PitchBook/BVR Guideline Public Company Comps Tool –
Free CPE Webinar today
Join Linda Trugman (Trugman Valuation Associates), Rob Schlegel (Houlihan Valuation Advisors) and John Gabbert (PitchBook) in their discussion of the PB/BVR guideline public company method software, the new tool for performing GPCM analyses. The free webinar is today (Wednesday, May 19th) at 3:00pm-4:00pm ET. One CPE credit is available. Click here for more information.
Maggio and Seigneur provide exec compensation source checklist for reasonable compensation “build-ups”
Sharyn Maggio (Maggio & Co.) and Ron Seigneur (Seigneur Gustafson) addressed new developments in the reasonable compensation area at the AAML/AICPA conference last week in Las Vegas. Seigneur advised: “When trying to determine reasonable compensation for owner/employees, it is really important to figure out exactly what their real duties are. Do they spend 50% of their time on technology, 30% as CEO and 20% as VP of sales? You need to draw from empirical evidence and “build up” reasonable compensation for a person who wears different hats.” The two experts provided a bibliography of executive compensation sources, available free to BVWire readers.
Damodaran updates equity risk premiums studies
Professor Aswath Damodaran (Stern School of Business, New York) updated his article Equity Risk Premiums (ERP): Determinants, Estimation and Implications to include data through the end of 2009. In the article, he investigates:
the three basic approaches used to estimate equity risk premiums – the survey approach, where investors or managers are asked to provide estimates of the equity risk premium for the future, the historical return approach, where the premium is based upon how well equities have done in the past and the implied approach, where we use future cash flows or observed bond default spreads to estimate the current equity risk premium.
The 2010 edition of the article is available here.
Aswath is also running a two-day NYU executive seminar on valuation every year at the Stern School of Business at NYU. This year the seminar will be on June 21 and 22. Click here for more information.
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Cimasi: “Wal-martization” of healthcare affecting physician practice valuations
Healthcare valuation expert Robert Cimasi (Health Capital Consultants) gave a detailed and lively update on emerging issues in healthcare valuation at the AAML/AICPA conference in Las Vegas last week. Cimasi outlined “Four Pillars of the Healthcare Industry” that are impacting the transactional valuation of healthcare enterprises:
- Reimbursement: e.g. there is a current downshift in reimbursement which has driven physicians to seek additional sources of income in ancillary services.
- Regulatory: e.g. current legislative efforts to restrict physician-owned hospital growth are an attack on niche providers.
- Competition: e.g. hospital acquisitions of physician practices and physician employment by hospitals is rapidly increasing.
- Technology: e.g. increased use of advanced surgical procedures such as minimally invasive surgery and robotics are reducing the value of some physicians’ services.
A mathematical view of the Butler Pinkerton Calculator
Gary Schurman (Applied Business Economics) discusses the derivation of the theory behind the Butler Pinkerton Calculator in his article, “Derivation of The Butler-Pinkerton Model. Schurman presents the financial theory behind a private company beta (also known as total beta or adjusted total beta) to account for sub-optimal diversification (no diversification or partial diversification). Click here for the free analysis—it’s the first download in the “articles” list.
FLP experts take at in-depth look at complicated ownership arrangements
Discounts for lack of marketability and adjustments for minority interests are tough enough, but when the when limited partnership structures get complicated, with multiple ownership “tiers”, these adjustments can take on a life of their own. On May 27, William Frazier (Howard Frazier Barker Elliot) and John Porter (Baker Botts) will address these valuation challenges in “Valuing Tiered Partnership Structures.” To find more information on this presentation, beginning at 10:00 am PT/1:00 pm ET, click here. Two CPE credits are available. Thanks also to John, who is co-chair along with Judge David Laro, Jim Hitchner, and Mel Abraham of the 2010 BVR/Georgetown School of Law Summit on Valuation, Tax and Estate Planning this fall.
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