Yaroslav Nagul
Valuation & Advisory Partner

About Yaroslav Nagul

Yaroslav leads the Valuation & Advisory practice at RSM Ukraine. He advises businesses, investors, lenders, auditors and legal counsel on valuation, financial modelling and value-related decisions.

He specialises in business and asset valuation, valuations for financial reporting and corporate transactions, quantification of damages and loss of profit, and financial modelling. His principle is simple: a valuation must be methodologically sound and practically useful for management, investment and financing decisions.

Experience

Yaroslav has over 25 years of experience in valuation, financial consulting and due diligence. He has been a valuer in Ukraine since 2001.

His practice has followed what the market needed at each stage: collateral valuation for international banks in 2011–2013; RICS-standard reporting for foreign investors from 2015; IFRS revaluations and impairment testing for utilities and industrial groups in 2016–2019; business valuation and financial modelling in 2019–2021; and, since 2022, war damage and loss of profit assessment, audit support and valuation for court proceedings.

He has led complex valuation engagements covering businesses, real estate, machinery and equipment, infrastructure and industrial assets, intangibles and brands. They include a business valuation of a major food producer for a transaction involving an EU party, a valuation of intellectual property rights for tax purposes in Singapore and a valuation of a portfolio of pharmaceutical trademarks for a sale and purchase transaction.
Since 2011, Yaroslav has prepared reports for foreign clients and investors from 12 European and Asian jurisdictions, as well as for EBRD-financed projects.

Key areas of work:

  • Valuation of businesses, real estate, machinery and equipment, and intangible assets
  • Valuations for corporate transactions, financing and strategic decisions
  • Valuations for financial reporting: fair value under IFRS 13, impairment testing
  • Financial modelling and business analysis for valuation and value-related decisions
  • Quantification of damages and loss of profit, including war-related losses in Ukraine, and dispute valuations for compensation mechanisms, courts and international arbitration
  • Acting as the auditor’s expert: evaluating the methods, assumptions and data behind management’s valuations (ISA 540 (Revised), ISA 620).

Yaroslav applies International Valuation Standards (IVS), RICS Valuation – Global Standards (Red Book), European Valuation Standards (EVS) and Ukrainian national valuation standards.

Beyond client work, Yaroslav helps develop the valuation profession in Ukraine. He designs and teaches CPD courses for valuers at the International Institute of Business (IIB), including a course on war damage and loss of profit. He writes on valuation and speaks at professional events, including the 36th conference of the Ukrainian Society of Appraisers (USOA) in 2026. He contributes to methodological discussions on applying international valuation standards and engages with the professional communities of RICS and TEGOVA.

Professional affiliations and designations

  • MRICS, Member of the Royal Institution of Chartered Surveyors (since 2010)
  • RICS Registered Valuer
  • Recognised European Valuer (REV), TEGOVA (since 2019)
  • Valuer qualification certificates of the State Property Fund of Ukraine in all three valuation areas
  • Member of  Ukrainian Society of Appraisers (USOA) and the Pan-Ukrainian Association of Valuation Specialists (PUAVS), self-regulatory organisations of valuers
  • Associate Member, FIABCI Ukraine. 

Education

  • National Technical University of Ukraine ‘Kyiv Polytechnic Institute’
  • Additional higher education in finance and credit, specialising in banking.