Understanding Quality of Earnings: a critical component of M&A due diligence
M&A / Transaction ServicesWhy Quality of Earnings matters in M&A: how sustainable earnings, adjusted EBITDA and cash flows shape valuation, negotiations and deal success.

Geneva, Zurich
Senior Manager – M&A / Transaction Services
Sébastien Nicolas is Head Romandie for M&A/Transaction Services. He focuses on Financial Due Diligences (buy and sell-side), Valuations and M&A Advisory.
Sébastien joined the M&A/Transaction Services department at the beginning of 2017 and has been involved in several Due Diligence, Valuation and M&A Advisory mandates. His activities include transactions with Swiss and international clients focusing on local and cross-border deals in Europe, USA and Asia.
As part of his role, he has supported clients and managed project in the Financial services, Healthcare, Industrial production and manufacturing, Logistics, Technology and Professional services industries.
Prior joining Grant Thornton, Sébastien gained experience working for two professional services firms (Big 4) in Audit Financial Services in Switzerland. His focus was Financial Institutions such as Banks and Asset Management firms.
He also worked on several Healthcare, Industrial, Energy & Commodity Trading firms and Non-profit organizations mandates. The local and international clients were unregulated, regulated and listed. Sébastien has gained experience in Accounting and Reporting according to the Swiss Code of Obligations, Swiss GAAP FER, RRV FINMA, KAG, US GAAP and IFRS.
Sébastien holds a Master’s degree in Finance and a Bachelor’s degree in Business and Economics from IAE Lyon School of Management.
In addition to his mother tongues French and Finnish, Sébastien speaks fluent English and German.
Why Quality of Earnings matters in M&A: how sustainable earnings, adjusted EBITDA and cash flows shape valuation, negotiations and deal success.
Have you ever considered what lies beneath the surface of a company’s financial performance and what is the real story behind the figures?
Senior Manager – M&A / Transaction Services