The European Association of Certified Valuators and Analysts (EACVA) and the International Valuation Standards Council (IVSC) are pleased to present the 11th issue of the new European Business Valuation Magazine (EBVM), published in June 2025.
The EBVM’s goal is to serve as a platform for discussing practical issues in business valuation and to enhance valuation transparency in Europe.
The Spring 2025 issue is out now!
Click on the cover to download:
In this issue:
- Editorial: People, Machines, and Added Value: The Future of Business Valuation
Andreas Creutzmann, WP/StB, CVA - The Cost of Debt – A Primer on Understanding Important Implications of SME Debt
Dr. Timo Teinilä, D.Sc. / Dr. Harri Seppänen, Ph.D., CVA - Calculation of Equity Risk Premium Based on European Data
Mgr. Jan Marek, CFA / Mgr. Veronika Hnathová / Petra Mazáčková, M.Sc. - Value of Lost Profits Equals the Diminution in Business Value Under Certain Assumptions – A mathematical proof with commentary for practitioners in disputes contexts
Peter Maras - Data: Industry Betas and Multiples (for Eurozone Companies)
Dr. Martin H. Schmidt / Dr. Andreas Tschöpel, CVA, CEFA, CIIA - Data: Transaction Multiples (Eastern Europe)
Prof. Dr. Stefan O. Grbenic, StB, CVA - News from EACVA
- News from IVSC
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Past Issues (click on the cover to download the issue):
EBVM – Winter 2024/2025 (Vol. 4, Issue 1):
- Wolfgang Kniest, CVA: Editorial: Revision of the Business Valuation Standards in Germany and Austria: Exposure Drafts Published
- Hugo Martinez: Assessment of Damage to a Companyʼs Image
- Fabian Völker, M.Sc. / Dr. Christian Reichert, CVA, MBA: Patent-based Startup Valuation
- Heike Snellen / Dr. Andreas Tschöpel, CVA/CEFA/CIIA: Cost of Capital Study 2024: The New Dilemma: Balancing Interest Rates and Growth
- Dr. Martin H. Schmidt / Dr. Andreas Tschöpel, CVA, CEFA, CIIA: Industry Betas and Multiples (for Eurozone Companies)
- Prof. Dr. Stefan O. Grbenic, StB, CVA: Transaction Multiples (Scandinavia and Britain)
- News from IVSC
- Prof. Dr. Stefan O. Grbenic, StB, CVA: Discounts for Lack of Marketability (Europe)
EBVM – Fall 2024 (Vol. 3, Issue 3):
- Prof. Dr. Matthias Meitner, CFA: Editorial: The Business Valuation “Loser’s Game” and the Big Valuation Picture
- Dr. Wiktor Patena / Wolfgang Kniest, CVA: Framework for Start-up Valuation
- Roman Sustek: The System Approach and Its Use in Asset Valuation
- Dr. Martin H. Schmidt / Dr. Andreas Tschöpel, CVA, CEFA, CIIA: Industry Betas and Multiples (for Eurozone Companies)
- Prof. Dr. Stefan O. Grbenic, StB, CVA: Transaction Multiples (Central and Western Europe, Southern Europe)
- News from IVSC
- News from EACVA
- IVSC Members Introduce Themselves: European Valuation Institute (EVI)
EBVM – Summer 2024 (Vol. 3, Issue 2):
- Leonhard Knoll / Lutz Kruschwitz / Andreas Löffler / Daniela Lorenz: Unbiased Beta Despite Biased Data: Some Elementary Results
- Moritz Bassemir: Tax Purchase Price Allocations in Carve-Out Transactions
- Martin H. Schmidt | Andreas Tschöpel: Industry Betas and Multiples (for Eurozone Companies)
- Stefan O. Grbenic: Transaction Multiples for Europe
- News from IVSC
- News from EACVA
- IVSC Members Introduce Themselves: Dutch Association of Registered Valuators (NiRV)
EBVM – Spring 2024 (Vol. 3, Issue 1):
- Harri Seppänen: Judicial Business Valuation in Finland
- Yener Coşkun: ESG-Sensitive Real Estate and Business Valuation – and the Recent Updates in IVS
- Stefan Schöniger / Heike Snellen / Andreas Tschöpel: Cost of Capital Study 2023: Unpredictability on the Rise! – Interest Rates Too? What Are the Drivers, What Are the Consequences?
- EACVA’s Annual International Business Valuation Conference 2023 – Detailed Review
- Martin H. Schmidt / Andreas Tschöpel: Industry Betas and Multiples (for Eurozone Companies)
- Stefan O. Grbenic: Discounts for Lack of Marketability (Europe)
- News from EACVA
- News from IVSC
- IVSC Members Introduce Themselves: Luxembourg Valuation Professionals Association (LVPA)
EBVM – Winter 2023 (Vol. 2, Issue 4):
- Christoph Engel: Analytics on the Structuring and Pricing of Preferred Shares
- Jesús Valero / Fernando Rojas: Spanish Valuation Practice in a Nutshell
- Martin H. Schmidt / Andreas Tschöpel: Industry Betas and Multiples (for Eurozone Companies)
- Stefan O. Grbenic: Transaction Multiples (Eastern Europe)
- News from IVSC
- News from EACVA
- Interview: Christian Luft (Chair IVSC Europe Committee)
EBVM – Fall 2023 (Vol. 2, Issue 3):
- Christof Binder: Synergies in Accounting and Valuation
- Matthias Meitner/ Kenneth Lee: 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 Companies)
- 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)
EBVM – 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 Companies)
- Stefan O. Grbenic: Transaction Multiples (Central, Western and Southern Europe)
- News from IVSC
- News from EACVA
- IVSC Members Introduce Themselves: The National Association of Authorized Romanian Valuers (ANEVAR)
EBVM – 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 Companies)
- Stefan O. Grbenic: Transaction Multiples (Europe)
- News from IVSC & EACVA
- IVSC Members Introduce Themselves: Compagnie Nationale des Commissaires aux Comptes (CNCC)
EBVM – 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 H. Schmidt / Andreas Tschöpel: Industry Betas and Multiples (for Eurozone Companies)
- 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
EBVM – 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 H. Schmidt / Andreas Tschöpel: Industry Betas and Multiples (for Eurozone Companies)
- Stefan O. Grbenic: Transaction Multiples (Europe)
- News from IVSC & EACVA
- IVSC VPOs Introduce Themselves: The Royal Institution of Chartered Surveyors (RICS)
Thank you!
EACVA & IVSC would like to take the opportunity to thank all those who have contributed to the journal: our editorial board, authors and sponsors – your contribution is crucial to our ability of publishing the EBVM.
Are you interested to become a sponsor of the magazine or to submit an article? Please contact us at EBVM@eacva.de.
Become an Author of EBVM
Submission Dates 2025:
- Summer 2025: 1 June 2025
- Fall 2025: 1 September 2025
- Winter 2025: 1 December 2025
