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25 Tips on Dealing With COVID-19 From the NACVA Conference

COVID-19 was a hot topic of discussion in a number of the sessions at the NACVA and the CTI’s 2020 Business Valuation and Financial Litigation Super Conference, which was held online over five full days (June 15-19).

Valuers Stand Ground in Clash Over Purchase Price in SPAC Merger

A recent SPAC merger triggered a strong disagreement between a national valuation firm and the merged entity over the fair value of equity consideration issued for the target company. A special purpose acquisition company (SPAC) is a shell company that raises capital in an IPO and then acquires an operating company to form a new merged entity.

Understanding the Science of COVID-19 Is Key to Assessing Valuation Impacts

For the economy to recover, the origin, transmission, and “hot spots” related to the coronavirus have to be understood. Much of the economy is highly localized, so the nightmare of the spreading virus will impact future cash flow of the smaller businesses most valuation experts work with. This is an excerpt from the new “BVR Briefing: The Real Story of COVID-19 for Valuation and Litigation Experts.”

Cost of Equity and COVID-19: What to Do? (Update)

Using a forward-looking approach, implied volatilities, and total beta to determine an appropriate cost of equity to supplement one’s analysis during today’s unprecedented times.

The SEC’s Not-So-Gentle Reminder: Show Your Work

A recent SEC comment letter to a company about its determination that no impairment of goodwill and intangible assets was needed, the agency sounded much like every math teacher we’ve all very likely encountered: Show your work!

BVU News and Trends August 2020

A monthly roundup of key developments of interest to business valuation experts.

Global BVU News and Trends August 2020

Business valuation news from a global perspective.

Flaws in North Carolina Court’s Appraisal of Reynolds American

The wrong valuation date, a faulty reliance on other cases and the disregard of projections highlight the court’s opinion in a shareholder dissent case involving two tobacco giants.

ESOP litigants play by their own valuation rules, speakers say

Imagine if you were playing on a baseball team and the opposing players argue that you are violating the rules of soccer.

Appeal in Lee ESOP case dismissed; ESOP class action also close to resolution

The last few weeks have seen the end of two ESOP litigations that have drawn a lot of attention from the ESOP community.

CCF being abandoned for DCF, NACVA speakers say

The capitalized cash flow (CCF) method has been all but abandoned for the time being in favor of the discounted cash flow (DCF), points out Chris Hamilton (Arxis Financial Inc.).

Reminder to take the A/E firm valuation survey

If you haven’t done so already, please take a few minutes to respond to a survey on the architecture, engineering, and environmental consulting industries (A/E firms) for the A/E Business Valuation and M&A Transaction Study, 8th edition, from Rusk O’Brien Gido + Partners.

Global BV News: D&P surveys impairments in the Asia-Pacific region

Close to a third of the companies surveyed in the Asia-Pacific (APAC) region anticipate taking a goodwill impairment, according to a survey report from Duff & Phelps.

Global BV News: Updated guide bridges Canadian valuation standards to IVS

The CBV Institute is Canada’s valuation professional organization (VPO) whose members have the Chartered Business Valuator designation.

BV movers . . .

Justin Pate has joined Tampa, Fla.-based Vision Point Capital full-time as a financial analyst.

CPE events

Valuation of Inventory: Taking Stock of the Guidance, August 20, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Anthony J. Pumphrey (Valuation Research Corp.). Part of BVR’s Special Series on Fair Value.

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.'

Saudi businesses continue the transition to intangibles, say Deloitte

A new report from Deloitte Middle East and Saudi Authority for Accredited Valuers TAQEEM, ‘The Future of Intangible Assets in the Kingdom of Saudi Arabia,’ presents a comparative analysis with Tadawul, the Saudi Arabian stock index, to establish that ‘the Saudi Arabian economy is at the start of a similar transition’ as those experiences in UK and North American markets.

Dates for your diary

6 August: International Association of Certified Valuation Specialist Africa Charter (IACVS-Africa), Discounted Cash Flow Versus Capitalization of Earnings, free webinar, 15:00 BST ...

BVWire-UK, August 4, 2020, Issue #17-1


4 August 2020 | Issue 17-1 BVWire—UK is a free service from BVR focusing on the business valuation profession in the United Kingdom. We offer news and perspectives from valuation thought leaders, the High Courts, HMRC, the standard-setters, ICAEW, RICS, and more. Please be in touch with your perspectives, news, and ideas—and pass this issue along to colleagues (complimentary sign-up instructions are here). When market data are volatile, the best alternative is a more ...

The Market Price of Risk: Quantifying a COVID-19 Equity Risk Premium Using High-Yield Bond Pricing

The authors demonstrate how a high-yield option-adjusted spread is used when doing appraisals of private companies while considering the market volatility and economic slowdown caused by the COVID-19 pandemic.

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