Valphi is an independent corporate finance advisory company, specialised in business valuation and financial modelling. Valphi is also engaged in stock market research and develops Sismo, a SaaS solution that provides access to historical and prospective analyses through innovative charts designed to make complex information easy to grasp. Sismo is visual analytics solution for front-end asset management professionals (http://sismo.fr/). "The sneaky secret about choice is that it’s not about choice at all – it’s about value. The act of choosing one action over another follows directly from the way the brain values both the external world and the internal world – our thoughts. And the surprise about valuation is that it arose because life runs on batteries and so decisions must be efficient. Value and efficiency. From these humble beginnings, life discovered subtle mechanisms of efficient valuation and embedded them in the human brain." Neuroscientist Read Montague, How we make decisions, 2006 Valuation is what Valphi does. It is what any living being does at its own level: gather information, consider risk, assess alternative and use implied values to make a choice. We follow this path in our field. Our analyses drive and justify investment decisions. This is our responsibility. We seek to understand. We ask questions and we listen to the answers. We develop tools for financial analysis and modeling. We share information, compare, adjust and conclude. We proceed step by step, looking first for orders of magnitude and major risks and then adjusting through iteration. We are interested in theories and we dedicate a substantial part of our time to research. But we are pragmatic: we know that our opinions will be put to test. To us, truth is what works. And nothing else.