Nino Beraia
PhD · MRICS · REV
PhD · MRICS · REV
Member of The Tangible Assets Board of International Valuation Standards Council · Member of European Business Valuation Standards Board
Beraia
Valuation Triad
Valuation Triad
Valuations that hold up across borders
You invest and build.
I measure the value created
I am a business valuer with international experience, working with owners, investors and their advisers. I help them understand what a business is worth and
support that value with clear evidence when it matters for a transaction, dispute, restructuring or financial reporting
Nino Beraia
A valuation is rarely the point in itself. Behind it there is almost always
a decision the owner has to make — and defend to someone else
I work across jurisdictions with different legal and professional traditions. Some assignments are international transactions or disputes. Others come down to reconciling the realities of a local market with International Valuation Standards
a decision the owner has to make — and defend to someone else
I work across jurisdictions with different legal and professional traditions. Some assignments are international transactions or disputes. Others come down to reconciling the realities of a local market with International Valuation Standards
Clients bring me in when
a business or equity stake is being sold
the ownership or management structure is changing
and the owner needs to understand what value can be credibly supported
and both the individual parts and the business as a whole need to be valued
an investor is coming in
and the value the business has already created needs to be evaluated
a business or its assets need to be divided
while the parties involved have different views of their value
an existing valuation has not provided enough clarity
risk has to be quantified and scenarios compared
or raises questions for the owner, investor or another party
before a decision with serious financial consequences
the company operates across several countries and multiple jurisdictions
and no simple model captures the jurisdictions, assets and interests involved
the issue has already been reviewed by other specialists
but no convincing answer has emerged
It is why - and to whom?
Value is not a number. It is a position you have to be able to defend
The question is never only what it is worth
What does your situation require?
routes
01 — I need to determine the value of business
02 — I already have a valuation, but questions remain
03 — My situation is complex, and valuation is only part of it
04 — I need a valuation that will hold up in a dispute
05 — I need a valuation partner in this region
There is a specific situation that requires a professional international business valuation
Several countries, assets, owners or possible scenarios are involved. The first step is to understand how the situation is structured and define the right approach to solving it
A shareholder conflict, a matrimonial or succession matter, a damages claim or an arbitration. The report has to state its assumptions, show its reasoning, and survive cross-examination
The methodology, the assumptions or the conclusions need to be reviewed, or an independent professional opinion is required
A cross-border instruction in Georgia, the Caucasus, Central Asia or Eastern Europe, where local market knowledge, International Valuation Standards expertise, or a valuer who can act locally is required
Complex assignments and major projects
▸ a $ 700 million Marabda-Kartsakhi railway investment project▸ major industrial assets including HeidelbergCement Georgia and Rustavi Metallurgical Plant▸ Coca-Cola Bottlers Georgia, McDonald’s, Marriott Group, Duty Free Georgia, and other major businesses▸ Georgia's leading banks, including Bank of Georgia and TBC Bank▸ investment project assessments for the EBRD▸ Purchase Price Allocation for major acquisitions▸ dispute resolution, including cases before the London Court of International Arbitration▸ infrastructure, mining licences, energy assets, software, payment systems, and other intangible assets▸ delivered 50+ professional seminars in Georgian, English, and Russian across Georgia, Ukraine, Central Asia, and the Caucasus
PhD, MRICS, REV
Nino Beraia
Member, Tangible Assets Board, International Valuation Standards CouncilMember, European Business Valuation Standards BoardPresident, Independent Valuers Society of GeorgiaMRICS — Member of the Royal Institution of Chartered SurveyorsREV — Recognised European Valuer
My experience includes valuations and advisory work for:
what you get
What you pay
What you feeL
Valuation Triad
For me, every important valuation sits between price, value and worth
My method is built on a multidisciplinary approach: I look at a business or asset as a system and bring together the expertise needed to understand it properly
Multidisciplinary Insight
Finding the Essence
Immersing myself in the client’s business and bringing in specialists from related fields whenever their knowledge is needed for a thorough valuation
Separating the central question from the surrounding detail to define what really needs to be valued or resolved
