When do heuristic adjustments run?

After a NACE or niche baseline is chosen for EV/EBITDA. They do not run on a custom override — that override is final.

What moves the multiple, and by how much?

Five named shifts: high_margin (+0.5 across the band when EBITDA margin > 25%), high_efficiency (+0.5 when revenue per employee > 5M CZK), high_score (+0.5/+1.0/+1.0 when Score ≥ 70), low_score (−0.5 when Score < 40), and small_size (−0.5 when revenue < 75M CZK).

Can adjustments drive the multiple below a floor?

No. After shifts, EV/EBITDA floors at 2.0 / 2.5 / 3.0× and EV/Revenue at 0.10 / 0.15 / 0.20× (low / base / high).

How do I see what changed?

Each adjustment is its own provenance step in the waterfall (e.g. baseline 7.0× → high_margin +0.5 → 7.5×). The mid is explainable, not a black-box haircut.

Adjustments sit on the baseline, never on an override.

Q: Can adjustments drive the multiple below a floor?

No. After shifts, EV/EBITDA floors at 2.0 / 2.5 / 3.0× and EV/Revenue at 0.10 / 0.15 / 0.20× (low / base / high).

Q: How do I see what changed?

Each adjustment is its own provenance step in the waterfall (e.g. baseline 7.0× → high_margin +0.5 → 7.5×). The mid is explainable, not a black-box haircut.

After Misano picks a multiple source, qualitative shifts can still move EV/EBITDA levels. They are small, named, and auditable — not a feel-based haircut hiding inside the mid.

Only on NACE or niche — never on override

Adjustments apply to NACE and niche baselines.
A custom override is final: no heuristic is stacked on top.
Constants live in one file and change only by code review — not by silent config.

The five shifts

high_margin — EBITDA margin > 25% → +0.5 / +0.5 / +0.5 on low / base / high.
high_efficiency — revenue per employee > 5M CZK → +0.5 / +0.5 / +0.5.
high_score — internal Score ≥ 70 → +0.5 / +1.0 / +1.0.
low_score — Score < 40 → −0.5 / −0.5 / −0.5.
small_size — revenue < 75M CZK → −0.5 / −0.5 / −0.5.

Each hit is a separate provenance step. Example: baseline 7.0× → high_margin +0.5 → 7.5×. The UI shows the waterfall, not a single unexplained level.

Floors after adjustments

EV/EBITDA never below 2.0 / 2.5 / 3.0× (low / base / high).
EV/Revenue never below 0.10 / 0.15 / 0.20×.
Floors run after the shifts, so a stack of negatives cannot collapse the band.

Where this sits in the engine

Source cascade still picks exactly one source per metric family: custom → niche → NACE (misano.ai/guides/custom-then-niche-then-nace).
If the source is custom override, this whole layer is skipped.
Size and illiquidity already live in the LMM SME control bands — this layer is not a second private-company haircut (misano.ai/guides/size-and-illiquidity-discounts-stack).

What this is not

Not a silent blend with DCF or NAV.
Not adjusting a manual override you already set.
Not a rewrite of how-we-value-companies-at-scale — this is §2.7 in plain language.

Get started at https://app.misano.ai/login. From €39/month billed annually, 14-day money-back, no sales call. Product path: misano.ai/scout.

See also: misano.ai/guides/custom-then-niche-then-nace, misano.ai/guides/size-and-illiquidity-discounts-stack, misano.ai/guides/multiples, and misano.ai/guides/how-we-value-companies-at-scale.