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How Judges Compare Competing DCF Analyses

Two valuation experts are far apart in their opinion of value using the income approach. What does the judge focus on when comparing the two analyses?

BV News and Trends June 2022

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

The DCF is ‘untestable,’ per new paper

The discounted cash flow method works fine for bonds but not for businesses, projects, or stocks because it is untestable, claims a new paper.

Highlights from the NYSSCPA BV conference

BVWire attended the New York State Society of CPAs’ Business Valuation and Litigation Services Conference, and—as always—it was an excellent event.

Health Clubs & Gyms: Working Out the Value

Come and get your reps in! Learn what you need to know about the valuation of health clubs. Whether the club is a franchise or a stand-alone, the unique aspects of health club valuations require specific industry research to be performed that can make a big impact on the outcome of the valuation. Expert Gary Trugman has done the heavy lifting, and, by attending this program, participants will avoid making some of the fatal errors ...

Free model helps take DCF a step further

In an article “Analytical Insights From DCF Value Analysis,” the authors include a free model business valuers can use to take their “DCF calculation a step further and analyze the resulting value into four components.”

BV News and Trends April 2022

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

Typical Way to Estimate Long-Term Growth Is ‘Flat Wrong,’ Says Grabowski

New research calls into question the common practice of using long-term real GDP growth plus expected inflation in terminal values.

Sponsorships available for the AAML/BVR National Divorce Conference

Want to reach out to divorce attorneys?

Avoid This Mistake When Using an Exit Multiple in the Terminal Year

There is nothing wrong with using exit multiples on the terminal year of a DCF, but the devil is in the details.

Dates set for AAML/BVR National Divorce Conference

If you do any valuation work for divorce, you do not want to miss the National Divorce Conference, brought to you by the American Academy of Matrimonial Lawyers (AAML) and Business Valuation Resources (BVR).

Business Valuation Update Yearbook, 2022 Edition

January 2022 PDF, Softcover (454 pages)

BVR (editor)

Business Valuation Resources, LLC

A new year means another annual “greatest hits” publication!  The Business Valuation Update Yearbook 2022 covers the previous year’s most groundbreaking and thought-provoking advancements in valuation.  It captures changes in regulations and professional standards, key takeaways from professional conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting by the BVR editorial team including an Introduction by Andy Dzamba, BVR Executive Editor and insights from notable BV experts.  Learn more >>

BV News and Trends December 2021

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

Global BV News and Trends December 2021

Business valuation news from a global perspective.

BV News and Trends November 2021

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

Global BV News: Latest issue of OIV Journal available

The spring 2021 issue of the journal of the Organismo Italiano di Valutazione (OIV), the valuation standards-setter in Italy, contains the following articles.

Warning to Business Valuers Looking to Use New ESG Ratings

A hot topic today is environmental, social, and governance (ESG) factors and how to reflect the impact of these factors in business valuations and financial reporting. Data are starting to emerge to help quantify the impact of ESG—but analysts need to be careful in using these data.

Justifying hockey-stick projections

Valuation experts frequently receive from management what may appear to be an unrealistic forecast that starts off modestly but shoots up in future years as if by magic.

BV News and Trends September 2021

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

Examining the ‘Reasonably Objective Basis’ Concept for Projections

Recent developments have raised the bar with respect to how valuation analysts document financial projections and forecasts with regard to a “reasonably objective basis.” But what exactly is this concept and where can analysts look for specific guidance.

Damodaran’s strong feelings about ESG

A year ago, Professor Aswath Damodaran (New York University Stern School of Business) called it “the most overhyped, oversold concept in the history of business.”

A Practical, Step-by-Step Process for Applying Invested Capital Premiums

For years, the valuation profession has debated the definition of a control premium, including its distinction from an acquisition premium. What began years ago as a relatively simple question—if there is a control premium, what should it be?—now includes analyzing such concepts as invested capital premiums and equity-based premiums, transaction synergies and strategic values, marketability, and levels of control. All are “key points” to keep in mind throughout the quantification of a control premium, say Tim Meinhart and Nate Novak (both of Willamette Management Associates), who led a webinar on this topic titled Evaluating and Applying Control Premiums earlier this year.

Van Vleet comments on use of SEAM in Ryan case

BVWire recently reported on the Ryan Trust v. Ryan case, a buyout dispute in which the Nebraska Supreme Court affirmed the district court’s decision to credit the valuation testimony of the expert for the late majority shareholder.

Defining Terms: Forecasts v. Projections—Why Does It Matter?

One area that can trigger some confusion is the difference between the terms “forecast” and “projection.” Some people use them interchangeably, but these are formal terms found in the literature, so they should be used appropriately.

In buyout dispute, ‘downward bias’ sinks expert’s fair value determination

In a bitter buyout dispute involving a successful private family business and featuring two veteran appraisers, the Nebraska Supreme Court recently affirmed the district court’s decision to unreservedly credit the valuation testimony of the expert for the late majority shareholder.

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