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Global BVU News and Trends May 2018

Business valuation news from a global perspective.

CFOs surveyed on ERP

In a new paper, John R. Graham and Campbell R. Harvey of Duke University analyze the history of the equity risk premium from surveys of U.S. chief financial officers (CFOs) conducted every quarter from June 2000 to December 2017.

D&P answers (more) questions on the Navigator

Duff & Phelps did a fine job fielding another barrage of probing questions about its new Cost of Capital Navigator during a free webinar (watch a replay here).

Free webinar on Cost of Capital Navigator Q&As

The huge audience at our webinar on the Duff & Phelps Cost of Capital Navigator had so many good questions that we ran out of time, so there will be a free webinar on March 29 with Jim Harrington of D&P.

Explaining BV to clients

An article gives some tips on how to have preliminary discussions with business owners about the valuation process and how it works.

The New Duff & Phelps Cost of Capital Navigator—(Some of) Your Questions Answered!

Responses to audience questions during the first public demo of the Duff & Phelps online Cost of Capital Navigator, which will replace the print versions of the Valuation Handbook series.

Duff & Phelps Moves Cost of Capital Data to Online Platform

Duff & Phelps is launching the online Cost of Capital Navigator, which will replace the print versions of the Valuation Handbook series.

SECBA gets sneak preview of the D&P Cost of Capital Navigator

The hardcover version of the Duff & Phelps Valuation Handbook – U.S. Guide to Cost of Capital will no longer be published—it is being replaced by the Duff & Phelps Cost of Capital Navigator, an interactive online application.

Chancery’s DCF Upends Appraisal Arbitrage Strategy

In statutory appraisal, Chancery relies solely on DCF analysis, noting the instant case involving a bank holding company raises a unique situation in terms of management projections and whether and how to account for creation of excess regulatory capital.

In re Appraisal of SWS Group, Inc.

In statutory appraisal, Chancery relies solely on DCF analysis, noting the instant case involving a bank holding company raises a unique situation in terms of management projections and whether and how to account for creation of excess regulatory capital.

Chancery’s DCF Upends Appraisal Arbitrage Strategy

In statutory appraisal, Chancery relies solely on DCF analysis, noting the instant case involving a bank holding company raises a unique situation in terms of management projections and whether and how to account for creation of excess regulatory capital.

Chancery Bases Fair Value Calculation on Income-Based Model

Flawed sales process makes merger price an unreliable indicator of fair value for statutory appraisal, Chancery finds; in accord with party experts, court uses discounted net income approach and adopts most of respondent expert’s inputs for its valuation.

Damodaran updates data-rich cost of capital spreadsheets

Professor Aswath Damodaran (New York University Stern School of Business) has released new data posts and data sets updated for 2017 related to valuation and the cost of capital, including historical stock returns, implied equity risk premiums, country risk premiums, and more.

Dunmire v. Farmers & Merchants Bancorp of W. Pa.

Flawed sales process makes merger price an unreliable indicator of fair value for statutory appraisal, Chancery finds; in accord with party experts, court uses discounted net income approach and adopts most of respondent expert’s inputs for its valuation.

Chancery Bases Fair Value Calculation on Income-Based Model

Flawed sales process makes merger price an unreliable indicator of fair value for statutory appraisal, Chancery finds; in accord with party experts, court uses discounted net income approach and adopts most of respondent expert’s inputs for its valuation.

Chancery Rejects Deal Price Based on Unquantifiable ‘Sales Process Mispricing’

For statutory appraisal, Chancery says sales process related to management buyout “functioned imperfectly as a price discovery tool” and gives no weight to final merger price; court relies exclusively on DCF analysis to derive fair value of the company.

In re Appraisal of Dell Inc.

For statutory appraisal, Chancery says sales process related to management buyout “functioned imperfectly as a price discovery tool” and gives no weight to final merger price; court relies exclusively on DCF analysis to derive fair value of the company.

Affirmation of DLOM Rulings Augurs End to Shareholder Fight

In dissenting shareholder suit, appeals court upholds trial court’s finding that prevailing DCF analysis did not account for illiquidity by way of a separate marketability discount, as well as court’s finding that appropriate DLOM rate was 25%.

Uncertainty Over Key Inputs Compromises DCF, Chancery Says

Chancery favors merger price, without synergy adjustment, over DCF-generated value, noting uncertainties over key inputs such as projections, equity risk premium, terminal growth rate as well as the “wildly divergent” DCF results of the parties’ experts.

Wisniewski v. Walsh (Wisniewski II)

In dissenting shareholder suit, appeals court upholds trial court’s finding that prevailing DCF analysis did not account for illiquidity by way of a separate marketability discount, as well as court’s finding that appropriate DLOM rate was 25%.

Merion Capital LP & Merion Capital II LP v. BMC Software

Chancery favors merger price, without synergy adjustment, over DCF-generated value, noting uncertainties over key inputs such as projections, equity risk premium, terminal growth rate as well as the “wildly divergent” DCF results of the parties’ experts.

Chancery Assigns Secondary Role to Post-Merger DCF

In an appraisal action, Chancery says merger price stemming from robust sales process is best indicator of value; court’s own DCF valuation “is close to the market,” but problematic projections make it more suitable as a check on the sales-derived price.

Bankruptcy Court Accepts Rationale for Tax Affecting

In a fraudulent transfer case involving S corp, court says valuation should reflect that buyers of S corps would experience a reduction in the value of the corporations' earnings because of the need to pay personal income taxes on those earnings.

In re Ancestry

In an appraisal action, Chancery says merger price stemming from robust sales process is best indicator of value; court’s own DCF valuation “is close to the market,” but problematic projections make it more suitable as a check on the sales-derived price.

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