-us - Book a meeting: https://calendly.com/aristide-ruot-hectelion-dcc/30min?month=2 - Bilingual file: the French index is included earlier in this same file. ## Services - [Multi-method business valuation](https://www.hectelion.com/en-us/services/business-valuation): Multi-method business valuation (DCF, multiples, NAV) aligned with IVSC standards, for sale, fundraising, litigation or reporting. - [Buy-side and sell-side financial due diligence](https://www.hectelion.com/en-us/services/financial-due-diligence): Buy-side and sell-side financial due diligence: quality of earnings (QoE), net debt, normative working capital, price-adjustment items. - [M&A advisory, sell-side and buy-side, for SMEs and mid-caps](https://www.hectelion.com/en-us/services/merger-acquisition): M&A advisory, sell-side and buy-side, for SMEs and mid-caps: preparation, valuation, process, negotiation, closing. - [Acquisition structuring](https://www.hectelion.com/en-us/services/financial-structuring): Acquisition structuring (LBO, MBO, MBI, OBO): debt, sweet equity, ratchet, management package. - [Valuation of financial and dilutive instruments](https://www.hectelion.com/en-us/services/financial-instrument-valuation): Valuation of financial and dilutive instruments (options, BSPCE, warrants, preferred shares) using option-pricing models. - [Fairness opinions for executives and boards of non-listed companies](https://www.hectelion.com/en-us/services/fairness-opinion): Fairness opinions for executives and boards of non-listed companies (MBO, intragroup merger, family transfer). - [Asset impairment testing](https://www.hectelion.com/en-us/services/impairment-testing-ias-36-fer-27): Asset impairment testing (IAS 36 / Swiss GAAP FER 27): CGUs, recoverable amount, value in use. - [Purchase price allocation](https://www.hectelion.com/en-us/services/purchase-price-allocation-ppa): Purchase price allocation (PPA): identification and valuation of intangibles, goodwill, WARA/WACC. - [Valuation of intangible assets](https://www.hectelion.com/en-us/services/intangible-asset-valuation): Valuation of intangible assets: brands, patents, technologies, contracts, know-how. - [Valuation of startups and scale-ups](https://www.hectelion.com/en-us/services/startup-valuation): Valuation of startups and scale-ups: real options, VC method, TRL/MRL/SRL, development milestones. - [Fundraising support](https://www.hectelion.com/en-us/services/fund-raising): Fundraising support: pre-money valuation, term sheet, dilution, investor negotiation. - [Pre-issuance valuation of tokenised securities](https://www.hectelion.com/en-us/services/securities-tokenisation-pre-issuance-valuation): Pre-issuance valuation of tokenised securities (security tokens) and structuring of the underlying asset. ## Publications - Business valuation: approaches, methods and special cases - [How Much Is My Business Worth? Methods, Multiples & Valuation](https://www.hectelion.com/en-us/publications/how-much-is-my-business-worth-valuation-methods-multiples): How much is my business worth: value logic and valuation range. - [How Much Does a Business Valuation Cost? Prices and Fees 2026 (France & Switzerland)](https://www.hectelion.com/en-us/publications/how-much-does-a-business-valuation-cost-prices-fees): How much does a business valuation cost: prices, fees and cost drivers. - [Online Estimate or Expert Valuation Report: Which to Choose for Your Project?](https://www.hectelion.com/en-us/publications/online-estimate-or-expert-valuation-report-which-to-choose): Online estimate or expert valuation report: choosing the right level of analysis. - [Business Valuation: Approaches, Methods and Valuation Techniques](https://www.hectelion.com/en-us/publications/business-valuation-approaches-methods-and-valuation-techniques): Overview of valuation approaches (asset-based, market, intrinsic). - [Business Valuation: Premiums and Discounts](https://www.hectelion.com/en-us/publications/business-valuation-premiums-and-discounts): Valuation premiums and discounts: control, liquidity, minority, holding. - [Normalised EBITDA: Methodology, Restatements and Impact on Valuation](https://www.hectelion.com/en-us/publications/normalised-ebitda-methodology-restatements-valuation): Normalised EBITDA: restatements and impact on valuation. - [When Should You Call an Independent Valuation Expert?](https://www.hectelion.com/en-us/publications/when-to-call-an-independent-business-valuation-expert): When to call an independent business valuation expert. - [Integration of Artificial Intelligence in Business Valuation](https://www.hectelion.com/en-us/publications/integration-of-artificial-intelligence-in-business-valuation): Integrating artificial intelligence into business valuation. - [Software and SaaS Valuation: Economic Value and AI Impact](https://www.hectelion.com/en-us/publications/software-and-saas-valuation-economic-value-and-ai-impact): Software and SaaS valuation, and the impact of AI on value. - [Brand Valuation: Approaches, Methods, and evaluations](https://www.hectelion.com/en-us/publications/brand-valuation-approaches-methods-and-evaluations): Brand valuation: relief-from-royalty, premium, reconstruction cost. - [Determining and Estimating the Value of Know-How](https://www.hectelion.com/en-us/publications/determining-and-estimating-the-value-of-know-how): Determining and estimating the value of know-how. - [Patent Valuation & Appraisal: Methods and Approaches](https://www.hectelion.com/en-us/publications/patent-valuation-appraisal-methods-and-approaches): Patent valuation: income, market and cost methods. - [Geopolitical Risk and Business Valuation: How Macro Shocks Affect Company Values](https://www.hectelion.com/en-us/publications/geopolitical-risk-business-valuation-macro-shocks): Factoring geopolitical risk and macro shocks into valuation. - [Attrition Rate: Embedding Technological Obsolescence into Intangible Asset Valuation](https://www.hectelion.com/en-us/publications/attrition-rate): Attrition rate (churn): measurement and impact on value. - [How much is a football club worth? Valuation methods, intangibles and Franco-Swiss cases](https://www.hectelion.com/en-us/publications/football-club-valuation-methods-intangibles-franco-swiss-cases): Valuing a football club: methods and valuation of intangibles. - [Online business valuation simulator: estimate your value and audit your EBITDA](https://www.hectelion.com/en-us/publications/online-business-valuation-simulator-ebitda-audit): Online business valuation and audit simulator: uses and limits. ## Publications - Startups, real options and technological maturity - [Startup valuation](https://www.hectelion.com/en-us/publications/startup-valuation): Startup valuation: methods and value ranges. - [Valuing AI Startups with Real Options: Black-Scholes, CRR and Monte Carlo](https://www.hectelion.com/en-us/publications/valuing-ai-startups-with-real-options-black-scholes-crr-and-monte-carlo): Valuing AI startups with real options (Black-Scholes, CRR, Monte Carlo). - [Startup Development Stages: From Early-Stage to IPO](https://www.hectelion.com/en-us/publications/startup-development-stages-from-early-stage-to-ipo): Startup development stages, from early stage to IPO. - [Technology Readiness Level (TRL): Definition,Valuation and WACC](https://www.hectelion.com/en-us/publications/technology-readiness-level-trl-definition-valuation-and-wacc): TRL (Technology Readiness Level) and its integration into the WACC. - [Manufacturing Readiness Level (MRL): Definition, Valuation and WACC](https://www.hectelion.com/en-us/publications/mrl-manufacturing-readiness-level-definition-levels-valuation): MRL (Manufacturing Readiness Level) and valuation. - [System Readiness Level (SRL): Definition, Assessment and Impact on the Cost of Capital (WACC)](https://www.hectelion.com/en-us/publications/system-readiness-level-srl-definition-assessment-wacc): SRL (System Readiness Level) and the cost of capital. - [TRL and MRL: Integrating Technological Maturity into the WACC](https://www.hectelion.com/en-us/publications/trl-and-mrl-integrating-technological-maturity-into-the-wacc): Integrating technological maturity (TRL/MRL) into the WACC. ## Publications - Cost of capital, premiums and cash flows - [WACC: Understanding, Calculating, and Using Cost of Capital](https://www.hectelion.com/en-us/publications/wacc-understanding-calculating-and-using-cost-of-capital): WACC: understanding, calculating and using the cost of capital. - [Size Premium: WACC and Business Valuation](https://www.hectelion.com/en-us/publications/size-premium-wacc-and-business-valuation): Size premium in the WACC and in valuation. - [Specific Risk Premium (SCRP): Integration into the WACC](https://www.hectelion.com/en-us/publications/specific-risk-premium-scrp-integration-into-the-wacc): Specific risk premium (SCRP) in the WACC. - [Valuation Multiples by Sector: EV/Revenue, EV/EBITDA, EV/EBIT, P/E and P/BV - France / Switzerland 2026](https://www.hectelion.com/en-us/publications/valuation-multiples-sector-ev-ebitda-france-switzerland): Sector valuation multiples (EV/EBITDA) France-Switzerland. - [FCFE vs FCFF: the formula that changes your startup valuation by 30%](https://www.hectelion.com/en-us/publications/fcfe-vs-fcff-definition-formulas-business-valuation): FCFE and FCFF: definitions, formulas and use in valuation. ## Publications - PPA, WARA and impairment - [Purchase Price Allocation (PPA): Definition, Method and Considerations in France and Switzerland](https://www.hectelion.com/en-us/publications/purchase-price-allocation-ppa-definition-method): Purchase Price Allocation (PPA): definition and method. - [How Much Does a PPA (Purchase Price Allocation) Cost? Price and Fees 2026 (France & Switzerland)](https://www.hectelion.com/en-us/publications/how-much-does-a-ppa-cost-purchase-price-allocation-fees-2026): How much does a PPA cost: budget and fee drivers of a purchase price allocation. - [Weighted Average Return on Assets - WARA : Definition, Calculation and Application in PPA and M&A](https://www.hectelion.com/en-us/publications/wara-weighted-average-return-on-assets-definition-calculation-ppa): WARA (Weighted Average Return on Assets) and PPA consistency. - [Impairment Testing: Asset Impairment under IAS 36 and Swiss GAAP FER 27](https://www.hectelion.com/en-us/publications/impairment-testing-ias-36-swiss-gaap-fer-27): Impairment