Highlights of the 4 June issue:
  • Nelder discusses trends in fiscal business valuations for HMRC
  • Last chance to participate in BVWire-UK's survey of business multiple sources
  • Acuris/Mergermarket sells to Ireland's ION
  • Valuators now have 90-day extension option for HRMC employment incove or share scheme filings
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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.

2019 FactSet Mergerstat Review—UK Edition publishes soon

BVR’s new 2019 Mergerstat Review—UK Edition includes the ‘Top 100 Global Transactions Roster.’

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.

New cost of capital resources available

Two sources of industry betas were introduced this week in BVR’s Cost of Capital Professional (CCPro) to help in estimating the industry risk premium (IRP) component of the buildup method for developing the cost of capital for a private company.

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.

Dates for your business valuation diary

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

Nelder discusses trends in fiscal business valuations for HMRC

As most British business valuators know, HMRC Shares and Assets Valuation (SAV) reviews (and sometimes questions) fiscal valuations. Staff at SAV have shrunk by about half over the years, but they still deal with many valuations (approximately 12,500 a year).

Last chance to participate in BVWire—UK’s survey of business multiples sources

BVWire—UK ‘s spot two-question survey on sources for valuation multiples in your business valuations will close in a few days.

Acuris/Mergermarket sells to Ireland’s ION

The British private equity firm BC Partners is selling its majority stake in the financial data firm Acuris, which owns Mergermarket and Debtwire, to the ION Investment Group (Dublin).

Do acquisition earnouts increase business value?

It’s not uncommon that business valuation analysts need to consider the contingent value and costs of earnouts paid to the management of acquired companies.

ICAEW Practical Business Valuation programme begins again next week

ICAEW offers its two-day valuation basics course again beginning 12 June in London (the second day is 24 June).

Dates for your business valuation diary

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

Valuators now have 90-day extension option for HRMC employment income or share scheme filings

Accountants and valuers file a significant number of extension requests for existing EMI agreements.

What is acquiring control worth in the UK?

Quite a bit, it turns out—30%. Current data (including Q1 2019 updates) from the FactSet Mergerstat/BVR Control Premium Study (CPS), show that UK buyers value the future benefits of controlling interests higher than nearly anywhere else in the world.

Where do you find EV/EBITDA multiples for your business valuations? Let BVWire—UK know

One source, of course, is the BDO Private Company Price Index (PCPI). Q1 results for the PCPI were just released and are available now from BDO.

Hayler proposes pretax ‘shorthand’ for some financial reporting valuations

Richard Hayler (Deloitte), fellow of the ICAEW, offers a ‘formula for finite life project cashflows’ that modifies earlier models to achieve ‘a more realistic assumption set.’

European real estate valuers continue the process of creating new EU business valuation standards

UK business valuers who are already members of (or well familiar with) RICS, might get a sense of deja vu from the news that The European Group of Valuation Associations (TEGoVA) held the first meeting of the business valuation standards committee in Dubrovnik last week.

Mergerstat Review—UK Edition ranks top public and private transactions

The first edition of Mergerstat Review—UK Edition, available for preorder now to deliver in June, provides business valuators with a comprehensive list of 2018 transactions in the U.K. and cross-border activity.

Increased valuation work predicted as result of new restructuring regime

‘In both the UK and the EU there will soon be substantial changes to current insolvency legislation,’ says Marianne Tissier (Valuology) in a recent blog post.

New IVS business valuation guidance on nonfinancial liabilities on schedule for next month

‘Nonfinancial liabilities is one area where very little if anything has been published by any other valuation body,’ says Andreas Ohl, chair of the IVSC Business Valuation Board.

BV movers . . .

Richard Hayler (FCA) has joined Deloitte Southeast Asia as the Lead Partner for Disputes specialising in valuation, financial and accounting issues.

First meeting in international financial instruments valuation board held in London

Various efforts to set standards for the valuation of financial instruments have been attempted, but ‘investors, regulators, chartered accountants, and the banks are unified since the last financial crisis,’ says Gavin Francis, HSBC’s chief accounting officer in London and past technical director of the IASB.

iiBV releases webinar on international cost of capital

The International Institute of Business Valuers (iiBV) is expanding their training offerings for business valuators.

ICAEW’s 2019 Business Valuation Community Conference scheduled for 20 September

The ICAEW’s annual BV conference has been scheduled for Thursday, 20 September, at Moorgate Hall in London.

Brand valuation consultancy joins the IVSC

Brand Finance became the first brand valuation consultancy to join the International Valuation Standards Council (IVSC).

ICAEW Practical Business Valuation programme begins again this week

ICAEW offers its two-day valuation basics course again beginning 9 May in London (the second day is 24 May).

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