BVR and the International Institute of Business Valuers (iiBV) have completed the current updates of their core Advanced Business Valuation course. The five e-learning modules qualify for iiBV 210, 211, 212, 213, and 214 credits, which align with the current International Valuation Standards from IVSC.

The five modules cover the following outline of essential topics:

• International Cost of Capital: Global Education by iiBV:
  • Introduction and course objectives
  • Review of CAPM and inputs
  • Country risk
  • Relative volatility model (RVM)
  • Erb-Harvey-Viskanta country credit rating model
  • Country yield spread model
  • The Damodaran model
  • Summary and special topics
  • Review questions
• Valuing Early-Stage Companies: Global Education by iiBV:
  • Introduction
  • Definitions of value
  • Stages of company development
  • Developing rates of return
  • Financing early-stage companies
  • Estimating value for early-stage companies
  • Modeling complex capital structures
  • Modelling complex capital structures—current value method (CVM)
  • The option pricing model (OPM)
  • Probability weighted expected return method (PWERM)
  • Hybrid model
  • Review questions
  • Case studies:
    • Current value method case study
    • OPM case study
    • PWERM case study
    • Hybrid method case study: Salalah Ltd., Part II
• Valuing Minority Interests: Global Education by iiBV:
  • Overview of control premium and discount for lack of control
  • Example of adjustments to cash flow for nonmarket expenses
  • When should a control premium be considered?
  • Common assignments requiring minority interest valuations
  • Measuring the control premium
  • The market participant acquisition premium
  • Discount for lack of marketability (DLOM)
  • Black-Scholes option model
  • Initial public offering studies
  • Restricted stock studies
  • Sanity check
  • Review questions
• Valuing Intangible Assets: Global Education by iiBV:
  • Introduction
  • What is an intangible asset and why do we need to value them?
  • Identification of intangible assets
  • Documentation of intangible assets
  • Categories of intangible assets
  • Characteristics of intangible assets
  • MPEEM valuation methodology for intangible assets
  • Contributory asset charges (CAC) in the MPEEM
  • Tax amortization benefit (TAB) in MPEEM
  • Greenfield method and relief from royalty method
  • Profit split method and other methods
  • Case study—Wahmi Limited
  • Course review questions
• Black-Scholes Option Modeling:
  • The Black-Scholes option model
  • The language of options
  • The assumptions within the Black-Scholes model
  • Some of the intellectual heritage behind the model
  • Core building blocks of model
  • Euler’s number or the exponential number and natural logarithms
  • Continuous compounding and discounting
  • Application to the BS model
  • Volatility
  • Volatility and returns
  • The risk-free rate and dynamic hedging
  • The “N” function in the BS model
  • The derivation of N(d2)—strike price
  • The value of N(d1) in the model
  • Application to private companies
  • Course review questions

The entire course set is available for £361.