testing under IAS 36 and Swiss GAAP FER 27. ## Publications - M&A process, due diligence and data room - [How to Sell, Transfer, or Divest a Business: Steps and Process of a Sell-Side M&A Transaction](https://www.hectelion.com/en-us/publications/how-to-sell-a-business-ma-process): How to sell a business: sell-side M&A process. - [How to Acquire a Company: Steps and Process of a Buy-Side M&A Transaction](https://www.hectelion.com/en-us/publications/how-to-acquire-a-business-or-a-company-ma-buy-side-process): How to acquire a company: buy-side M&A process. - [Company Sale Process | M&A](https://www.hectelion.com/en-us/publications/company-sale-process-m-a): The steps of the company sale process. - [Mergers & Acquisitions (M&A): Drafting a Process Letter](https://www.hectelion.com/en-us/publications/mergers-acquisitions-m-a-drafting-a-process-letter): Drafting a process letter in M&A. - [Mergers & Acquisitions (M&A): Information Memorandum (IM)](https://www.hectelion.com/en-us/publications/mergers-acquisitions-m-a-information-memorandum-im): Information Memorandum (IM): structure and content. - [Mergers & Acquisitions (M&A): Locked-box vs Completion Accounts](https://www.hectelion.com/en-us/publications/mergers-acquisitions-m-a-locked-box-vs-completion-accounts): Locked-box vs completion accounts: price mechanisms. - [Organization of the data room](https://www.hectelion.com/en-us/publications/organization-of-the-data-room): Organisation of the transaction data room. - [Financial Due Diligence: Definition, Methodology, Steps and Approaches](https://www.hectelion.com/en-us/publications/financial-due-diligence-definition-methodology-steps): Financial due diligence: definition, methodology, steps. - [Vendor due diligence (VDD): preparing your SME sale to de-risk and accelerate the transaction](https://www.hectelion.com/en-us/publications/vendor-due-diligence-vdd-prepare-company-sale): Vendor due diligence (VDD): preparing a company sale on the seller side. - [Earn-Out 2026: The 5 Clauses to Avoid Financing Your Own Buyer](https://www.hectelion.com/en-us/publications/earn-out-clauses-sme-transactions-2026): Earn-out clauses in SME transactions. - [Fairness opinion: a guide for executives and boards of directors](https://www.hectelion.com/en-us/publications/fairness-opinion-guide-executives-boards-directors): Fairness opinion: a guide for executives and boards of directors. - [Fairness Opinion: When Is It Required and How Much Does It Cost? (France & Switzerland)](https://www.hectelion.com/en-us/publications/fairness-opinion-when-required-cost-price): Fairness opinion: when it is required, at what cost and within what timeframe. - [Sell-Side Mandate Fees: Retainer, Success Fee and 2026 Practices](https://www.hectelion.com/en-us/publications/sell-side-mandate-fees-m-a-retainer-success-fee-2026): Sell-side mandate fees: retainer, success fee and fee structures. - [Asset and Liability Warranty (GAP) and W&I Insurance: Protecting the Buyer After Closing](https://www.hectelion.com/en-us/publications/asset-liability-warranty-gap-wi-insurance-company-sale): Asset and liability warranty (GAP) and W&I insurance in a company sale. - [Carve-out: Rebuilding the accounts, valuing and selling a non-core division](https://www.hectelion.com/en-us/publications/carve-out-rebuilding-accounts-valuation-sale-division): Carve-out: rebuilding the accounts of a division before valuation and sale. ## Publications - Structuring, management packages and dilutive instruments - [Financial Structuring: LBO, MBO, MBI, OBO and Acquisition Structures](https://www.hectelion.com/en-us/publications/financial-structuring-lbo-mbo-mbi-obo-acquisition-structures): LBO, MBO, MBI, OBO: acquisition structures. - [BSPCE: understanding, structuring and valuing the management package](https://www.hectelion.com/en-us/publications/bspce-understanding-structuring-valuing-management-package): BSPCE: understanding, structuring and valuing the management package (Black-Scholes, binomial, Monte Carlo). - [Preferred Shares: Granting Preferential Treatment in a Swiss Company](https://www.hectelion.com/en-us/publications/favor-employee-without-legal-fiscal-economic-imbalance): Preferred shares: granting preferential treatment without legal, fiscal or economic imbalance. - [Shareholders Agreement: Valuation, Exit Clauses and Legal Framework France / Switzerland](https://www.hectelion.com/en-us/publications/shareholders-agreement-valuation-exit-clauses-france-switzerland): Shareholders agreement: exit clauses and valuation, France-Switzerland. - [Vendor loan: Financing and securing an SME acquisition in 2026](https://www.hectelion.com/en-us/publications/vendor-loan-financing-securing-sme-acquisition): Vendor loan: financing and securing an SME acquisition. - [Share subscription warrants (BSA): Definition, valuation and structuring in fundraising and LBO](https://www.hectelion.com/en-us/publications/share-subscription-warrants-bsa-valuation-structuring-fundraising-lbo): Share subscription warrants (BSA): valuation and structuring in fundraising and LBOs. - [Private credit: financing an SME acquisition when the bank retreats](https://www.hectelion.com/en-us/publications/private-credit-financing-sme-acquisition-when-banks-retreat): Private credit: financing an SME buyout when banks retreat (unitranche, mezzanine, Swiss constraints). ## Publications - Transfer, taxation and the Franco-Swiss framework - [Family Business Transfer in Switzerland | Valuation, Financing & Tax](https://www.hectelion.com/en-us/publications/family-business-transfer-switzerland-valuation-financing-tax): Family business transfer in Switzerland: valuation, financing, tax. - [Swiss transparency register (LTPM): identifying your beneficial owners before a sale](https://www.hectelion.com/en-us/publications/swiss-transparency-register-ltpm-beneficial-owners-before-sale): Swiss transparency register (LTPM): identifying your beneficial owners before a sale (in force 1 October 2026). - [Methods for Creating a Holding Company in Switzerland](https://www.hectelion.com/en-us/publications/methods-for-creating-a-holding-company-in-switzerland): Creating a holding company in Switzerland: methods and approaches. - [Business Sale: Key Differences Between France and Switzerland](https://www.hectelion.com/en-us/publications/business-sale-key-differences-between-france-and-switzerland): Selling a business: key differences between France and Switzerland. - [Business Valuation | Switzerland Vs. france](https://www.hectelion.com/en-us/publications/business-valuation-differences-france-switzerland): Business valuation: differences between France and Switzerland. - [How to Value a Company in a Divorce Context? Methods, Steps and Legal Considerations (France / Switzerland)](https://www.hectelion.com/en-us/publications/business-valuation-divorce-france-switzerland): Business valuation in a divorce context: France / Switzerland. - [Pacte Dutreil, Donation and Business Transfer: How to Transfer Your Company in France in 2026](https://www.hectelion.com/en-us/publications/pacte-dutreil-business-transfer-donation-france-2026): Pacte Dutreil: donation and business transfer in France (2026). - [Gifting shares before a sale: purging the capital gain without abuse of law](https://www.hectelion.com/en-us/publications/gifting-shares-before-sale-capital-gains-tax-france-switzerland): Gifting shares before a sale: capital gains relief and anti-abuse limits in France and Switzerland. - [Transfer Pricing: Definition, Arm's Length Principle and Intra-Group Use](https://www.hectelion.com/en-us/publications/transfer-pricing-definition-arms-length-principle-intra-group): Transfer pricing: definition and the arm's length principle. - [Transfer pricing of intangible assets: Royalties, software, brands and patents (Switzerland & Europe)](https://www.hectelion.com/en-us/publications/transfer-pricing-intangible-assets-royalties-software-brands-patents): Transfer pricing of intangibles: royalties on software, brands and patents. - [Apport-cession: what changes with the 2026 Finance Act](https://www.hectelion.com/en-us/publications/apport-cession-150-0-b-ter-2026-finance-act-france): Apport-cession (150-0 B ter): what changes with France's 2026 Finance Act. - [France's 2026 Finance Act for CEOs: The Exhaustive Checklist of Measures That Concern You](https://www.hectelion.com/en-us/publications/france-2026-finance-act-ceo-sme-checklist): France's 2026 Finance Act: a checklist for SME and mid-cap CEOs. - [CSRD, Omnibus, VSME and the Swiss sustainable business law: sustainability in valuation and due diligence](https://www.hectelion.com/en-us/publications/csrd-omnibus-vsme-sustainability-business-valuation-due-diligence): CSRD, Omnibus and VSME: sustainability in valuation and due diligence. - [Securities Tokenisation: Pre-Issuance Valuation of Security Tokens (DLT Act, MiFID II)](https://www.hectelion.com/en-us/publications/securities-tokenisation-pre-issuance-valuation-security-tokens): Securities tokenisation: pre-issuance valuation of security tokens. - [Value ruling (France) and tax ruling (Switzerland): securing your company's tax value](https://www.hectelion.com/en-us/publications/advance-tax-ruling-business-value-france-switzerland): Value ruling (France) and Swiss tax ruling: securing the tax value of a business before a transfer. - [Indirect partial liquidation (IPL): the Swiss tax trap when selling an SME](https://www.hectelion.com/en-us/publications/indirect-partial-liquidation-ipl-switzerland-selling-sme): Indirect partial liquidation (IPL): the Swiss tax trap when selling an SME. - [Sale of shares in a real estate-preponderant company (SPI): valuation and notarial deed](https://www.hectelion.com/en-us/publications/sale-real-estate-preponderant-company-shares-spi-valuation-notarial-deed): Real-estate preponderant companies (SPI): valuing and selling the shares. - [Asset deal or share deal: what you really value in a buyout](https://www.hectelion.com/en-us/publications/asset-deal-or-share-deal-business-valuation-buyout): Asset deal or share deal: what to value and what to buy. ## Acontos - online business audit and valuation (free) - [Acontos](https://www.hectelion.com/en-us/acontos): Acontos: Hectelion's AI-assisted business audit and valuation solution. - [Free online business valuation simulator](https://www.hectelion.com/en-us/business-valuation): Free