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Waterfall Valuation - New Feature

Overview

Waterfall Valuation lets your team run the full valuation process inside Untap. Build a step by step waterfall that mirrors your internal approach, then publish it by period. Rows can pull KPI values, reference approved comparable, accept manual inputs, or compute formulas, which makes the tool adaptable to many valuation methods.

Highlights

  • Build a custom valuation sequence using KPIs, Comparable, Manual fields, and Formulas
  • Choose measurement windows for KPI based rows (CP, YTD, LTM, last known, rolling 3 period functions)
  • Apply numeric, currency, or percentage formats where needed
  • Reorder rows, reference previous results by letter, and document assumptions with notes
  • Save valuations per period, work in draft, then publish for reporting
  • If the asset belongs to one or more funds in Untap, the valuation view also shows fund related breakouts (for example preferred distributions and GP participation), which flow into NAV and MoIC lines

Where to find it

From the portfolio level, open Portfolio, then Portfolio Summary, select an asset, and go to the Investment tab. In the left panel, open Waterfall Valuation. Use New Draft Valuation to start a version for a reference date, then use Publish Valuation when ready. You can also use Update Values to refresh KPI inputs, and Set Status to switch between Draft and Published.

Building the model

Select Set Waterfall Valuation on the Investment tab to open the configuration and start building or editing your sequence.

Each row in the configuration represents a building block of the valuation. Rows are labeled A, B, C, and so on. Later rows can reference earlier rows by those letters.

Row types

  • KPI: pulls a KPI value configured on the asset
  • Comparable: selects one or more comparables and exposes their market multiple
  • Manual field: lets you enter a static input for the period, with formatting control
  • Formula: calculates a value from prior rows or fields you added earlier

Use the up and down arrows to move a row, use the delete icon to remove a row.

Measurements for KPI and Comparable rows

For KPI based rows, choose the measurement that best matches your method:

  • Current period (CP)
  • Year to date (YTD)
  • Last 12 months (LTM)
  • Last known
  • Sum of last 3 periods
  • Average of last 3 periods
  • Max of last 3 periods
  • Min of last 3 periods

For Comparable Rows

Comparable lists are maintained via the Untap data warehouse. Once added, you can select the comparables in the drop down menu. All selected companies are included in a single row for that period. Untap stores the selection with the valuation period.

To add comps in a valuation draft:

  1. Select Add Comparable in the builder
  2. Use the drop down to choose the comps list you want
  3. A new row is added to the model with that selection

After your rows are configured, open the draft valuation view by clicking on the (pencil) icon and edit the comps row to open Configure Comps. Here you can:

  • See the companies included and their individual multiples
  • Choose the calculation measure, Median or Mean. Median is selected by default
  • Confirm the resulting figure used in the row for this period

Your selection and the calculation choice are saved with the period and can be changed later while in draft. Changes do not affect reports until you publish.

Formats for Manual fields

Manual inputs can be one of the following formats:

  • Percentage format
  • Currency format
  • Numeric format

Formulas and references

Create formulas by referencing earlier rows by their letter, A, B, C. A formula can include row letters, numbers, and the operators +, -, *, /. Use parentheses to control the order of operations. Formulas recalculate when source rows change or when you select Update Values.

Rules and simple examples:

  • Reference rows above the current row only. If you need a different order, move rows with the arrows
  • Mix constants and row references, for example A*1.2 or (A + B) * C
  • Apply a percentage input, for example A * (1 - E)
  • Create a weighted mix, for example 0.6*B + 0.4*C
  • Do scaling or unit changes, for example A / 1000000 or A * 12

Use the Notes column to document assumptions, for example which comparables were selected or why a discount was applied.

Period control, drafts, and publishing

Valuations are date based. The Reference Date and Report Period you select control which values appear. Each row resolves according to its own measurement setting.

How measurements resolve for the selected date:

  • Current period (CP), uses the value recorded for the selected period
  • Year to date (YTD), uses the cumulative value from the start of the fiscal year up to the reference date
  • Last 12 months (LTM), uses the trailing 12 months ending at the reference date
  • Last known, uses the most recent non blank value at or before the reference date
  • Rolling 3 period functions, Sum, Average, Max, Min, use the last three periods up to and including the reference date

Use Update Values to refresh inputs for the selected date. These rules apply across the entire valuation. Measurement rules still apply.

You can have a draft and a published versions. Edit the draft freely. All changes are saved while in draft and do not affect reports until you publish. 

 

Fund context (when the asset is in a fund)

If the asset sits in one or more funds in Untap, and you have recorded cashflows for those funds, the valuation view displays additional lines that connect the asset value to the GP context. Examples include:

  • All Preferred Distributions: aggregated amount that is subtracted after Asset Value
  • Fund participation percentages: per fund GP participation, editable per period
  • Ordinary Share Values: GP share based on fund participations
  • Funds Preferred Distributions: GP portion of preferred distributions
  • Net Asset Value (NAV): GP NAV in the asset
  • Realizations: GP realizations for this asset across all funds

  • Multiple on Invested Capital (MoIC): MoIC based on total GP investment

These lines appear under the Asset Value section and update when the underlying fund data changes.

Tips

  • Treat this as your modeling space, you control row names, order, measurements, and formulas
  • Use clear names for each row, then add detail in Notes for audit and team handover
  • Choose the right measurement for each KPI input, LTM for stabilized metrics, CP or YTD for point in time or cumulative views
  • Set manual fields to the correct type, Percentage, Currency, or Numeric, so downstream math is clean
  • Start simple, then extend the sequence as your model evolves, avoid hidden logic outside the waterfall
  • Publish only when ready so reports stay consistent

Permissions and availability

Waterfall Valuation is available by default for portfolio level users. If you do not see it, contact your Untap administrator for access.