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How flawed is the risk-free rate for current valuations?

When valuers are expected to supply a DCF analysis (an increasingly frequent need), most start with the risk assumption of a market premium compared to government bonds.

Global BVU News and Trends June 2020

Business valuation news from a global perspective.

EU risk-free rate declines, and the market risk premium increases to 9.0%

A special edition (fifth) of the “European Capital Market Study” from ValueTrust was released last week.

What risk-free rate should financial experts use now? New resources from Fernandez and BVR

‘This is a good time to revisit the implied ERP rather than the historical ERP,’ advises Dr. Michael A. Crain (Florida Atlantic University).

KPMG Germany offers updated cost of capital study—and database of IFRS impairment test WACC results

KPMG Germany collected WACC results from 312 companies in Germany, Austria, and Switzerland for its 14th edition of the ‘Cost of Capital Study,’ concluding that the average WACC across industries remains at 6.9%.

Global BV News: KPMG Germany releases 2019 cost of capital study

Subtitled “The Calm Before the Storm—Rising Profits and Deflated Values?” the 14th edition of the Cost of Capital Study from KPMG Germany examines, among other things, the impact of regulatory interventions, scarcity of resources as well as digitalization on business models, their performance (cash flows) and their risk (cost of capital) by industry sector.

Back to the Future? Exploding the Income Approach

Seeing the future? Compensating for excessive compensation? The feared levering and unlevering! What to do? Well don’t discount the advice of this expert panel as they work their way through the income approach from top to bottom. Join Bethany Hearn, Brenda Clarke, Kevin Yeanoplos, and Bob Dohmeyer in this entertaining and engaging web workshop. Half this event will focus on the numerator with a curated selection of hot issues such as forecasting, free cash flow ...

BVU News and Trends August 2019

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

New edition of Valuation and Common Sense by Fernandez

The 2019 edition of Valuation and Common Sense by Professor Pablo Fernandez (IESE Business School, University of Navarra) is now available—and it’s gratis.

Pablo Fernandez offers Valuation and Common Sense for free

Valuation and Common Sense (2019, 7th edition) ‘explains the nuances of different valuation methods and provides the reader with the tools for analyzing and valuing any business,’ Pablo Fernandez, professor of finance, IESE Business School, tells BVWire—UK.

Business Valuation OIV Journal Spring 2019

Business Valuation OIV Journal has been created by Organismo Italiano di Valutazione (OIV), the Italian Valuation Standard Setter, to provide a forum for discussion and to foster cultural progress in the field of business valuation. In this issue, articles include "Company Valuation as Result of Risk Analysis: Replication Approach as an Alternative to the CAPM"; "Residual Income Model and Abnormal Returns: A Comparison to Factor Styles and Sell-Side Analysts"; and "Critical Issues When Valuating Small Businesses".

Updated research on global risk premiums and risk-free rate

In some European countries, it appears there is much more disagreement about the risk-free rate (RF) than the market risk premium (MRP), according to a new survey.

New data on discount rates used in 41 countries

Should you normalize the risk-free rate?

Houlihan Lokey provides proxies for risk-free rate after downgrade

Has the BV community lost sight of the discount rate?

Adjusting Risk Free Rates Is Not the Best Answer

Are the traditional discounts developed by appraisers too low in this era of the Great Recession? Are they producing values that are too high as a result? Many appraisers have declared that the current low 20-year bond rates are an aberration and in nee ...

Do you use Ibbotson or Duff & Phelps?

Top Ten Issues to Note When Selecting COC Data in Volatile Times

Deriving a defensible cost of capital (COC) for the capital asset pricing method (CAPM), modified CAPM, or the build-up method is frequently the most contentious issue in litigation involving the valuation of private companies or economic damages. Moreove ...

In re Magna Cum Latte, Inc.

Bankruptcy court examines forecasts of future performance, discount rates in determination of lost profits.

From experts in valuation in each of nine industry groups to a takeoff on Survivor, AICPA BV Conference offers variety

The 2001 AICPA Business Valuation Conference held at the Venetian in Las Vegas December 2-4 was attended by 840 people (by the way, the Venetian served the best conference food that I've ever experienced).

Learning your Alpha, Beta, Gammas

"The Anatomy of Beta—Getting Down to Basics," Dr. Thomas Stanton, Business Appraisal Practice , Fall 1999, pp. 34-38. This article provides a simple illustration of how to calculate beta for a comp ...

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