online business valuation simulator: upload your financial statements, AI analysis (normalised EBITDA, Swiss and French sector multiples), indicative PDF report. ## Training - [Business valuation training](https://www.hectelion.com/en-us/formations/formation-evaluation-dentreprises): Business valuation training. - [Patent valuation training](https://www.hectelion.com/en-us/formations/formation-evaluation-de-brevets): Patent valuation training. - [Mergers and acquisitions (M&A) training](https://www.hectelion.com/en-us/formations/fusions-acquisitions-m-a): Mergers and acquisitions (M&A) training. ## Additional resources - [Financial glossary](https://www.hectelion.com/en-us/glossary): More than 630 definitions across valuation, M&A, due diligence and financial structuring (full list below). - [Case references](https://www.hectelion.com/en-us/nos-references): Anonymised case studies of valuation, sale and due-diligence engagements. - [All publications](https://www.hectelion.com/en-us/publications): Full catalogue of Hectelion publications. - [About us](https://www.hectelion.com/en-us/about-us): Overview of the firm and its approach. - [Aristide Ruot](https://www.hectelion.com/en-us/aristide-ruot): The founder's background. - [Contact](https://www.hectelion.com/en-us/contact): Contact form and details. ## Financial glossary (671 terms) Reference definitions in business valuation, mergers and acquisitions, due diligence, financial structuring and taxation, in a Franco-Swiss context. - ["But-for" analysis](https://www.hectelion.com/en-us/glossary/but-for-analysis) - [Accessory follows the principal (accedit)](https://www.hectelion.com/en-us/glossary/accessory-follows-the-principal-accedit) - [Accruals](https://www.hectelion.com/en-us/glossary/accruals) - [Accrued expenses](https://www.hectelion.com/en-us/glossary/accrued-expenses) - [Acquisition holding (NewCo)](https://www.hectelion.com/en-us/glossary/acquisition-holding-newco) - [Actual financial loss (damnum emergens)](https://www.hectelion.com/en-us/glossary/actual-financial-loss-damnum-emergens) - [Actual loss (damnum emergens)](https://www.hectelion.com/en-us/glossary/actual-loss-damnum-emergens) - [Actuarial margin](https://www.hectelion.com/en-us/glossary/actuarial-margin) - [Ad hoc arbitration](https://www.hectelion.com/en-us/glossary/ad-hoc-arbitration) - [Ad hoc mandate](https://www.hectelion.com/en-us/glossary/ad-hoc-mandate) - [Adjusted EBITDA](https://www.hectelion.com/en-us/glossary/adjusted-ebitda) - [Adjusted net asset value](https://www.hectelion.com/en-us/glossary/adjusted-net-asset-value) - [Advisors to the parties](https://www.hectelion.com/en-us/glossary/advisors-to-the-parties) - [Aggregate](https://www.hectelion.com/en-us/glossary/aggregate) - [Alternative dispute resolution (ADR)](https://www.hectelion.com/en-us/glossary/alternative-dispute-resolution-adr) - [Amicable composition](https://www.hectelion.com/en-us/glossary/amicable-composition) - [Amicable settlement](https://www.hectelion.com/en-us/glossary/amicable-settlement) - [Amicable Valuation](https://www.hectelion.com/en-us/glossary/amicable-valuation) - [Anti-sandbagging clause](https://www.hectelion.com/en-us/glossary/anti-sandbagging-clause) - [APA – Asset Purchase Agreement](https://www.hectelion.com/en-us/glossary/apa---asset-purchase-agreement) - [Apport-cession (Art. 150-0 B ter CGI)](https://www.hectelion.com/en-us/glossary/apport-cession-art-150-0-b-ter-cgi) - [Arbitral award](https://www.hectelion.com/en-us/glossary/arbitral-award) - [Arbitral tribunal](https://www.hectelion.com/en-us/glossary/arbitral-tribunal) - [Arbitration](https://www.hectelion.com/en-us/glossary/arbitration) - [Arbitration clause](https://www.hectelion.com/en-us/glossary/arbitration-clause) - [Arbitration institution](https://www.hectelion.com/en-us/glossary/arbitration-institution) - [Arbitration rules](https://www.hectelion.com/en-us/glossary/arbitration-rules) - [Arbitrator](https://www.hectelion.com/en-us/glossary/arbitrator) - [ARR (Annual Recurring Revenue)](https://www.hectelion.com/en-us/glossary/arr-annual-recurring-revenue) - [ARR multiple (SaaS valuation)](https://www.hectelion.com/en-us/glossary/arr-multiple-saas-valuation) - [ARR – Annual Recurring Revenue](https://www.hectelion.com/en-us/glossary/arr---annual-recurring-revenue) - [Artificial intelligence in business valuation](https://www.hectelion.com/en-us/glossary/artificial-intelligence-in-business-valuation) - [Asset and liability warranty](https://www.hectelion.com/en-us/glossary/asset-and-liability-warranty) - [Asset deal](https://www.hectelion.com/en-us/glossary/asset-deal-156c0) - [Asset misappropriation (misappropriation of assets)](https://www.hectelion.com/en-us/glossary/asset-misappropriation) - [Asset warranty](https://www.hectelion.com/en-us/glossary/asset-warranty) - [Asset-based method](https://www.hectelion.com/en-us/glossary/asset-based-method) - [Association (Switzerland)](https://www.hectelion.com/en-us/glossary/association-switzerland) - [Attrition rate](https://www.hectelion.com/en-us/glossary/attrition-rate) - [Background check](https://www.hectelion.com/en-us/glossary/background-check) - [Bad debt](https://www.hectelion.com/en-us/glossary/bad-debt) - [Bad leaver](https://www.hectelion.com/en-us/glossary/bad-leaver) - [Balance sheet (Switzerland – CO)](https://www.hectelion.com/en-us/glossary/balance-sheet-switzerland---co) - [Banking covenants (Switzerland)](https://www.hectelion.com/en-us/glossary/banking-covenants-switzerland) - [Bare ownership (nue-propriété)](https://www.hectelion.com/en-us/glossary/bare-ownership-nue-propriete) - [Basket and de minimis (warranty thresholds)](https://www.hectelion.com/en-us/glossary/basket-and-de-minimis-warranty-thresholds) - [Benford's Law (digital analysis)](https://www.hectelion.com/en-us/glossary/benfords-law-digital-analysis) - [Best Alternative To a Negotiated Agreement (BATNA)](https://www.hectelion.com/en-us/glossary/best-alternative-to-a-negotiated-agreement-batna) - [Best practices](https://www.hectelion.com/en-us/glossary/best-practices) - [Beta (β)](https://www.hectelion.com/en-us/glossary/beta-v) - [Binding offer](https://www.hectelion.com/en-us/glossary/binding-offer) - [Blind pool](https://www.hectelion.com/en-us/glossary/blind-pool) - [Board rights](https://www.hectelion.com/en-us/glossary/board-rights) - [Bonds](https://www.hectelion.com/en-us/glossary/bonds) - [Bonds redeemable in shares](https://www.hectelion.com/en-us/glossary/bonds-redeemable-in-shares) - [Bonds with warrants](https://www.hectelion.com/en-us/glossary/bonds-with-warrants) - [Book gearing](https://www.hectelion.com/en-us/glossary/book-gearing) - [Branch (Switzerland)](https://www.hectelion.com/en-us/glossary/branch-switzerland) - [Brand value (brand valuation)](https://www.hectelion.com/en-us/glossary/brand-value-brand-valuation) - [Break fee](https://www.hectelion.com/en-us/glossary/break-fee) - [Break-even point](https://www.hectelion.com/en-us/glossary/break-even-point) - [Break-up fee](https://www.hectelion.com/en-us/glossary/break-up-fee) - [Bridge loan](https://www.hectelion.com/en-us/glossary/bridge-loan) - [BSA Air (French SAFE equivalent)](https://www.hectelion.com/en-us/glossary/bsa-air-french-safe-equivalent) - [BSPCE (French startup warrant)](https://www.hectelion.com/en-us/glossary/bspce-french-startup-warrant) - [Build-Up (Add-On Acquisition)](https://www.hectelion.com/en-us/glossary/build-up-add-on-acquisition) - [Burn Rate](https://www.hectelion.com/en-us/glossary/burn-rate) - [Business Acquisition](https://www.hectelion.com/en-us/glossary/business-acquisition) - [Business Angel](https://www.hectelion.com/en-us/glossary/business-angel) - [Business goodwill](https://www.hectelion.com/en-us/glossary/business-goodwill) - [Business plan (valuation)](https://www.hectelion.com/en-us/glossary/business-plan-valuation) - [Business sale: France vs Switzerland](https://www.hectelion.com/en-us/glossary/business-sale-france-vs-switzerland) - [Business Transfer](https://www.hectelion.com/en-us/glossary/business-transfer) - [Business transfer (art. 181 CO, Switzerland)](https://www.hectelion.com/en-us/glossary/business-transfer-art-181-co-switzerland) - [Business valuation: France vs Switzerland](https://www.hectelion.com/en-us/glossary/business-valuation-france-vs-switzerland) - [Business wealth (Switzerland)](https://www.hectelion.com/en-us/glossary/business-wealth-switzerland) - [Buy-In Management Buy-Out (BIMBO)](https://www.hectelion.com/en-us/glossary/buy-in-management-buy-out-bimbo) - [Buy-side process](https://www.hectelion.com/en-us/glossary/buy-side-process) - [CAC payback](https://www.hectelion.com/en-us/glossary/cac-payback) - [CAC – Customer Acquisition Cost](https://www.hectelion.com/en-us/glossary/cac---customer-acquisition-cost) - [Cap table](https://www.hectelion.com/en-us/glossary/cap-table) - [CAPEX (capital expenditure)](https://www.hectelion.com/en-us/glossary/capex-capital-expenditure) - [Capital contribution principle (KEP)](https://www.hectelion.com/en-us/glossary/capital-contribution-principle-kep) - [Capital contribution reserve (Switzerland)](https://www.hectelion.com/en-us/glossary/capital-contribution-reserve-switzerland) - [Capital contribution reserves – CCR (Switzerland)](https://www.hectelion.com/en-us/glossary/capital-contribution-reserves---ccr-switzerland) - [Capital Development](https://www.hectelion.com/en-us/glossary/capital-development) - [Capital gain (Switzerland)](https://www.hectelion.com/en-us/glossary/capital-gain-switzerland) - [Capital gain on securities disposal (France)](https://www.hectelion.com/en-us/glossary/capital-gain-on-securities-disposal-france) - [Capital Tax (Switzerland)](https://www.hectelion.com/en-us/glossary/capital-tax-switzerland) - [Capital Transmission](https://www.hectelion.com/en-us/glossary/capital-transmission) - [Capitalisation rate (Cap Rate)](https://www.hectelion.com/en-us/glossary/capitalisation-rate-cap-rate) - [CAPM](https://www.hectelion.com/en-us/glossary/capm) - [Carried interest](https://www.hectelion.com/en-us/glossary/carried-interest) - [Carry-forward of tax losses (France)](https://www.hectelion.com/en-us/glossary/carry-forward-of-tax-losses-france) - [Carve-out](https://www.hectelion.com/en-us/glossary/carve-out) - [Cash conversion cycle](https://www.hectelion.com/en-us/glossary/cash-conversion-cycle) - [Cash