25 August 2025 I 5:00 pm (CET)

Webcasts are held monthly, 17:00–18:00 (CEST)

Free to View, one CPE per webcast with a subscription.

Topic: Basics of binomial lattice and its applications for valuation of complex stock options, debt, and companies with complex capital structure

Speaker:

Dhara Shah, CVA

• Dhara has more than 16 years of experience, with more than 13 years in business valuation and investment banking roles, primarily in the life sciences and healthcare sectors. She is Vice President and technical lead at Knowcraft Analytics, and leads engagements related to financial and strategic advisory, financial modeling, financial reporting, tax planning, management planning, employee stock ownership plans, and portfolio valuations. Dhara also leads the learning & development team at Knowcraft and is involved in implementing multiple productivity and efficiency initiatives at the firm.

• Dhara was also instrumental in setting up and served as the Interim CEO at ACVA, the only Registered Valuation Organization (RVO) in India associated with NACVA. Before Knowcraft, Dhara was a part of the Business Valuation team at Deloitte, and has also been associated with an Indian pharma company, as part of its Investment Banking team, where she worked on financial due diligence and valuation analysis for its M&A targets, as well as its greenfield and brownfield expansion.

• Dhara holds an MBA from the Indian Institute of Management, Indore, India and a Bachelor of Engineering in Information Technology. She holds the CVA designation from NACVA and has also completed all 3 levels of the CFA exam conducted by the CFA Institute. Dhara was among the NACVA 40 Under Forty in 2021, which recognizes valuation and litigation leaders globally. She also regularly participates in Financial Modeling World Cup, a leading Excel-based financial modeling competition with participation from top financial modelers worldwide and is ranked among the top 50 globally.

Registration:

• All EACVA and GACVA members can view the Around the Valuation World® International monthly webcast free as an exclusive EACVA/GACVA Member benefit (CPE is available with a subscription). To access the login links each month as a members please follow the instructions below:
• Log into www.NACVA.com
• Click on My Account located in the top right corner of the page
• Click on Around the Valuation World International®, located on the left column of the page

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The live monthly webcast Around the Valuation World® International is an exclusive member benefit produced by the GACVA Advisory Council. It features business valuation experts providing technical guidance and insight to international valuation issues.

All EACVA and GACVA members are able to view the webcast for free each month, for CPE you can purchase the AVW annual subscription.

For any questions about the show please send a short message to info@eacva.de.

2025 Schedule:

• 22 September 2025
• 27 October 2025
• 24 November 2025
• 8 December 2025

Previous Webcasts:

