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BV News and Trends October 2021

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

Global BV News and Trends September 2021

Business valuation news from a global perspective.

Global BV News and Trends August 2021

Business valuation news from a global perspective.

D&P/Kroll survey of cost of capital inputs

During a recent Duff & Phelps (a Kroll business) webinar, the audience was polled on various valuation and cost of capital topics.

Global BV News: Global valuers challenged by lack of data

A lack of empirical data on small private companies outside the U.S. makes valuations challenging.

BVU News and Trends April 2021

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

BVU News and Trends March 2021

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

Valuing Enterprise Cash Flows

The integrated theory of business valuation provides a conceptual framework for disciplined analysis of valuation questions. Too often, valuation analysts are tempted to view individual components of a valuation assignment on a piecemeal basis. Adhering to the integrated theory helps valuation analysts develop base valuation conclusions, discounts, and premiums that are rooted in a shared perspective of the subject company and the subject ownership interest. In Part 1 of the series, Chris Mercer and Travis ...

New paper on IBOR reform and valuation

For many years, interbank-offered rates (IBORs) have set the benchmark rate for lending on an unsecured basis.

BVU News and Trends February 2021

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

Damodaran updates cost of capital data

Professor Aswath Damodaran (New York University Stern School of Business) has started 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—all of which is free.

YE2020 data are now in the Cost of Capital Professional

Year-end 2020 data, including equity risk premia, CRSP decile size premia, and industry betas/IRPs, are now available in BVR’s Cost of Capital Professional platform.

BVU News and Trends January 2021

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

Vanguard stock market forecast implies a U.S. ERP of 3% to 5%

Annual returns of U.S. stocks over the next decade are forecasted to be in the “modest 3.7%-5.7% range,” according to a recent market outlook report from Vanguard.

Global BVU News and Trends December 2020

Business valuation news from a global perspective.

D&P reduces recommended U.S. ERP to 5.5%

Duff & Phelps has decreased its recommended U.S. equity risk premium (ERP) from 6.0% to 5.5% for use as of Dec. 9, 2020, according to a client alert.

Side Effect of COVID-19: Beta Changes Impacting Business Valuations

The COVID-19 pandemic is causing betas and other measures of risk commonly used in company valuations to appear to have changed. Beta is a critical component used by valuation experts when determining the discount rate in business valuation. Even small changes in betas can cause large changes in the discount rate and, consequently, can cause large changes in valuation. In this panel discussion, Dr. Roper and Cliff Ang, CFA, will describe how the COVID-19 pandemic ...

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 October 2020

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

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.

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.

Duff & Phelps Cost of Capital Navigator adds international industry benchmarking module

The new international industry benchmarking module (available in late October) provides subscribers with comprehensive global industry-level statistics for approximately 90 industries in four global regions, with data to support valuation dates from March 2015 to the present.

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?

The Market Price of Risk: Quantifying a COVID-19 Equity Risk Premium Using High-Yield Bond Pricing

The authors demonstrate how a high-yield option-adjusted spread is used when doing appraisals of private companies while considering the market volatility and economic slowdown caused by the COVID-19 pandemic.

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