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ASA/Pratt Valuing a Business book is delayed

For those of you who have preordered or will order the new sixth edition of Valuing a Business, supply-chain shortages have caused a delay.

Preorders being taken for the 2022 FactSet Mergerstat Review

The 2022 edition of the FactSet Mergerstat Review delivers comprehensive rosters and statistics on mergers and acquisitions between US, UK, and global privately held, listed, and cross-border enterprises.

Global BV News: Cost of capital parameters in Europe as of Dec. 31, 2021

ValueTrust has released the 9th edition of its “European Capital Market Study” that serves as a comprehensive compilation of capital market parameters such as cost of capital and implied as well as historical risk premiums for European countries.

BV movers . . .

Judd Appel, ABV, has been named managing director and national leader of EisnerAmper’s Transaction Advisory Services Group.

Save 34% on a BVR webinar

Take your pick of any one of BVR’s upcoming webinars (except the Houston ASA Energy Conference), and you will receive 34% off.

CPE events

There’s a special 34% discount on either of these webinars (use priority code PRIOR6002) if you purchase by April 8.

Purchase price equals value of business caught up in divorce

In Wisconsin, the valuation opinions of two experts were deemed not credible for a business caught up in a marital dissolution.

AICPA Issues a Bridging Document to the International Valuation Standards

The AICPA has issued a bridging document to move a VS100 valuation engagement to an IVS-compliant valuation engagement. Learn more about what this might mean for the BVLS field.

Can you apply the market approach when valuing crypto?

“Factors impacting the price of a digital asset include supply and demand, number of competing digital assets, cost to produce the asset through mining, rewards issued to miners for verifying transactions to the blockchain, regulations governing sale and use, internal government, and news,” say the authors of a new paper, “Digital Asset Valuation.”

Now’s the time to preorder the 2022 Mergerstat Review

The annual Mergerstat Review delivers comprehensive rosters, data, and statistics on global merger and acquisition (M&A) transactions including all the top UK deals.

Expenses for share options to UK employees can be tax deducted, despite HMRC objections

In Commissioners for Her Majesty’s Revenue and Customs v NCL Investments Ltd and another EWCA Civ 663, the UK Supreme Court ruled last month that future cash-flow projections can continue to include the tax benefits of restricted stock expenses, as is the current practice for most UK business valuations.

Can you risk using ESG data in your UK valuation reports?

“The IVSC’s new ESG Working Group feels that it is important to carry out a survey of investors, firms, and valuers to understand where they are on their journey in relation to the quantification of ESG components within their valuations. Within valuation, no explicit standards exist,” says Alex Aronsohn, IVSC technical standards director (tangible assets).

Just when you assumed overpricing couldn’t increase, PE ups the ante, Dechert partners argue

Dechert is involved in many of the largest UK deals, so it’s worth listening when four of their leading finance partners (Jonathan Angell, John Markland, Daniel Hawthorne, and Thiha Tun) comment on a new trend.

New claims processing requirements for R&D tax reliefs could impact future value

The HM Treasury outlined new provisions of the United Kingdom’s research and development (R&D) tax relief system in their December 2021 report, with emphasis on providing more tax incentives for investments and innovation undertaken in the United Kingdom.

Valuation independence: plan early to avoid advocacy

This is one of the tips in an article from the latest journal of the Chartered Business Valuators Institute (CBV Institute), Canada’s valuation professional organisation (VPO) and standard-setter.

Dates for your diary

5-8 April: ASA’s Valuation of Intangible Assets, virtual course.

Trial Court’s Decision of Value of Business Based on a Going Concern Is Reversed and Remanded

The appeal in this case dealt with, among other issues, the trial court’s decision to adopt the husband’s expert’s value that was based on a capitalization of earnings based on expected future income. The appellate court noted that the evidence from the trial showed that the business received no revenue after the wife sold her interest to a third party, and there was no evidence that similar earnings would occur in the future. The trial court’s determination of value was vacated and remanded.

In Re Riddle

The appeal in this case dealt with, among other issues, the trial court’s decision to adopt the husband’s expert’s value that was based on a capitalization of earnings based on expected future income. The appellate court noted that the evidence from the trial showed that the business received no revenue after the wife sold her interest to a third party, and there was no evidence that similar earnings would occur in the future. The trial court’s determination of value was vacated and remanded.

BVWire-UK, April 5, 2022, Issue #37-1

Ezines

5 April 2022 | Issue 37-1 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, IVSC, 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). Can you apply the market approach when valuing crypto? “Factors impacting the ...

Blockage Discounts: How Volume Can Impact Value

Join Pasquale Rafanelli for an exciting look into the complex topic of blockage. Learn what blockage is and how to apply it when valuing securities, stocks, and even artwork. Understand how blockage is different than a discount for lack of marketability. With real-world examples that are applicable to your practice, this event will help you build a defensible conclusion.

Book Review: Understanding Business Valuation, 6th Edition

Gary Trugman (Trugman Valuations) has updated his book, which shows you how to apply valuation theory with practical examples from actual engagements and sample valuation reports, written in an easy-to-understand style.

Additional Takeaways From the 2021 ASA International Conference

Interesting sessions covering risk-free rates, equity risk premia, expert testimony, appraisal reviews, cannabis valuations, and more from the American Society of Appraisers’ International Conference, held in Las Vegas.

Veteran Valuers Warn of This Fallout From COVID-19

Being cooped up because of the pandemic has created a potential problem, say experienced valuers, if appraisers continue to do management interviews and company tours virtually instead of in person.

Unique Pitfalls in Valuing a Diagnostic Imaging Center

Some advice from Douglas Smith (Phase 4 Radiology Business Strategies LLC), whose entire practice is dedicated to the diagnostic imaging space. He is not an accredited valuation expert but is called in by appraisers as a third-party expert to perform analyses and forecasts for these entities.

BV News and Trends March 2022

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

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