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BVR/FactSet Control Premium Study updated for first quarter

The 1Q 2020 Control Premium Study report is now available, and we have updated the online FactSet Mergerstat/BVR Control Premium Study platform to include the latest analyses.

The Balance Sheet and its Correlation to Company Specific Risk

The pandemic is teaching us that businesses, small and large, and their balance sheets are important not just from handling a pandemic, but also from sustaining operations. Understanding assets, and which matter, will help analysts determine the specific company risks. Expert Josh Shilts discusses which categories are important in understanding risk and what ratios and other analyses can be used to measure risk. Identifying and linking balance sheet financials to company-specific risk is a critical ...

Best Practices – Thought Leadership in Valuation, Damages, and Transfer Price Analysis

March 2020 Hardcover

Robert F. Reilly, Robert P. Schweihs

Best Practicesincludes more than 1,200 pages of thought leadership on a wide range of topics, including the valuation of private company securities and intangible assets, valuation for property tax purposes, valuation for ESOPs, fair value measurement for financial accounting purposes, transfer price analysis, and economic damages measurement. Learn more >>

Updated versions of two closed-end fund reports for estimating DLOC

Closed-end fund (CEF) data are commonly used to derive discounts for lack of control (DLOC) for closely held holding companies invested in marketable securities.

Demystifying the Complex World of Discounts for Lack of Marketability (Part 2)

This is part 2 of the DLOM webinar from 2/12/2020. 25%? 35%? 45%? What’s the deal with discounts for lack of marketability? Pasquale Rafanelli dives into what DLOMs are, when they should be applied, and how to apply them. Learn about the different types of approaches and methods that valuation experts can use to quantify the DLOM, along with practical pros and cons of each approach and method. Part 2 discusses the analytical approaches and ...

Demystifying the Complex World of Discounts for Lack of Marketability (Part 1)

Please note: This is a rebroadcast. 25%? 35%? 45%? What’s the deal with discounts for lack of marketability? Pasquale Rafanelli dives into what DLOMs are, when they should be applied, and how to apply them. Learn about the different types of approaches and methods that valuation experts can use to quantify the DLOM, along with practical pros and cons of each approach and method. This session focuses on benchmark study approaches and security-based approaches. Please note ...

Pre-IPO Revival: Up your DLOM Game in 2020

Pre-IPO data are very useful for valuators. Join Brian Pearson, creator of the Valuation Advisors Lack of Marketability Discount Study, to learn how to calculate discounts using different types of data (stock, options, and convertible preferred stock) and learn why the abundance of pre-IPO data is useful versus smaller samples of discount data. Brian will lead a discussion of prior criticisms of some sources of data and address those criticisms as they pertain to Valuation ...

Business Valuation Case Law Yearbook, 2020 Edition

January 2020 Hardcover, PDF

BVR (editor)

Business Valuation Resources, LLC

The Business Valuation Case Law Yearbook, 2020 Edition is essential for business appraisers and attorneys who want to stay ahead of their peers on the most important legal issues brought up in business valuation-related cases. With in-depth analysis from BVR’s legal team, the lessons learned in this book help appraisers reach better and more defensible valuation conclusions. And, attorneys who retain appraisers as financial experts learn how their experts can help them win (or lose) in court.  Learn more >>

Business Valuation Update Yearbook, 2020 Edition

January 2020 Hardcover, PDF

BVR (editor)

Business Valuation Resources, LLC

BVR has you covered with the Business Valuation Update Yearbook 2020. This newest edition from the publishers of Business Valuation Update covers the year’s most groundbreaking and thought-provoking advancements in business valuation, and more. This critical desktop reference keeps you ahead of your peers with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s editorial team. Learn more >>

Back to the Future? Exploding the Income Approach

Seeing the future? Compensating for excessive compensation? The feared levering and unlevering! What to do? Well don’t discount the advice of this expert panel as they work their way through the income approach from top to bottom. Join Bethany Hearn, Brenda Clarke, Kevin Yeanoplos, and Bob Dohmeyer in this entertaining and engaging web workshop. Half this event will focus on the numerator with a curated selection of hot issues such as forecasting, free cash flow ...

Registration open for workshop on valuing FLPs and LLCs

BVR is pleased to announce a special four-hour web workshop, A Masterclass in the Valuation of Family Limited Partnerships and LLCs, on December 5, featuring leading experts on the topic, Bruce Johnson and Jim Park (Munroe, Park & Johnson Inc.) and Spencer Jeffries (Partnership Profiles).

Do alliances and partnerships increase value?

Most business valuation experts accept the fact that business partnerships (for IP or shared revenue opportunities) add to the value of a pool of assets.

BVR/FactSet Control Premium Study updated for 3Q

Buyers continue to pay more for control in the EU and UK than in most of the other major markets.

BVR now offers two closed-end fund reports for estimating DLOC

Closed-end fund (CEF) data are commonly used to derive discounts for lack of control (DLOC) for closely held holding companies invested in marketable securities.

Tales From the Trenches: The Case of the 70% Equity Interest Valued as a Minority

Don’t assume a 70% interest represents a majority for valuation purposes. This is the latest in our series of articles from veteran appraisers based on actual engagements.

Acquisition Premiums Amid Added Complexity in Market Transactions

In a fair value setting, while the acquisition premium (known also as a control premium) has been identified as a significant variable, its application and value measurement remain less well understood than the traditional components of acquisition finance.

2020 Closed-End Fund Report: Stocks and Equity Investments

August 2020 PDF (51 pages)

Bruce A. Johnson, James R. Park

Partnership Profiles, Inc.

The 2020 Closed-End Fund Report – Stocks and Equity Investments report, authored by experts Bruce A. Johnson, ASA and James R. Park, ASA provides historical and current closed-end fund data in one convenient publication, saving you the hassle-and expense -of searching through other data sources.  Learn more >>

2020 Closed-End Fund Report: Fixed Income Securities

August 2020 PDF (37 pages)

Bruce A. Johnson, James R. Park

Partnership Profiles, Inc.

The 2020 Closed-End Fund Report – Fixed Income Securities report, authored by experts Bruce A. Johnson, ASA and James R. Park, ASA provides historical and current closed-end fund data in one convenient publication, saving you the hassle - and expense - of searching through other data sources.  Learn more >>

Demystifying the Complex World of Discounts for Lack of Marketability

25%? 35%? 45%? What's the deal with discounts for lack of marketability? Pasquale Rafanelli dives into what DLOMs are, when they should be applied, and how to apply them. Learn about the different types of approaches and methods that valuation experts can use to quantify the DLOM, along with practical pros and cons of each approach and method.

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.

Control Premiums and Deal Flow Analyzed in 2019 Mergerstat Review

This is an M&A year in review, highlighting the trends in multiples and sector analysis through the 12,008 transactions of 2018, the sixth most acquisitive year in history. Includes a discussion of the most notable transaction, a twist on a notable cancellation, analysis on the industrial services sector, and the trend in premiums.

Meanwhile, the global value of control trends down slightly during Q1 2019

BVR has completed its latest quarterly update to the FactSet Mergerstat/BVR Control Premium Study (CPS), which includes an added 141 controlling acquisitions worldwide.

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.’

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.

How much is business control worth?

A new control premium study published in M&A Review examines 589 takeover premiums of closed European transactions that occurred between 2005 and 2016.

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