Here’s what you’ll see:

• “BVR and Duff & Phelps Cost of Capital Platforms Go Head-to-Head at VSCPA” (BVR Editor). Both platforms give similar results when estimating the cost of capital for private firms. They were put through their paces at a recent conference presented by the Virginia Society of CPAs.
• “Highlights of 2019 Delaware Valuation Decisions” (Gilbert E. Matthews, Sutter Securities, Inc.). This year to date has been another active period for valuation cases in the Delaware courts. Six cases are reviewed, and the predominant theme is that, in arm’s-length transactions, appraisal value continues to be based primarily on the transaction price rather than on discounted cash flow.
• “Do You Really Know Your Data for Determining Discounts?” (Carsten Hoffmann and Philip Schwab, Stout). A popular data source used in determining discounts for asset-holding entities is analyzed. An advanced understanding of the data is critical in order to avoid overvaluing your client’s investments by understating the discounts.
• “Tales From the Trenches: Buildup Approach: The Data May Be Correct, But Is the Conclusion Appropriate?” (Robert E. Kleeman Jr., OnPointe Valuation). This is an article in a series of valuable lessons to be learned based on the experiences of seasoned valuation experts. While you may be able to find some of this advice in books, only real-life experiences can highlight the nuances that can only be found in the minds of the experts who have lived through many engagements.
• “Rohling the Dice With a Calculation Engagement” (Michael Paschall, Banister Financial Inc.). In a divorce case in Alabama, an appeals court affirmed the trial court’s acceptance of a calculation engagement. But the case does not represent a legitimate victory for calculation engagements as much as it represents a win by forfeit.
• “Survey of Daubert Challenges to Experts Suggests Red Flags to Avoid” (BVR Editor). In 2018, appraisers had the lowest exclusion rate among all types of financial experts facing a Daubert challenge, reveals the current edition of an annual PwC survey. The article also presents some tips on how to avoid a challenge.

The issue also includes:

• An expanded 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/Revenue Trends,” “ktMINE Royalty Rate Data,” “Economic Outlook for the Month,” and “Stout Restricted Stock Study and DLOM Calculator.”
• BVLaw Case Update: The latest court cases that involve business valuation issues.

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