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ICAEW event

Valuation Conference

27 September 2022

Distinguished speakers, acute insights, and invaluable technical updates. ICAEW's unmissable conference for valuers provides support on a range of practical and technical issues.

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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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General valuation sessions

Over a decade of fiscal valuations

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General valuation sessions

Latest HMRC update

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General valuation sessions

Revisit the fundamentals of CAPM

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Specialist valuation sessions

Understand the size effect on small stock

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Specialist valuation sessions

Hear from IVSC’s Director of Technical Standards

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Specialist valuation sessions

Discover how inflation is impacting discount rates

The programme

This year's programme provides you with the option of attending either the morning or afternoon session. A full day ticket is also available.

Please note that the programme is subject to change.

General valuation sessions

Chair's opening remarks
Adam Sutton, Chair, ICAEW Valuation Community
9:15
Re-introducing CAPM
Andrew Strickland, Consultant at Scrutton Bland will cover the basics of CAPM and how it is applied, along with exploring the advantages, disadvantages and limitations of CAPM. The session delves into the errors normally made when CAPM is applied and will provide an understanding of the future for CAPM and why it’s important.
9:20
Last 10 years of fiscal valuations
This session will see Jenny Nelder, Partner at Bruce Sutherland & Co discuss the changes in practice and approaches to valuation. With thoughts on actual transactions, growth shares, looking into the development of methodologies and case law in the last ten years.
10:00
Break
10:40
Income approach, common errors and best practices
Andrew Strickland, Consultant and Sue Gull, Audit Partner at Scrutton Bland will give examples of recent reports that have used the income approach to valuation, illustrating the calculations currently being undertaken by practitioners in order to derive a cost of capital. Some of the challenges in deriving a suitable discount rate to be applied to future economic income will be considered. Alternative sources of evidence will also be addressed that can be used to test the assumptions under the income approach.
11:00
HMRC update - SAV
Steve Thomas, Assistant Director at HMRC will discuss the structure of SAV and give an update on HMRC workstate, including the type of valuations they see. The session will provide an overview of the increased use of automated valuation models, which may involve considering whether bad valuations are driving out good.
11:40
Break
12:20
Economic update
Increasing headwinds are likely to see a significant deceleration in growth over the coming year, Yael Selfin, KPMG’s Chief Economist, will discuss the outlook for the economy and her expectations for growth, inflation and interest rates, as well as the potential risks members should be factoring into their plans.
12:40

Specialist valuation sessions

Economic update
Increasing headwinds are likely to see a significant deceleration in growth over the coming year, Yael Selfin, KPMG’s Chief Economist, will discuss the outlook for the economy and her expectations for growth, inflation and interest rates, as well as the potential risks members should be factoring into their plans.
12:40
Break
13:40
Update on small stock premium
Carla Nunes, Managing Director and James Harrington, Director at Kroll will discuss the size effect, how it is typically measured and whether the size effect still exists. The session will also look at small stock premium data specific for the UK, leveraging the proprietary London Business School database created and maintained by Prof. Elroy Dimson, Prof. Paul Marsh and Mike Staunton, alongside a study prepared by Prof. Erik Peek from Erasmus University Rotterdam.
14:00
International Valuation Standards Council (IVSC) update
This session with Alexander Aronsohn, Director of Technical Standards at IVSC provides a brief overview of the IVS and an update on key topics currently being considered. The current version of the IVS was released in July 2021 and effective from 31 January 2022. This session provides a brief overview of the IVS and an update on key topics currently being considered by the International Standards Review Board and its Technical Boards for inclusion in the next edition of IVS due to be published in 2024.
15:00
Break
15:30
Crypto asset valuations
With Crypto assets experiencing a rollercoaster 12 months, join Rommel Johnson, Partner at Ernst & Young LLP as he discusses the relevant valuation techniques and principles that can be applied in assessing this volatile asset class.
15:50
Chair's closing remarks
Adam Sutton, Chair, ICAEW Valuation Community
16:35

Testimonials

I found the sessions to be engaging and relevant and would recommend to valuation professionals at all stages of their career.

Previous attendee ICAEW's Valuation Conference 2021

Very well organised and smoothly run event with good mix of topics.

Previous attendee ICAEW's Valuation Conference 2021

The speakers were very good at pointing out problems with the existing methodology and the need to reset previous paradigms. Definitely thought provoking.

Previous attendee ICAEW's Valuation Conference 2021

A useful event and a thought-provoking collection of speakers and topics.