• 28 July 2025: Benefits and Insights of Valuation Outsourcing, Speaker: Upasak B. Shah, Knowcraft Analytics Pvt. Ltd., India
• 16 June 2025: Valuation Considerations in Asset Impairment Testing: An Emerging Market Perspective, Speaker: Eric Vega Domínguez, M&ScFin., M&AP., CFE, Juan Toro 
• 12 May 2025: The Valuation of Private Equity and Hedge Funds, Speaker: Scott DeMarco, MBA, CBA, CVA, CDFA, CPVA 
• 28 April 2025: Finding Values in Complete Darkness, Speaker: Prof. Dr. Matthias Meitner, CFA, Munich
• 24 March 2025: AI-Special: Should AI be Disclosed? Recognize Ethical and Professional Standards of Using AI / Detecting AI-Generated Content—How Forensic Accountants and Business Valuation Professionals Can Give AI a “Run for its Money”, Speakers: Nick Mears, MBA, CVA, MAFF;  Nainesh Shah, CFA, CVA; Miranda Kishel, MBA, CVA, CBEC, MAFF.
• 17 February 2025: Alternative cost of capital methods (for listed or unlisted) firms, Speaker: Federico Beltrame, Professor (Associate) University of Udine
• 20 January 2025: A Hybrid Approach to Developing the Company Specific Risk Premium with Monte Carlo Simulation, Speaker: David H. Goodman, MBA, CPA, CVA
• 9 December 2024: How to Handle Uncomfortable Situations, Speaker: Michael A. Gregory
• 25 November 2024: Global Economic Update following the US election, Speaker: Carla S. Nunes, CFA and James P. Harrington, Kroll
• 21 October 2024: Working with tangible asset appraisers, Speaker: Alexander F. Ruden, ASA and James F. Reinhardt, CVA, RFC 
• 30 September 2024: The Pricing of Earnouts—How to Bridge Valuation Differences, Speaker: Prof. Dr. Bernhard Schwetzler, CVA, HHL Leipzig Graduate School of Management
• 26. August 2024: Valuation Trends in Private Capital Markets: Focus on Venture Debt, Speaker: Antonella Puca, CPA ABV, CFA, BlueVal
• 22 July 2024: Introduction and applications of Monte Carlo simulation in valuation, Speaker: Dharah Shah, CVA, Knowcraft Analytics Pvt. Ltd.
• 24 June 2024: Economic Update, Speaker: Simon Rubinsohn, Royal Institution of Chartered Surveyors (RICS)
• 13 May 2024: Blockage and DLOM in a Margrabe Exchange Option Framework, Speaker: Dr. Ashok Abbott, MBA, PhD, Business Valuation LLC
• 22 April 2024: Fair Value: Accounting’s Perspective on Valuation, Speaker: James Walling, CFA, CVA, Accretive Strategies Consulting Group LLC
• 25 March 2024: Mind the GAAP: Is the Increased Use of Non-GAAP Metrics Helpful or Misleading for Valuation? Speaker: Deborah Taylor, CV, Financial Edge Training, London
• 19 February 2024: Business Valuation Based on Company Law Regulations in Germany and Austria -Insights Into and Outlook on the “Objectified Business Value”. Speaker: Dipl.-Kfm. Wolfgang Kniest, CVA, EACVA
• 29 January 2024: Where Skill Meets Opportunity: Development of Long-Term Engagements!
  Speaker: Mark G. Kucik, CPA/CFF, CVA, CM&AA, CPVA, The Kucik Valuation Group
• 11 December 2023: Value of Security Issued by Privately Held Companies with Complex Capital Structure; Speaker: Upasak B. Shah, Knowcraft Analytics Pvt. Ltd., India
• 20 November 2023: Do you really know your cost of capital? Speaker: Prof. Peter Nyberg, D.Sc. (Econ.), Aalto University School of Business, Finland 
• 23 October 2023: Private Company M&A Valuation: Financial Reporting; Speaker: Stephen A. White, CVA Expert Valuation Analyst at Onyx Partners Group, New York 
• 25 September 2023: How Free is the Riskfree Rate; Speaker: Dr. Bennet Kpentey, DBA, CPC, CVA, Sync Consult, AACVA
• 28 August 2023: Behavioral Valuation: The Valuation Mindset—the Psychology of Judgment and Decision Making; Speaker: Dr. Marc Broekema, Kroll
• 24 July 2023: Valuation Considerations for Biotech Companies; Speaker: Dharah Shah, CVA, Knowcraft Analytics Pvt. Ltd.
• 26 June 2023: Principles, Tasks, and Tools for Successful Professionals Speaker: WP StB Andreas Creutzmann, CVA, IVA VALUATION & ADVISORY
• 22 May 2023: Working Capital Analysis and Projection Challenges & Inconsistencies Speaker: Brady T. Finney, Atlantic Management Company, Inc.
• 24 April 2023: Liquidity and Marketability Discounts in a Margrabe Exchange Option Framework Speaker: Dr. Ashok Abbott, MBA, PhD, Business Valuation LLC
• 27 March 2023: Improving the Selection of CAPM Betas – A New Tool Coming Soon (Part II) Speakers: Carla S. Nunes, CFA and Kevin Madden, Kroll
