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2022 Pepperdine report on private cost of capital released

A preview of the “2022 Private Capital Markets Report” was presented at the NACVA’s Business Valuation & Financial Litigation Super Conference last week.

Put ESG impact in numerator, not denominator

Currently, there is no empirical evidence to support including the impact of environment, social, and governance (ESG) factors in the cost of capital, so it should be reflected in the cash flows.

BV News and Trends July 2022

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

Valuing Nightclubs, Bars, and Adult Cabarets

That’s the title of the latest installment in BVR’s What It’s Worth series of industry-specific valuation guides.

Feedback wanted on ‘social value’

The Social Value Working Group at the International Valuation Standards Council has released its second paper in a series that examines whether “social value” can be a basis of value, the difference between social value and the social component of ESG, and whether the existing valuation principle of highest and best use can apply to social assets and social value.

Trugman’s Approach to Assessing Company-Specific Risk

This is an excerpt from the new sixth edition of Understanding Business Valuation, which has a companion website that includes a good selection of full sample valuation reports and other supporting material.

BV News and Trends June 2022

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

Global BV News and Trends June 2022

Business valuation news from a global perspective.

Comment on COE data sources survey

In last week’s issue, we reported on a survey of the data sources analysts use to estimate the cost of equity (COE) (click here to see the news item).

Hitchner surveys COE data sources of choice

The Kroll (formerly Duff & Phelps) Navigator has been the consistent clear choice for cost of equity (COE) data by valuation analysts, according to ongoing surveys by Jim Hitchner (Valuation Products and Services).

BV News and Trends May 2022

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

Hitchner examines the Pepperdine survey

BVR has long been a supporter of the Pepperdine University Capital Markets Project, which conducts an annual survey of expected rates of return with respect to private companies.

BV News and Trends April 2022

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

Kroll increases U.S. normalized risk-free rate to 3.0%

Kroll has increased its recommended normalized risk-free rate to 3.0% from 2.5%, effective April 7.

Holy cow! New York Yankees hit $6 billion in value

That’s what the legendary announcer Phil Rizzuto would be yelling over this news.

Global BV News: Eurozone ERP, risk-free rates unchanged: Kroll

Kroll has left unchanged (until further notice) its recommended German normalized risk-free rate of 1.5% and its current eurozone equity risk premium range of 5.5% to 6.0% (from a German investor’s perspective).

Twitter poll on the size effect

Wes Gray, a Ph.D., financial analyst, and CEO of Alpha Architect, recently conducted a poll on Twitter about the size effect (implicit in traded stocks where returns can be observed).

Global BV News: VAB6 review on IVSC website

A comprehensive review of Valuing a Business, 6th edition (VAB6) is on the website of the International Valuation Standards Council (IVSC), calling it a “foundational reference for business valuation education worldwide.”

Global BV News: Cost of capital parameters in Europe as of Dec. 31, 2021

ValueTrust has released the 9th edition of its “European Capital Market Study” that serves as a comprehensive compilation of capital market parameters such as cost of capital and implied as well as historical risk premiums for European countries.

BV News and Trends March 2022

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

Damodaran updates his implied ERP in wake of Ukraine invasion

In his blog post on how the crisis in Ukraine is playing out in the markets, Professor Aswath Damodaran (New York University Stern School of Business) updated his implied equity risk premium to 4.73% as of March 16, up from 4.24% at the start of 2022.

Deloitte replaces pub on impairments and disposals

Deloitte has published A Roadmap to Impairments and Disposals of Long-Lived Assets and Discontinued Operations, which includes its insights into the guidance in ASC 360-101 and ASC 205-20 on impairments and disposals of long-lived assets and presentation of discontinued operations.

BVRPro adds to its ASA BV Review archive

Subscribers to the BVResearch Pro platform can access issues of Business Valuation Review going back to 1982, and the Fall 2021 issue has just been added to the archive.

Reminder: Feedback wanted on company-level beta module for the Navigator

Kroll (formerly Duff & Phelps) is developing a new module for its Cost of Capital Navigator that will enable users to derive company-level betas based on their own selection of comparable companies.

Reminder: Pepperdine’s private cost of capital survey

Many valuation experts refer to the annual “Pepperdine Private Capital Markets Report” when estimating small private-company cost of capital.

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