Highlights of the 6 August issue:
  • Free download: What increases the asset value of a customer?
  • Nearly 55 of estates now fall under HMRC's inheritance tax rules (IHT)
  • Do UK business valuators struggle to explain themselves? Perhaps it's because of '18 topics badly explained by many finance professors'
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Follow the business valuation profession in the United Kingdom and its expanding role in regulatory, fiscal, contentious, and compliance valuations with BVWire–UK. Twice a month, BVWIre–UK delivers news and perspectives from valuation thought leaders, expert practitioners, academics, the High Courts, HMRC, the standard setters, and more. We’ll also keep you current on new business valuation research, methodologies, data tools, and training opportunities from ICAEW, RICS, BVR, and others. Contact us with news items and/or suggestions.


Free download: What increases the asset value of a customer?

Valuing customer relations requires quantitative and qualitative judgments.

Nearly 5% of estates now fall under HMRC’s inheritance tax rules (IHT)

BVWire—UK estimates that 28,000 estates fall into the inheritance tax (IHT) rules this year, an increase from 24,500 in 2015/2016.

Do UK business valuators struggle to explain themselves? Perhaps it’s because of ‘18 topics badly explained by many finance professors’

The confusion resulting from many finance practices isn’t your fault, says Pablo Fernandez (professor of finance, IESE Business School in Madrid) in a new and highly readable essay.

CFA Institute ponders how to make their CFA exam ‘more accessible’

Some UK business valuators hold the CFA in addition to their other professional designations.

BVR joins the IVSC

In keeping with the theme of aligning with top BV players around the world, BVR is now a member of the IVSC.

What do you do when you can’t buy the Deutsche Boerse for £22 billion?

Having been blocked by the EU regulators in 2016-17, The London Stock Exchange Group (LSEG) has turned from Deutsche to Refinitiv, the financial product portions of Thomson Reuters carved out by Blackstone last year (LSEG was also blocked in their efforts to buy the Toronto Stock Exchange in 2011).

Are business valuations of public and private firms becoming more similar?

Writing last week as a contributor for Forbes, Paul-Noël Guély suggests that ‘distinctions between public and private markets have been gradually diminishing.’

Dates for your business valuation diary

ICAEW Practical Business Valuation, 11 and 25 September and 11 and 25 November, London ...

Movers

People: Alexandra Altinger, who was chief executive of Mayfair-based Sandaire Investment Office until 2017, will move to JO Hambro as chief executive next month.Please send your professional and firm news to us at ukeditor@bvresources.com.

Should business valuators use ‘implied’ equity risk premiums? Damodaran says yes

The free, 11th annual update to ‘Equity Risk Premiums (ERP): Determinants, Estimation and Implications—The 2019 Edition’ is now available from Professor Aswath Damodaran (New York University Stern School of Business).

Expert witnesses hold unique power, and responsibility, in the UK court system

‘There is an inevitable tension between an adversarial legal system, with experts being appointed by each side, and the duties of judicious objectivity,’ writes Andrew Strickland (Scrutton Bland) in a new white paper available to BVWire—UK readers as a free download.

ICAEW releases programme for Annual Business Valuation Conference

The ICAEW’s event, scheduled for 23 October at their Moorgate Place (London) offices, is the largest BV conference in the UK.

Fewer, but richer, deals dominate Scottish market, PwC reports

Total transactions in 2018 dropped 25% compared to the record-setting previous year, but pricing continues to increase, focusing on the top of the market.

Dates for your business valuation diary

ICAEW Practical Business Valuation, 11 and 25 September, and 11 and 25 November, London ...

BVR offers resources to help UK business valuation professionals

Financial analysts in the UK have often struggled to find auditable market and financial data to support their assumptions and conclusions.

Alistair Darling brings high-profile finance background to IVSC’s board

At their meeting last week in London, the IVSC’s board of trustees announced former UK Chancellor of the Exchequer Alistair Darling as their newest member.

Valuing minority interests in the United Kingdom is ‘especially challenging’

‘Valuing fractional interests in closely held companies is especially challenging,’ Andrew Strickland reports to BVWire—UK.

RICS symposium highlights remarkable progress of BV profession

Last month, at the RICS Business Valuation Symposium in New York City, it was evident that, in the realm of fair value for financial reporting, extraordinary progress has been made in the efforts to enhance the public trust in valuations.

Pablo Fernandez offers Valuation and Common Sense for free

Valuation and Common Sense (2019, 7th edition) ‘explains the nuances of different valuation methods and provides the reader with the tools for analyzing and valuing any business,’ Pablo Fernandez, professor of finance, IESE Business School, tells BVWire—UK.

IPEV Board updates guidelines for private capital valuations

The International Private Equity and Venture Capital Valuation (IPEV) Board’s current update reflects valuation guidance from IFRS 13, ASC Topic 820 (US GAAP), and other inputs and is available here.

Dates for your business valuation diary

ICAEW Practical Business Valuation, 11 and 25 September and 11 and 25 November, London ...

Meanwhile, the global value of control trends down slightly during Q1 2019

BVR has completed its latest quarterly update to the FactSet Mergerstat/BVR Control Premium Study (CPS), which includes an added 141 controlling acquisitions worldwide.

Is UK Common Law for business valuation evolving toward a fairness standard?

‘Common law is shifting under our feet, so this is an interesting time to do valuations in contentious situations, whether it’s a family or a non-family situation,’ Andrew Strickland (Scrutton Bland) told BVWire—UK last month.

Dates for your business valuation diary

IVSC-WAVO Global Valuation Conference 2019,13-14 June, Frankfurt, Germany ...

BVWire—UK survey of multiples sources confirms lack of a perfect small-business valuation comparables resource

Business valuers in the UK often rely primarily on public-company multiples, given the lack of other comparables.

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