Accepting Reality
Working with the business and the market as they are, not as we would like them to be, so that the valuation supports a real decision
The Right Approach, Not the Default One
Looking beyond ready-made models to choose the valuation approach that best reflects each situation
Seeing the Connections
Staying Human
Understanding how the parts of a business affect one another and identifying the risks that shape its value
Remembering that behind every valuation there is a business, its history and the people who built it
With every Service you receive report prepared under International
Valuation Standards, suitable for use with international investors, auditors and counterparties
Value is in the eyes of the beholder
Nino Beraia
International Business Valuation
Determine the value — and make it defensible
Service 1
For business owners and investors who need more than a number: a professionally supported valuation they can rely on when making decisions and engaging with other parties
Independent Expert Opinion
When one valuation is not enough
Service 2
For situations where a valuation already exists, but its conclusions raise questions, different experts have reached different results, or the cost of getting it wrong is too high to proceed without an independent review
What you receive
Service 3
- clear definition of the problem that actually needs to be solved
- structured view of the key questions, information gaps and risks
- several possible scenarios where a single answer would be misleading
- professionally substantiated position you can use in further decisions or negotiations
Complex Valuation Assignments
When the first task is to understand what we are actually solving
Service 3
For complex international and non-standard situations where there is no ready-made algorithm, and where the valuation is bound up with the structure of the business, the relationships between shareholders, an investment decision, or several possible scenarios
What you receive
Service 4
- independent valuation grounded in evidence and clearly stated assumptions
- transparent explanation of the methodology and reasoning
- conclusions that can be followed, tested and challenged
- clear professional position that can support the wider legal or negotiation strategy
In these situations, the value itself is only part of the work. The report must make its assumptions explicit, show how the conclusions were reached, and provide a clear line of reasoning that can withstand professional scrutiny
Valuation for Disputes and Proceedings
A valuation that can withstand challenge
Service 4
For shareholder disputes, matrimonial or succession matters, damages claims, litigation and arbitration, where the valuation will be examined closely by lawyers, counterparties, other experts or a tribunal
What you receive
Service 5
- senior international valuation expertise added directly to your project team
- independent professional perspective on complex assumptions, methodology and judgement calls
- support on complex, non-standard and cross-border assignments
- clear, well-supported conclusions that can be integrated into the wider project
I can join an existing team as an independent valuation expert, take responsibility for a defined part of the assignment, review methodology and assumptions, or contribute specialist knowledge in business valuation, real estate, industrial assets, intangible assets and complex multi-jurisdictional cases
Global Expertise for Valuation Teams
Bring senior international expertise into your valuation assignment
Service 5
For valuation firms, advisory teams, investors and professional services organisations working on complex or cross-border assignments where additional senior expertise is needed
My Clients
Group 1 — Owners, investors and decision-makers
Group 2 — Valuation firms, advisory teams and project leads
People who need to understand what a business, asset or ownership interest is really worth before making a decision that carries financial, legal or strategic consequences
They come to me when
What they receive
They come to me when
- a business is being reorganised, transferred, sold or acquired
- an equity stake needs to be valued before a transaction
- ownership is changing or assets need to be divided
- a valuation is required for court, arbitration, succession or matrimonial proceedings
- real estate, hotel or restaurant assets need to be valued as part of a wider business decision
- intangible or non-standard assets need to be assessed — software, licences, crypto assets or other rights
- an existing valuation does not provide enough confidence to move forward
What they receive
- a clear and professionally supported view of value
- an understanding of what actually drives that value
- a position they can use in negotiations, transactions or proceedings
- clarity on the assumptions, risks and areas of uncertainty
- a valuation prepared in accordance with International Valuation Standards
- a stronger basis for deciding what to do next
Professional teams working on assignments where the complexity of the project calls for additional senior international expertise.
