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Displaying 1-30 of 66 results
Exclusive
Business valuation (BV) experts embrace AI, see its promise
- Article
- 01 Sep 2024
A poll at the recent AI in Business Valuation virtual conference revealed 87% of business valuation professionals have explored the use of AI in their practices, with many believing it will significantly impact how they work in the longer term. The article includes an overview of AI and provides examples of how the technology is being used by valuation professionals. Assessing the impact of AI on a subject company being valued is also discussed together with the use of AI in marketing a practice.
Exclusive
Add value by looking through a valuation lens
- Article
- 01 Jun 2024
- Michael A. Zaydon
Focuses on the importance of valuation for business owners, highlighting its relevance beyond M&A to activities such as estate and tax planning, dispute resolution, strategic planning, operations and liquidity management. With many owners not knowing the value of their businesses, the author explores the obstacles to this. Personal bias, uncertainty due to factors such as inflation and interest rates and the complexities associated with valuation are discussed.
Exclusive
Quality control is now the no.1 concern of business valuation (BV) firms
- Article
- 01 Feb 2024
What's the main worry of business valuation firm managers? According to BVR's 'BV Firm Benchmarking Guide', it's quality control of business valuation reports. After quality control, top five concerns include staffing issues and keeping up with valuation standards. These challenges at the firm level are consistent with what respondents see as the main challenges for the profession as a whole.
Exclusive
Signa's lofty property valuations point to brutal pain to come
- Article
- 02 Dec 2023
- Jack Sidders
Signa, a collapsing European real estate empire based in Austria, is facing significant challenges in its portfolio. Signa's implosion highlights Germany's commercial real estate crisis, as much of its portfolio is in the country. German property debt is being sold at significantly reduced prices, indicating substantial revisions in valuations. Signa's high valuations have attracted attention, but the company's excessive debt and limited cash flow have proven fatal.
Exclusive
Update on current inputs for valuations amid high inflation
- Article
- 01 Dec 2023
Carla Nunes and Jim Harrington report on carrying out valuations amid high inflation. They discuss current economic conditions and provide some latest estimates (using US data) for key inputs that
analysts can consider using in their valuations. During times of uncertainty, valuation analysts should challenge the data they use and make sure that their overall assumptions make sense.
Exclusive
New research finds that industries have different growth rates
- Article
- 01 Nov 2023
Many business valuation analysts use the same long-term real GDP growth plus expected inflation in their terminal values for all industries. But that is incorrect, says Roger Grabowski (Kroll), based on new research he is doing with Dr. Ashok Abbott (West Virginia University). Their findings also point to it often being preferable to use the three-stage discounted cash flow (DCF) model, not the typical two-stage model.
Exclusive
The 'G' element in 'ESG' for commercial real estate
- Article
- 01 Sep 2023
- Bruce Turner
Bruce Turner explores our rapidly evolving understanding of ESG factors related to commercial real estate, and its challenges to market acceptance in either investment analysis or valuation. He also looks briefly at responses to ESG by professional valuers' associations in a still uncertain environment.
Exclusive
Determining working capital adjustments using a Bardahl analysis
- Article
- 01 Sep 2023
An excerpt from Gary Trugman’s Understanding Business Valuation, 6th edition, which gives some practical advice on how to use a Bardahl analysis to adjust for working capital. Business valuers often need to determine how much working capital is required for a company's operations, and the Bardahl analysis method is one way of going about this. It can be a particularly useful tool for manufacturing companies.
Exclusive
The succession advisor: Five ways to value an intangible asset
- Article
- 27 Aug 2023
- Gene Marks
Article on five ways to try to determine the value of an intangible asset such as a company's patent, trademarks, IP, customer lists or even brand recognition. The author ultimately recommends two simultaneous approaches and advises the seller to put the onus on the buyer to come up with an initial price.
Exclusive
The succession advisor: Don't use a multiplier to value a business
- Article
- 24 Jun 2023
- Gene Marks
Advice on using valuation multipliers across different industries and sectors based on historical sales data. The author includes information on typical strategies for valuing an accounting firm for sale and ultimately questions whether the multiplier method should be the primary way to value a business.
Exclusive
A model for forecasting a multiple-location, growing business
- Article
- 01 Mar 2023
A look at how valuation expert Gary Trugman (Trugman Valuation) dealt with a business valuation for a growing New York fitness club franchise with multiple locations. Trugman developed a 'profile' of the company's typical location, based on historical financial information. That profile was then used to forecast the performance of future locations to use in a discounted cash flow (DCF) approach.
Exclusive
The valuation of special share classes in the UK
- Article
- 01 Feb 2023
- Andrew Strickland
A special analysis by Andrew Strickland, upon the release of the Worked Example Group’s 'Valuation of Growth Shares' exposure draft. He explains the issues the exposure draft has thrown out for consideration to the UK business valuation community.
Exclusive
Measuring and disclosing corporate valuations of impacts and dependencies on nature
- Article
- 01 Nov 2022
- Jakki Mohr, Carmen Thissen
An in-depth article on natural capital valuations (also known as natural capital assessments and natural capital accounting). The authors carried out a qualitative research study into the approaches taken by companies to natural capital valuations, undertaking 30 interviews with executives from multinational conglomerates, international consulting firms, and international environmental NGOs.
