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Global BVU News and Trends April 2020

Business valuation news from a global perspective.

D&P increases recommended U.S. ERP to 6.0%

Duff & Phelps has increased its recommended U.S. equity risk premium (ERP) from 5.0% to 6.0% for use as of March 25, 2020, according to a client alert.

BVU News and Trends March 2020

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

Tax Court spurns IRS’ gift tax valuation theory and methodology

In a gift tax dispute, the U.S. Tax Court recently found for the taxpayer when it rejected the unusual reasoning and methodology the Internal Revenue Service’s trial expert proposed to keep low the discounts applicable to the nonvoting membership units in two limited liability companies (LLCs).

Two new resources for 2020 UK ERP, risk-free rate, and other indicators

Pablo Fernandez, professor of finance at the IESE Business School, is surveying business valuation professionals in the UK to determine what cost of equity assumptions they are using for 2020.

Attack on DOL’s ability to seek monetary damages in Vinoskey ESOP case fails

In the contentious Vinoskey ESOP case, the trustee recently asked for a new trial, arguing the Secretary of Labor, representing the plaintiff, lacked the statutory authority to seek monetary damages on behalf of the ESOP and the court lacked the authority to hear this claim.

Journal of Business Valuation 2019 Edition

From the CBV Institute ...

Current BUM and CAPM cost of capital rates now available from BVR’s Cost of Capital Pro

Year-end 2019 data are now available in BVR’s Cost of Capital Professional.

YE2019 data are now in the Cost of Capital Professional

Year-end 2019 data, including risk-free rates, industry risk premia, equity risk premia, and size premia, are now available in BVR’s Cost of Capital Professional platform.

Global BV News: OIV Journal tackles 10 big BV issues

An interesting roundtable discussion on the 10 big issues in business valuation appears in the Fall 2019 issue of the journal of the Organismo Italiano di Valutazione, the valuation standards-setter in Italy.

BVU News and Trends January 2020

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

Business Valuation Year in Review 2019

A look back at some of the developments in the BV profession in 2019, including important court rulings on tax affecting pass-through entities, a possible upending to the goodwill model, a new cost of capital platform gaining traction, and advances in fair value for financial reporting.

Implied ERP at 5.2% per Damodaran’s data update

Professor Aswath Damodaran (New York University Stern School of Business) has done his annual posting of data updates on his website that include risk-free rates, equity risk premiums, corporate default spreads, corporate tax rates, country risk premiums, and other data.

The most common error in DCF analyses? Following the recipe.

Pablo Fernandez, the professor of finance at IESE Business School, remains one of the most thoughtful observers of business valuation practices.

Will the ‘Boris Bounce’ increase the value of small and medium-sized enterprises?

In theory, clarification and stabilisation make markets happy, so the current road map to exit should encourage investors.

Pablo Fernandez on common errors using WACC

A new paper presents a real valuation a well-known investment bank performed using two usual methods that are supposed to provide the same value.

BV 2020: What to watch for in the new year

Our last issue covered some highlights of the year 2019 in business valuation, so now let’s look ahead to 2020.

New Meta-Analysis Study Reveals Diminished Size Premium

There have been many studies on the size premium but with conflicting results. Now, the first “meta-analysis” of the size premium provides an estimate that is smaller than what many people believe, according to a new paper.

Musings on the Cost of Capital

A veteran appraiser presents an interesting retrospective on the cost of capital and offers some observations on current practice.

Noteworthy highlights of the year in BV for 2019

It was a notable year for the business valuation profession in 2019, and BVWire was on the scene each and every week covering all the important developments.

KPMG Germany offers updated cost of capital study—and database of IFRS impairment test WACC results

KPMG Germany collected WACC results from 312 companies in Germany, Austria, and Switzerland for its 14th edition of the ‘Cost of Capital Study,’ concluding that the average WACC across industries remains at 6.9%.

Study of large public projects confirms public/private value differences result from a ‘tax wedge’

Richard Brealey and Ian Cooper of London Business School, along with Michel Habib of the University of Zurich, have published a new study on taxes and value in the public sector.

Research paper finds the size premium mostly nonexistent

“Investors require no premium to hold small stocks over big stocks in normal times,” says a recently updated paper on the size premium.

Spend more time on the numerator, expert panel advises

Attendees at a recent online workshop were urged to spend more time on the numerator (forecasts) of the valuation equation rather than the denominator (cost of capital).

Global BV News: KPMG Germany releases 2019 cost of capital study

Subtitled “The Calm Before the Storm—Rising Profits and Deflated Values?” the 14th edition of the Cost of Capital Study from KPMG Germany examines, among other things, the impact of regulatory interventions, scarcity of resources as well as digitalization on business models, their performance (cash flows) and their risk (cost of capital) by industry sector.

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