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Relying on Guideline Public-Company Data in Appraisals of Closely Held Interests

What are the guidelines for using the guideline public-company data in appraisals of closely held interests? Join Rob Schlegel to learn the background and logic for appraisers relying on public-company transaction data, including the advantages and disadvantages. There are a variety of sources for these data, and several examples will be provided as to how these data are used. Winnowing the initial data group and concluding on the best fit given the client conditions imply ...

‘Overstated’ projections sink plaintiff’s fair value determination

Earlier this year, a New York trial court presiding over a buyout dispute featuring an online wholesaler of faucets, sinks, and fixtures rebuffed the departing shareholder’s valuation.

BVU News and Trends April 2020

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

Advance look at BVR’s new guideline public comps tool

In late March, a free trial will be available for BVR’s new Guideline Public Company Comps Tool (GPCCT), which has been built exclusively for the business valuation community.

Untested beta calculation KOs expert’s credibility and fair value conclusion

In a statutory appraisal case with several twists, the Delaware Court of Chancery recently agreed with the parties’ experts that a discounted cash flow analysis was the only way to determine fair value while rejecting, unequivocally, the company expert’s novel approach to calculating beta.

Asset-based appraisal unsuitable for fair value determination, court says

In a bitter fight between siblings over the buyout of the minority shareholder’s interest in a successful construction business, the trial court found the asset-based valuation the majority shareholder’s expert proposed was fatally flawed for at least two reasons.

Manichaean Capital, LLC v. SourceHOV Holdings, Inc.

In appraisal proceeding, Court of Chancery adopts petitioner expert’s DCF-based model for calculating fair value, making slight adjustment to expert’s size premium; on beta calculation, court finds respondent expert’s novel approach “does not survive judicial scrutiny” and raises Daubert issues.

Novel Beta Method Occasions Rebuke From Court of Chancery in Appraisal Case

In appraisal proceeding, Court of Chancery adopts petitioner expert’s DCF-based model for calculating fair value, making slight adjustment to expert’s size premium; on beta calculation, court finds respondent expert’s novel approach “does not survive judicial scrutiny” and raises Daubert issues.

Court Says Asset Approach ‘Is Simply an Improper Method’ in Present Appraisal Proceeding

Appellate court upholds trial court’s finding that majority shareholder breached fiduciary duty to minority shareholder and buyout order; trial court performed careful valuation analysis finding defense expert’s asset-based approach was “simply an improper method of valuation in the present case.”

Linde v. Linde

Appellate court upholds trial court’s finding that majority shareholder breached fiduciary duty to minority shareholder and buyout order; trial court performed careful valuation analysis finding defense expert’s asset-based approach was “simply an improper method of valuation in the present case.”

BVR offers resources to help UK business valuation professionals

Financial analysts in the UK have often struggled to find auditable market and financial data to support their assumptions and conclusions.

Letter to the Editor: Comments on Adequate Sample Size in the Transaction Method

A letter to the editor in response to the article “Valuation Experts Clash Over Analysis of Transactional Data” and accompanying supplement that appeared in the April 2018 issue of BVU.

Letter to the Editor: Comments on an Article on the Number of Transactions for the GCTM

This letter is in response to the article “Valuation Experts Clash Over Analysis of Transactional Data” that addresses how many transactions to use in the guideline company transaction method (GCTM).

Letter to the Editor: Comments on an Article on the Use of Statistics in the Transaction Method

A valuation expert weighs in on dueling experts’ opinions on the use of statistics, including how many transactions should be used in the application of the transaction method of appraisal.

BIZCOMPS data update

The average selling price in 2017 for small private companies was $444,000 (excluding inventory), based on transactions in the BIZCOMPS database.

Letter to the Editor: Comments on an Article on the Use of Statistics in the Transaction Method

A renowned valuation expert weighs in on dueling experts’ opinions on how many transactions should be used in the application of the transaction method of appraisal.

Work File Checklist for Operating Rights

Documentation requirements for determining the fair value of certain intangible assets deemed to be operating rights, such as government licenses and commercial franchises. This is based on the Mandatory Performance Framework (MPF) for the Certified in Entity and Intangibles (CEIV) credential.

SPECIAL SUPPLEMENT: Valuation Experts Clash Over Analysis of Transactional Data

Listeners to a webinar on the use of the BIZCOMPS database have taken issue with a number of points presented, including stratifying the data, filtering, the R-square coefficient, harmonic mean, minimum number of transactions, the elimination of outliers, market multiples, and more.

Valuation Experts Clash Over Analysis of Transactional Data

Listeners to a webinar on the use of the BIZCOMPS database have taken issue with a number of points presented, including stratifying the data, filtering, the R-square coefficient, harmonic mean, minimum number of transactions, the elimination of outliers, market multiples, and more.

Work File Checklist for Identified Assets and Liabilities

Documentation requirements based on the Mandatory Performance Framework (MPF) for the Certified in Entity and Intangibles (CEIV) credential.

Work File Checklist for Selecting Guideline Comps

Documentation requirements based on the Mandatory Performance Framework (MPF) for the Certified in Entity and Intangibles (CEIV) credential.

Chancery Relies on ‘Simple and Powerful’ DCF for Fair Value

Chancery finds gap separating fair value determinations of three valuation experts in a merger involving a privately held company “alarmingly” wide; court says only the DCF, “a simple and powerful concept,” achieves a reliable indicator of fair value.

Chancery Relies on ‘Simple and Powerful’ DCF for Fair Value

Chancery finds gap separating fair value determinations of three valuation experts in a merger involving a privately held company “alarmingly” wide; court says only the DCF, “a simple and powerful concept,” achieves a reliable indicator of fair value.

In re ISN Software Corp. Appraisal Litig.

Chancery finds gap separating fair value determinations of three valuation experts in a merger involving a privately held company “alarmingly” wide; court says only the DCF, “a simple and powerful concept,” achieves a reliable indicator of fair value.

Return on Equity Analysis Undergirds Reasonable Compensation Claim

Tax Court says compensation paid to company owners for managing entity’s daily operations was reasonable; officers were “absolutely integral” to company’s success and company’s rate of return on equity after compensation accorded with industry average.

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