Why CBG.
What separates CBG from the alternatives available to the independent board.
What separates CBG from the alternatives available to the independent board.
The firm
CBG is a valuation boutique with experienced consultants based in our Rio de Janeiro and São Paulo offices. We cover three technical disciplines under one roof, which avoids outsourcing and inconsistent assumptions when an engagement spans more than one class of asset.
Our reports serve obligations under the Brazilian Corporations Act, accounting standards, tax legislation and the regulation of financial and capital markets, through to judicial proceedings, under IVS, the RICS Red Book, ABNT NBR 14653, the CPC pronouncements and IFRS.
We do not audit the statements we support, we do not broker the sale of assets we value, and we are not paid on the success of the transactions we opine on. Independence is a rule, not an option.
The decision before the decision
Before contracting a valuer, the independent board, the special committee and the fiduciary administrator face the same silent decision, choosing between an audit firm with a valuation practice, a specialised local boutique, or a global player without Brazilian regulatory presence. Each of these three options has its own merit and its own fragility. CBG exists to fill the space between them.
Three tests
Every valuation firm answering yes to all three meets the minimum criterion of a demanding board. Every firm answering no to any of them carries risk that is not the board's to assume.
Test 01 · Independence
Does the valuer provide audit, advisory or structuring services to the same counterparty?
CBG does not provide audit, M&A advisory or corporate structuring services. The firm does one thing only: independent technical valuation. That mechanical restriction of scope is what gives the report independence that is defensible before auditor, regulator and counterparty. There is no contractual or commercial mechanism tying CBG's opinion to a client-desired outcome.
Test 02 · Technical depth
Does the valuer cover, with competence, the disciplines involved in the engagement?
CBG covers three technical disciplines simultaneously under CPC and IFRS: Business & Intangibles Valuation, Real Estate Appraisal and Fixed Assets/Inventory. A PPA engagement, the marking of a holding with no observable market price, or a fairness opinion on a multi-asset holding does not require two firms stitched together by the client, with the methodological inconsistency that the stitching invites.
Test 03 · Regulatory fluency
Does the valuer master the Brazilian framework with the same depth as the international one?
CBG operates fluently in ABNT NBR 14653, CVM rules, Brazilian CPC standards, the Brazilian Corporations Law, and simultaneously in IFRS, IVS and the RICS Red Book. Cross-border engagements conducted through BOKS International benefit from a single firm that understands both the local auditor and the foreign investor, without loss of information in methodological translation.
Evidence
Membership of the IVSC, Corporate Membership of the BVIUK, and cross-border coverage via BOKS International. The firm's technical publications, including the PPA reference guide, are in Insights, and representative engagements, with methodology and applicable standards, in Cases.
How CBG delivers
Six operating commitments organise timing, communication, scope, and defensibility in every engagement, from the smallest to the largest.
See the six commitments →Four questions before signing
These four questions, asked explicitly at the outset, prevent late discovery of report fragilities. They work for any firm, not only CBG.
01.
Audit, advisory, structuring, tax, consulting. Any service that may create direct or indirect commercial dependence weakens the report's position of independence when the counterparty needs to contest it.
02.
The auditor may request clarifications six months later. The counterparty may contest two years later. The board may be called into arbitration three years later. The signing partner must be available, and that must be in scope, not outside it.
03.
A report without documented working papers is a number. A report with traceable working papers is a defensible conclusion. The difference appears when the auditor asks to reconstruct the calculation. Some firms treat working papers as confidential by default. Ask.
04.
A partner signs, but execution is often with an under-supervised analyst. In critical engagements this is the difference between a report that survives scrutiny and one that does not. Ask the name and seniority of whoever is actually in the model.
One hour under NDA, diagnosing the scenario and mapping the assumptions that will drive value.
Speak with the team →