conversion rate](https://www.hectelion.com/en-us/glossary/cash-conversion-rate) - [Cash flow fade](https://www.hectelion.com/en-us/glossary/cash-flow-fade) - [Cash flow statement (direct method)](https://www.hectelion.com/en-us/glossary/cash-flow-statement-direct-method) - [Cash sweep](https://www.hectelion.com/en-us/glossary/cash-sweep) - [Cash-free / debt-free](https://www.hectelion.com/en-us/glossary/cash-free-debt-free) - [Cash-generating unit (CGU)](https://www.hectelion.com/en-us/glossary/cash-generating-unit) - [Cessation of payments](https://www.hectelion.com/en-us/glossary/cessation-of-payments) - [Charasse amendment (art. 223 B CGI)](https://www.hectelion.com/en-us/glossary/charasse-amendment-art-223-b-cgi) - [Churn Rate](https://www.hectelion.com/en-us/glossary/churn-rate) - [Clawback](https://www.hectelion.com/en-us/glossary/clawback) - [Cliff](https://www.hectelion.com/en-us/glossary/cliff) - [Closing](https://www.hectelion.com/en-us/glossary/closing-e5dc1) - [Co-investment (private equity)](https://www.hectelion.com/en-us/glossary/co-investment-private-equity) - [Cohort analysis](https://www.hectelion.com/en-us/glossary/cohort-analysis) - [Commercial Due Diligence](https://www.hectelion.com/en-us/glossary/commercial-due-diligence) - [Commercial margin](https://www.hectelion.com/en-us/glossary/commercial-margin) - [Commercial Register (Switzerland)](https://www.hectelion.com/en-us/glossary/commercial-register-switzerland) - [Commitment and drawdown (private equity)](https://www.hectelion.com/en-us/glossary/commitment-and-drawdown-private-equity) - [Common share](https://www.hectelion.com/en-us/glossary/common-share) - [Company Dissolution (Switzerland)](https://www.hectelion.com/en-us/glossary/company-dissolution-switzerland) - [Company sale process (M&A)](https://www.hectelion.com/en-us/glossary/company-sale-process-m-a) - [Comparable](https://www.hectelion.com/en-us/glossary/comparable) - [Comparative method](https://www.hectelion.com/en-us/glossary/comparative-method) - [Compensatory indemnity](https://www.hectelion.com/en-us/glossary/compensatory-indemnity) - [Completion accounts](https://www.hectelion.com/en-us/glossary/completion-accounts) - [Comprehensive income](https://www.hectelion.com/en-us/glossary/comprehensive-income) - [Conciliation (France)](https://www.hectelion.com/en-us/glossary/conciliation-france) - [Condition precedent](https://www.hectelion.com/en-us/glossary/condition-precedent) - [Conditional capital](https://www.hectelion.com/en-us/glossary/conditional-capital) - [Conditions Precedent (M&A)](https://www.hectelion.com/en-us/glossary/conditions-precedent-m-a) - [Confidentiality agreement (NDA)](https://www.hectelion.com/en-us/glossary/confidentiality-agreement-nda) - [Consent (approval) clause](https://www.hectelion.com/en-us/glossary/consent-approval-clause) - [Consolidated financial statements](https://www.hectelion.com/en-us/glossary/consolidated-financial-statements) - [Contingent risk insurance](https://www.hectelion.com/en-us/glossary/contingent-risk-insurance) - [Continuation fund](https://www.hectelion.com/en-us/glossary/continuation-fund) - [Contractual subordination](https://www.hectelion.com/en-us/glossary/contractual-subordination) - [Contribution in kind](https://www.hectelion.com/en-us/glossary/contribution-in-kind) - [Contribution in kind (Switzerland)](https://www.hectelion.com/en-us/glossary/contribution-in-kind-switzerland) - [Control agreement (Switzerland)](https://www.hectelion.com/en-us/glossary/control-agreement-switzerland) - [Control premium](https://www.hectelion.com/en-us/glossary/control-premium) - [Convertible bonds](https://www.hectelion.com/en-us/glossary/convertible-bonds) - [Corporate governance (Switzerland)](https://www.hectelion.com/en-us/glossary/corporate-governance-switzerland) - [Corporate Income Tax (France)](https://www.hectelion.com/en-us/glossary/corporate-income-tax-france) - [Corporate Income Tax (Switzerland)](https://www.hectelion.com/en-us/glossary/corporate-income-tax-switzerland) - [Corporate intelligence](https://www.hectelion.com/en-us/glossary/corporate-intelligence) - [Corporate mortgage loan (Switzerland)](https://www.hectelion.com/en-us/glossary/corporate-mortgage-loan-switzerland) - [Corruption](https://www.hectelion.com/en-us/glossary/corruption) - [Cost of capital](https://www.hectelion.com/en-us/glossary/cost-of-capital) - [Cost of Capital for Non-Listed Companies](https://www.hectelion.com/en-us/glossary/cost-of-capital-for-non-listed-companies) - [Cost of debt](https://www.hectelion.com/en-us/glossary/cost-of-debt) - [Cost of equity](https://www.hectelion.com/en-us/glossary/cost-of-equity-b872e) - [Country Risk Premium](https://www.hectelion.com/en-us/glossary/country-risk-premium) - [Court-appointed expert](https://www.hectelion.com/en-us/glossary/court-appointed-expert) - [Court-Appointed Valuation Expert](https://www.hectelion.com/en-us/glossary/court-appointed-valuation-expert) - [Covenant (Financial)](https://www.hectelion.com/en-us/glossary/covenant-financial) - [Covenant-lite (cov-lite)](https://www.hectelion.com/en-us/glossary/covenant-lite-cov-lite) - [Covenants](https://www.hectelion.com/en-us/glossary/covenants) - [Creditor ranking](https://www.hectelion.com/en-us/glossary/creditor-ranking) - [Current asset](https://www.hectelion.com/en-us/glossary/current-asset) - [Current asset impairment](https://www.hectelion.com/en-us/glossary/current-asset-impairment) - [Current liabilities](https://www.hectelion.com/en-us/glossary/current-liabilities) - [Dailly assignment](https://www.hectelion.com/en-us/glossary/dailly-assignment) - [Damages](https://www.hectelion.com/en-us/glossary/damages) - [Data room](https://www.hectelion.com/en-us/glossary/data-room-3f9ca) - [Daubert standard](https://www.hectelion.com/en-us/glossary/daubert-standard) - [Debt capacity](https://www.hectelion.com/en-us/glossary/debt-capacity) - [Debt policy](https://www.hectelion.com/en-us/glossary/debt-policy) - [Debt pushdown](https://www.hectelion.com/en-us/glossary/debt-pushdown) - [Debt service](https://www.hectelion.com/en-us/glossary/debt-service) - [Debt waiver](https://www.hectelion.com/en-us/glossary/debt-waiver) - [Debt-like items](https://www.hectelion.com/en-us/glossary/debt-like-items) - [Declaration of insolvency](https://www.hectelion.com/en-us/glossary/declaration-of-insolvency) - [Deferred charges](https://www.hectelion.com/en-us/glossary/deferred-charges) - [Deferred consideration](https://www.hectelion.com/en-us/glossary/deferred-consideration) - [Deferred tax asset (IAS 12)](https://www.hectelion.com/en-us/glossary/deferred-tax-asset-ias-12) - [Deferred tax liability (IAS 12)](https://www.hectelion.com/en-us/glossary/deferred-tax-liability-ias-12) - [Demerger (France)](https://www.hectelion.com/en-us/glossary/demerger-france) - [Demerger (Switzerland)](https://www.hectelion.com/en-us/glossary/demerger-switzerland) - [Depreciation expense](https://www.hectelion.com/en-us/glossary/depreciation-expense) - [Depreciation policy](https://www.hectelion.com/en-us/glossary/depreciation-policy) - [Dilution](https://www.hectelion.com/en-us/glossary/dilution) - [Dilution loss](https://www.hectelion.com/en-us/glossary/dilution-loss) - [Dilutive](https://www.hectelion.com/en-us/glossary/dilutive) - [Direct approach](https://www.hectelion.com/en-us/glossary/direct-approach) - [Direct federal tax (Switzerland)](https://www.hectelion.com/en-us/glossary/direct-federal-tax-switzerland) - [Direct partial liquidation (Switzerland)](https://www.hectelion.com/en-us/glossary/direct-partial-liquidation-switzerland) - [Directors’ liability (Swiss CO)](https://www.hectelion.com/en-us/glossary/directors-liability-swiss-co) - [Disclosure letter](https://www.hectelion.com/en-us/glossary/disclosure-letter) - [Disclosure schedule](https://www.hectelion.com/en-us/glossary/disclosure-schedule) - [Discount rate](https://www.hectelion.com/en-us/glossary/discount-rate) - [Discounted cash flow (DCF) method](https://www.hectelion.com/en-us/glossary/discounted-cash-flow-dcf-method) - [Discounting (present value)](https://www.hectelion.com/en-us/glossary/discounting-present-value) - [Disposal plan](https://www.hectelion.com/en-us/glossary/disposal-plan) - [Distressed M&A](https://www.hectelion.com/en-us/glossary/distressed-m-a-9e03d) - [Distributable profit (Switzerland)](https://www.hectelion.com/en-us/glossary/distributable-profit-switzerland) - [Dividend discount model](https://www.hectelion.com/en-us/glossary/dividend-discount-model) - [Dividend policy](https://www.hectelion.com/en-us/glossary/dividend-policy) - [Dividend recapitalisation (dividend recap)](https://www.hectelion.com/en-us/glossary/dividend-recapitalisation-recap) - [Dividend yield](https://www.hectelion.com/en-us/glossary/dividend-yield) - [Donation with reserved usufruct](https://www.hectelion.com/en-us/glossary/donation-with-reserved-usufruct) - [Donation-partage](https://www.hectelion.com/en-us/glossary/donation-partage) - [Down round](https://www.hectelion.com/en-us/glossary/down-round) - [DPI – Distributions to Paid-In](https://www.hectelion.com/en-us/glossary/dpi---distributions-to-paid-in) - [Drag Along](https://www.hectelion.com/en-us/glossary/drag-along) - [Drag-along right](https://www.hectelion.com/en-us/glossary/drag-along-right-779f6) - [Dry powder](https://www.hectelion.com/en-us/glossary/dry-powder) - [DSCR – Debt Service Coverage Ratio](https://www.hectelion.com/en-us/glossary/dscr---debt-service-coverage-ratio) - [Due diligence](https://www.hectelion.com/en-us/glossary/due-diligence) - [Due Diligence Report](https://www.hectelion.com/en-us/glossary/due-diligence-report) - [Due liabilities](https://www.hectelion.com/en-us/glossary/due-liabilities) - [Démembrement de propriété (Split ownership)](https://www.hectelion.com/en-us/glossary/demembrement-de-propriete-split-ownership) - [Earn-out](https://www.hectelion.com/en-us/glossary/earn-out) - [Earn-out clause](https://www.hectelion.com/en-us/glossary/earn-out-clause) - [Earn-Out Structuring](https://www.hectelion.com/en-us/glossary/earn-out-structuring) - [Earnings per share (BPA / EPS)](https://www.hectelion.com/en-us/glossary/earnings-per-share-bpa-eps) - [Earnings value](https://www.hectelion.com/en-us/glossary/earnings-value) - [Earnout insurance](https://www.hectelion.com/en-us/glossary/earnout-insurance) - [EBE