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New Book Offers Template for Assessing ESG Impact on Firm Value

Based on some case studies, a new book includes a template that summarizes steps in assessing whether ESG factors are material enough to integrate into a valuation. The book is Valuation and Sustainability—A Guide to Include Environmental, Social, and Governance Data in Business Valuation, edited by Dejan Glavas (ESSCA, School of Management, Boulogne-Billancourt, France), who also wrote several chapters.

Firms with better ESG ratings yield higher returns, per Kroll study

Companies with better environmental, social, and governance (ESG) ratings generally outperformed those with lower ratings over the 2013-to-2021 period, according to Kroll’s new ESG and Global Investor Returns Study.

Adjusting WACC for ESG: ±100 basis points proposed

When assessing environmental, social, and governance (ESG) factors on valuation, unless there is an impact to cash flow, risk, or growth, ESG has no effect on business value.

New book on ESG and BV

Valuation and Sustainability—A Guide to Include Environmental, Social, and Governance Data in Business Valuation is a new book edited by Dejan Glavas (ESSCA, School of Management, Boulogne-Billancourt, France), who also wrote several chapters.

Valuers Are Now Spending More Time ‘on Everything’

A panel discussion during the Global Town Hall: State of the Global Markets and Their Effect on Business Valuation event talked about having to dig more into income statement line items, perform more sensitivity analyses, request multiple forecasts, change Excel models, and more.

Advanced Topics and Case Studies When Valuing Family Limited Partnerships and LLCs

As professional methodology has advanced and tax court cases have confirmed, employing analytical techniques to value family limited partnerships/LLCs using the income and market approaches allow appraisers to determine an accurate value objectively. Certain types of partnerships may be considered complicated. This webinar will focus on valuing more complex FLPs using case studies. Mr. Johnson will present empirical data that support the use of these objective appraisal methods and share his opinion on current issues ...

Damodaran Continues His Explosive Remarks About ESG

At the ASA Spring Fair Value Conference in New York City on May 4, we did not expect to hear any glowing words about the environmental, social, and governance (ESG) movement from Professor Aswath Damodaran (New York University Stern School of Business). In his blog, he has been very vocal in his strong criticisms of ESG as a “weapon of mass distraction” and a “gravy train” for consultants, investment managers, scoring/ratings providers, and those pushing for more disclosures.

A Look Back: Including ESG in Valuation Models

Quantified the impact of environmental, social, and governance (ESG) factors and measuring their effects is not a new phenomenon. Thanks to the BVResearch Pro platform, here are two ways experts have done this before.

BVU News and Trends April 2023

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

Financial Expert Guide for Family Law Judges and Attorneys, National Edition

April 2023 PDF, Softcover (413 pages)

John Tatlock, Kevin Yeanoplos, Ron Seigneur

Business Valuation Resources, LLC

Financial issues are often the cornerstone issue in dissolution of marriage cases. Contests over the division of marital assets and debts, the determination of whether individual assets are part of the marital estate or one spouse’s separate property, and disagreements over value and allocation frequently merge to become one of, if not the, primary areas of focus of protracted domestic relations litigation in dissolution cases. Learn more >>

Using Regression Analysis in Business Valuation

As valuation analysts, we often analyze how one or more variables explain the behavior of another variable such as revenues or trends in market multiples. We are also tasked with analyzing trends in data over time to be used as a basis for a forecast of future expected results. A tool that helps us analyze the relationships between variables is linear regression. Linear regression models can be useful tools in analyzing relationships between economic and ...

New case involves dispute over company-specific risk

In a Minnesota shareholder buyout matter, the two opposing valuation experts disagreed over the risk associated with customer concentration.

BV News and Trends March 2023

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

Global BV News and Trends March 2023

Business valuation news from a global perspective.

Damodaran to give critical perspective of ESG

Never one to mince words, Aswath Damodaran (New York University Stern School of Business) called it “the most overhyped, oversold concept in the history of business.”

Tax returns as a source of historical data

The vast majority (91%) of valuation experts say federal tax returns are crucial or very important sources of historical financial data.

Is Expected Inflation the Best Long-term Sustainable Growth Rate?

When using the income approach to value a business, selecting a sustainable long-term growth rate is a necessary input into the valuation model, one that can have a material effect on the value of the business. The business valuation literature has provided little guidance for estimating and understanding sustainable long-term growth rates. Apart from relying on macroeconomic indicators and historical industry averages, appraisers have few options for selecting sustainable long-term growth rates and are often ...

From the Editor

Sustainable growth is one of the key inputs in the income approach.

Reminder: Take a survey on tax return data extraction

Is the historical financial information you get from client tax returns in usable form? Do you have to extract it by hand? Do you use an automated solution?

SEC climate proposal is key topic during KPMG panel

At the recent Global Financial Reporting and Valuation Conference, a panel of KPMG leaders shared their knowledge and insights on the evolving landscape regarding environmental, social, and governance (ESG) factors. During this session, audience members were particularly interested in how the SEC climate proposal can impact private companies.

How do you extract tax return data?

BVR is always on the lookout for new offerings that will help practitioners. One area where we see some potential need is in extracting historical financial data from client tax returns.

BVResearch Pro adds another issue of the ASA’s BV Review

Among many other resources, the BVResearch Pro platform contains the full archive of the Business Valuation Review going back to 1982.

BV News and Trends January 2023

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

High ESG scores lower the cost of capital, study finds

A recent paper says there is significant evidence that companies having a higher environmental, social, and governance (ESG) score have a lower cost of capital.

Business Valuation Case Law Yearbook, 2023 Edition

January 2023 PDF, Softcover (195 pages)

BVR (editor)

Business Valuation Resources, LLC

The legal coverage and in-depth analysis from the BVR legal team including an Introduction by Jim Alerding, BVR Legal Editor delivers lessons learned to help appraisers reach better and more defensible valuation conclusions. The 2023 Yearbook illustrates how financial experts helped their side win (and lose) in the courtroom and includes 70 new cases were added to BVLaw in 2022.  Learn more >>
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