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Today! Free webinar on BVR’s cost of capital platform

Find out why over a third of survey respondents use BVR’s Cost of Capital Professional platform during a free webinar today, April 17, from 10:00 a.m. to 11:40 a.m. PT (1:00 p.m. to 2:40 p.m. ET).

Last chance! Take the Pepperdine survey on private capital markets

A recent BVR survey found that over a quarter (26%) of respondents use the Pepperdine Private Capital Markets Study to estimate the cost of equity.

Review of Surveys on Cost of Capital Data Sources and Inputs

The Kroll Cost of Capital Navigator continues to be widely used and accepted for estimating cost of equity (COE). But BVR’s Cost of Capital Professional has been gaining considerable steam since its launch in 2018, according to a BVR survey. Some other resources for estimating the cost of capital have also seen an uptick in usage.

Kroll-recommended ERP remains at 5.5%—for now

The latest cost of capital infographic from Kroll has the firm’s recommended U.S. equity risk premium reaffirmed at 5.5% when developing USD-denominated discount rates.

Lower ERP likely for 2024, predicts Kroll

One of the “pivotal” trends for 2024 is a likely drop in the equity risk premium (ERP), predicts Kroll in its list of “10 Trends Shaping 2024.”

How CCPro Enhances Your Valuation Reports

Getting accurate cost of equity and WACC estimates and CRSP size premia can be a big job. However, thanks to Cost of Capital Professional, developing your cost of equity estimates has gotten so much more streamlined. Let's take a look at some of the most beneficial features of this cost-effective and easy-to-use platform.

Reminder: The 2024 Pepperdine private cost of capital survey is open

Each year, Pepperdine University conducts an annual survey of expected rates of return with respect to private companies.

Damodaran posts his second data update for 2024

Focusing on the equity markets in the U.S. and across the world, Professor Aswath Damodaran (New York University Stern School of Business) has posted his second data update of 2024.

Damodaran posts his first data update for 2024

At the beginning of each year, Professor Aswath Damodaran (New York University Stern School of Business) generously posts a great amount of data on his website that include risk-free rates, equity risk premiums (ERPs), corporate default spreads, corporate tax rates, country risk premiums, and other data—all of which are free.

Kroll conducts survey of cost of capital inputs

In the last issue, we presented results of several surveys on the various resources practitioners use for estimating cost of capital.

Business Valuation Update Yearbook, 2024 Edition

January 2024 PDF, Softcover (401 pages)

BVR (editor)

Business Valuation Resources, LLC

Another year has come and gone and it's time again for one of BVR's “greatest hits” publications!  The Business Valuation Update Yearbook 2024 covers the previous year’s most groundbreaking and thought-provoking advancements in valuation.  It captures changes in regulations and professional standards, key takeaways from professional conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting by the BVR editorial team including an Introduction by Andy Dzamba, BVR Executive Editor and insights from notable BV experts. Learn more >>

Business Valuation Case Law Yearbook, 2024 Edition

January 2024 PDF, Softcover (222 pages)

BVR (editor)

Business Valuation Resources, LLC

The legal coverage and in-depth analysis from the BVR legal team including an Introduction by Jim Alerding, BVR Legal Editor delivers lessons learned to help appraisers reach better and more defensible valuation conclusions. The 2024 Yearbook illustrates how financial experts helped their side win (and lose) in the courtroom and includes 70 new cases that were added to BVLaw in 2023. Learn more >>

BVR survey reveals COE data sources of choice

While the Kroll Cost of Capital Navigator continues to be widely used and accepted for estimating cost of equity (COE), BVR’s Cost of Capital Professional has been gaining considerable steam since its launch in 2018, according to a BVR survey.

Update on Current Inputs for Valuations Amid High Inflation

Carla Nunes and Jim Harrington, both with Kroll, present two very helpful charts on long-term inflation expectations and projections for long-term real GDP growth. The charts include the sources for developing the estimates.

Hitchner Updates the Risk/Return Spectrum for Cost of Capital

A good visual to use for checking the reasonableness of your cost of capital estimate is the spectrum of rates in the market. Jim Hitchner (Financial Valuation Advisors Inc.) has done an update to this spectrum, which can be used in valuation reports and in court.

Practical Considerations in Normalizing the Risk-Free Rate

Some valuation firms and practitioners have advocated that the risk-free rate of return (Rf) should be normalized when it is believed to be too low because of Federal Reserve Bank policies. Recent arguments for doing so have been based on technical economic analyses but have ignored practical aspects of normalizing Rf. This article is intended to address those practical considerations.

Cost of Capital and Inflation Considerations

Inflationary times present unique challenges for businesses, investors, and valuation professionals. Understanding how inflation impacts the various methodologies as part of the valuation analysis and cost of capital components provides necessary insights into its impact on the final valuation. This webinar will also examine how inflation can affect various industries in distinctive ways and whether the purpose of valuation influences such analysis.

Private Cost of Equity Up, Per 2023 Pepperdine Report

Private-company cost of equity is higher this year across nearly all categories, by about 5%, according to the 2023 Private Capital Markets Report. “This translates to an average of 25% this year, up from 20% last year,” says Dr. Craig R. Everett, the project’s director. The article also demonstrates how to use the report for developing private-company cost of capital.

Business Valuation Through an ESG Lens

Understand the risks that environmental, social, and governance (ESG) factors impose on business values. This presentation will begin with an overview of ESG and the current regulatory and disclosure environment. Next, the presenters will dive into the impact that ESG scores have had on investment policies and credit decisions. Lastly, the webinar will cover the impacts of ESG on business values including the ESG components considered in the new IVSC exposure draft.

Kroll lowers recommended ERP to 5.5%

Kroll has decreased its recommended U.S. equity risk premium (ERP) from 6.0% to 5.5% when developing USD-denominated discount rates as of June 8, 2023.

Hitchner comments on new Pepperdine report

The 2023 Private Capital Markets Report has a “plethora of good information,” says Jim Hitchner (Financial Valuation Advisors) in the May issue of Hardball With Hitchner.

Cost of Capital Navigator now has a company-level beta module

Kroll has added a new module to its Cost of Capital Navigator that allows users to estimate their own industry CAPM betas by providing levered, unlevered, and relevered individual company betas.

New Country Risk Data Update Reminds Valuers of Factors to Consider

A data update from Aswath Damodaran (New York University Stern School of Business) helps valuation experts explain how they considered each of the risk factors in assessing value for business assets located outside of the U.S.

Damodaran posts 2023 edition of ERP paper

The “dean of valuation,” Professor Aswath Damodaran (New York University Stern School of Business) has posted “Equity Risk Premiums (ERP): Determinants, Estimation and Implications—The 2023 Edition.”

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