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Stowe v. Stowe

In divorce case, appeals court overturns trial court’s valuation for an independent insurance agency; the trial court, without analysis, accepted there was goodwill and adopted expert’s calculation of goodwill using multiple “derived from a non-analogous source applying un-adjusted factors.”

Expert’s Goodwill Calculation Based on Rule of Thumb Sinks Under Appellate Scrutiny

In divorce case, appeals court overturns trial court’s valuation for an independent insurance agency; the trial court, without analysis, accepted there was goodwill and adopted expert’s calculation of goodwill using multiple “derived from a non-analogous source applying un-adjusted factors.”

BVU News and Trends April 2020

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

Global BVU News and Trends April 2020

Business valuation news from a global perspective.

Millennials and auto trends in D&P ‘Valuation Insights’ 1Q20

Surprisingly, millennials place a material value on car ownership, and a high percentage expect to make another car purchase in the next five years, according to a recent survey from Duff & Phelps.

The ‘big market delusion’ overvalues companies at first

The allure of a big market for an emerging business is hard to resist and causes “irrational exuberance” that initially overprices companies and triggers an inevitable correction.

Global BV News: OIV Journal tackles 10 big BV issues

An interesting roundtable discussion on the 10 big issues in business valuation appears in the Fall 2019 issue of the journal of the Organismo Italiano di Valutazione, the valuation standards-setter in Italy.

BVU News and Trends October 2019

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

Court Says Corrected DCF Still Supports Original Fair Value Determination

Responding to petitioners’ motion for reargument, court concedes and corrects errors in court’s original DCF analysis but finds corrected DCF model still corroborates the original fair value determination; court affirms its reliance on unaffected market price as fair value indicator.

In re Appraisal of Jarden Corp. (II)

Responding to petitioners’ motion for reargument, court concedes and corrects errors in court’s original DCF analysis but finds corrected DCF model still corroborates the original fair value determination; court affirms its reliance on unaffected market price as fair value indicator.

ASC benchmarking study released

The median EBITDA margin for an ambulatory surgery center (ASC) is 20%, according to the “2019 ASC Benchmarking Survey” from HealthCare Appraisers Inc.

Court of Chancery favors unaffected market price over other fair value indicators (Part 2)

When the Delaware Court of Chancery recently decided to rely on the unaffected market price for fair value, in a major statutory appraisal case, it provided an in-depth critique of the experts’ traditional valuation analyses, which valuators want to be familiar with.

BVU News and Trends July 2019

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

Court of Chancery favors unaffected market price over other fair value indicators (Part 1)

In a freshly minted ruling, the Delaware Court of Chancery said the unaffected market price was the most reliable indicator of fair value in a big statutory fair value case.

In re Appraisal of Jarden Corp. (I)

Court finds record shows unaffected market price is best evidence of fair value; court says company expert’s efficient market analysis and event study provide strong support for use of market price; court’s own DCF analysis generates value close to market price, thus corroborating market price.

Court of Chancery Rules Unaffected Market Price Is Best Evidence of Fair Value

Court finds record shows unaffected market price is best evidence of fair value; court says company expert’s efficient market analysis and event study provide strong support for use of market price; court’s own DCF analysis generates value close to market price, thus corroborating market price.

Eatery multiples in latest Duff & Phelps report

Publicly traded quick service restaurants had a mean multiple of 16.5x (enterprise value as a multiple of EBITDA) in 2018 and are estimated to achieve a multiple of 16.8x in 2019, according to the “Restaurant Quarterly Update—Spring 2019” from Duff & Phelps.

New edition of ASC valuation survey released

Valuation multiples for controlling interests in ambulatory service centers (ASCs) are increasing, according to the “2019 ASC Valuation Survey” from HealthCare Appraisers Inc.

Court Validates Expert’s Reliance on Pratt’s Stats/DealStats for Sales Transaction Analysis

Appeals court upholds valuation of plaintiff’s interest in dissolved company and jury award; plaintiff expert’s analysis of sales transactions of comparable companies was admissible; Pratt’s Stats/DealStats database provided a reliable basis for expert to identify relevant sales, court says.

Global BVU News and Trends February 2019

Business valuation news from a global perspective.

Expert’s Use of Wrong Damages Methodology Results in ‘Grossly Inflated’ Damages

In contract dispute, Chancery rejects plaintiff’s damages analysis, noting expert lacked valuation experience and chose a methodology (EBITDA multiple) that did not fit facts of case; court says there was no evidence that the alleged breach permanently diminished value of the acquired company.

Zayo Group v. Latisys Holdings, LLC

In contract dispute, Chancery rejects plaintiff’s damages analysis, noting expert lacked valuation experience and chose a methodology (EBITDA multiple) that did not fit facts of case; court says there was no evidence that the alleged breach permanently diminished value of the acquired company.

Home health and hospice M&A activity soars

For three quarters in a row, there have been at least 20 publicly announced acquisitions of home health or hospice companies, a much higher quarterly volume than during most of 2017, according to new data from HealthCareMandA.com (Irving Levin Associates).

BVU News and Trends November 2018

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

Industry Snapshot: Home Hospice Firms

An at-a-glance overview of the valuation nuances of home hospices firms, based on a webinar presented by Darcy Devine and William Hamilton, who are both with Buckhead FMV.

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