before rent](https://www.hectelion.com/en-us/glossary/ebe-before-rent) - [EBIT](https://www.hectelion.com/en-us/glossary/ebit) - [EBITDA](https://www.hectelion.com/en-us/glossary/ebitda) - [EBITDA Margin](https://www.hectelion.com/en-us/glossary/ebitda-margin) - [EBITDA Normalisation](https://www.hectelion.com/en-us/glossary/ebitda-normalisation) - [Economic profitability](https://www.hectelion.com/en-us/glossary/economic-profitability) - [Economic substance (Switzerland)](https://www.hectelion.com/en-us/glossary/economic-substance-switzerland) - [Effective Tax Rate (Switzerland)](https://www.hectelion.com/en-us/glossary/effective-tax-rate-switzerland) - [Employee representation](https://www.hectelion.com/en-us/glossary/employee-representation) - [Engagement letter](https://www.hectelion.com/en-us/glossary/engagement-letter) - [Enterprise value](https://www.hectelion.com/en-us/glossary/enterprise-value) - [Enterprise-to-equity bridge](https://www.hectelion.com/en-us/glossary/enterprise-to-equity-bridge) - [Equalisation payment (soulte)](https://www.hectelion.com/en-us/glossary/equalisation-payment-soulte) - [Equity](https://www.hectelion.com/en-us/glossary/equity) - [Equity (Switzerland)](https://www.hectelion.com/en-us/glossary/equity-switzerland) - [Equity value](https://www.hectelion.com/en-us/glossary/equity-value) - [Escrow](https://www.hectelion.com/en-us/glossary/escrow) - [Escrow account](https://www.hectelion.com/en-us/glossary/escrow-account) - [ESG due diligence](https://www.hectelion.com/en-us/glossary/esg-due-diligence) - [ESOP (employee stock ownership plan)](https://www.hectelion.com/en-us/glossary/esop-employee-stock-ownership-plan) - [EV/EBIT – EBIT Multiple](https://www.hectelion.com/en-us/glossary/ev-ebit---ebit-multiple) - [EV/Sales – Revenue Multiple](https://www.hectelion.com/en-us/glossary/ev-sales---revenue-multiple) - [EVA (economic value added)](https://www.hectelion.com/en-us/glossary/eva-economic-value-added) - [Evergreen fund](https://www.hectelion.com/en-us/glossary/evergreen-fund) - [Ex aequo et bono](https://www.hectelion.com/en-us/glossary/ex-aequo-et-bono) - [Exceptional expenses](https://www.hectelion.com/en-us/glossary/exceptional-expenses) - [Excess cash (non-operating)](https://www.hectelion.com/en-us/glossary/excess-cash-non-operating) - [Excess earnings method](https://www.hectelion.com/en-us/glossary/excess-earnings-method) - [Excess profit](https://www.hectelion.com/en-us/glossary/excess-profit) - [Exchange ratio](https://www.hectelion.com/en-us/glossary/exchange-ratio) - [Exclusivity](https://www.hectelion.com/en-us/glossary/exclusivity) - [Exit multiples](https://www.hectelion.com/en-us/glossary/exit-multiples) - [Exit Tax (France)](https://www.hectelion.com/en-us/glossary/exit-tax-france) - [Expert witness](https://www.hectelion.com/en-us/glossary/expert-witness) - [Explicit forecast period](https://www.hectelion.com/en-us/glossary/explicit-forecast-period) - [Factoring](https://www.hectelion.com/en-us/glossary/factoring-92375) - [Fair value (IFRS 13)](https://www.hectelion.com/en-us/glossary/fair-value-ifrs-13) - [Fair value levels 1/2/3 (IFRS 13)](https://www.hectelion.com/en-us/glossary/fair-value-levels-1-2-3-ifrs-13) - [Fairness opinion](https://www.hectelion.com/en-us/glossary/fairness-opinion) - [Falsification](https://www.hectelion.com/en-us/glossary/falsification) - [Family holding company](https://www.hectelion.com/en-us/glossary/family-holding-company) - [Family Office](https://www.hectelion.com/en-us/glossary/family-office) - [Fiduciary (Switzerland)](https://www.hectelion.com/en-us/glossary/fiduciary-switzerland) - [Finance lease](https://www.hectelion.com/en-us/glossary/finance-lease) - [Financial Damages](https://www.hectelion.com/en-us/glossary/financial-damages) - [Financial due diligence (methodology)](https://www.hectelion.com/en-us/glossary/financial-due-diligence-methodology) - [Financial expenses](https://www.hectelion.com/en-us/glossary/financial-expenses) - [Financial intelligence unit (France)](https://www.hectelion.com/en-us/glossary/financial-intelligence-unit-france) - [Financial profitability](https://www.hectelion.com/en-us/glossary/financial-profitability) - [Financial statements](https://www.hectelion.com/en-us/glossary/financial-statements) - [Financial structuring](https://www.hectelion.com/en-us/glossary/financial-structuring) - [Financial year (Switzerland)](https://www.hectelion.com/en-us/glossary/financial-year-switzerland) - [Financing Plan](https://www.hectelion.com/en-us/glossary/financing-plan) - [First Chicago method](https://www.hectelion.com/en-us/glossary/first-chicago-method) - [Fixed asset](https://www.hectelion.com/en-us/glossary/fixed-asset) - [Flat Tax (PFU – Prélèvement Forfaitaire Unique)](https://www.hectelion.com/en-us/glossary/flat-tax-pfu---prelevement-forfaitaire-unique) - [Foreign Corrupt Practices Act (FCPA)](https://www.hectelion.com/en-us/glossary/foreign-corrupt-practices-act-fcpa) - [Forensic accounting](https://www.hectelion.com/en-us/glossary/forensic-accounting) - [Forward merger and reverse merger](https://www.hectelion.com/en-us/glossary/forward-merger-and-reverse-merger) - [Foundation (Switzerland)](https://www.hectelion.com/en-us/glossary/foundation-switzerland) - [Franchise](https://www.hectelion.com/en-us/glossary/franchise) - [Fraud](https://www.hectelion.com/en-us/glossary/fraud) - [Fraudulent misrepresentation](https://www.hectelion.com/en-us/glossary/fraudulent-misrepresentation) - [Free cash flow](https://www.hectelion.com/en-us/glossary/free-cash-flow) - [Free cash flow to equity (FCFE): formula and calculation](https://www.hectelion.com/en-us/glossary/free-cash-flow-to-equity-fcfe) - [Free cash flow to firm (FCFF): definition and formula](https://www.hectelion.com/en-us/glossary/free-cash-flow-to-firm-fcff) - [Freely disposable share (quotité disponible)](https://www.hectelion.com/en-us/glossary/freely-disposable-share-quotite-disponible) - [French Civil Code Article 1592](https://www.hectelion.com/en-us/glossary/french-civil-code-article-1592) - [French Civil Code Article 1843-4](https://www.hectelion.com/en-us/glossary/french-civil-code-article-1843-4) - [Full ratchet anti-dilution](https://www.hectelion.com/en-us/glossary/full-ratchet-anti-dilution) - [Fund of funds](https://www.hectelion.com/en-us/glossary/fund-of-funds) - [Gearing](https://www.hectelion.com/en-us/glossary/gearing) - [General Partner (GP)](https://www.hectelion.com/en-us/glossary/general-partner-gp) - [Golden parachute](https://www.hectelion.com/en-us/glossary/golden-parachute) - [Good leaver](https://www.hectelion.com/en-us/glossary/good-leaver) - [Goodwill](https://www.hectelion.com/en-us/glossary/goodwill) - [Gordon-Shapiro model](https://www.hectelion.com/en-us/glossary/gordon-shapiro-model) - [GP-led secondary](https://www.hectelion.com/en-us/glossary/gp-led-secondary) - [Gross error](https://www.hectelion.com/en-us/glossary/gross-error) - [Gross margin](https://www.hectelion.com/en-us/glossary/gross-margin) - [Group agreement (Switzerland)](https://www.hectelion.com/en-us/glossary/group-agreement-switzerland) - [Guarantee](https://www.hectelion.com/en-us/glossary/guarantee) - [Hawala](https://www.hectelion.com/en-us/glossary/hawala) - [Heads of Terms](https://www.hectelion.com/en-us/glossary/heads-of-terms) - [Hereditary reserve (réserve héréditaire)](https://www.hectelion.com/en-us/glossary/hereditary-reserve-reserve-hereditaire) - [Hidden profit distribution (Switzerland)](https://www.hectelion.com/en-us/glossary/hidden-profit-distribution-switzerland) - [Hidden reserves (Switzerland)](https://www.hectelion.com/en-us/glossary/hidden-reserves-switzerland) - [Holdback (price retention)](https://www.hectelion.com/en-us/glossary/holdback-price-retention) - [Holding company (Switzerland)](https://www.hectelion.com/en-us/glossary/holding-company-switzerland) - [Holding discount](https://www.hectelion.com/en-us/glossary/holding-discount) - [Hotchpot (rapport à succession)](https://www.hectelion.com/en-us/glossary/hotchpot-rapport-a-succession) - [Hurdle rate](https://www.hectelion.com/en-us/glossary/hurdle-rate) - [IBR – Incremental Borrowing Rate (IFRS 16)](https://www.hectelion.com/en-us/glossary/incremental-borrowing-rate-ibr-ifrs-16) - [IFRS 16 leases](https://www.hectelion.com/en-us/glossary/ifrs-16-leases) - [IFRS standards](https://www.hectelion.com/en-us/glossary/ifrs-standards) - [Illiquidity discount](https://www.hectelion.com/en-us/glossary/illiquidity-discount) - [Impairment](https://www.hectelion.com/en-us/glossary/impairment) - [Impairment test](https://www.hectelion.com/en-us/glossary/impairment-test) - [Inalienability clause](https://www.hectelion.com/en-us/glossary/inalienability-clause) - [Income statement](https://www.hectelion.com/en-us/glossary/income-statement) - [Independent Business Review (IBR)](https://www.hectelion.com/en-us/glossary/independent-business-review-ibr) - [Independent valuer](https://www.hectelion.com/en-us/glossary/independent-valuer) - [Indication of Interest (IOI)](https://www.hectelion.com/en-us/glossary/indication-of-interest-ioi) - [Indicative offer](https://www.hectelion.com/en-us/glossary/indicative-offer) - [Indirect approach](https://www.hectelion.com/en-us/glossary/indirect-approach) - [Indirect partial liquidation (Switzerland)](https://www.hectelion.com/en-us/glossary/indirect-partial-liquidation-switzerland) - [Information Memorandum](https://www.hectelion.com/en-us/glossary/information-memorandum) - [Inheritance tax (Switzerland)](https://www.hectelion.com/en-us/glossary/inheritance-tax-switzerland) - [Intangible asset](https://www.hectelion.com/en-us/glossary/intangible-asset) - [Intercreditor agreement](https://www.hectelion.com/en-us/glossary/intercreditor-agreement) - [Interdepartmental commission (France)](https://www.hectelion.com/en-us/glossary/interdepartmental-commission-france) - [Interest Coverage Ratio (ICR)](https://www.hectelion.com/en-us/glossary/interest-coverage-ratio-icr) - [Internal rate of return (IRR)](https://www.hectelion.com/en-us/glossary/internal-rate-of-return-irr) - [Intrinsic value (intrinsic valuation)](https://www.hectelion.com/en-us/glossary/intrinsic-value) - [Intuitu personae](https://www.hectelion.com/en-us/glossary/intuitu-personae) - [Investment period](https://www.hectelion.com/en-us/glossary/investment-period) - [Investment