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Displaying 1-30 of 62 results
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
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
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
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
'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
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.
Exclusive
The application of business valuation services in financial reporting, tax compliance, and litigation
- Article
- 01 Nov 2019
- Frank Kiepura
As US Certified Public Accountants continue to expand into providing advisory services, one area of interest is business valuation services.
Exclusive
Double digit club: An EBITDA multiple of 10-times or higher has long been the gold standard for valuations, here's who's getting high marks today
- Article
- 01 Apr 2019
- Evan Clark
The article presents the journal's study of valuations across the global fashion market, with an earnings before interest, taxes, depreciation and amortization (EBITDA) multiple of 10 times or higher,
Exclusive
Implications of value
- Article
- 18 Feb 2019
The article focuses on how to value stocks. Topics discussed include price earnings ratio method, (P/E), provides details of how the stocks are valued such as media company Comcast, On Semiconductor, Wallgreens Boots and Zions Bancorp, and presents a chart on Focus List Stocks, which are undervalued than their current levels.
Exclusive
Unicorns could become an endangered species
- Article
- 21 Jan 2019
- Arleen Jacobius
Will 'unicorns' (startups valued at $1 billion or more) justify their current sky-high valuations?
Exclusive
Valuation disputes in corporate bankruptcy
- Article
- 01 Dec 2018
- Kenneth Ayotte, Edward R.Morrison
A detailed examination of US bankruptcy court judgments involving valuation expert witnesses.
Exclusive
What would a moral organisation look like?
- Article
- 19 Mar 2018
- Rob Goffee, Gareth Jones, Roger Steare
The article offers information on the inadequacy of corporate governance and the increasing incidents of corporate scandals. Topics discussed include the lack of effectiveness of rules to control corporate excess; the changes in organisational culture across the globe; and the need for organisations to discover their moral purpose. Also mentioned is the need for corporate values to be moral. The authors believe regulation alone isn't sufficient to control corporate excess.
Exclusive
The asset-based approach to business valuation in family law: The ANAV method
- Article
- 01 Jan 2018
- Robert F. Reilly
Robert F.Reilly discusses how to use the adjusted net asset-accumulation (ANAV) method of valuing businesses.
Exclusive
The asset-based approach to business valuation in family law: The AA method
- Article
- 01 Sep 2017
- Robert F. Reilly
Robert F.Reilly discusses how to use the asset-accumulation (AA) method of valuing businesses.
Displaying 1-30 of 62 results
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