ICAEW virtual Advanced Valuation Techniques session begins tomorrow

BVWire–UKIssue #18-2
September 15, 2020

This ICAEW Advanced Valuation Techniques begins again in virtual format Wednesday from 9:15 to 12:30 BT and concludes Thursday 17 September. This leading workshop concentrates on a detailed understanding of the interaction between cash flows, risk, and financing. COVID-19 has somewhat reduced the CPD options available to business valuation experts in the UK.

The course addresses the valuation of early-stage firms and distressed firms and provides an opportunity to explore specialised valuation topics such as:

  • BV model equivalence and an overview of less commonly used models (e.g., EVA, APV, and real options);
  • An enhanced cost of capital process—matching risk-free rate, market risk premium, beta, alpha, and country risk assumptions;
  • Valuing early-stage and distressed firms;
  • Addressing complex cash-flow issues relating to taxes, terminal value models, growth, deferrals, capex, and depreciation;
  • Computation of discounts for lack of marketability and control premiums; and
  • Impact of firm life cycle on leverage, financing choices, and value.

As in the past, the second day offers some flexibility to cover advanced topics at the choice of the participants. At previous workshops, these have included:

  • M&A valuation issues;
  • Private equity valuation model;
  • Valuing options and convertibles;
  • Share-based payments (IFRS 2);
  • Real options analysis;
  • Monte Carlo; and
  • Specialised industries (e.g., extractive industries, valuing financial institutions, renewables).
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