Highlights of the 20 April issue:
  • Last chance to guide the future of IVS 30 April
  • May is a good month for business valuation programmes, including ICAEW’s annual event and a new free webinar series from the IVSC
  • A reminder that name registration can be critical to building—or harming—brand value
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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.

Last chance to guide the future of IVS 30 April

UK business valuers who prepare or review valuations within the scope of the International Valuation Standards (IVS) can make a big difference in their direction now.

May is a good month for business valuation programmes, including ICAEW’s annual event and a new free webinar series from the IVSC

A reminder to all BVWire—UK readers that the ICAEW are hosting their annual business valuation summit 20 May.

A reminder that name registration can be critical to building—or harming—brand value

Brand intangibles can be difficult to value, particularly for smaller enterprises.

Transfer pricing treatments under increased scrutiny as recovery continues

An HMRC 23 March consultation on strengthening the transfer pricing (TP) documentation requirements for auditors and business valuers indicates a continued focus by the UK tax authority on revenue-raising from TP audits.

How can the valuation professions increase inclusivity and diversity?

Every business and profession is asking these questions now, but the issues for real property and business valuers are particularly complex.

Dates for your diary

17 May: IVSC Coming Out of Lockdown: The Post-Pandemic Economic Environment and Its Impact on Valuation, 13:00-14:30 (BST ...

COVID-19 hasn’t hurt any of the large UK providers of business valuation financial data

UK business valuers don’t have to worry that their large financial data sources will disappear any time soon.

UK-developed program for ‘ESG’ investment training goes global via CFA Institute

Most BVWire—UK readers we’ve spoken with feel the industry “buzz” around scoring listed companies according to their environmental, social, and governance (ESG) factors is of minimum significance to the business valuation profession, since market and income approaches already account for the risks of bad behaviour within a private-market sector or specific target company.

Will HMRC enforce its new tools in post-COVID-19 insolvencies?

Since 1 December 2020, HMRC has regained its status as a preferential creditor. Valuation experts working with distressed businesses and insolvencies will need to assess HMRC’s reinstated role carefully, since no one is entirely clear yet on how Treasury intend to respond once winding-up restrictions end or whether delayed tax payment agreements are enforced.

Freyman article on CAPM in renewable energy available

A new analysis by a trio of Grant Thornton experts (Tomas Freyman, Jade Palmer, and Axel Rescanieres) addresses income approach valuation issues in renewable energy—a topic made more important because Europe’s investments in this area increased 52% last year, while the rest of the world, including the US, China, and India, dialed back.

Dates for your diary

20 May: ICAEW Virtual Valuation Conference, 9:00-16:00, virtual ...

UK SPAC data added to 2021 Mergerstat Review

The 2021 edition of Mergerstat Review is now available for preorder; the guide will be available in PDF format in mid-April, and the print version will be available in May.

Eurozone deal multiple index ignores COVID-19 and sets a record

The free Q4 2020 Argos Index, released last week, shows that private equity acquisition prices in the eurozone soared to a new record, confirming an overheated rebound to what now appears to be a business value “blip” caused by COVID-19.

Companion Guide to DealStats private-transaction database available free to BVWire—UK subscribers

The DealStats Companion Guide offers financial analysts a structure for supporting the best use of any private-company market transactions included in their business valuation reports.

A classic reminder of the essentials of trustworthy forecasts

BVWire—UK readers will enjoy looking back at “How to Choose the Right Forecasting Technique,” the essential 1971 Harvard Business Review (HBR) article.

CAPM cost of capital parameters from STOXX as of Dec. 31, 2020

ValueTrust has released the seventh edition of its “European Capital Market Study,” a comprehensive compilation of capital market parameters such as cost of capital and implied as well as historical risk premiums for European countries.

High Court supports business valuation process that purchase agreements require

A new High Court decision makes it more difficult to challenge a business valuation expert’s authority under a price determination mechanism in a share sale and purchase agreement (SPA)—at least after a substantial amount of work has been done.

IVSC are proposing valuer ‘governance’ additions to the International Valuation Standards

We reported on the changes to IVS 200 regarding the definition of business interests in the 2 March 2021 edition of BVWire—UK.

Businesses with overseas subsidiaries may now carry higher contingent liabilities

The English courts have expanded the risk for larger global organisations to account for unlawful ethics breaches their overseas subsidiaries committed.

Dates for your diary

12 March: EACVA Business Valuation Virtual Conference 2021, online ...

Assessing the unique risks of small-business IP assets

BVWire—UK notes a 15 February decision by Judge Richard Hacon of the High Court that denied a claim by an ex-employee against the digital forensics company MDS Ltd for copyright.

6 April marks beginning of new rules for expert reports in the Business and Property courts

From 6 April 2021, Practice Direction 57AC will introduce significantly tighter requirements that will apply to all business valuer witness statements in the Business and Property courts, including those in claims that have already been issued.

Some guidance to fill in the gaps in IFRS when valuing companies with bitcoin investments

This was a big week for bitcoin and the other cryptocurrencies.

Expect further definition of ‘business interests’ in next year’s IVS modifications

The IVS are once again under agenda consultation, but, like the current 2020 version, some of the most extensive proposed revisions come within IVS 200, the section dedicated to valuing businesses and business interests.

Dates for your diary

Today, 2 March: COVID-19 and Business Valuation—One Year Later—What Worked and What Didn’t With Jim Hitchner, paid webinar, 18:00-20:00 BT ...

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