EACVA‘s first English language training was held in June 2017 in Frankfurt (Germany).
Certified Valuation Analyst (CVA) candidates from Denmark, Ireland, Italy, Lithuania, Luxembourg, Norway, Slovenia, Spain, Switzerland and Turkey are pursuing the global CVA certification.
Monday until Wednesday, Lari B. Masten trained the class on BV Fundamentals, Techniques & Theory and the Completed Transactions Method. The participants studied in the following fields of Financial Statement Analysis and Ratio Analysis, Generating Economic/Normalized Financial Statements; Defining and Estimating the Future Benefit Stream; Capitalization/Discount Rates; Commonly Used Methods of Valuation; Valuation Discounts and Premiums; Professional Standards and Understanding and Applying the Market Approach. With case studies, the attendees could apply the learned knowledge.
Lari B. Masten is an instructor for the National Association of Certified Valuators and Analysts’ (NACVA) National Training & Development Team for the CVA designation. She is an expert witness in both US-federal and district courts, and her valuations and expert witness testimony have been for purposes of estate and gift tax planning, buy-sell agreements, purchase/sale transactions, goodwill impairment, damages, marital dissolution, and Rule 702 (Daubert) Hearing opinions. Ms. Masten is currently serving as Chairman of the editorial board for The Value Examiner, a contributing member of the editorial board to the Journal of Business Valuation and Economic Loss Analysis, and is an officer of the Colorado NACVA State Chapter.
Wednesday afternoon Prof. Dr. Bernhard Schwetzler, Chair of Financial Management at HHL Leipzig Graduate School of Managment, taught the class in the application of the Guideline Public Company Method as well its connection to DCF-Valuations.
Details on DCF-Valuation regarding Integrated Financial Planning and details on the Cost of Capital from a European point of view were trained on Thursday and Friday morning by Prof. Dr. Matthias Meitner. He also discussed a case study on the valuation of Rational AG, a German stock listed manufacturer of combisteamers and ovens, cooking appliances suitable for large and commercial kitchens. Matthias Meitner is a Professor for Finance & Accounting at the International School of Management (ISM) in Munich. Besides his academic work, he advises institutional clients in equity investing and serves as a valuation consultant and appraiser. Earlier in his career, he worked for more than 10 years as an Equity Portfolio Manager at Allianz Global Investors GmbH where he followed a fundamental, long-term, and valuation based approach to stock picking.
Wolfgang Kniest, Managing Director of EACVA, addressed international valuation standards and gave an overview of differences and similarities in European and US viewpoints of BV topics.
The closing topic area was about the Valuation of Intangible Assets on Friday afternoon. Prof. Dr. Ulrich Moser, Chair of Business Administration, in particular, taxation, finance, and accounting at University of Applied Science Erfurt, focused on Identification, Valuation Approaches, Asset Specific Cost of Capital, IFRS 3 and Fair Value Measurement Framework (IFRS 13) as well as Impairment Testing under IAS 36.
After an extensive and exciting learning week the attendees participated in the 5 hour multiple choice CVA-exam on Saturday and still have to work on a case study at home.
We wish them all good luck for passing the CVA-exam!