Organization

Update on recent capital market data. 

Content:

• Major stock market performances
• EURO STOXX 600 sector multiples
• Current risk-free rate for Austria
• Current equity risk premium for Austria
• Up-to-date country risk premiums and inflation adjusted risk-free rates for the BRICS countries

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Tentative Stabilization, Sluggish Recovery?

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Photo by Juliana Kozoski on Unsplash

The World Economic Forum published the 15th edition of the Global Risks Report.

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The report presents the major risks the world will be facing in 2020. It stresses the need for a multistakeholder approach to addressing the world’s greatest challenges.

Photo by WikiImages on Pixabay

The event brought together more than 370 business valuation professionals, corporate finance and tax consultants, analysts, controllers, lawyers and academics from 20 different countries in Europe and beyond: Austria, Canada, Czech Republic, France, Germany, Hungary, Italy, Japan, Latvia, Luxembourg, Netherlands, Russia, Switzerland, Singapore, Slovenia, South Africa, Taiwan, UK, USA & Uzbekistan.

In his welcome address, Nick Talbot, IVSC Chief Operations Officer spoke about the exciting development of the IVSC as a global body responsible for developing and setting International Valuation Standards and promoting and growing the valuation profession, worldwide. As a Valuation Professional Member of IVSC EACVA plays an important role in connecting international valuation professionals and providing an exciting learning opportunity for all attendees to hear from some of the most renowned speakers in the business valuation field while connecting and networking with other valuation professionals during the conference and the pre-conference networking dinner

Special highlights of the 2019 Conference were the keynote sessions:

Prof. Aswath Damodaran, PhD, MBA: “Narrative and Numbers: The Story behind your Valuation“. In his excellent session Aswath spoke about the division of investing/finance world into two camps: the number crunchers and the story tellers. He emphasized that stories matter in a valuation process, but only if they are connected with numbers, and numbers are empty, unless they are connected with narratives.

Prof. Marc Goedhart, Rotterdam School of Management / McKinsey & Company / co-author of the book “Valuation”, gave an opening keynote explaining four principles of value creation that financial managers should use as guidance in decision making.

Attendees could choose from 12 sessions and panel discussions, among the topics discussed were:

• Estimating Long-Term Growth Rates by Roger Grabowski, FASA, Duff & Phelps
• Terminal Value Calculation – Fading Assets, (Excess) Returns or Growth Rates? by Prof. Dr. Bernhard Schwetzler, CVA, HHL Leipzig
• Current Trends in Financial Statement Analysis (for Business Valuators) by Prof. Dr. Matthias Meitner, CFA, International School of Management, Munich
• Crossing the Bridge to Liquidity – Discounts for Lack of Marketability and Discounts for Lack of Liquidity by Lari Masten, CPA, ABV, CFF, CVA, CPVA, ABAR, MAFF, Masten Valuation

and many others…

Feedback:

“…looking at the quality of speakers, the participants, the enthusiasm and the hospitality that EACVA has extended, I think it could well be a role model for the rest of the World when it comes to holding professional conferences. The quality of speakers, getting some internationally acclaimed professors from universities as well as e.g. from the US, brings in a lot of intellectual capital and that’s what is important to drive this profession forward…”
Raghu Ram, CMA, CPA, CVA, Sageview Valuations & CFOA Services, Toronto Canada

 “Thank you. The Conference was most impressive. The hotel, show and meals were “first rate”. I met many interesting attendees…“
Roger Grabowski, Duff & Phelps, Chicago USA

“Had an amazing experience as an invited guest speaker at EACVA’s International conference in Berlin! So enjoyed the opportunity to hear the missives of Dr. Damodaran and Roger Grabowski!”
Lari Masten, Masten Valuation, Denver USA

“We thank Wolfgang Kniest and his team for the opportunity to meet and discuss new trends in business valuation and exchange ideas and experience with valuation professionals from all over Europe at the 13th EACVA conference in Berlin last week.”
Barbora Rýdlová, University of Economics, Prague Czech Republic  

 “Very interesting two days at the 13th Annual Business Valuation Conference of the EACVA in Berlin. Especially the expert panel discussing about the valuation of companies with high debts was enriching.”
Dr. Anke Nestler, VALNES Corporate Finance, Frankfurt Germany

Save the date! EACVA’s 14th Annual Business Valuation Conference will be held on 29 – 30 October 2020 in Munich, Germany.

INTRODUCTION TO CRYPTOASSETS AND A STUDY OF SELECT VALUATION APPROACHES by CBV Institute

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The interesting study is based on Canadian public companies which, between January 1, 2017 and September 30, 2018, either held cryptoassets or earned revenue from cryptoasset-related activities. Three valuation approaches frequently included in the cryptoasset valuation discourse – the Cost of Production, Equation of Exchange, and Network Value to Transactions Ratio.

Photo by Thought Catalog on Unsplash