Stevan Damnjanovic, Finance Expert in Belgrade, Serbia
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Stevan Damnjanovic

Verified Expert  in Finance

Finance Expert

Belgrade, Serbia
Toptal Member Since
April 27, 2017

At PwC, Stevan advised strategic and financial investors in their acquisitions in Southeast Europe, including a $250 million deal for a 25-year airport concession. He also has experience in multiple industries—spanning transportation, financial, hospitality, and consumer goods. He joined Toptal to help clients maximize their value through financial planning and analysis, due diligence, and financial modeling.

Career Highlights

Education Highlights

Advanced Diploma
Association of Chartered Certified Accountants
Master's Degree
University of Belgrade

Case Studies

Work Experience

Deal Advisory Senior Consultant

2015 - 2018
  • Built a financial model for a transportation company with more than $10 million in EBITDA for internal projections and prepared marketing material for external fundraising of $10 million in debt.
  • Engaged in a team of advisors for a bidder for a 25-year concession for an airport in the SEE, representing a deal size of more than $250 million. Independently performed the analysis of earnings and networking capital and prepared relating parts of the financial due diligence (FDD) reports. Also prepared information to be used in the financial model.
  • Worked on 15 financial due diligence projects on targets in Southeastern Europe. Independently performed the analysis of earnings, net debt, and net working capital and prepared relating parts of the FDD reports. Notable targets include an airport ($40 million in EBITDA), large sugar producer ($200 million in revenue and $50 million in EBITDA), commercial bank ($200+ million in total assets), private healthcare provider ($4 million in EBITDA) and other consumer product producers and traders.
  • Developed respective DCF models and created valuation reports for several equity valuations, including a transportation company ($10 million in EBITDA) and a large hotels group (eight hotels and several land plots for development, with total assets exceeding $200 million).
  • Reviewed financial models for more than 10 equity valuations.
  • Prepared quarterly monitoring reports for two years following a successful financial restructuring for a transportation company.
  • Provided extensive coaching to junior and peer colleagues on Microsoft Excel, financial modeling, financial due diligence techniques, valuation techniques and methodologies.
Focus areas: Asset Valuation, Equity Valuation, Financial Planning & Analysis (FP&A), Financial Model Auditing, Financial Modeling, Due Diligence

Independent Internal Auditor

2015 - 2015
Hemofarm A.D.
  • Performed a detailed analysis of the advance payments to suppliers as per CEO's request. This resulted in the adoption of a new procedure on advanced payments and periodical review of outstanding advance balances by responsible persons.
  • Independently completed the analysis of forecast planning accuracy in two divisions which resulted in changes in the annual planning process.
  • Participated in the annual Internal audit meeting of STADA AG, the parent of Hemofarm A.D.
Focus areas: Internal Audits

Associate, Assurance

2012 - 2015
  • Implemented an understanding and mapping of business processes—primarily purchasing & payables, production & inventory, and revenue & receivables—in more than 20 production and trading companies, including PCAOB compliant companies.
  • Completed internal controls mapping and testing in more than 20 production and trading companies, including PCAOB compliant companies.
  • Executed substantive analytical procedures and detailed testing as part of the audit of financial statements.
  • Contributed in audit planning and audit completion activities for more than ten audit engagements, including PCAOB compliant companies.
  • Managed teams of up to four members in the audit of IFRS financial statements.
Focus areas: IFRS Audit Planning
2013 - 2017

Advanced Diploma in Accounting and Business

Association of Chartered Certified Accountants - United Kingdom

2004 - 2012

Master's Degree in Economics

University of Belgrade - Belgrade, Serbia


Due Diligence, Valuation Multiples, Financial Model Auditing, Financial Modeling, Balance Sheets, Financial Planning & Analysis (FP&A), IFRS Audit Planning, Internal Audits, Equity Valuation, Asset Valuation, Fundraising, Working Capital Management, Valuation, Valuation Modeling

Output Software

Microsoft Excel, Microsoft PowerPoint

Geographic Expertise

Montenegro, Bosnia & Herzegovina, Serbia, Slovenia, Croatia, Central Eastern Europe

Industry Expertise

Food & Beverage, Pharmaceuticals, Consumer Products, Transportation & Shipping, Sugar Manufacturing, Hotels & Lodging

Data & Analysis Software



Financial Statements, Teasers, Airports

Collaboration That Works

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