Dé specialist als het gaat om een waardebepaling

The technical simplicity of multiple-based valuation is a double edged sword for practitioners: On the one hand the ease of application is making it a very popular valuation method and a standard in almost every valuation report. On the other hand, this simplicity and the lack of valuation guidelines gives it the odour of a “quick and dirty “ valuation method producing unreliable and “Texas wide” bandwiths of value estimates. Additionally the lack of valuation principles for multiple-based valuation sometimes seems to inspire valuators´ phantasy to come up with ever stranger multiple constructions. In this session we will discuss problems of multiple -based valuation models and offer some procedures to reduce some problems of its application: We will “borrow” some theory from DCF terminal value models to disentangle multiples and derive theoretical impact factors. We will show how simple regression analysis can be used to reduce the range of valuation results and to produce more reliable bandwidths of value estimates. Potential pitfalls of aggregation models producing biased multiple estimates will also be discussed as principles for peer group selection. The Excel part of the webinar will discuss models to reduce valuation estimates bandwith and to detect potential distortions caused by in appropriate aggregation models.

The technical simplicity of multiple-based valuation is a double edged sword for practitioners: On the one hand the ease of application is making it a very popular valuation method and a standard in almost every valuation report. On the other hand, this simplicity and the lack of valuation guidelines gives it the odour of a “quick and dirty “ valuation method producing unreliable and “Texas wide” bandwiths of value estimates. Additionally the lack of valuation principles for multiple-based valuation sometimes seems to inspire valuators´ phantasy to come up with ever stranger multiple constructions. In this session we will discuss problems of multiple -based valuation models and offer some procedures to reduce some problems of its application: We will “borrow” some theory from DCF terminal value models to disentangle multiples and derive theoretical impact factors. We will show how simple regression analysis can be used to reduce the range of valuation results and to produce more reliable bandwidths of value estimates. Potential pitfalls of aggregation models producing biased multiple estimates will also be discussed as principles for peer group selection. The Excel part of the webinar will discuss models to reduce valuation estimates bandwith and to detect potential distortions caused by in appropriate aggregation models.

De DCFA organiseert in samenwerking met Nyenrode Business Universiteit de kennisbijeenkomst "Earnout als instrument; Hoe veilig gebruiken zonder grote kosten achteraf?" en "Insights in Working Capital Management; impact van diverse posities van het werkkapitaal op de waardering van organisaties" op woensdag 17 april 2024. Sprekers zijn Marein Smits en Jean Gieskens.

Op 7 mei 2024 wordt door het NiRV een Engelstalig webinar georganiseerd met als onderwerp Using and correctly pricing earnouts. Het webinar wordt verzorgd door prof. dr. Bernard Schwetzler en dr. Maximilian Schreiter.

Onderwerp: Advanced valuation topics