They come to me when
What they receive
They come to me when
- a valuation spans several jurisdictions, asset classes or professional frameworks
- the assignment involves international brands or cross-border assets
- a large industrial, infrastructure or specialised asset requires deeper valuation expertise
- the project combines business valuation with real estate, intangible assets or other specialist areas
- the team needs an independent expert to challenge methodology, assumptions or professional judgement
- the assignment will be reviewed by investors, auditors, lawyers, counterparties or a tribunal
- the project requires someone with experience working inside global multidisciplinary teams
What they receive
- senior valuation expertise integrated into the existing team
- cross-border experience and a strong command of International Valuation Standards
- additional depth on complex assets, assumptions and judgement calls
- an independent professional perspective where the team needs a second layer of expertise
- someone who can work across valuation disciplines and connect different parts of the assignment
- conclusions that can be incorporated into the wider project and defended under professional scrutiny
Investment Valuation for a New Development in Kyrgyzstan
International Business Valuation · Complex Valuation Assignments · Regional Valuation Partner
Situation
Result
A major development was conducted on Lake Issyk-Kul within a newly established special financial zone offering significant tax incentives and a 49-year land tenure
With few direct market precedents, the investor needed more than a headline number. They needed to know what the project was worth at its current stage, whether the model could support further investment, and how to present the opportunity credibly across different markets
With few direct market precedents, the investor needed more than a headline number. They needed to know what the project was worth at its current stage, whether the model could support further investment, and how to present the opportunity credibly across different markets
The investor went away with:
- an International Valuation Standards-compliant investment value
- a stronger basis for approaching future equity holders
- a clearer funding strategy across development stages
- options for adapting the asset mix as the market evolves
- a cross-border view of investor risk
- legal analysis of the special investment regime
Case 1
Brand, Business and Property Value in a Global Restaurant Network
Brand, Business and Property Value in a Global Restaurant Network
International Business Valuation · Complex Valuation Assignments
Situation
Result
A global restaurant network needed individual property values for financial reporting
The complexity of the project was that each restaurant carried several layers of value at once: the international brand, the operating business, the property itself and, in some cases, a value connected with iconic location
The complexity of the project was that each restaurant carried several layers of value at once: the international brand, the operating business, the property itself and, in some cases, a value connected with iconic location
The client received defensible individual property values with the brand effect clearly separated from the underlying real estate
One finding was particularly revealing: a flagship central site generated lower operating income than another location, yet its property value was approximately 17 times higher, because of it’s iconic location
One finding was particularly revealing: a flagship central site generated lower operating income than another location, yet its property value was approximately 17 times higher, because of it’s iconic location
Case 2
An Acquisition Offer for a Founder-Led Business
An Acquisition Offer for a Founder-Led Business
International Business Valuation · Complex Valuation Assignments
Situation
Result
Three founders had spent around 15 years building a successful events business with a loyal team, long-standing clients and strong personal reputations
Then a major financial group approached them with an acquisition offer
They had never planned an exit and did not know either what the business was worth or what exactly the buyer would be buying, the client base and the loyal team or the whole business with owners as a leading specialists
Then a major financial group approached them with an acquisition offer
They had never planned an exit and did not know either what the business was worth or what exactly the buyer would be buying, the client base and the loyal team or the whole business with owners as a leading specialists
The founders gained a clear view of:
They decided not to sell
- what actually created value in the company
- which intangible assets the buyer was trying to acquire
- the minimum price at which a sale was worth considering
- how much value depended on their continued involvement
- what they would gain — and lose — by becoming part of a larger group
They decided not to sell
Case 3
Independent Valuation Review in a Matrimonial Dispute
Independent Valuation Review in a Matrimonial Dispute
Independent Expert Opinion · Valuation for Disputes and Proceedings
Situation
Result
A divorcing couple owned substantial business interests across several countries
One of the assets was a clinic under construction in Tbilisi. The project had stalled because of the dispute
A valuation had already been prepared, but one party questioned the result and asked for an independent review
One of the assets was a clinic under construction in Tbilisi. The project had stalled because of the dispute
A valuation had already been prepared, but one party questioned the result and asked for an independent review
The review identified the specific assumption that was distorting the valuation: an incorrect interpretation of the permitted use of the site
Instead of simply believing that “the number looks wrong”, the client now had a professionally supportable explanation of where the valuation failed, why it mattered, and which part of the conclusion could no longer be relied upon
Instead of simply believing that “the number looks wrong”, the client now had a professionally supportable explanation of where the valuation failed, why it mattered, and which part of the conclusion could no longer be relied upon
Case 4
A Georgian Asset Within a Global Real Estate Portfolio
A Georgian Asset Within a Global Real Estate Portfolio
Independent Expert Opinion · Regional Valuation Partner
Situation
Result
An international investment structure held real estate across multiple countries
A local valuation already existed. The client needed to know two things:
Was the original conclusion reliable? And could a valuation prepared as market value be used for financial reporting, where fair value was required?
