Highlights of the 17 December issue:
  • Global intangibles lost 8% in value this year
  • KPMG Germany offers updated cost of capital study—and database of IFRS impairment test WACC results
  • Median EBITDA multiple now 4.4x for small and medium enterprises
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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.


Business valuation CPD diary

Advanced Valuation Techniques, 17 February, 11 June, 16 September, London ...

HM Treasury releases major EY study of UK financial tech sector

Business valuers concerned about fintech can get a great view of this critical sector from ‘UK FinTech: On the Cutting Edge,’ a just-released study HM Treasury commissioned back in 2014 as part of the Chancellor of the Exchequer’s goal of making the UK the ‘global capital of FinTech.’

The most common error in DCF analyses? Following the recipe.

Pablo Fernandez, the professor of finance at IESE Business School, remains one of the most thoughtful observers of business valuation practices.

RICS 31 January Red Book update could lead to more ‘mandatory’ financial valuation standards

The new RICS Valuation—Global Standards (generally known as the ‘Red Book’) come into effect on 31 January and replace the edition issued in 2017.

Will the ‘Boris Bounce’ increase the value of small and medium-sized enterprises?

In theory, clarification and stabilisation make markets happy, so the current road map to exit should encourage investors.

A current list of valuation professional organisations (VPOs) in France

In 2010, the Federation of Evaluation Experts (FFEE) was established in law as a French not-for-profit with the mandate to offer input and harmonise standards for business valuation.

Two new EV/EBITDA SME transaction studies from Epsilon-Research and UK 200

Epsilon Research has released the Q3 2019 Argos Index, which measures private midmarket company valuations in the euro zone.

Dates for your business valuation diary

HMRC Shares and Assets Valuation Fiscal Forum, 25 February 2020, London ...

Global intangibles lost 8% in value this year

Business valuers recognise that intangibles present individual ‘facts and circumstances’ challenges.

KPMG Germany offers updated cost of capital study—and database of IFRS impairment test WACC results

KPMG Germany collected WACC results from 312 companies in Germany, Austria, and Switzerland for its 14th edition of the ‘Cost of Capital Study,’ concluding that the average WACC across industries remains at 6.9%.

Median EBITDA multiple now 4.4x for small and medium enterprises

The median selling price/EBITDA multiple across all industry sectors is 4.4x, according to the 4Q 2019 DealStats Value Index (DVI).

Reminder: register for annual 2020 HMRC Shares and Assets Valuation Fiscal Forum by 14 January 2020

Business valuers who wish to attend the forum this year should notify Helen Malone by close of business on 14 January 2020.

Study of large public projects confirms public/private value differences result from a ‘tax wedge’

Richard Brealey and Ian Cooper of London Business School, along with Michel Habib of the University of Zurich, have published a new study on taxes and value in the public sector.

Submit agenda items for 25 February 2020 HMRC Shares and Assets Valuation Fiscal Forum by 14 January 2020

Business valuers who wish to attend the forum this year should notify Helen Malone by close of business on 14 January 2020.

Intangibles often require their own discount rates to derive WACC, Shaw and Higgs report

Since there are very few comparable statistics, analysts often need to assemble their own matrix of required asset return rates for enterprises with intangibles, Steve Shaw (Financial Seminars) told attendees at last month’s ICAEW Valuation Community Annual Conference in London.

New IVS, including extensive guidance on deriving discount rates, becomes effective 1 January 2020

The latest revisions to the IVSC’s International Valuation Standards, having completed the lengthy public comment and review process, become effective 1 January 2020.

Should business valuation be more sensitive to market pricing?

BVWire—UK has been privy to a number of conversations recently with leaders from valuation professional associations around the globe.

Dates for your business valuation diary

HMRC Shares and Assets Valuation Fiscal Forum, 25 February 2020, London ...

Big Four control of UK audit market increased again last year, FRC reports

For the 17th year, the Financial Reporting Council (FRC) surveyed members of the six UK accounting associations (Association of Chartered Certified Accountants (ACCA), Institute of Chartered Accountants in Ireland (ICAI/CAI), Chartered Institute of Public Finance and Accountancy (CIPFA), Chartered Institute of Management Accountants (CIMA), Institute of Chartered Accountants in England and Wales (ICAEW), and Institute of Chartered Accountants of Scotland (ICAS)), plus the Association of International Accountants (AIA).

Further responses from BVWire—UK’s analysis of the ‘headwind’ effect of IFRS 16

BVWire—UK received a number of responses to the last issue’s coverage of a new study that suggests a possible reduction in forecasted profits as companies adapt IFRS 16.

BVR/FactSet Control Premium Study updated for 3Q

Buyers continue to pay more for control in the EU and UK than in most of the other major markets.

D&P lowers its normalized risk-free rate to 3.0%

Duff & Phelps has decreased its U.S. normalized risk-free rate from 3.5% to 3.0% effective 30 September 2019, the firm says in a statement.

The state of the business valuation profession, a la KPMG

Unresolved political uncertainties over the past quarter continue, reports KPMG in its 10th edition of the International Valuation Newsletter, published quarterly.

What’s a trillion $ between friends

Saudi Aramco floated last week, and anyone intrigued by fair market value had to take note.

Do alliances and partnerships increase value?

Most business valuation experts accept the fact that business partnerships (for IP or shared revenue opportunities) add to the value of a pool of assets.

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