COVID-19 continues to dominate a lot of the discussion in KPMG’s Quarterly Brief—International Valuation Newsletter for the fourth quarter of 2020. There’s a discussion of the challenges of valuation in the pharmaceutical and biotechnology sector that points out that many analysts are using probability-weighted cash flow methods and risk-adjusted net present value to deal with these challenges. There is also an update on recent capital market data, including major stock market performances, valuation multiples, current risk-free rates for major currencies, and country risk premiums. The full issue is available if you click here.