20 May is rescheduled date for ICAEW Valuation Conference, headlined by Fernandez, Strickland, Cooper, and HMRC’s Thomas

BVWire–UKIssue #23-2
February 16, 2021

Good news for UK business valuers: The ICAEW Valuation Conference is back on the calendar after it was postponed last fall. The new day-long virtual programme is scheduled for 20 May beginning at 8:55 BT. 

Those who registered for the 2020 programme should have received their new registration, along with a refund. New registrants can sign up for the ICAEW business valuation event here. Rates are as follows:

  • Valuation community member: £60 + VAT;
  • ICAEW member: £85 + VAT; and
  • Nonmember: £120 + VAT.

The programme begins with Professor Pablo Fernandez discussing his recent article ‘Valuation, Common Sense and Common Errors.’ Among his topics are:

  • 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 forgetting what are we doing.
  • Errors due to ‘not remembering the definition of WACC,’ the most common error using WACC.
  • Errors due to ‘following a recipe without thinking.’
  • How to correct common errors?

Fernandez is followed by Ian Cooper’s discussion of valuation anomalies such as the small-firm effect, liquidity, the low beta anomaly, profitability, and sentiment. Afternoon sessions include Andrew Strickland’s session on cost of capital for family companies. A further highlight for the event will be the unusual opportunity to hear directly from HMRC’s Shares and Asset Valuation (SAV) section assistant director, Steve Thomas. SAV offered well-attended meetings for years for the valuation profession, but they’ve been postponed since 2018.

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