Highlights of the 14 October issue:
  • Larger listed companies barely outperform smaller ones now, a new study argues
  • Two new resources discuss the impact of business valuation for 'complex' financial instruments
  • Newlease accounting standards create overlooked challenges for business valuation professionals
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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.


Larger listed companies barely outperform smaller ones now, a new study argues

Published research has overstated the size premium, says ‘Firm Size and Stock Returns: A Quantitative Survey,’ a new analysis conducted by Anton Astakhov, Tomas Havranek, and Jiri Novak from the Institute of Economic Studies at Charles University in Prague.

Two new resources discuss the impact of business valuation for ‘complex’ financial instruments

In collaboration with RICS and IVSC, the iiBV have released their Valuing Financial Instruments video webinar earlier this month.

New lease accounting standards create overlooked challenges for business valuation professionals

Most of the analysis of the IASB’s IFRS 16 rule on lease accounting, which went into effect in January 2019, has been from the audit and accounting side.

Valuation trends and issues in the information/media sector

Separately identifiable intangibles are making up a bigger portion of the purchase price allocations for the big deals in the media sector, though practices vary widely, reports Grant Thornton in their new ‘What’s Been Happening in Media M&A’ white paper.

Global survey launched on BV reporting practices

The Advisory Forum Working Group (AFWG) of the International Valuation Standards Council has launched a survey to identify the most common differences between business valuation for reporting purposes around the world and potential difficulties for achieving consistency with IVS, the global standards.

Deloitte sells software assets to Moody’s, continuing trend

The top half-dozen firms handle a large portion of business valuation work in the UK, so anyone interested in the profession might note with interest the trend for the larger audit firms to provide software as well as services.

UK perspectives on OECD’s upcoming transfer pricing harmonisation efforts

‘Some jurisdictions have acted unilaterally, some have made failed attempts, while some have adopted a “wait and see” approach,’ the current issue of Bloomberg BNA’s Transfer Pricing Forum says.

Dates for your business valuation diary

ACG UK Chapter Trends in Alternative Capital, 15 October, London ...

Study on abandoned mergers and acquisitions identifies areas for process improvement

Business valuers must recognise the risks associated with failed business deals. In fact, a new study from McKinsey confirms that one of 10 large merger and acquisition deals fails to close, often causing significant harm to both proposed buyers and sellers.

New economic report from ICAEW

The dour tone of the latest economic report from IAECW won’t surprise business valuers.

Goodwill should not be a ‘wasting asset’

Goodwill has resurfaced as a valuation topic globally this year, so much so that the IVSC’s first article on the subject, ‘Is Goodwill a Wasting Asset?’ has been downloaded thousands of times already.

How should business valuers measure country risk when revenues originate outside of the UK?

Aswath Damodaran (New York University Stern School of Business) continues to provide country risk comparisons on his website.

Dates for your business valuation diary

IVSC Annual General Meeting and IVAS/IVSC Business Valuation Conference, 7-9 October, Singapore ...

What is control worth? New update from BVR/FactSet

The median price paid for the benefit of acquiring a controlling interest dropped slightly, to 26.5%, during the second quarter, according to the FactSet/BVR Control Premium Study.

IVS update includes guidance for complex capital structures

For the first time, the International Valuation Standards (IVS) include guidance for valuers whose engagements require that the entire enterprise value be allocated across various classes of economic or control rights.

iiBV intangible assets 212 course gets kudos

Several BVWire—UK readers have commented that they’ve used the new iiBV 212 Valuing Intangible Assets online course to help staff get up to speed on the key business valuation concepts.

Let the (WACC) sunshine in …

Led by cost reductions at Chinese manufacturers, and assuming a 7% weighted average cost of capital, solar energy is now the cheapest power source—in England!

Deloitte puts further reliance on IVS

The Big Four firm has contributed financial and staff support to IVSC since the organisation was founded, but now it’s aligning professionally with the need for harmonised standards in the form of the IVS.

New leadership at CFA Institute

CFA Institute announced that Margaret Franklin (previously president of BNY Mellon Wealth Management in Toronto) began last week as the organisation’s new president and CEO.

See you in London 23 October

The largest gathering of business valuation professionals in the UK is coming up next month at the ICAEW’s Moorgate Hall facility.

Dates for your business valuation diary

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

Dates for your business valuation diary

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

Movers

Claire Reid, who began with PwC in Glasgow, has replaced Lindsay Gardiner as the Big Four firm’s regional lead partner for Scotland.

Next update for IVS 2017 becomes effective 1 January 2020

Business valuers who comply with the IVSC’s International Valuation Standards (IVS) will have a new update effective the end of the year.

The International Chamber of Commerce’s new handbook on intellectual property valuation and monetisation offers guidance for business valuers

The new ‘ICC Handbook on Valuation of Intellectual Property Assets’ is the work of the ICC Task Force on Valuation and Monetisation of IP Assets, co-chaired by Dominika Boehm, strategy and business manager, Siemens UAE (previously senior IP counsel, Siemens Germany), and Paul Bevan, founder of Central Value Worldwide (Spain).

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