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D&P lowers U.S. normalized risk-free rate to 2.5%

Duff & Phelps has decreased its recommended U.S. normalized risk-free rate from 3.0% to 2.5% for use as of June 30, 2020, according to a client alert.

BV needs ‘outside-the-box’ solutions to document COVID-19-era business valuations

COVID-19 has substantially affected the financial and economic characteristics of privately held and publicly traded businesses.

Kruse v. Synapse Wireless, Inc.

In appraisal action arising out of controller’s buyout of minority stockholders, court finds there is no reliable market evidence as to target’s fair value on merger date; none of expert valuations are “wholly reliable,” but one expert’s DCF analysis offers a “proportionately reliable conclusion.”

Lacking Any Wholly Reliable Indicators of Fair Value, Court Adopts Respondent's DCF Model

In appraisal action arising out of controller's buyout of minority stockholders, court finds there is no reliable market evidence as to target's fair value on merger date; none of expert valuations are "wholly reliable," but one expert's DCF analysis offers a "proportionately reliable conclusion."

Company-specific risk webinar gets help from BVResearch Pro

During a recent webinar, it was noted that there are various models for estimating company-specific risk, such as Trugman, Black/Green, Warren Miller, and Butler/Pinkerton.

Cost of Equity and COVID-19: What to Do?

A forward-looking approach, implied volatilities, and total beta are used to determine an appropriate cost of equity during “unprecedented” times such as we have now to supplement one’s analysis.

Global BVU News and Trends June 2020

Business valuation news from a global perspective.

Alternate Valuation Methods in the Era of COVID-19

The authors address the impact of COVID-19 on the capital markets and offer alternate valuation methods that should be considered in these turbulent times.

Flynn v. Maschmeyer

In buyout following member’s disassociation from company, appellate court affirms trial court’s fair value determination, including decision to exclude from valuation remaining members’ unsubstantiated debt claims and including litigation amount assessed against dissociated member for misconduct.

Court Rejects FMV Appraisal of Dissociated Member’s Interest in Statutory Buyout

In buyout following member’s disassociation from company, appellate court affirms trial court’s fair value determination, including decision to exclude from valuation remaining members’ unsubstantiated debt claims and including litigation amount assessed against dissociated member for misconduct.

New business valuation resource from Professor Fernandez captures low market returns

Pablo Fernandez continues to release research that may assist UK business valuers working on reports with valuation dates in Q1 2020.

Alternate Valuation Methods in the Era of COVID-19

COVID-19 has substantially affected the financial and economic characteristics of privately held and publicly traded businesses throughout the U.S. In this presentation, the presenters will address the valuation impact of COVID-19 and the potential distortions that can occur when traditional valuation approaches and methods are mechanically applied. In the current environment, it is important for analysts to think “outside-the-box” when performing business valuations with valuation dates occurring during the first and second quarter of 2020.

SOS: Pepperdine Private Capital Markets Project needs funding

Some appraisers feel that using public market data when estimating the cost of capital for a private company requires too many assumptions and adjustments to convert data from actively traded stocks into proxies for private-company valuation.

Discounted Cash Flow: Speculative or Convincing

Gary Trugman and Harold Martin will discuss, debate, and dissect the pros and cons of using a discounted cash flow analysis, particularly in times of COVID-19. With questions such as how to handle the unknown future, when and how to use past performance to forecast the future, what to do when management gives you a forecast that you do not believe, and what to do when management is incapable of giving you a forecast at ...

Is History Repeating Itself? A List of BV Guidance From the 2008 Financial Crisis

Insights from business valuation history can give some degree of help during today’s crisis. Here are some blasts from the past courtesy of the search capabilities of the BVResearch Pro platform.

BVU News and Trends May 2020

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

Global BV News: KPMG on cost of capital in Austria

KPMG Austria recommends a risk-free rate of 0.0% and an equity risk premium of 8.5% to 9.0% as of March 31, 2020, for the Austrian market, according to its latest quarterly brief.

Alternate market-based valuation methods amid COVID-19

In order to use the market approach in the wake of the coronavirus, your approach will depend on the valuation date and the date the impact of COVID-19 was felt in the market.

Valuation and Covid-19 Update: BVR Townhall and Q&A

In part two of this town hall-style event, Michelle Gallagher, Gary Trugman, Stacy Collins, and Harold Martin talk through key impacts of COVID-19 on valuation issues. From cost of capital to family law to guideline companies, the impact on the inputs, approaches, and the business we value is profoundly felt. Experts who have weathered financial crises before are doing a yeoman’s job of keeping current with the ever-changing information. Send early questions and comments to ...

Should you consider a special COVID-19 premium?

During a recent webinar, a question came up as to whether or not valuation analysts should be separately identifying a risk rate associated with the impact of COVID-19 on a subject company.

Global BV News: IVSC extends comment period on inventory guidance

The International Valuation Standards Council (IVSC), the independent standard-setter for the global valuation profession, has extended the comment period to June 30 for its exposure draft on the valuation of inventory.

EU risk-free rate declines, and the market risk premium increases to 9.0%

A special edition (fifth) of the “European Capital Market Study” from ValueTrust was released last week.

Global BVU News and Trends April 2020

Business valuation news from a global perspective.

Global BV News: Cost of capital parameters in Europe as of March 31, 2020

ValueTrust has released a special edition (fifth) 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.

What risk-free rate should financial experts use now? New resources from Fernandez and BVR

‘This is a good time to revisit the implied ERP rather than the historical ERP,’ advises Dr. Michael A. Crain (Florida Atlantic University).

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