
The European Association of Certified Valuators and Analysts (EACVA) and the International Valuation Standards Council (IVSC) are pleased to present the fifth issue of the new European Business Valuation Magazine (EBVM), published in September 2023.
The EBVM is intended to be a European platform for the discussion of practical issues in business valuation. Until now, discussions have mainly taken place on a national basis within the different professional groups of valuation practitioners. Our Magazine aims to increase the transparency of valuation practice in European countries and to facilitate professional exchange at an international level.
Fall 2023 issue is now available
click on the cover to download the new issue:
In this issue:
- Christof Binder, PhD, MBA: Synergies in Accounting and Valuation
- Prof. Dr. Matthias Meitner, CFA / Prof. Dr. Kenneth Lee, CFA: Dealing With Historical Capital Structure Volatility in Valuation – How to Directly Estimate Unlevered Betas
- Martin H. Schmidt / Andreas Tschöpel: Industry Betas and Multiples (for Eurozone Comanies)
- Stefan O. Grbenic: Transaction Multiples (Scandinavia and Britain)
- News from IVSC
- News from EACVA
- IVSC Members Introduce Themselves: Institute of Chartered Accountants in England and Wales (ICAEW)
Past Issues (click on the cover to download the issue):

Summer 2023 (Vol. 2, Issue 2):
- Werner Gleißner / Dietmar Ernst: The Simulation-Based Valuation of Companies and Their Strategies – Classification, Methodology and Case Study
- Stefan O. Grbenic: Beta Estimation under Thin Trading Conditions
- Alexander Aronsohn: Interview: Alexander Aronsohn on IVS Exposure Draft (2023)
- Martin H. Schmidt / Andreas Tschöpel: Industry Betas and Multiples for Eurozone Comanies
- Stefan O. Grbenic: Transaction Multiples in Central, Western and Southern Europe
- News from IVSC
- News from EACVA
- IVSC Members Introduce Themselves: The National Association of Authorized Romanian Valuers (ANEVAR)

Spring 2023 (Vol. 2, Issue 1):
- Hanna Murina: Business Valuation with Irregular Capital Expenditures
- Wiley Pun / Allison Pan / Beryl Lin: ESG Integration – Current and Future in Business Valuation
- Marc Broekema / Jan Adriaanse: Restructuring Valuation – Towards a Framework of Principles to Mitigate Multi-Party Valuation Fights in Workouts
- Martin H. Schmidt / Andreas Tschöpel: Industry Betas and Multiples for Eurozone Comanies
- Stefan O. Grbenic: Transaction Multiples in Europe
- News from IVSC & EACVA
- IVSC Members Introduce Themselves: Compagnie Nationale des Commissaires aux Comptes (CNCC)

Winter 2022 (Vol. 1, Issue 2):
- Johan Van den Cruijce: Determinants of the Discount for Lack of Marketability
- Andrew Strickland: Option Pricing Models for the DLOM
- Yann Magnan / Sambeet Parija: How will Technology Change the Way Business Valuations are Performed?
- Andreas Creutzmann: Marketing as a Key Task for Valuation Professionals
- Martin Schmidt / Andreas Tschöpel: Industry Betas and Multiples for Eurozone Comanies
- Stefan O. Grbenic: Discounts for Lack of Marketability
- News from IVSC & EACVA
- Interview: Richard Stewart OAM, new appointed Chair of the IVSC Business Valuation Board

Fall 2022 (Vol. 1, Issue 1):
- Marc Broekema / Jan Adriaanse: Valuation Ambiguities under the European Directive on Preventive Restructuring Frameworks – Insights from the Netherlands
- Matthias Meitner: Business Models, Use Cases and Analytical Approaches for Valuation of the Asset “Data”
- Alexander Aronsohn: Unlocking the Value of ESG
- Martin Schmidt / Andreas Tschöpel: Industry Betas and Multiples for Eurozone Comanies
- Stefan O. Grbenic: Transaction Multiples
- News from IVSC & EACVA
- IVSC VPOs Introduce Themselves: The Royal Institution of Chartered Surveyors (RICS)
If you would like to receive the next issues by e-mail and/or subscribe to our monthly business valuation newsletter, please register with your e-mail address for free:
Thank you!
EACVA & IVSC would like to take the opportunity to thank all those who have contributed to the journal: Many thanks to Ion Anghel, Maud Bodin Veraldi, Marc Broekema, Matthias Meitner, Klaus Rabel, Ascanio Salvidio, Harri Seppänen and Javier Zoido for supporting a great cause and for volunteering your time and expertise in the editorial board. We appreciate the efforts of our authors: Hanna Murina, Wiley Pun / Allison Pan & Beryl Lin, Marc Broekema & Jan Adriaanse, Stefan O. Grbenic, Martin Schmidt & Andreas Tschöpel. Last but not least, we thank our sponsors Deloitte KPMG – your contribution is crucial to our ability of publishing the first and further editions of EBVM.
Are you interested to become a sponsor of the magazine or to submit an article? Please contact us at EBVM@eacva.de.
Issue: Submission Dates:
- Fall 2023: 15 August 2023
- Winter 2023: 15 November 2023
- Spring 2024: 17 February 2024