• 20 February 2023: Buying Performance? The Impact of Multiple Arbitrage in Buy-and-Build Strategies of Private Equity Firms; Speaker: Prof. Dr. Bernhard Schwetzler, CVA, HHL Leipzig Graduate School of Management
• 30 January 2023: Global Economic Conditions Impacting Business Valuation and Appraisal; Speaker: Simon Rubinsohn, Royal Institution of Chartered Surveyors (RICS)
• 19 December 2022: Business Valuation Déjà Vu’s; Speaker: Z. Christopher Mercer, FASA, CFA, ABAR, Mercer Capital
• 28 November 2022: Kroll Cost of Capital New Beta Module; Speaker: Carla Nunes, CFA, Kroll
• 24 October 2022: Business Valuations in the Wine Industry; Speaker: Joseph Orlando, ASA, Exit Strategies Group
• 26 September 2022: Early Stage Valuation; Speaker: Antonella Puca, CFA, CPA/ABV, MPI Business Valuation & Advisory
• 25 July 2022: Simulation based valuation: Theory and Practice; Speakers: Prof. Dr. Werner Gleißner, FutureValue Group and University of Dresden / Prof. Dr. Dr. Dietmar Ernst, International School of Finance (ISF) Nürtingen-Geislingen University and European Institute of Quantitative Finance (EIQF)
• 27 June 2022 – Contingent Consideration / Earnout Valuations; Speaker: James B Walling, CFA, CVA, Accretive Strategies Consulting Group, Gilroy US
• 23 May 2022 – Business Valuation in the Czech Republic; Speaker: Ing. Barbora Rýdlová, PhD, Prague University of Economics and Business
• 25 April 2022 – Calculating Marketability Discounts; Speaker: Andrew Strickland, Consultant at Scrutton Bland, Director at International Institute of Business Valuers (iiBV), UK
• 28 March 2022 – Valuation – from a UK Perspective; Speaker: David Bowes, DIP LAW, FTII, FRICS, MEWI, SSBV, Share and Business Valuation Specialist
• 21 February 2022 – Cost Approach to Intellectual Property Valuation; Speaker: Robert F. Reilly, CPA, ASA, ABV, CVA, CFF, CMA, Willamette Management Associates
• 31 January 2022  – The Real Property Appraisal Worldview: An Eye-Opening Guide for Business Valuers; Speaker: Dennis A. Webb, ASA, MAI, FRICS, business and real estate appraiser
• 20 December 2021 – Discussion on Global Professional Standards with GACVA Leaders:
  Andreas Creutzmann, WP/StB, Dipl.-Kfm., CVA / Mark Kucik, CPA, CVA, CM&AA, CFF, CPVA / C. Zachary Meyers, CPA, CVA / Andrew Neuman, CPA, CA, CFE, CA.IFA, CFF, CVA, B.com / Pratik Shah, MSc
• 29 November 2021 – Misuse of Bid Premium Data to Determine Minority Discounts; Speaker: Morris Kaplan, Director at Logicca Valuation Services Pty Ltd.
• 25 October 2021 – APT versus CAPM: An analysis with implications for international cost of capital estimation and privately-traded capital asset valuation; Speaker: Malcolm McClelland, PhD, McLelland + Palazzi Financial Economics
• 27 September 2021 – Terminal Value: Fade factors and growth assumptions; Speaker: Prof. Dr. Bernhard Schwetzler, CVA, Chair Financial Management, HHL Leipzig Graduate School of Management
• 12 July 2021 – Today’s Fraud Risk Models Lack Personality; Speaker: Dr. Sri Ramamoorti, ACA, CPA, CFE, CFF, CIA, CFE, CRMA, CGFM, CRP, FCPA, MAFF, Associate Professor of Accountancy at University of Dayton
• 28 June 2021 – The Future of the Business Valuation Profession − Professional Associations, Business Valuation Standards, and Business Valuation Theory; Speaker: Z. Christopher Mercer, FASA, CFA, ABAR, Mercer Capital
• 24 May 2021 – Construction Impacts During COVID-19 Times; Speaker: Alina Rivera, CPA, CVA, CFE, MAFF, CIRA, CGMA, MBA, CEO and Partner at On Point Strategy
• 26 April 2021 – Multiple Adjustments: Theory vs Practice – How can we discern the adequate level of the multiple we should use in the valuation of an unlisted company?; Speaker: Anamaria Ciobanu, Senior Manager, Deal Advisory, Valuations, KPMG Romania / Professor of Finance at ASE ASE BUCURESTI, Faculty of Finance, Insurance, Banking and Stock Exchange
• 29 March 2021 – Accounting and Business Valuation – How Accounting Information Impacts Business Valuation in Practice; Speaker: Prof. Dr. Matthias Meitner, CFA, Managing Partner VALUESQUE
• 22 February 2021 – Economic Outlook in a Post COVID World – Incorporating Real GDP Growth and Inflation Expectations in Valuations; Speaker: Carla Nunes, Managing Director, Global Leader – Valuation Digital Solutions | Duff & Phelps/Kroll
• 25 January 2021 – Valuation, Common Sense, and Common Errors and Normalized Risk-Free rates
  Speaker: Pablo Fernández, Professor of Financial Management, PwC Chair of Corporate Finance | IESE Business School, University of Navarra