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This 2-day workshop is intended for experienced professional business valuers
interested in learning about current advanced topics in business valuations.
The Advanced Topics Workshop follows the May 3 rd BV Summit presented by
iDealsNetwork and iiBV.
Four topics will be thoroughly covered in the 2 days by leading experts from India, UK, and USA:
1. Valuing Minority Interests
2. International Cost of Capital
3. Valuing Early Stage Companies
4. Valuing Intangible Assets
• Measuring the Discount for Lack of Marketability (DLoM and understand the
empirically-based databases and mathematically-based models which are used
to quantify and support the discounts.
• Know the commonly applied models used to develop international cost of capital
and understand the shortcomings of each model in terms of its ability to capture
the systematic and unsystematic risk in a subject company.
• Be able to deploy the common models for valuing the securities of early-stage
companies including:
(1) The current value method (CVM)
(2) The option pricing model (OPM)
(3) The probability weighted expected return method (PWERM)
(4) The Hybrid Method
• Understand the common models used to value different types of intangible
assets and the financial reporting context in which intangible assets are most
often valued which includes the purchase price allocation process
• CFOs and Finance Controllers
• Country Manager & Managing Director
• Professionals incharge of Investment and M&A
• Investment Bankers
• Corporate Strategy professionals
Raymond Moran - CEO,MG Valution (USA)
Raymond Moran, ASA, MRICS is CEO of MG Valuation LLC, and has 35 years’ experience with International valuation and accounting firms. He serves on the Board of the International Institute of Business Valuers (“iiBV”), Chair of the IIBV Marketing Committee, past Member of ASA and RICS Valuation Committees, and frequent speaker and author on global valuation and accounting topics. Ray has spent much of the past 15 years in Asia/Pacific, focusing on improving education and coordination amongst valuation professionals and VPO’s. He is a Senior Member of the American Society of Appraisers, Member of the Royal Institution of Chartered Surveyors, and has testified in United States Bankruptcy Court. Prior to his current position with MG Valuation, he was a Senior Vice President and Managing Director- Asia/Pacific with American Appraisal, and served with PricewaterhouseCoopers.
Andrew Strickland - Consultant,Scrutton Bland Chartered Accountants (UK )
Andrew was for many years a corporate partner based in our Colchester office. He is now a Consultant to the Partnership. He is chairman of the Review Committee of the Institute of Chartered Accountants in England and Wales (ICAEW); this committee hears appeals from two other regulatory committees of the ICAEW. Andrew has been involved in a large number of corporate finance transactions, and is accustomed to providing close support to clients through the sale of their businesses. He recognises the importance of planning in ensuring that the best possible tax result is obtained: this requires the careful management of any proceeds which are to be received on a deferred or contingent basis. Litigation support is one of the specialist services offered by Scrutton Bland and Andrew heads up this service, with a special focus on business valuation. Andrew is a member of the valuation committe of the ICAEW and of the education sub-commitee of the International Institute of Business Valuers. In addition to business valuation reports, other work has related to personal injury claims, contractual disputes and Fatal Accident Act claims. Andrew acts as an expert who is very comfortable in giving evidence in court and in being subject to robust cross-examination on that evidence. The keynote to this service is simple: any report that is produced has to be written with the awareness that it may need to be defended in detail in court.
10:00 am | Introduction and welcome – Ray Moran, iiBV Director |
10:15 am – 12:30 |
Session 1 – Valuing Minority Interests – Andrew Strickland 1. Introduction 2. Measuring the Control Premium and Discount for Lack of Control 3. Measuring the Discount for Lack of Marketability (DLOM) |
12:30 – 1:30 pm | Lunch |
1:30 pm – 3:30 pm | Session 2 – International Cost of Capital – Andrew Strickland 1. Introduction and review 2. Relative Volatility Model (RVM) 3. Erb-Harvey- Viskanta Country Credit Rating Model 4. Country Yield Spread Model 5. The Damodoran Model 6. Special Topics |
4:00 pm – 5:00 pm | Session 3 – India Specific issues determining the Cost of Capital – Sandeesh Hedge |
9:00 am – 12:30 am | Session 4 – Valuing Early-Stage Companies - Andrew Strickland 1. Introduction 2. Stages of Company Development 3. Characteristics of Early-Stage Companies 4. Estimating Equity Value for Early-Stage Companies 5. Modelling Complex Capital Structures |
12:30 – 1:30 pm | Lunch |
1:30 pm – 4:00 pm | Session 5 – Valuing Intangible Assets – Facilitator - Sandeesh Hedge 1. Introduction 2. Identification of Intangible Assets 3. Valuation Methodologies for Intangible Assets 4. Case Study – Wahmi Limited |
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