Highlights of the 15 September issue:
  • ICAEW virtual Advanced Valuation Techniques session begins tomorrow
  • New IVSC ‘Valuation Providers Platform’ limited to a handful of UK BV organisations
  • Is COVID-19 changing the types of new BV engagements?
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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.

ICAEW virtual Advanced Valuation Techniques session begins tomorrow

This ICAEW Advanced Valuation Techniques begins again in virtual format Wednesday from 9:15 to 12:30 BT and concludes Thursday 17 September.

New IVSC ‘Valuation Providers Platform’ limited to a handful of UK BV organisations

The IVSC have launched a new online search platform designed to ‘allow users of valuation information to search local expertise’ in the UK and elsewhere.

Is COVID-19 changing the types of new BV engagements?

BVWire—UK discussed this topic with a number of business valuation experts in the UK and North America and discovered a surprising degree of stability, given FTSE risk and overall predictions of GDP reductions in the 7%-to-15% range.

Duff & Phelps Cost of Capital Navigator adds international industry benchmarking module

The new international industry benchmarking module (available in late October) provides subscribers with comprehensive global industry-level statistics for approximately 90 industries in four global regions, with data to support valuation dates from March 2015 to the present.

Fourth annual Asian Business Valuation conference 6-7 October

In its fourth year, Asia’s leading business valuation conference is back with the theme ‘Crisis and Sustainability: The Search for Enduring Value.’

Pablo Fernandez discusses the need for iteration with many DCF analyses

The new article, ‘Valuing Companies by Cash Flow Discounting: Only APV Does Not Require Iteration,’ may be downloaded at ssrn.com/abstract=3682128.

Dates for your diary

16-17 September: ICAEW Advanced Valuation Techniques, 9:15-12:30 BST both days, virtual event ...

Dates for your diary

9-11 September: BVR/AAML Virtual Divorce Conference, virtual event ...

What do KPMG and BDO have to say about current valuation and forecasting approaches?

COVID-19 dominates a lot of the discussion in the latest edition of KPMG’s 3Q2020 International Valuation Newsletter (IVN), though, as editors Johannes Post and Rolf Langenegger note, it ‘is not the only issue.’ BVWire—UK readers looking for a good summary of the effects the pandemic has had on UK and global markets should turn here, even though the effects on private companies, the LSE, and other markets are now familiar to everyone.

What factors contribute to inconsistent business valuation multiples?

Three professors at the Leipzig Graduate School of Management reviewed 1,149 recent private equity cross-border transactions to determine the consistency of the business valuation metrics.

BV experts may not be back in court for contentious valuations—yet

As UK courts begin to open again, the current government rule requires barristers and solicitors under mandatory 14-day isolation (if they’ve travelled to high-risk countries) to turn up to court if they have a hearing.

The government makes a huge bet on UK business productivity research

A new £32m Productivity Institute (PI) headquartered at the Alliance Manchester Business School will boost groundbreaking research to explore how to increase productivity, boost wages, and support the economic recovery across the UK.

Leigh Miller says valuation ‘ranges’ still raise questions with auditors, even during COVID-19

Using multiple forecast scenarios has been a commonly practiced approach to market volatility—and many UK business valuers are now saying that it should be used more widely.

Dates for your diary

20-21 August: ICAEW Excel Modelling—Investment Appraisal, Valuation and Business Cases, virtual, 9:15-12:30 BST both days (repeated live 30 October and 4 December ...

Advising clients on the meaning of ‘fair value’

The phrase ‘fair value’ continues to bedevil the high courts and create very different expectations when parties are forced to figure out what to pay when buying and selling.

What’s control worth in the UK? A current example

Sources such as BVR/FactSet’s Control Premium Study (CPS) often support price premia above 25% as the assumed benefit of a controlling interest.

PwC valuation team completes restructuring deal for Travelex

PwC’s engagement to calculate the fresh capital needed to keep the remainder of ailing Travelex afloat has been completed with an agreement to provide £84 million.

D&P’s de Gray releases new financial damages guide for lost value calculations

Neil de Gray, a director in the Toronto office of Duff & Phelps, makes a strong argument for the use of business valuation professionals in any calculation of damages in his new guide The Financial Damages Model for Loss of Value, published late last month by Lexology.

IVSC confirm dates for next annual meeting and advisory forum meeting

The IVSC’s Advisory Forum Working Group (AFWG) is inviting representatives of IVSC member organisations to join their meeting on 28 September.

Sunak’s FinTech growth plans are now the subject of an independent review by HM Treasury

HM Treasury announced the relaunch of an independent review of the UK’s FinTech sector last week.

When market data are volatile, the best alternative is a more rigorous DCF

Quarterly economic indicators are barely sufficient for business valuers now.

How can you get BV CPD during COVID-19?

The short answer is ‘virtual.’

Can you simply reduce the value of all private companies in the UK? Scottish Mortgage and IPEV say yes.

Investment trust Scottish Mortgage, managed by Baillie Gifford, provided a simple solution in April by cutting the value of private companies in its portfolio to recognise the fact that private-company valuations are not insulated from public markets.

Adjusting the Gordon growth model for cross-border valuations

A new research study—‘International Valuation: A Proposed Method Using the Constant Perpetual Growth Model,’ by Thomas J. O’Brien (University of Connecticut—Department of Finance)—attempts to reduce valuation mistakes introduced by cross-border foreign exchange and cash-flow risks.

IVSC interviews head of European Financial Reporting Advisory Group

‘The valuation profession has always played an important role in the financial reporting process.'

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