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Forecasting through uncertainty

Valuation Conference 2021

20 May 2021

The focus of this year’s conference is on excellence. With the cancellation of last year’s event, the unmissable conference for valuers returns with our strongest ever programme.

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Valuation Conference

Highlights

Sessions will cover a range of practical and technical issues to keep you at the top of your field, enabling you to provide your clients with solutions to the challenges in this ever-changing sector.
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Understand the Common Errors of Valuation

Professor Pablo Fernandez, IESE

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HMRC will present the structure of SAV for more effective working

SAV & Accountants

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Learn valuation anomalies and the cost of capital

Professor Ian Cooper

The programme

Morning sessions

Chairman’s introduction
08:55
Valuation, Common Sense and Common Errors
The following topics will be covered: What is a valuation? Where discounted cash flow valuations come from? A closer look at assumptions in valuation models; Facts, opinions and theories Problems with calculated betas; Errors due to forget what are we doing; Errors due to “not remembering the definition of WACC”; The most common error using WACC Errors due to “follow a recipe without thinking”; How to correct common errors? Professor Pablo Fernandez, IESE
09:00
Refreshment break
10:30
Valuation anomalies and valuations
In this session Professor Ian Cooper will discuss cost of capital and valuation adjustments that are made to reflect valuation ‘anomalies’ such as the small firm effect, liquidity, the low beta anomaly, profitability, and sentiment.
10:50
Lunch
12:20

Afternoon sessions

Cost of Capital for Family Companies
Luke Morris and Andrew Strickland, from Scrutton Bland, will look at the costs of capital applicable to private companies, especially smaller private companies. The session will include the derivation of the relevant thought processes from the formulas for level annuities and increasing annuities. They will then consider the cost of capital behind well-known market valuation metrics of price earnings ratios and EBIT multiples. The multiples will be used in order to derive the underlying weighted average costs of capital or WACC. The WACC will then be separated into the equity and debt components in order to identify the underlying costs of equity capital, assuming differing levels of financial gearing.
13:20
5 minute gap between sessions
14:00
SAV and Accountants – More Effective Working
HMRC will present on the structure of SAV, its workload and how Accountants can work more effectively with them. Steve Thomas, Assistant Director, HMRC Shares and Assets Val
14:05
Refreshments
14:50
Economic Update
The session will focus on the outlook for the UK economy over the next few years; how this will develop; what is driving growth and what might hold it back. How the labour market is evolving and how that impacts the outlook and how financial markets and the Bank of England will react to the changes in the economy. It will finish looking at how firms see the economic climate post covid and Brexit and what some of the longer terms risks to economic growth are. Frances Haque, Chief Economist, CFO Division, Santander
15:10
Panel session
Andrew Strickland, Consultant, Scrutton Bland & Sandra Mossios, Business Valuation Benchmarks
15:55
Chair's closing remarks
16:15
Close of event
16:20

Our speakers

Pablo Fernández
Pablo Fernández Professor, Department of Financial Management

Pablo Fernández is professor in the Department of Financial Management of IESE. In addition, he carries out extensive consultancy work for numerous firms and banks. Prof. Fernández was awarded his Ph.D. in Business Economics (Finance) from Harvard University. He also holds an M.B.A. from IESE and a degree in industrial engineering from the University of Navarra in San Sebastian.

Andrew Scrutton Bland
Andrew Strickland Consultant, Scrutton Bland

Andrew is a consultant to the Scrutton Bland partnership and was for many years a corporate partner based in their Colchester office. He a member of the valuation committee of the ICAEW and is on the board of the International Institute of Business Valuers. Andrew has been involved in a large number of corporate finance transactions, and is accustomed to providing close support to clients through the sale of their businesses.

Luke Morris
Luke Morris Corporate Finance, Scrutton Bland

Luke Morris joined Scrutton Bland in 2017 to head the firm’s Corporate Finance team: overseeing its activity assisting entrepreneurs to buy, sell, refinance, reorganise and value their businesses. He studied at Cambridge University, and went on to qualify with PwC, spending six years with them before relocating to the Middle East and then Canada with EY.

Ian Cooper
Ian Cooper Professor of Finance at London Business School

Ian Cooper is Professor of Finance at London Business School, where he has been on the faculty since 1978. He has also taught at the University of Chicago. Ian has published research on valuation in all the top academic finance journals, as well as many practitioner articles and consulting reports. He has acted as a consultant around the world for 40 years, and given expert evidence to multiple International Tribunals and High Courts as an expert on valuation and the cost of capital.

Frances Haque
Frances Haque Chief Economist, COO Division, Santander

Frances Haque is the Chief Economist for Santander UK responsible for the economic analysis and macroeconomic forecasts used by the retail bank. Her team are responsible for developing: the analysis of economic risk scenarios to support the Prudential Regulatory Authority stress test and IFRS 9 processes; analysis for planning and strategic purposes; supporting the external customer work of the bank including speaking at a variety of events; and writing for external publications. Prior to joining she worked for a variety of different institutions as a senior economist including, EY, BT, BBC, Ofcom and OFT. She also specialises in Competition and Regulatory economics and has appeared on BBC News, Sky News and Radio programmes including the Today and Wake up to Money programmes, providing commentary on published economic data and analysis.

Steve Thomas
Steve Thomas Assistant Director HMRC Shares and Assets Valuation

Steve entered Inland Revenue in 1985, he spent seven years in HM Inspector of Taxes before Shares and Assets Valuation. Steve has led many of the office’s specialist areas and worked in Shares and Assets Valuation’s Intellectual Property Team. He now heads the office’s Litigation Team and has acted as expert witness on valuation issues.

Testimonials

I thought that the conference was excellent. Very interesting and beneficial. I particularly enjoyed the session on Expert Witness work, and also, valuing businesses in divorce cases.

Previous attendee ICAEW's Valuation Conference 2019

Interesting conference with some excellent speakers!

Previous attendee ICAEW's Valuation Conference 2019

As always this was a well run and informative event. I particularly enjoyed the keynote speaker's enthusiastic and honest presentation.

Previous attendee ICAEW's Valuation Conference 2019

Sponsors and partners

BVB Insights: Data and Analysis on UK Private Company Multiples is the world's only guide to the latest transaction multiples paid for UK private companies in over 40 industry categories.

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Prices

There are ICAEW live packages for everyone for members and non members.

Members and subscribers

Valuation Community

£60.00 + VAT
Non-members

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