A local valuation already existed. The client needed to know two things:
Was the original conclusion reliable? And could a valuation prepared as market value be used for financial reporting, where fair value was required?
The client received:
The practical outcome was comparability: the Georgian asset could be incorporated into the wider portfolio on the same professional footing as assets in other jurisdictions
- independent confirmation of the local valuation
- additional Georgian market evidence
- a clear methodological link between market value and fair value
- a substantiated basis for using the result in international financial reporting
The practical outcome was comparability: the Georgian asset could be incorporated into the wider portfolio on the same professional footing as assets in other jurisdictions
Case 5
Property Rights and Economic Value in a Dispute with the State
Property Rights and Economic Value in a Dispute with the State
Valuation for Disputes and Proceedings · Complex Valuation Assignments
Situation
Result
A large site in central Tbilisi had operated as a construction-materials market since the 1990s
The land was privately owned. Decades later, the state proposed redeveloping the whole district and replacing existing plots with space inside a newly created development
Owners would be giving up fee simple ownership of land and receiving units on the land with shared ownership. One of the major private owners challenged the proposal going directly to the Court
The land was privately owned. Decades later, the state proposed redeveloping the whole district and replacing existing plots with space inside a newly created development
Owners would be giving up fee simple ownership of land and receiving units on the land with shared ownership. One of the major private owners challenged the proposal going directly to the Court
The work turned a legal argument about property rights into measurable economic consequences
The three scenarios showed how value changed under each ownership structure and gave the legal team a quantified position to use in court
The case reached the highest court, where the private party ultimately prevailed
It became the first precedent of its kind to result in a decision in favour of the private owner rather than the state
The three scenarios showed how value changed under each ownership structure and gave the legal team a quantified position to use in court
The case reached the highest court, where the private party ultimately prevailed
It became the first precedent of its kind to result in a decision in favour of the private owner rather than the state
Case 6
Let’s Look at Your Situation
When value of the business becomes part of an important decision, the first step is to understand the context
In our first conversation, we will discuss:
- what decision or problem needs to be addressed
- who the valuation is for
- which parties are involved
- what is already known
- where the main uncertainty lies
- what outcome would make it possible to move forward
When this work is needed
Service 1. International Business Valuation
- raising investment
- selling a business or equity stake
- a change in ownership structure
- a division of assets
- a transfer of a business
- valuing individual companies or assets within a group
- international or cross-border business structures
- evaluation of property before a significant decision
A valuation should be structured enough to be relied upon, and flexible enough to reflect how the business actually works
How the work proceeds
- Clarifying the assignment and the context in which the valuation will be used
- Examining the business structure, assets, financial information and material value drivers
- Determining which valuation approaches and models best suit the situation
- Assessing risks and challenging key assumptions
- Comparing the results produced by different approaches
- Testing the conclusions and their internal logic
- Setting out my expert opinion and explaining what the value rests on
- Preparing the valuation report in accordance with International Valuation Standards
When this work is needed
Service 5. Global Expertise for Valuation Teams
- the assignment involves several jurisdictions or professional frameworks
- the project requires expertise that is not available within the core team
- a complex or unusual asset class needs specialist input
- the methodology or key assumptions require an independent senior review
- the valuation involves significant professional judgement or uncertainty
- the assignment combines business, real estate, industrial or intangible assets
- the conclusions will be tested by investors, auditors, lawyers, counterparties or a tribunal
- the project would benefit from an expert experienced in international standards and cross-border work
The aim is to strengthen the team where the assignment is most demanding — with independent judgement, international experience and expertise that can stand up to professional scrutiny
How the collaboration works
- Defining the part of the assignment where my expertise adds the most value
- Reviewing the existing information, methodology, assumptions and project context
- Working directly with the lead valuer or wider advisory team
- Contributing analysis, specialist judgement or an independent review as required
- Connecting different valuation disciplines, jurisdictions or professional perspectives where necessary
- Documenting conclusions so they can be clearly integrated into the final deliverable
- Staying involved through review and finalisation where continuity of expert input is needed
- Preparing the valuation report in accordance with International Valuation Standards
When this work is needed
