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            "text": "SCOTTISH ENTERPRISE ANNUAL REPORT AND ACCOUNTS 2026",
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            "text": "Notes to the Accounts",
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            "text": "169",
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                            "text": "A number of industries have industry-specific valuation ben…"
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                    "text": "Valuation approach, key unobservable inputs and relationship between unobservable inputs and fair value\nto the industry sector, discounted for lack of marketability, liquidity and other relevant factors which can vary considerably by sector.\nThere was one company valued using the earnings multiple basis at 31 March 2026. The multiple applied (6x) was arrived at with reference to publicly available data on comparable companies and represented a significant discount to the sector multiple applied to companies in the public markets.",
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                    "text": "A number of industries have industry-specific valuation benchmarks and certain financial services, IT and some service sectors where long-term contractors are a key feature, use turnover multiples as a valuation benchmark based on the assumption that purchasers are willing to pay for turnover or market share.",
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                    "text": "For early stage and emerging growth companies that have negative earnings, both historical and projected, a multiple of turnover may be considered as an appropriate valuation technique for calculating Fair Value. Where the portfolio company meets these characteristics, we do adopt a turnover based multiple approach with reference to market comparable data that is available e.g. multiples on recent exit transactions, multiple data that is available online for certain sectors / type of business etc. Judgement can then be applied, based on the facts and circumstances of the particular portfolio company to determine the most appropriate revenue multiple for the purposes of determining Fair Value. In portfolio companies where we have adopted a turnover multiple.\nRevenue multiplier has ranged from 1.5x to 3.0x (mean 2.04x) turnover.\nThe valuation basis for the equity portfolio at the 31 March 2026 is as follows:\n% of equity portfolio",
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                    "text": "Valuation basis\nPrice of recent investment\nTurnover multiple\nEarnings multiple\nAsset valuation\nIndicative offer price\nListed share price\nTotal",
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                    "text": "(based on volume)\n91.9\n3.6\n0.5\n0.5\n0.5\n3.0\n100.0",
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