Exclusive
Damodaran on how inflation plays out in company valuations
- Article
- 01 Aug 2022
Valuation experts grappling with how to assess the impact of inflation on their subject company received some practical advice from Aswath
Damodaran (New York University Stern School of Business) in a recent webinar. He uses just six data inputs which can be put in a framework and adapted to illustrate the impacts of inflation.
Exclusive
A 'radical' market data approach to startup valuations
- Article
- 01 Apr 2022
Valuation professional Michael Blake has issued a challenge to appraisers of early-stage companies: add rationality to valuing startups by relying more heavily on market inputs. The article covers some of the non-standard sources of market data recommended by Blake for valuing startups.
Exclusive
Warning to business valuers looking to use new ESG ratings
- Article
- 01 Oct 2021
Why valuers need to be careful when reflecting the impact of environmental, social and governance (ESG) factors in business valuations and financial reporting.
Exclusive
DAC Beachcroft analysis points to 'worrying trend' among expert financial witnesses
- Article
- 01 Sep 2021
The UK courts are becoming willing to dismiss valuation expert witness testimony from accountants when they sense a lack of direct relevant experience, law firm DAC Beachcroft suggests.
Exclusive
How recent insolvency reform in the UK impacts business valuations
- Article
- 01 Sep 2021
A look at how the new UK Corporate Insolvency and Governance Act (CIGA) 2020 is likely to impact a business valuation conducted for purposes of insolvency.
Exclusive
On the performance of the Black and Scholes options pricing formulas during the subprime and Covid‐19 crises
- Article
- 01 Jul 2021
- Shirley Redroban, Arturo Cifuentes
An investigation of the performance of Black–Scholes option pricing formulae during two periods of market stress. The authors argue that the accuracy of these formulae is very poor.
Exclusive
'Absurd' CAPM, Size impact, 'Sense checks' and family firms highlight the ICAEW conference
- Article
- 01 Jul 2021
A review of the ICAEW Valuation Conference 2021, which included speakers on the capital asset pricing model (CAPM), common valuation adjustments and valuing a small unlisted enterprise such as a family firm.
Exclusive
EISAI's ESG investments
- Article
- 01 May 2021
- Nina Michels-Kim, Yanagi Ryohei
The Japanese pharmaceutical company's investments in human capital and R&D have been linked to a positive correlation with long-term corporate value.
Exclusive
Price versus value: A transaction and litigation perspective
- Article
- 01 Mar 2021
- Craig A.Jacobson, Richard B.Peil
The authors look at why price and value are not always the same concepts and can diverge in real-world situations, such as the dramatic difference in GameStop Corp daily stock prices.
Exclusive
Employee stock options and the flawed use of the Black–Scholes option pricing model
- Article
- 01 Jan 2021
- Louis P. Le Guyader, Thomas O. Meye
An examination of the use of the Black–Scholes model in financial reporting. The authors present evidence to suggest that the flawed use of the model leads to errors in reporting, most notably with regard to earnings.
Exclusive
Several trends of note in valuation cases in the United Kingdom
- Article
- 01 Dec 2020
- Robert E.Kleeman Jr
A number of recent court cases in the UK are important to valuation. Luke Morris and Andrew Strickland provided an update on these during a October 2020 ICAEW webinar, Valuation in divorce.
Exclusive
The expert witness process: Tips for valuation practitioners
- Article
- 01 Oct 2020
- Robert E.Kleeman Jr
The author shares cross-examination, communication and presentation advice for valuation experts giving evidence in court.
Exclusive
A quiet revolution is going on in DCF techniques in UK cases
- Article
- 01 Jul 2020
- Andrew Strickland
This article examines the acceptance of discounted cash flow (DCF) techniques as a valuation method in the UK. It discusses Saltri III v. MD Mezzanine (the Stabilus Case), post-acquisition disputes, disputes between shareholders, and the future direction of business valuation cases.
Exclusive
Alternate valuation methods in the era of COVID-19
- Article
- 01 Jun 2020
- Daniel R. Van Vleet, Joseph W. Thompson, William P. McInerney, David J. Neuzil
This detailed article discusses the impact of COVID-19 on capital markets and considers a range of alternate valuation methods. It covers market-based valuation methods alongside alternative M&A and GPC methods, income-based valuation methods, cost of capital analysis, and liquidity and solvency analyses.
Exclusive
A View From the UK on the Cost Approach Amid the Current Crisis
- Article
- 01 May 2020
- Andrew Strickland
During the current coronavirus COVID-19 health emergency, it is likely that the values of some businesses will start to dwindle. This article explains the cost approach of business valuation and the liquidation value basis, with examples, from a UK perspective.
Exclusive
How to carry out customer-based company valuation (CBCV)
- Article
- 01 Jan 2020
- Peter Fader, Daniel McCarthy
Customer-based company valuation, or CBCV, is a method that uses customer metrics to assess a firm’s underlying value.
Exclusive
NT lands UK pension fund mandate
- Article
- 09 Dec 2019
- Perle Battistella
Northern Trust will provide asset servicing solutions and valuation reporting for the House of Fraser Beatties & Jenners Pension Scheme, which provides retirement income for 10,000 scheme members across the UK.
Displaying 1-30 of 66 results
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