Ticket](https://www.hectelion.com/en-us/glossary/investment-ticket) - [IRR – Internal Rate of Return](https://www.hectelion.com/en-us/glossary/irr---internal-rate-of-return) - [Issuance stamp duty (Emissionsabgabe)](https://www.hectelion.com/en-us/glossary/issuance-stamp-duty-emissionsabgabe) - [IT forensics](https://www.hectelion.com/en-us/glossary/it-forensics) - [J-curve (private equity)](https://www.hectelion.com/en-us/glossary/j-curve-private-equity) - [Joint venture](https://www.hectelion.com/en-us/glossary/joint-venture) - [Judicial administrator](https://www.hectelion.com/en-us/glossary/judicial-administrator) - [Judicial expert](https://www.hectelion.com/en-us/glossary/judicial-expert) - [Judicial liquidation](https://www.hectelion.com/en-us/glossary/judicial-liquidation) - [Judicial reorganization](https://www.hectelion.com/en-us/glossary/judicial-reorganization) - [Judicial trustee](https://www.hectelion.com/en-us/glossary/judicial-trustee) - [Key Performance Indicator (KPI)](https://www.hectelion.com/en-us/glossary/key-performance-indicator-kpi) - [Know-how](https://www.hectelion.com/en-us/glossary/know-how) - [LBO financing plan](https://www.hectelion.com/en-us/glossary/lbo-financing-plan) - [Leakage](https://www.hectelion.com/en-us/glossary/leakage) - [Legal Due Diligence](https://www.hectelion.com/en-us/glossary/legal-due-diligence) - [Legal reserve (Switzerland)](https://www.hectelion.com/en-us/glossary/legal-reserve-switzerland) - [Legal transformation (Switzerland)](https://www.hectelion.com/en-us/glossary/legal-transformation-switzerland) - [Letter of Intent (LOI)](https://www.hectelion.com/en-us/glossary/letter-of-intent-loi) - [Leverage](https://www.hectelion.com/en-us/glossary/leverage) - [Leverage ratio (net debt / EBITDA)](https://www.hectelion.com/en-us/glossary/leverage-ratio-net-debt-ebitda) - [Leveraged Buy-Out (LBO)](https://www.hectelion.com/en-us/glossary/leveraged-buy-out-lbo) - [Leveraged Management Buy-Out (LMBO)](https://www.hectelion.com/en-us/glossary/leveraged-management-buy-out-lmbo) - [Levered beta](https://www.hectelion.com/en-us/glossary/levered-beta) - [Liabilities](https://www.hectelion.com/en-us/glossary/liabilities) - [Liability cap (warranty cap)](https://www.hectelion.com/en-us/glossary/liability-cap-warranty-cap) - [Licensed audit expert (Switzerland)](https://www.hectelion.com/en-us/glossary/licensed-audit-expert-switzerland) - [Limitation period (Swiss CO)](https://www.hectelion.com/en-us/glossary/limitation-period-swiss-co) - [Limited Partnership (LP)](https://www.hectelion.com/en-us/glossary/limited-partnership-lp) - [Liquid asset](https://www.hectelion.com/en-us/glossary/liquid-asset) - [Liquidation preference](https://www.hectelion.com/en-us/glossary/liquidation-preference) - [Liquidation value](https://www.hectelion.com/en-us/glossary/liquidation-value) - [Liquidity](https://www.hectelion.com/en-us/glossary/liquidity) - [Litigation](https://www.hectelion.com/en-us/glossary/litigation) - [Locked box](https://www.hectelion.com/en-us/glossary/locked-box) - [Lombard loan (Switzerland)](https://www.hectelion.com/en-us/glossary/lombard-loan-switzerland) - [Long Stop Date](https://www.hectelion.com/en-us/glossary/long-stop-date) - [Loss in value](https://www.hectelion.com/en-us/glossary/loss-in-value) - [Loss of chance](https://www.hectelion.com/en-us/glossary/loss-of-chance) - [Loss of profit (lucrum cessans)](https://www.hectelion.com/en-us/glossary/loss-of-profit-lucrum-cessans) - [LP-led secondary](https://www.hectelion.com/en-us/glossary/lp-led-secondary) - [LTV (Lifetime Value)](https://www.hectelion.com/en-us/glossary/ltv-lifetime-value) - [LTV – Lifetime Value](https://www.hectelion.com/en-us/glossary/ltv---lifetime-value) - [Majority transaction](https://www.hectelion.com/en-us/glossary/majority-transaction) - [Management Buy-In (MBI)](https://www.hectelion.com/en-us/glossary/management-buy-in-mbi) - [Management Buy-Out (MBO)](https://www.hectelion.com/en-us/glossary/management-buy-out-mbo) - [Management fee (private equity)](https://www.hectelion.com/en-us/glossary/management-fee-private-equity) - [Management fees](https://www.hectelion.com/en-us/glossary/management-fees) - [Management package](https://www.hectelion.com/en-us/glossary/management-package) - [Management Presentation](https://www.hectelion.com/en-us/glossary/management-presentation) - [Margin](https://www.hectelion.com/en-us/glossary/margin) - [Margin ratchet](https://www.hectelion.com/en-us/glossary/margin-ratchet) - [Market capitalization](https://www.hectelion.com/en-us/glossary/market-capitalization) - [Market gearing](https://www.hectelion.com/en-us/glossary/market-gearing) - [Market risk premium](https://www.hectelion.com/en-us/glossary/market-risk-premium) - [Material Adverse Change clause](https://www.hectelion.com/en-us/glossary/material-adverse-change-clause) - [Mediation](https://www.hectelion.com/en-us/glossary/mediation) - [Merger](https://www.hectelion.com/en-us/glossary/merger) - [Merger agreement (plan of merger)](https://www.hectelion.com/en-us/glossary/merger-agreement-plan-of-merger) - [Merger control](https://www.hectelion.com/en-us/glossary/merger-control) - [Merger surplus and deficit (boni and mali)](https://www.hectelion.com/en-us/glossary/merger-surplus-and-deficit) - [Merger tax neutrality regime (art. 210 A CGI)](https://www.hectelion.com/en-us/glossary/merger-tax-neutrality-regime-art-210-a-cgi) - [Mezzanine debt](https://www.hectelion.com/en-us/glossary/mezzanine-debt) - [Mezzanine financing (Switzerland)](https://www.hectelion.com/en-us/glossary/mezzanine-financing-switzerland) - [Mezzanine Warrants](https://www.hectelion.com/en-us/glossary/mezzanine-warrants) - [Milestone](https://www.hectelion.com/en-us/glossary/milestone) - [Minority discount](https://www.hectelion.com/en-us/glossary/minority-discount) - [Minority transaction](https://www.hectelion.com/en-us/glossary/minority-transaction) - [Misuse of corporate assets](https://www.hectelion.com/en-us/glossary/misuse-of-corporate-assets) - [Mixed contribution (Switzerland)](https://www.hectelion.com/en-us/glossary/mixed-contribution-switzerland) - [Modified Internal Rate of Return (MIRR / TRIM)](https://www.hectelion.com/en-us/glossary/modified-internal-rate-of-return-mirr-trim) - [MOIC – Multiple of Invested Capital](https://www.hectelion.com/en-us/glossary/moic---multiple-of-invested-capital) - [Money laundering](https://www.hectelion.com/en-us/glossary/money-laundering) - [MRL (Manufacturing Readiness Level)](https://www.hectelion.com/en-us/glossary/mrl-manufacturing-readiness-level) - [MRR (Monthly Recurring Revenue)](https://www.hectelion.com/en-us/glossary/mrr-monthly-recurring-revenue) - [Multiple](https://www.hectelion.com/en-us/glossary/multiple) - [NAV financing](https://www.hectelion.com/en-us/glossary/nav-financing) - [Negative goodwill (badwill)](https://www.hectelion.com/en-us/glossary/negative-goodwill-badwill) - [Negative operating assets](https://www.hectelion.com/en-us/glossary/negative-operating-assets) - [Negative working capital](https://www.hectelion.com/en-us/glossary/negative-working-capital) - [Net assets](https://www.hectelion.com/en-us/glossary/net-assets) - [Net book value](https://www.hectelion.com/en-us/glossary/net-book-value) - [Net financial debt](https://www.hectelion.com/en-us/glossary/net-financial-debt) - [Net income](https://www.hectelion.com/en-us/glossary/net-income) - [Net interest margin](https://www.hectelion.com/en-us/glossary/net-interest-margin) - [Net Operating Profit After Tax (NOPAT)](https://www.hectelion.com/en-us/glossary/net-operating-profit-after-tax-nopat) - [Net present value (NPV)](https://www.hectelion.com/en-us/glossary/net-present-value-npv) - [New York Convention](https://www.hectelion.com/en-us/glossary/new-york-convention) - [Non-compete clause](https://www.hectelion.com/en-us/glossary/non-compete-clause) - [Non-current asset](https://www.hectelion.com/en-us/glossary/non-current-asset) - [Non-current liabilities](https://www.hectelion.com/en-us/glossary/non-current-liabilities) - [Non-disclosure agreement](https://www.hectelion.com/en-us/glossary/non-disclosure-agreement) - [Non-operating working capital](https://www.hectelion.com/en-us/glossary/non-operating-working-capital) - [Non-participating liquidation preference](https://www.hectelion.com/en-us/glossary/non-participating-liquidation-preference) - [Non-recurring expenses](https://www.hectelion.com/en-us/glossary/non-recurring-expenses) - [Non-solicitation clause](https://www.hectelion.com/en-us/glossary/non-solicitation-clause) - [Normalized](https://www.hectelion.com/en-us/glossary/normalized) - [Normalized cash flow](https://www.hectelion.com/en-us/glossary/normalized-cash-flow) - [Normalized margin](https://www.hectelion.com/en-us/glossary/normalized-margin) - [Normalized operating working capital](https://www.hectelion.com/en-us/glossary/normalized-operating-working-capital) - [Note to the parties](https://www.hectelion.com/en-us/glossary/note-to-the-parties) - [NRR (Net Revenue Retention)](https://www.hectelion.com/en-us/glossary/nrr-net-revenue-retention) - [Observation period](https://www.hectelion.com/en-us/glossary/observation-period) - [Occupational pension scheme (Switzerland)](https://www.hectelion.com/en-us/glossary/occupational-pension-scheme-switzerland) - [Occupational pension scheme - LPP (Switzerland)](https://www.hectelion.com/en-us/glossary/occupational-pension-scheme----lpp-switzerland) - [Off-balance sheet](https://www.hectelion.com/en-us/glossary/off-balance-sheet) - [OID (original issue discount)](https://www.hectelion.com/en-us/glossary/oid-original-issue-discount) - [Open bid](https://www.hectelion.com/en-us/glossary/open-bid) - [Operating assets](https://www.hectelion.com/en-us/glossary/operating-assets) - [Operating cash flow](https://www.hectelion.com/en-us/glossary/operating-cash-flow) - [Operating expenditures (OPEX)](https://www.hectelion.com/en-us/glossary/operating-expenditures-opex) - [Operating expenses (OPEX)](https://www.hectelion.com/en-us/glossary/operating-expenses-opex) - [Operating margin](https://www.hectelion.com/en-us/glossary/operating-margin) - [Operating working capital](https://www.hectelion.com/en-us/glossary/operating-working-capital) - [Operational due diligence](https://www.hectelion.com/en-us/glossary/operational-due-diligence) - [Option