Previous attendee ICAEW's Valuation Conference 2021

Speakers

Alexander Aronsohn headshot
Alexander Aronsohn Director of Technical Standards, IVSC

Alexander Aronsohn FRICS is a Chartered Surveyor with long and wide-ranging experience encompassing residential asset management, commercial and residential development, rating, national and international valuation and investment. Alexander assists the IVSC Standards Review Board and its Asset Boards on drafting IVS, perspectives papers, presentations, training and articles. In addition, Alexander has a leading role in various International Standards Coalitions and prior to joining the IVSC Alexander was the RICS Director of Technical Standards.

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Sue Gull Audit Partner, Scrutton Bland

Sue has been a partner at Scrutton Bland, together with Andrew, for many years. Her specialism is close advice to corporate clients, including audit, valuation advice and succession planning. Sue has previously presented to the valuation group on valuation issues in the energy sector.

James Harrington headshot
James Harrington Director, Kroll

James Harrington is a Director at Kroll and provides technical support on client engagements involving cost of capital and business valuation matters. He is a leading contributor to Kroll’s efforts in the development of studies, surveys, online content and tools, and firmwide valuation models. James is co-author of the “Valuation Handbook” series with colleagues Carla Nunes and Roger Grabowski and is a contributing author to Cost of Capital.

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Rommel Johnson EMEIA Financial Services Valuation, Modeling & Economics Partner, Ernst & Young LLP

A trusted advisor to EY insurance and financial services clients across EMEIA. Thought leader on the valuation of FinTech businesses and emerging technologies. Rommel jointly leads the EY Financial Services Valuation, Modeling & Economics (VME) team in London, serving corporate clients and financial investors in the insurance and financial services sectors. He advises EY clients on valuation matters in the context of strategic, capital-raising, transaction-related, regulatory, tax, and financial reporting considerations.

Jenney Nelder headshot
Jenny Nelder Partner, Bruce Sutherland & Co

Jenny Nelder is a partner in Bruce Sutherland & Co, an independent firm of unquoted company share and business valuation specialists. She has been involved in valuing shares and businesses for many different purposes since 1981, when she left Touche Ross (now Deloitte). She lectures on share and business valuations for a number of professional bodies and contributes articles on the subject to the professional press.

Carla Nunes headshot
Carla Nunes Managing Director, Kroll

Carla Nunes is a managing director in the Office of Professional Practice (OPP) of Kroll, based in the Philadelphia office, and a Kroll Institute Fellow. She has over 25 years of experience. In her OPP role, she provides firm-wide technical guidance on a variety of valuation, financial reporting and tax issues. She is also the global leader of Kroll’s Valuation Digital Solutions group, which produces the cost of capital thought leadership content and data housed in the Cost of Capital Navigator.

Yael Selfin headshot
Yael Selfin Chief Economist, KPMG

Yael has been advising clients on the global economic outlook and its impact on their strategy for over 20 years. Her research looks at the impact major shocks, as well as new technologies, could have on the economy and on individual businesses. Yael is a regular commentator on economic issues in the media. She won City A.M. Analyst of the Year award in 2016 and was named one of City A.M. Power 100 Women.

Andrew Scrutton Bland
Andrew Strickland Consultant, Scrutton Bland

Andrew is a Chartered Accountant with many years’ experience of corporate transactions with specialism as a business valuer. He is also a main contributor to ICAEW’s quarterly newsletter and presents regularly to service users. Andrew is a consultant to Scrutton Bland where he indulges in work related to business valuation, litigation support and corporate finance transactions, acting for both buyers and sellers, advising value, on the main terms and on the tax implications of transactions.

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Adam Sutton Partner, Grant Thornton

Adam is a UK valuation partner with over 20 years of experience covering restructuring, M&A, financial reporting, tax, pensions, and contentious valuation situations. He has spent most of his career in London focused on valuations in the technology, media and telecoms sectors. More recently he spent three years leading a well-known valuation practice in Singapore, building Asian business experience across a broader range of sectors. Adam has a particular interest in and regularly work with DB pension scheme trustees, employers, and regulators on valuation related issues impacting DB scheme covenants.

Steve Thomas
Steve Thomas MRICS Assistant Director, HMRC

Steve was one of the first shares and assets valuation valuers to become a full Member of the Royal Institution of Chartered Surveyors. Steve’s role as an assistant director requires him to oversee and advise some of the most experienced valuers in shares and asset valuation. He is currently leading the office’s position in several contentious policy areas and advises HMRC on the valuation implication of proposed legislation changes.

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