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D&P enhances infographic on cost of capital

Duff & Phelps has updated its infographic, “Cost of Capital in the Current Environment,” and has enhanced it with new data on the eurozone.

BVU News and Trends November 2020

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

BVU News and Trends October 2020

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

‘The “Normalized” Risk-Free Rate: Fiction or Science Fiction?’

That’s the title of a new paper from Pablo Fernandez, a professor in the department of financial management at the University of Navarra—IESE Business School in Spain.

ASA, supporting Vinoskey ESOP appeal, aims to correct BV ‘misstatements’

The ASA recently filed an amicus brief in support of the Vinoskey appeal, in which it claims the district court, in ruling against the ESOP trustee and the owner and selling shareholder, Adam Vinoskey, made numerous valuation-related misstatements that required correction.

Article says the size effect didn’t vanish—it never existed

The hits keep coming to the existence of the size effect.

Defendant in Vinoskey ESOP case files appeal with 4th Circuit

In the contentious Vinoskey ESOP case, one of the defendants, the owner and selling shareholder, Adam Vinoskey, recently appealed the district court’s finding that he was liable for knowingly participating in the trustee defendant’s ERISA violations and was a co-fiduciary for the trustee’s breaches of fiduciary duties.

BVU News and Trends September 2020

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

Global BVU News and Trends September 2020

Business valuation news from a global perspective.

Latest paper in the size-effect debate

Some appraisers believe that the size effect has diminished or disappeared since it was first documented in 1981.

Global BV News: New module added to Duff & Phelps Cost of Capital Navigator

A new international industry benchmarking module will be available in late October for the Duff & Phelps Cost of Capital Navigator.

D&P offers infographic on cost of capital amid COVID-19

Which financial market and economic indicators did Duff & Phelps take into consideration when it arrives at its recommended U.S. equity risk premium and accompanying normalized risk-free rate?

In a crunch, court adopts company’s DCF model as fair value indicator

In a statutory appraisal action prompted by the 2016 buyout of minority shareholders by the controller of a private company, the Delaware Court of Chancery recently found there was no meaningful market-based evidence of fair value and neither expert opinion, based on standard valuation methods, was “wholly reliable.”

Deviations From Historical Cash Flow and Their Implications to Effective Discount Rates for Lost Profits Analyses

The authors address the direct relationship between projected cash flows (that is, those being measured for risk) and discount rates in a lost profits analysis.

BVU News and Trends July 2020

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

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.

Using a size premium could trigger Daubert trouble, says new article

Adding a size premium to the cost of equity could make an expert’s testimony subject to a Daubert challenge, says Clifford Ang (Compass Lexicon) in a recent article.

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."

Biton v. Kreinis

In dispute over fair value of plaintiff’s shares, court agrees with parties’ experts on use of capitalization of earnings method to value company; court rejects defense expert’s use of QuickBooks data and post-valuation-date revenue as representative annual revenue; applies key-person discount.

In Fair Value Determination, Court Says SSVS Discourages Use of Post-Valuation-Date Data

In dispute over fair value of plaintiff’s shares, court agrees with parties’ experts on use of capitalization of earnings method to value company; court rejects defense expert’s use of QuickBooks data and post-valuation-date revenue as representative annual revenue; applies key-person discount.

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.

More concern about the validity of the size premium factor

Most business valuers consider a size premium when calculating cost of capital for financial reporting purposes.

Healthcare Valuation Townhall: Four Expert Panel on Covid-19 Impacts and Beyond

Bring your questions as leading experts Jerry Chang, Mark Deitrich, James Lloyd and Todd Sorensen have a conversation about the critical issues impacting healthcare. Covid-19 has impacted the healthcare industry in unique ways, and those valuation experts who practice in this high regulation environment know it is critical to keep up to date about the most pressing issues. Covering a wide range of issues from four perspectives this event delivers the insight you need in ...

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.

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