pool](https://www.hectelion.com/en-us/glossary/option-pool) - [Ordinary audit (Switzerland)](https://www.hectelion.com/en-us/glossary/ordinary-audit-switzerland) - [Organic Growth](https://www.hectelion.com/en-us/glossary/organic-growth) - [Owner Buy-Out (OBO)](https://www.hectelion.com/en-us/glossary/owner-buy-out-obo) - [P/E Ratio – Price Earnings Ratio](https://www.hectelion.com/en-us/glossary/p-e-ratio---price-earnings-ratio) - [Pacte Dutreil](https://www.hectelion.com/en-us/glossary/pacte-dutreil) - [Paid-in capital (Switzerland)](https://www.hectelion.com/en-us/glossary/paid-in-capital-switzerland) - [Par value principle (Nennwertprinzip)](https://www.hectelion.com/en-us/glossary/par-value-principle-nennwertprinzip) - [Parent-subsidiary regime (France)](https://www.hectelion.com/en-us/glossary/parent-subsidiary-regime-france) - [Pari passu](https://www.hectelion.com/en-us/glossary/pari-passu) - [Partial asset contribution (France)](https://www.hectelion.com/en-us/glossary/partial-asset-contribution-france) - [Participating liquidation preference](https://www.hectelion.com/en-us/glossary/participating-liquidation-preference) - [Participation exemption (Switzerland)](https://www.hectelion.com/en-us/glossary/participation-exemption-switzerland) - [Party-appointed expert](https://www.hectelion.com/en-us/glossary/party-appointed-expert) - [Pay-to-play](https://www.hectelion.com/en-us/glossary/pay-to-play) - [Payout ratio](https://www.hectelion.com/en-us/glossary/payout-ratio) - [PEG (price/earnings to growth)](https://www.hectelion.com/en-us/glossary/peg-price-earnings-to-growth) - [Pension obligations](https://www.hectelion.com/en-us/glossary/pension-obligations) - [Percentage-of-completion revenue](https://www.hectelion.com/en-us/glossary/percentage-of-completion-revenue) - [Personnel expenses](https://www.hectelion.com/en-us/glossary/personnel-expenses) - [PIK – Payment in Kind](https://www.hectelion.com/en-us/glossary/pik---payment-in-kind) - [Pledge](https://www.hectelion.com/en-us/glossary/pledge) - [Post-Closing Indemnification](https://www.hectelion.com/en-us/glossary/post-closing-indemnification) - [Post-money valuation](https://www.hectelion.com/en-us/glossary/post-money-valuation) - [Potential acquirer](https://www.hectelion.com/en-us/glossary/potential-acquirer) - [Practitioners’ method](https://www.hectelion.com/en-us/glossary/practitioners-method) - [Pre-closing covenants](https://www.hectelion.com/en-us/glossary/pre-closing-covenants) - [Pre-emption right](https://www.hectelion.com/en-us/glossary/pre-emption-right) - [Pre-emption right (DPS)](https://www.hectelion.com/en-us/glossary/pre-emption-right-dps) - [Pre-emptive subscription right](https://www.hectelion.com/en-us/glossary/pre-emptive-subscription-right) - [Pre-money valuation](https://www.hectelion.com/en-us/glossary/pre-money-valuation) - [Preferred return (hurdle rate)](https://www.hectelion.com/en-us/glossary/preferred-return-hurdle-rate) - [Preferred share](https://www.hectelion.com/en-us/glossary/preferred-share) - [Prepaid expenses](https://www.hectelion.com/en-us/glossary/prepaid-expenses) - [Present value](https://www.hectelion.com/en-us/glossary/present-value) - [Price adjustment](https://www.hectelion.com/en-us/glossary/price-adjustment) - [Price indeterminacy](https://www.hectelion.com/en-us/glossary/price-indeterminacy) - [Price-to-Book Ratio (P/B)](https://www.hectelion.com/en-us/glossary/price-to-book-ratio-p-b) - [Price-to-earnings ratio (PER)](https://www.hectelion.com/en-us/glossary/price-to-earnings-ratio-per) - [Private credit](https://www.hectelion.com/en-us/glossary/private-credit) - [Private Equity Fund](https://www.hectelion.com/en-us/glossary/private-equity-fund-662bc) - [Pro forma financial statements](https://www.hectelion.com/en-us/glossary/pro-forma-financial-statements) - [Proceedings safeguard (France)](https://www.hectelion.com/en-us/glossary/proceedings-safeguard-france) - [Process letter (M&A)](https://www.hectelion.com/en-us/glossary/process-letter-m-a) - [Property tax (Switzerland)](https://www.hectelion.com/en-us/glossary/property-tax-switzerland) - [Provisions](https://www.hectelion.com/en-us/glossary/provisions) - [Public limited company – SA (Switzerland)](https://www.hectelion.com/en-us/glossary/public-limited-company---sa-switzerland) - [Public Market Equivalent (PME)](https://www.hectelion.com/en-us/glossary/public-market-equivalent-pme) - [Public squeeze-out offer](https://www.hectelion.com/en-us/glossary/public-squeeze-out-offer) - [Public tender offer](https://www.hectelion.com/en-us/glossary/public-tender-offer) - [Purchase price allocation](https://www.hectelion.com/en-us/glossary/purchase-price-allocation) - [Pure Holding (Switzerland)](https://www.hectelion.com/en-us/glossary/pure-holding-switzerland) - [Qualified majority](https://www.hectelion.com/en-us/glossary/qualified-majority) - [Qualified participation](https://www.hectelion.com/en-us/glossary/qualified-participation) - [Quality of earnings](https://www.hectelion.com/en-us/glossary/quality-of-earnings) - [Quantum](https://www.hectelion.com/en-us/glossary/quantum) - [Ratchet](https://www.hectelion.com/en-us/glossary/ratchet) - [Real estate gains tax (Switzerland)](https://www.hectelion.com/en-us/glossary/real-estate-gains-tax-switzerland) - [Rebuttal](https://www.hectelion.com/en-us/glossary/rebuttal) - [Recovery](https://www.hectelion.com/en-us/glossary/recovery) - [Red Flag (Due Diligence)](https://www.hectelion.com/en-us/glossary/red-flag-due-diligence) - [Registered share (Switzerland)](https://www.hectelion.com/en-us/glossary/registered-share-switzerland) - [Registration duties](https://www.hectelion.com/en-us/glossary/registration-duties) - [Relief-from-royalty](https://www.hectelion.com/en-us/glossary/relief-from-royalty) - [Reply](https://www.hectelion.com/en-us/glossary/reply) - [Representations and warranties](https://www.hectelion.com/en-us/glossary/representations-and-warranties) - [Research Tax Credit (CIR – France)](https://www.hectelion.com/en-us/glossary/research-tax-credit-cir---france) - [Restructuring](https://www.hectelion.com/en-us/glossary/restructuring) - [Restructuring plan](https://www.hectelion.com/en-us/glossary/restructuring-plan) - [Revenue](https://www.hectelion.com/en-us/glossary/revenue) - [Reverse break fee](https://www.hectelion.com/en-us/glossary/reverse-break-fee) - [Reverse vesting](https://www.hectelion.com/en-us/glossary/reverse-vesting) - [Revolving Credit Facility](https://www.hectelion.com/en-us/glossary/revolving-credit-facility) - [Right of First Refusal / Pre-emption Right](https://www.hectelion.com/en-us/glossary/right-of-first-refusal-pre-emption-right) - [Risk premium](https://www.hectelion.com/en-us/glossary/risk-premium) - [Risk-free asset](https://www.hectelion.com/en-us/glossary/risk-free-asset) - [ROCE – Return on Capital Employed: definition and formula](https://www.hectelion.com/en-us/glossary/roce---return-on-capital-employed) - [ROE – Return on Equity: definition and formula](https://www.hectelion.com/en-us/glossary/roe---return-on-equity) - [ROIC (return on invested capital)](https://www.hectelion.com/en-us/glossary/roic-return-on-invested-capital) - [Royalties](https://www.hectelion.com/en-us/glossary/royalties) - [Rule of 40](https://www.hectelion.com/en-us/glossary/rule-of-40) - [Rule of thumb (sector benchmark)](https://www.hectelion.com/en-us/glossary/rule-of-thumb-sector-benchmark) - [Run-rate revenue](https://www.hectelion.com/en-us/glossary/run-rate-revenue) - [Runway (Startup)](https://www.hectelion.com/en-us/glossary/runway-startup) - [RVPI – Residual Value to Paid-In](https://www.hectelion.com/en-us/glossary/rvpi---residual-value-to-paid-in) - [SaaS (Software as a Service)](https://www.hectelion.com/en-us/glossary/saas-software-as-a-service) - [SAFE (Simple Agreement for Future Equity)](https://www.hectelion.com/en-us/glossary/safe-simple-agreement-for-future-equity) - [Safeguard procedure (France)](https://www.hectelion.com/en-us/glossary/safeguard-procedure-france) - [Sale Price](https://www.hectelion.com/en-us/glossary/sale-price) - [SCRP (Specific Company Risk Premium)](https://www.hectelion.com/en-us/glossary/scrp-specific-company-risk-premium) - [Second lien](https://www.hectelion.com/en-us/glossary/second-lien) - [Secondary LBO](https://www.hectelion.com/en-us/glossary/secondary-lbo) - [Sector EV/EBITDA Multiple](https://www.hectelion.com/en-us/glossary/sector-ev-ebitda-multiple) - [Sector gearing](https://www.hectelion.com/en-us/glossary/sector-gearing) - [Secured creditor](https://www.hectelion.com/en-us/glossary/secured-creditor) - [Securities dealer (Switzerland)](https://www.hectelion.com/en-us/glossary/securities-dealer-switzerland) - [Securities transfer tax (Umsatzabgabe)](https://www.hectelion.com/en-us/glossary/securities-transfer-tax-umsatzabgabe) - [Sell-side auction](https://www.hectelion.com/en-us/glossary/sell-side-auction) - [Sell-side process](https://www.hectelion.com/en-us/glossary/sell-side-process) - [Senior debt](https://www.hectelion.com/en-us/glossary/senior-debt) - [Sensitivity analysis](https://www.hectelion.com/en-us/glossary/sensitivity-analysis) - [Series A / Series B](https://www.hectelion.com/en-us/glossary/series-a-series-b) - [SFTA – Swiss Federal Tax Administration](https://www.hectelion.com/en-us/glossary/sfta---swiss-federal-tax-administration) - [Share buyback (buyback)](https://www.hectelion.com/en-us/glossary/share-buyback-buyback) - [Share certificate (Switzerland)](https://www.hectelion.com/en-us/glossary/share-certificate-switzerland) - [Share deal](https://www.hectelion.com/en-us/glossary/share-deal) - [Share exchange offer](https://www.hectelion.com/en-us/glossary/share-exchange-offer) - [Share Purchase Agreement (SPA)](https://www.hectelion.com/en-us/glossary/share-purchase-agreement-spa) - [Share register obligation (Switzerland)](https://www.hectelion.com/en-us/glossary/share-register-obligation-switzerland) - [Share transfer order](https://www.hectelion.com/en-us/glossary/share-transfer-order) - [Share with subscription warrant](https://www.hectelion.com/en-us/glossary/share-with-subscription-warrant) - [Shareholder current accounts](https://www.hectelion.com/en-us/glossary/shareholder-current-accounts) - [Shareholder Loan (Switzerland)](https://www.hectelion.com/en-us/glossary/shareholder-loan-switzerland) - [Shareholders’ agreement](https://www.hectelion.com/en-us/glossary/shareholders-agreement) - [Shell companies](https://www.hectelion.com/en-us/glossary/shell-companies) - [Side letter (private equity)](https://www.hectelion.com/en-us/glossary/side-letter-private-equity) - [Signing](https://www.hectelion.com/en-us/glossary/signing) - [Simplified merger (Switzerland)](https://www.hectelion.com/en-us/glossary/simplified-merger-switzerland) - [Size premium](https://www.hectelion.com/en-us/glossary/size-premium) - [SME retirement exemption (Art. 150-0 D ter CGI)](https://www.hectelion.com/en-us/glossary/sme-retirement-exemption-art-150-0-d-ter-cgi) - [SME Valuation](https://www.hectelion.com/en-us/glossary/sme-valuation) - [Software company valuation (SaaS)](https://www.hectelion.com/en-us/glossary/software-company-valuation-saas) - [Special situations](https://www.hectelion.com/en-us/glossary/special-situations) - [Specific risk](https://www.hectelion.com/en-us/glossary/specific-risk) - [Spin-off](https://www.hectelion.com/en-us/glossary/spin-off) - [Sponsor (private equity sponsor)](https://www.hectelion.com/en-us/glossary/sponsor-private-equity-sponsor) - [Spread](https://www.hectelion.com/en-us/glossary/spread) - [SPV (special purpose vehicle)](https://www.hectelion.com/en-us/glossary/spv-special-purpose-vehicle) - [Staple financing](https://www.hectelion.com/en-us/glossary/staple-financing) - [Startup development stages](https://www.hectelion.com/en-us/glossary/startup-development-stages) - [Startup valuation](https://www.hectelion.com/en-us/glossary/startup-valuation) - [Statutory auditor (Switzerland)](https://www.hectelion.com/en-us/glossary/statutory-auditor-switzerland) - [Statutory legal reserve (Switzerland)](https://www.hectelion.com/en-us/glossary/statutory-legal-reserve-switzerland) - [Step-up](https://www.hectelion.com/en-us/glossary/step-up) - [Stock options](https://www.hectelion.com/en-us/glossary/stock-options) - [Stressed M&A](https://www.hectelion.com/en-us/glossary/stressed-m-a) - [Structural working capital](https://www.hectelion.com/en-us/glossary/structural-working-capital) - [Subcontracting](https://www.hectelion.com/en-us/glossary/subcontracting) - [Submissions to the expert](https://www.hectelion.com/en-us/glossary/submissions-to-the-expert) - [Subordinated debt](https://www.hectelion.com/en-us/glossary/subordinated-debt) - [Subscription warrant (BSA)](https://www.hectelion.com/en-us/glossary/subscription-warrant-bsa) - [Substantial value](https://www.hectelion.com/en-us/glossary/substantial-value) - [Substantial value (Adjusted NAV)](https://www.hectelion.com/en-us/glossary/substantial-value-adjusted-nav) - [Success fee (Switzerland)](https://www.hectelion.com/en-us/glossary/success-fee-switzerland) - [Succession pact (Switzerland)](https://www.hectelion.com/en-us/glossary/succession-pact-switzerland) - [Sum-of-the-parts (SOTP)](https://www.hectelion.com/en-us/glossary/sum-of-the-parts-sotp) - [Suspect period](https://www.hectelion.com/en-us/glossary/suspect-period) - [Sustainability-linked loan (SLL)](https://www.hectelion.com/en-us/glossary/sustainability-linked-loan-sll) - [Sweet equity](https://www.hectelion.com/en-us/glossary/sweet-equity) - [Swiss accounting law (CO)](https://www.hectelion.com/en-us/glossary/swiss-accounting-law-co) - [Swiss LLC (Sàrl)](https://www.hectelion.com/en-us/glossary/swiss-llc-sarl) - [Swiss withholding tax](https://www.hectelion.com/en-us/glossary/swiss-withholding-tax) - [Synergies](https://www.hectelion.com/en-us/glossary/synergies) - [Systematic risk](https://www.hectelion.com/en-us/glossary/systematic-risk) - [Tag Along](https://www.hectelion.com/en-us/glossary/tag-along) - [Tag-along right](https://www.hectelion.com/en-us/glossary/tag-along-right) - [Tangible asset](https://www.hectelion.com/en-us/glossary/tangible-asset) - [Target](https://www.hectelion.com/en-us/glossary/target) - [Target gearing](https://www.hectelion.com/en-us/glossary/target-gearing) - [Tax abuse doctrine (Art. L64 LPF – France)](https://www.hectelion.com/en-us/glossary/tax-abuse-doctrine-art-l64-lpf---france) - [Tax consolidation](https://www.hectelion.com/en-us/glossary/tax-consolidation) - [Tax deferral (Art. 150-0 B ter CGI)](https://www.hectelion.com/en-us/glossary/tax-deferral-art-150-0-b-ter-cgi) - [Tax Due Diligence](https://www.hectelion.com/en-us/glossary/tax-due-diligence) - [Tax ruling (Switzerland)](https://www.hectelion.com/en-us/glossary/tax-ruling-switzerland) - [Tax step-up (Switzerland)](https://www.hectelion.com/en-us/glossary/tax-step-up-switzerland) - [Tax structuring ruling (Switzerland)](https://www.hectelion.com/en-us/glossary/tax-structuring-ruling-switzerland) - [Tax value (Switzerland)](https://www.hectelion.com/en-us/glossary/tax-value-switzerland) - [Tax-neutral contribution (Switzerland)](https://www.hectelion.com/en-us/glossary/tax-neutral-contribution-switzerland) - [Tax-neutral restructuring (Switzerland)](https://www.hectelion.com/en-us/glossary/tax-neutral-restructuring-switzerland) - [Teaser](https://www.hectelion.com/en-us/glossary/teaser) - [Technical expert](https://www.hectelion.com/en-us/glossary/technical-expert) - [Term Loan A vs Term Loan B (TLA vs TLB)](https://www.hectelion.com/en-us/glossary/term-loan-a-term-loan-b) - [Term sheet](https://www.hectelion.com/en-us/glossary/term-sheet) - [Terminal Growth Rate (g)](https://www.hectelion.com/en-us/glossary/terminal-growth-rate-g) - [Terminal value](https://www.hectelion.com/en-us/glossary/terminal-value) - [Thin capitalisation](https://www.hectelion.com/en-us/glossary/thin-capitalisation) - [Ticking fee](https://www.hectelion.com/en-us/glossary/ticking-fee) - [Time-based capital gain allowance (France, pre-2018 shares)](https://www.hectelion.com/en-us/glossary/time-based-capital-gain-allowance-france-pre-2018-shares) - [Total comprehensive income](https://www.hectelion.com/en-us/glossary/total-comprehensive-income) - [Trade receivables](https://www.hectelion.com/en-us/glossary/trade-receivables) - [Trading multiples method](https://www.hectelion.com/en-us/glossary/trading-multiples-method) - [Transaction](https://www.hectelion.com/en-us/glossary/transaction) - [Transaction multiples method](https://www.hectelion.com/en-us/glossary/transaction-multiples-method) - [Transfer pricing](https://www.hectelion.com/en-us/glossary/transfer-pricing) - [Translation difference](https://www.hectelion.com/en-us/glossary/translation-difference) - [Transposition (Transponierung)](https://www.hectelion.com/en-us/glossary/transposition-transponierung-switzerland) - [Triangular theory (Dreieckstheorie)](https://www.hectelion.com/en-us/glossary/triangular-theory-dreieckstheorie) - [Trigger threshold](https://www.hectelion.com/en-us/glossary/trigger-threshold) - [TRL (Technology Readiness Level)](https://www.hectelion.com/en-us/glossary/trl-technology-readiness-level) - [TRL and MRL in the WACC](https://www.hectelion.com/en-us/glossary/trl-and-mrl-in-the-wacc) - [Turnaround](https://www.hectelion.com/en-us/glossary/turnaround) - [TVPI – Total Value to Paid-In](https://www.hectelion.com/en-us/glossary/tvpi---total-value-to-paid-in) - [UID number (Switzerland)](https://www.hectelion.com/en-us/glossary/uid-number-switzerland) - [UK Bribery Act](https://www.hectelion.com/en-us/glossary/uk-bribery-act) - [Unitranche Debt](https://www.hectelion.com/en-us/glossary/unitranche-debt) - [Universal transfer of assets](https://www.hectelion.com/en-us/glossary/universal-transfer-of-assets) - [Unlevered beta](https://www.hectelion.com/en-us/glossary/unlevered-beta) - [Unsecured creditor (chirographaire)](https://www.hectelion.com/en-us/glossary/unsecured-creditor-chirographaire) - [Up round](https://www.hectelion.com/en-us/glossary/up-round) - [Usufruct of securities](https://www.hectelion.com/en-us/glossary/usufruct-of-securities) - [Valuation of Intangible Assets](https://www.hectelion.com/en-us/glossary/valuation-of-intangible-assets) - [Value in use](https://www.hectelion.com/en-us/glossary/value-in-use) - [VAT (Switzerland)](https://www.hectelion.com/en-us/glossary/vat-switzerland) - [Vendor due diligence](https://www.hectelion.com/en-us/glossary/vendor-due-diligence) - [Vendor loan](https://www.hectelion.com/en-us/glossary/vendor-loan) - [Venture capital](https://www.hectelion.com/en-us/glossary/venture-capital) - [Venture capital method](https://www.hectelion.com/en-us/glossary/venture-capital-method) - [Vesting](https://www.hectelion.com/en-us/glossary/vesting) - [Veto right](https://www.hectelion.com/en-us/glossary/veto-right) - [Vintage year (private equity)](https://www.hectelion.com/en-us/glossary/vintage-year-private-equity) - [Virtual Data Room](https://www.hectelion.com/en-us/glossary/virtual-data-room) - [Volatility](https://www.hectelion.com/en-us/glossary/volatility) - [Voluntary dissolution (Switzerland)](https://www.hectelion.com/en-us/glossary/voluntary-dissolution-switzerland) - [W&I Insurance – Warranty and Indemnity](https://www.hectelion.com/en-us/glossary/w-i-insurance---warranty-and-indemnity) - [Wage guarantee scheme (France)](https://www.hectelion.com/en-us/glossary/wage-guarantee-scheme-france) - [Warranty & Indemnity Insurance](https://www.hectelion.com/en-us/glossary/warranty-indemnity-insurance) - [Waterfall (distribution)](https://www.hectelion.com/en-us/glossary/waterfall-distribution) - [Wealth tax (Switzerland)](https://www.hectelion.com/en-us/glossary/wealth-tax-switzerland) - [Weighted average anti-dilution](https://www.hectelion.com/en-us/glossary/weighted-average-anti-dilution) - [Weighted Average Cost of Capital (WACC)](https://www.hectelion.com/en-us/glossary/weighted-average-cost-of-capital-wacc) - [Weighted Average Return on Assets](https://www.hectelion.com/en-us/glossary/weighted-average-return-on-assets) - [Withholding tax (Switzerland)](https://www.hectelion.com/en-us/glossary/withholding-tax-switzerland) - [Withholding tax on distributions (Switzerland)](https://www.hectelion.com/en-us/glossary/withholding-tax-on-distributions-switzerland) - [Work in progress](https://www.hectelion.com/en-us/glossary/work-in-progress) - [Working capital](https://www.hectelion.com/en-us/glossary/working-capital) - [Working capital ratios](https://www.hectelion.com/en-us/glossary/working-capital-ratios) - [Working capital requirement](https://www.hectelion.com/en-us/glossary/working-capital-requirement)