Business Valuation Update

In the July 2022 issue:
  • An Actual Brand Valuation Report a Court Rejected as ‘Speculative’
  • Highlights From the 2022 NYSSCPA BVLS Conference
  • How Judges Compare Competing DCF Analyses
  • Misusing the Market Prices of High-Vote Shares When Estimating a Discount for Lack of Voting Rights, Gilbert E. Matthews
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Welcome to Business Valuation Update
The Business Valuation Update (BVU) has been the voice of the valuation profession since its inception in 1995. Each monthly issue includes new thinking from leading professionals, detailed reports from valuation conferences, analysis of new business valuation approaches, coverage of “landmark” legal cases in key business valuation issues, regulatory and standards updates, and much more!  Learn more and subscribe >>
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Good News: Key Research on Private Cost of Capital Is Back

On the brink of ending its long run, the Private Capital Markets Project from Pepperdine University has secured funding to continue its ongoing survey of expected rates of return of providers in the private capital market.

New Pepperdine Report Creates Buzz at the NACVA Conference

One of the more well-attended sessions at the Business Valuation & Financial Litigation Super Conference hosted by the National Association of Certified Valuators and Analysts (NACVA) was a session Dr. Craig R. Everett conducted. He is the project director of the Private Capital Markets Project from Pepperdine University, which does an ongoing survey of expected rates of return of providers in the private capital market.

Has the Tax Court Become Hostile to Appraisers? Will Ibbotston’s Become Obsolete by Next Year?

For the second year in a row, the Institute of Business Appraisers has held a sold-out, symposium-styled national gathering, informal and yet highly informative. This year’s IBA Symposium in Denver offered two-tracks, limited registration, and four-hour ...

Appraiser Shuns Public Data for Private Cost of Capital

One appraiser has done hundreds of valuations of small owner-operated firms by looking to private capital markets to estimate cost of capital. This eliminates the need to make all of the many assumptions and adjustments to convert data from actively traded stocks into proxies for private-company valuation.

Appraiser Uses Direct Way to Estimate Private-Company Cost of Equity

One appraiser, after 25 years and over 1,000 valuations of small owner-operated businesses, says that these firms bear no relation to public companies, so why look to the public markets for data when estimating cost of capital? Here’s the method he uses, which looks directly at the private capital markets and does not require any expensive resources.

BV News and Trends July 2022

A monthly roundup of key developments of interest to business valuation experts.

BV News and Trends March 2022

A monthly roundup of key developments of interest to business valuation experts.

BV News and Trends October 2022

A monthly roundup of key developments of interest to business valuation experts.

BVU News and Trends September 2020

A monthly roundup of key developments of interest to business valuation experts.

BVU News and Trends March 2019

A monthly roundup of key developments of interest to business valuation experts.

Letter to the Editor: Comments on the Cost of Capital Professional

A user who tested out BVR’s new platform for estimating the cost of capital has some very thought-provoking comments on the use of historical data for the equity risk premium.

BV News and Trends May 2021

A monthly roundup of key developments of interest to business valuation experts.

BVU News and Trends May 2019

A monthly roundup of key developments of interest to business valuation experts.

BVU News and Trends June 2018

A monthly roundup of key developments of interest to business valuation experts.

BVU News and Trends December 2018

A monthly roundup of key developments of interest to business valuation experts.

BV News and Trends August 2022

A monthly roundup of key developments of interest to business valuation experts.

BV News and Trends September 2022

A monthly roundup of key developments of interest to business valuation experts.

Looking to Private Markets for Private Firm Cost of Capital

Some valuation experts are not comfortable with the theory that public-company data can be substituted for private value. They see some financial theory risks to the standard valuation process of applying a myriad of judgments and assumptions to convert m ...

Should a Private Cost of Capital Method Replace CAPM and BUM?

Most appraisers recognize the judgments and assumptions built into the process of converting measurable public market data into proxies for private company valuation. Capital asset pricing needs to be “modified” with a series of adjustments to the cost of ...

BV News At-a-Glance

A monthly roundup of key developments of interest to business valuation experts.

Seven Tips on Cost of Capital From the AICPA FVS Conference

There was great interest in the several sessions on cost of capital at the AICPA Forensic and Valuation Services Conference 2015 in Las Vegas. Speakers acknowledged that this is a topic that has evolved into a very complex area with a voluminous amount of ...

BV News At-a-Glance

A monthly roundup of key developments from the standard setters, regulators, and valuation professional organizations (VPOs), plus noteworthy new books, research papers, and studies of interest to business valuation experts.

Use Four Categories of Normalization Adjustments to Get the Best Cash Flow Analysis

“I look at a lot of opposing reports, or reports from friends that are about to get opposed, and I can report that the cash flow statement analysis is often the thinnest part,” said Brandi Ruffalo in her session on normalizing financial statements at the ...

BVU News and Trends July 2019

A monthly roundup of key developments of interest to business valuation experts.

BVR and Duff & Phelps Cost of Capital Platforms Go Head-to-Head at VSCPA

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.

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