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
Business Valuation Update Yearbook, 2020 Edition
January 2020 PDF
BVR (editor)
Business Valuation Resources, LLC
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.
Closed-End Fund Report: Stocks and Equity Investments
March 2024 PDF (56 pages)
Bruce A. Johnson, James R. Park
Partnership Profiles, Inc.
Closed-End Fund Report: Fixed Income Securities
March 2024 PDF (41 pages)
Bruce A. Johnson, James R. Park
Partnership Profiles, Inc.
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.
Updated research on global risk premiums and risk-free rate
In some European countries, it appears there is much more disagreement about the risk-free rate (RF) than the market risk premium (MRP), according to a new survey.
Acquisitions of private firms up 12% in 2018
The number of announced acquisitions of privately owned companies increased from 7,793 in 2017 to 8,761 in 2018 (a 12% increase), reveals the soon-to-be-released 2019 Mergerstat Review.
Business Valuation Update Yearbook, 2019 Edition
February 2019 PDF
BVR (editor)
Business Valuation Resources, LLC