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Stay appraised of all the latest business considerations in the jewelry industry! The report explains how jewelry stores operate, the nature of their revenue streams, value drivers, the industry environment, the risks involved, and other key factors.
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EBITDA Single-Period Income Capitalization for Business Valuation
This article begins with a discussion of EBITDA, or earnings before interest, taxes, depreciation, and amortization. The focus on the EBITDA of private companies is almost ubiquitous among business appraisers, business owners, and other market participants. The article then addresses the relationship between depreciation (and amortization) and EBIT, or earnings before interest and taxes, as one measure of relative capital intensity. This relationship, which is termed the EBITDA Depreciation Factor, is then used to convert ...
Business Valuation, DLOM, and Daubert: The Issue of Redundancy
Business valuations are a common subject of dispute in tax and divorce litigation, with the valuation consequences of private-company status of a closely held (often family) business being especially contentious. It is not well known that core valuation methodologies such as DCF analysis have the effect of discounting the future cash flows of small businesses substantially, generally by 40% to 60%, dollar-for-dollar, for lack of size alone. Because there is a strong empirical relation between ...
Grounding Retrospective Solvency Analyses in Contemporaneous Information: Part I
Courts frequently use contemporaneous information to assess a debtor's solvency as of the date a disputed transfer was made or a disputed obligation was incurred. This is the first of three papers that provides a business valuation practitioner's perspective on how to use contemporaneous information to assess the debtor's solvency on the relevant date. This paper addresses the use of the debtor's contemporaneous stock and debt prices.
Show must go on(line): ASA Energy Valuation Conference May 13
BVR is pleased to partner with the Houston Chapter of the American Society of Appraisers (ASA) to present the Energy Valuation Conference in Houston in an online-only format on May 13.
The Valuation of Drilling and Exploration Rights in the Marcellus Shale Formation
Tom Ridge, the former governor of Pennsylvania, called the Marcellus Shale a "possibly unprecedented opportunity" in energy and economic development for small businesses, professionals, and ordinary workers.1 While the debate over hydraulic fracturing roc ...
Energy Valuation Conference May 2: Attend Live in Houston or BVR Webcast
BVR is pleased to partner with the Houston Chapter of the American Society of Appraisers (ASA) to present a live webcast of the Energy Valuation Conference, which will take place on May 2 in Houston.
Special Considerations in Valuing Wealth Management Firms
The valuation of wealth management firms presents a number of special considerations. These firms are brimming with talent, brain power, energy, and, most importantly, revenue-generating capacity. They come in many shapes and sizes and vary widely in term ...
Key Value Drivers and Valuation Issues for Solar Power Firms
Editor’s note: This is an excerpt from the latest in the series of BVR’s What It’s Worth guides: Valuing Oil, Gas, and Alternative Energy Assets. It contains perspective from experts on the challenges, key valuation drivers, and opportunities in oil, gas ...
Energy Valuation Conference May 13: Attend Live in Houston or BVR Webcast
For the second year, BVR is pleased to partner with the Houston Chapter of the American Society of Appraisers (ASA) to present a live webcast of the Energy Valuation Conference, which will take place on May 13 in Houston.
Alternative energy firms can face huge regulatory risks
A question from the audience during a recent BVR webinar points up a key issue in the valuation of firms that provide energy using alternative sources (e.g., wind, solar).
Strong turnout for ASA Houston’s energy valuation event
BVR had 100 online attendees for its webcast of the Houston ASA Energy Valuation Conference, and more than 100 attendees were on-site, so it was another strong turnout for this event, which is in its 12th year.
Arriving at FMV Conclusion for Energy Properties Requires Engineering Expertise
The oil and gas sector is one of the hottest in the M&A market, driven by a strong demand for upstream assets. But valuing these assets, in particular oil and gas reserves that can be neither seen nor physically measured until produced for sale, presents ...
Oil and Gas Field Services Industry: Sources of Information
Valuation practitioners can expect to find many opportunities for valuing oil and gas field services companies. At the recent 2011 ASA Advanced Business Valuation Conference, keynote speaker Marvin Zonis (professor emeritus, University of Chicago) told th ...
Oakridge Energy v. Clifton
Shareholders dissenting from a sale of corporate assets appeal from the trial court's judgment that, for purposes of the statute giving them a right to appraisal and payment, the "fair market value" of their shares equals the stock market price.
BV News At-a-Glance
A monthly roundup of key developments of interest to business valuation experts.
SEC Settlement Over Fair Value Signals Shift of Focus
The recent settlement between KPMG and the SEC over alleged overvaluations of assets marks a shift in the agency’s enforcement focus. Until now, the SEC primarily targeted policies, procedures, and internal controls. But, in this case, the SEC set its sig ...
Build a Reputation—Build a BV Practice: The Best Four Investments You Can Make
While attending a recent annual conference I ran into Jim—just as I do each and every year. Jim is short and stout, usually a little disheveled but typically with a jovial attitude—a Santa Claus without the boots, red robe and “ho ho ho”. This time, how ...
Mastering the Art of Valuing Master Limited Partnerships
Master limited partnerships (MLPs) have emerged from the recent economic turmoil as one of the strongest asset classes for retail as well as private equity investors. In 2010, for example, the Cushing 30 MLP Index delivered a 42% total return, outperformi ...
9 Pitfalls of Valuing OTC Derivatives in the Oil and Gas Industry
Oil and gas firms are in an industry that is highly sensitive and subject to volatility in returns, so these firms use derivatives regularly to manage their risks. Many other companies, including private firms, now use derivatives. For example, a U.S. man ...
Global BV News and Trends June 2021
Business valuation news from a global perspective.
The new normal— Implications for NAFTA economies
The economic environment impacts the current and future prospects of a business. Business appraisers need to keep abreast of the economic environment and ...
BVU News and Trends August 2019
monthly roundup of key developments of interest to business valuation experts.
Insights From the Record-Breaking ASA Fair Value Conference
A huge audience listened to top speakers discuss current issues, company-specific risk, technology assets, preferred equity, inventory, and a regulatory update.
BVU News and Trends April 2023
A monthly roundup of key developments of interest to business valuation experts.
Court Case Points Up Pitfalls to Avoid When Using Transactional Databases
When valuing private companies, appraisers often look to the sale prices of comparable companies. This information is found in private-company transactional databases, such as Pratt’s Stats and BIZCOMPS. However, if you don’t understand the nuances of usi ...