Service 4. Valuation for Disputes and Proceedings
- shareholder or partnership disputes
- matrimonial proceedings involving business or asset valuation
- inheritance and succession matters
- damages and compensation claims
- litigation support
- arbitration proceedings
- conflicting valuations submitted by different parties
- situations where an existing valuation may need to be challenged or defended
In a dispute, a valuation has to do more than arrive at a value. It has to show exactly how that value was reached — and why the reasoning holds
How the work proceeds
- Clarifying the dispute, the purpose of the valuation and the questions the report needs to address
- Reviewing the available financial, legal and operational information
- Identifying the assumptions and areas of judgement most likely to be material to the case
- Selecting and applying the appropriate valuation approaches
- Testing the conclusions against alternative scenarios and interpretations
- Reviewing the opposing valuation position where relevant and identifying points of agreement or divergence
- Setting out the reasoning in a form that is clear, traceable and professionally defensible
- Preparing the valuation report in accordance with International Valuation Standards
When this work is needed
Service 3. Complex Valuation Assignments
- the assignment does not fit neatly into a standard valuation framework
- several countries, assets, shareholders or legal structures are involved
- the valuation is only one part of a wider business or investment decision
- the available information is incomplete, inconsistent or difficult to interpret
- different scenarios could lead to materially different conclusions
- the original question does not fully reflect the problem that needs to be solved
- existing approaches have not produced a convincing answer
- the assignment requires expertise from several disciplines or jurisdictions
When a problem cannot be solved with the tools already available, the search for a new path begins
How the work proceeds
- Breaking down the situation into its essential parts
- Identifying the questions that actually need answering
- Determining what information is available, what is missing and what needs to be verified
- Assessing the key risks, assumptions and areas of uncertainty
- Developing and testing alternative scenarios where appropriate
- Bringing in additional international or specialist expertise where the case requires it
- Formulating the approach and conclusions in a way that reflects the real structure of the problem
- Preparing the report in accordance with International Valuation Standards
When this work is needed
Service 2. Independent Expert Opinion
- an existing valuation raises questions or does not provide enough clarity
- different valuers have reached materially different conclusions
- the assumptions or methodology need to be independently tested
- the valuation will be used in an important transaction, negotiation or dispute
- another party has submitted a valuation that needs professional review
- the cost of relying on a weak or unsupported conclusion is too high
- you need an independent position before deciding how to proceed
You know where the professionally supportable position lies, which arguments will withstand scrutiny, and what you can rely on going forward
How the work proceeds
- Clarifying why the existing valuation requires review and how the second opinion will be used
- Examining the report, supporting information, methodology and assumptions
- Testing the source data and the logic behind the calculations
- Identifying where professional judgement has the greatest impact on the result
- Applying alternative approaches or assumptions where necessary
- Assessing whether the conclusions are consistent with the economics and structure of the business
- Setting out an independent opinion — where it agrees with the original, where it differs, and why
- Preparing the valuation report in accordance with International Valuation Standards
Academic background
Standards, Methodology & Public-Sector Expertise
PhD in Economics, Tbilisi State University
Research focused on the analysis and forecasting of the Tbilisi residential real estate market
Master of Engineering with Distinction, Georgian Technical University
Specialisation in Microelectronics
Research focused on the analysis and forecasting of the Tbilisi residential real estate market
Master of Engineering with Distinction, Georgian Technical University
Specialisation in Microelectronics
- Member, Tangible Assets Board, International Valuation Standards Council (IVSC)
- Member, European Business Valuation Standards Board
- Contributor to the European Valuation Standards chapter "Applying EVS in Wartime Circumstances"
- Member of the working group that drafted Georgia’s national valuation legislation
- Valuation Consultant, National Forensics Bureau, Ministry of Justice of Georgia
- Supervisor, Expert Valuers Group, National Bureau of Enforcement, Ministry of Justice of Georgia
- Advisor, implementation of International Valuation Standards in Azerbaijan
Teaching Experience
- Founder and Managing Partner of the International Valuation Academy, an ISO 17 024-accredited certification body
- Teaching business valuation, real estate, and plant & equipment valuation since 2010
- Developed professional certification programmes and assessment methodologies
- Author and co-author of university courses in Real Estate Economics and Investment Analysis
- delivered 50+ professional seminars in Georgian, English, and Russian across Georgia, Ukraine, Central Asia, and the Caucasus
- Published and presented research on valuation, real estate markets, automated valuation systems, and market behaviour in times of crisis
