Here’s what you’ll see:

• “How to Use New Data on Invested Capital Premiums” (BVR Editor). To estimate acquisition premiums, the use of invested capital premiums is highly encouraged in certain situations. This article presents a case study and step-by-step guide to using these data that are now included in the Factset Mergerstat/BVR Control Premium Study.
• “Economic Damages From Design Patent Infringements” (Richard F. Bero, The BERO Group PA, and Christopher V. Carani, Esq., McAndrews, Held & Malloy Ltd.). The authors discuss the challenges of determining lost profits for design patent infringement. This is an excerpt from The Comprehensive Guide to Economic Damages, 6th edition.
• “Updated Data in Largest Pre-IPO Study Reveal High Discounts” (BVR Editor). New pre-IPO data for the first quarter of 2021 has been added to the Valuation Advisors Lack of Marketability Discount Study, which is the largest study of its kind. The use of pre-IPO data is a widely used and accepted method for estimating a discount for lack of marketability (DLOM).
• “COVID-19 Just a Speed Bump in Hot M&A Market, Say Speakers at Transaction Advisors Forum” (BVR Editor). Coverage and key takeaways on valuation from the April 30 M&A Strategy Forum that included sessions conducted by corporate development leaders, in-house M&A counsel, board members, and private equity investors.
• “Eliminating Outliers in Financial Data Without Cherry-Picking” (J. Richard Claywell). The author discusses one method for determining outliers that is defensible from the allegation of cherry-picking, that is, bias in selecting data to either suit the client’s wishes or to generate a specific result for the client.
• “Defining Terms: Forecasts v. Projections—Why Does It Matter?” (BVR Editor). One area that can trigger some confusion is the difference between the terms “forecast” and “projection.” Some people use them interchangeably, but these are formal terms found in the literature, so they should be used appropriately.

The issue also includes:

• A full section of “BV News and Trends/Global BV News and Trends.”
• Regular features: “Ask the Experts” and “Tip of the Month.”
• BV data spotlight: “DealStats MVIC/EBITDA Trends,” “FactSet Mergerstat/BVR Control Premium Study,” “Economic Outlook for the Month,” and the “Cost of Capital Center.”
• BVLaw Case Update: The latest court cases that involve business valuation issues.

To stay current on business valuation, check out the June 2021 issue of Business Valuation Update.