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.
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.
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.
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.
Global BVU News and Trends February 2019
Business valuation news from a global perspective.
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.
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.
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.
D&P: Latest multiples in healthcare services
The S&P Healthcare Services Index increased 6.3% over the last month, outperforming the S&P 500, which increased 3.0% over the same period, according to the “August 2018 Healthcare Services Sector Update” from Duff & Phelps.
BVU News and Trends September 2018
A monthly roundup of key developments of interest to business valuation experts.
Mesirov v. Enbridge Energy Co.
In dispute over related-party transaction, court upholds aiding and abetting claim against financial advisor; plaintiffs produced enough facts to show fairness opinion ignored most relevant precedent transaction and other valuation metrics indicating the buyer was overpaying for contested asset.
Fairness Opinion Triggers Viable Aiding and Abetting Claim Against Financial Advisor
In dispute over related-party transaction, court upholds aiding and abetting claim against financial advisor; plaintiffs produced enough facts to show fairness opinion ignored most relevant precedent transaction and other valuation metrics indicating the buyer was overpaying for contested asset.
BVU News and Trends August 2018
A monthly roundup of key developments of interest to business valuation experts.
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