For investors

Mandate the scope, earn the comparison — across a portfolio, or one target before you sign.

Compliance reaches an investment committee as an assertion: management says the controls are in place. Bawin reads the same estate as evidence — what is connected, how fresh it is, and what remains outstanding at the point the deal closes. The output is a diligence instrument, not a badge.

Enterprise tier · The same mandate that makes a portfolio comparable makes a single acquisition defensible. Before signature, impose the connectors, framework and boundary on the target the way you would across a book — and get a reading that holds up when your IC asks how it was scoped, not just what it says.

Open the reference board Read the method

Three things this does that a questionnaire cannot

One mandate, versioned

You set the boundary, the connectors, the regimes and the accounting basis. Every number carries the mandate version it was computed under, so two readings are never silently compared across different scopes.

Scope completeness before score

The board opens on how much of your mandate can actually be answered, ascending. A thin answer is surfaced as a thin answer rather than dressed as a low score.

Concentration, counted

Where one supplier class, one control gap or one regime runs through several companies, it is counted — not averaged into a portfolio figure that describes nothing.

Reference mandate

A worked reference cohort, generated deterministically for demonstration. It is not a client portfolio and no company on it is real.

Four reference companies with the lowest scope completeness
Company	Scope completeness	Missing
Nordvest Marine Systems AS	30%	Identity, Endpoint, Cloud, Ledger, HRIS
Arbroath Food Manufacturing Limited	72%	Endpoint, Ledger
Grenaa Teknik Holding A/S	72%	Identity, Ledger
Halewood Precision Engineering Limited	72%	Endpoint, Ledger

The Value Bridge

Portfolio Edition · Illustrative · Inputs stay in this browser

The Value Bridge

Entry EBITDA to attested run-rate EBITDA, one bar per lever. Every pound carries a confidence tier and a source. We are a bureau: we score and we quantify. We do not sell remediation and we do not certify.

BWNv2.1UK/EU2026-07-28

MakerMethodologyResidencyEvidence

Defensible

£538,737

Observed + Derived

Indicative

£991,457

+ Modelled

Illustrative

£991,457

+ Assumed

EBITDA totals only. Timing and enterprise value are separate objects below and are never summed into these figures. There is no view in this product that shows one total on its own.

Recurring EBITDA levers

Fill encodes confidence. Solid is Observed, 70% solid is Derived, hatched is Modelled, outline is Assumed.

Entry EBITDA → attested run-rate EBITDA

ENTRY
Entry EBITDA
£8,600,000Anchor
L1
Gated revenue unlock
+£414,720Modelled
L3
Audit and certification consolidation
+£267,333Observed
L4
Compliance labour
+£118,404Derived
L5
External advisory displacement
+£153,000Observed
L6
Cyber insurance premium
+£38,000Modelled

Axis truncated at £8,256,000 so step levers are legible. Bar lengths are comparable to one another, not to the anchor.

ObservedDerivedModelledAssumed

Cash timing · non-recurring

Timing effects

Cash pulled forward is not run-rate. These lines are stated separately and do not enter the EBITDA total above.

L2
Sales cycle compression
annual new bookings × (days saved ÷ 365) × gross margin
£618,608
Derived
Cash timing, non-recurring. Does not enter the EBITDA total.

Enterprise value effects

A separate total. Multiple turns are protected, not created — posture rarely lifts a sale price; it stops being a blocker and stops the re-trade.

Defensible · EV

£2,300,000

Indicative · EV

£7,430,000

Illustrative · EV

£7,430,000

V1
Exit friction avoided
current EBITDA × haircut turns avoided
£4,300,000
Modelled
Multiple turns protected, not created. Posture rarely lifts a sale price; it stops being a blocker and stops the re-trade.
V2
Escrow and indemnity exposure
expected EV × (baseline escrow − attested escrow)
£2,300,000
Derived
V3
Expected incident loss avoided
annual loss expectancy, before minus after
£830,000
Modelled
Risk-adjusted, not EBITDA-recognised.

Lever inputs and attribution

Change an input and every total moves. Promote a line only when the evidence named on it is attached; lines with a cap cannot be promoted past it.

L1
Gated revenue unlock
gated pipeline × (attested win rate − baseline win rate) × gross margin
£414,720
Modelled
L3
Audit and certification consolidation
(Σ portco audit fees − group fee) + (shared ÷ total controls) × surveillance effort
£267,333
Observed
Σ portco audit fees (£)Group negotiated fee (£)Shared controlsTotal controlsSurveillance effort cost (£)
Confidence tier
Source
Audit invoices 2025–26 · engagement letters (attached)
Promotes on
Audit invoices and engagement letters.
L4
Compliance labour
FTE × blended cost × manual-evidence time × automation reduction
£118,404
Derived
Retained headcount recognises £0. A cost that stays on the P&L is not a saving.
L5
External advisory displacement
annual consultant spend × displaceable share
£153,000
Observed
L6
Cyber insurance premium
current premium − attested premium indication
£38,000
Modelled

What each tier means

Observed: Taken directly from an attached artifact — invoice, CRM export, broker schedule, audit report.
Derived: Calculated arithmetically from Observed inputs.
Modelled: Benchmark-based, with the benchmark source named on the line.
Assumed: User-entered with no evidence attached.

Illustrative. No fund or portfolio data is stored or transmitted by this page.

What we withhold

There is no Observed mode. Observation would mean Bawin had stood inside the target and watched a control operate. It has not, so the reading does not exist — it is absent from the data model, not merely hidden from this screen.