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Premium Gap Closes Between Strategic and Financial Acquisitions

The difference between the premium strategic buyers pay for acquisitions versus what financial buyers pay has decreased, according to recent data in the Factset MergerStat/BVR Control Premium Study.

Updated data for estimating DLOC in closely held holding companies

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.

A Practical, Step-by-Step Process for Applying Invested Capital Premiums

For years, the valuation profession has debated the definition of a control premium, including its distinction from an acquisition premium. What began years ago as a relatively simple question—if there is a control premium, what should it be?—now includes analyzing such concepts as invested capital premiums and equity-based premiums, transaction synergies and strategic values, marketability, and levels of control. All are “key points” to keep in mind throughout the quantification of a control premium, say Tim Meinhart and Nate Novak (both of Willamette Management Associates), who led a webinar on this topic titled Evaluating and Applying Control Premiums earlier this year.

Practical Applications of DLOM: Methods and Data (Part 2)

From rules of thumb to complex approaches, determining what methods to use can be as difficult as determining the actual discount for lack of marketability. Join Pasquale Rafanelli and prepare yourself for upcoming DLOM engagements. In Part 1, learn the pros and cons of each method and how to apply and support them. See these concepts applied in the case study-based Part 2. Attend either or, better yet, both.

Practical Applications of DLOM: Methods and Data (Part 1)

From rules of thumb to complex approaches, determining what methods to use can be as difficult as determining the actual discount for lack of marketability. Join Pasquale Rafanelli and prepare yourself for upcoming DLOM engagements. In Part 1, learn the pros and cons of each method and how to apply and support them. See these concepts applied in the case study-based Part 2.

How to Use New Data on Invested Capital Premiums

To estimate acquisition premiums the use of invested capital premiums is highly encouraged in certain situations. This article presents a case study and step-by-step guide to using these data that are now included in the Factset Mergerstat/BVR Control Premium Study.

The Strategic Premium: An Inside Look at M&A Prices

Synergistic/strategic value should not be combined into one level in the typical chart that shows levels of value. Some buyers pay a “strategic premium” that propels strategic value to the top of the value chart and well in excess of the expected synergistic value. The author uses real-world examples to illustrate this concept.

Illiquidity Discounts for Restricted Equity Securities with Random or Indefinite Liquidity Horizons

Illiquidity discounts depend on the length of the trading restriction period. Existing theoretical restricted stock discount models are adapted to situations in which the trading restriction period has a well-defined fixed length. In many scenarios, the private equity investor faces a liquidity horizon that may be random or indefinite rather than of known fixed length. Stillian Ghaidarov will review a simple and robust methodology that allows us to extend the use of restricted stock discount ...

Evaluating and Applying Control Premiums

In recent years, a greater amount of scrutiny has been placed on valuation analysts’ selection and use of control premiums. As a result, there has been a renewed interest in distinguishing acquisition premiums from control premiums and equity premiums from invested capital premiums. Join Timothy Meinhart for a comprehensive discussion of the proper quantification and application of acquisition premiums and control premiums and also learn about the benefits of using market-based invested capital premiums rather ...

Business Valuation Update Yearbook, 2021 Edition

January 2021 Hardcover, PDF

BVR (editor)

Business Valuation Resources, LLC

Always a highly-anticipated annual publication, the Business Valuation Update Yearbook 2021 covers the year’s most groundbreaking and thought-provoking advancements on valuation methodologies in the face of a global pandemic.  It also captures, changes in regulations and professional standards, key takeaways from the best virtual conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s expert editorial and legal teams. Learn more >>

New Control Premium Study platform makes its debut

BVR subscribers have expressed a great deal of interest in invested capital premiums, which explains why many of them attended the free webinar on enhancements to the FactSet Mergerstat/BVR Control Premium Study.

Take Control of Your Premiums

Join BVR for a first look at the new Control Premium Study platform. In the session we will cover the basics of the control premium study, discuss the enhancements to the platform, and provide a walkthrough of how to best utilize the new platform to retrieve control premiums, minority discounts, and multiples.

Free webinar tomorrow on new Control Premium Study platform

Take a first look at BVR’s new Control Premium Study platform during a free webinar tomorrow, November 5.

BVR enhances implied minority discount offers with FactSet Mergerstat control premium upgrade

The value of control has been trending lower in the UK. Current overall data from the FactSet Mergerstat/BVR Control Premium Study of over 1,300 UK companies show a median increased value of controlling interest shares of only 20.7% (this converts to a median implied minority shareholder discount of about 17%).

Family Matters: Standard of Value, DLOM/DLOC Discounts and Drama in BV

A buried body, sex surrogates, and family-owned business create a dramatic background for a recent court case impacting valuation. With complex minority discounts, this case kicks off a compelling discussion of key issues in family law. Experts Stacey Udell, Neil Beaton, and Ron Seigneur tackle these thorny issues with clarity and comedy. Get treated to the tricks and tips you’ll want when your next family-owned business engagement rings your doorbell.

Free webinar to unveil new Control Premium Study platform

Mark your calendar for November 5 for the very first look at BVR’s new Control Premium Study platform.

Control Discounts and Premiums - What is Old and What is New

Where do they come from? Do they even exist? Should I fear using them? No, this October event doesn’t delve into the supernatural but rather attempts to demystify the methods and resources available to quantify control discounts and/or premiums. Join Jim Ewart and Jim Alerding to learn what is new, what is old, and what matters. Learn the sources, context, and usefulness of control premiums and discounts, and the best practices for determining what they ...

What’s control worth in the UK? A current example

Sources such as BVR/FactSet’s Control Premium Study (CPS) often support price premia above 25% as the assumed benefit of a controlling interest.

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 ...

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