Op 24 september 2025 wordt door het NiRV een webinar georganiseerd, verzorgd door Prof. Dr. Bernard Schwetzler en Dr. Maximilian Schreiter.

Cumulative preferred shares are widely used in the Netherlands. They grant holders priority in dividend payments ahead of other equity investors. Their option-like structure, combined with a “catch-up” clause (i.e., a carryforward of unpaid dividends if the firm fails to meet earnings thresholds in a given year), makes them a challenging financing instrument to value. Starting with a simple one-period option pricing model that illustrates the option nature of these claims, participants will gradually extend the framework to a multi-period, Excel-based solution that incorporates the path dependencies introduced by the catch-up mechanism. The session closes with a risk-adjusted Excel simulation that derives a market price for the preferred claim.
In entrepreneurial finance, particularly in venture capital deals, liquidation preferences are a standard feature of financing contracts. These rights also carry strong option characteristics. The webinar will provide insights into the design and purpose of such special cash flow rights in entrepreneurial financing, while introducing option pricing–based approaches to their valuation. In doing so, it will also highlight significant pitfalls in entrepreneurial equity valuation that arise when these rights are ignored.

De plaatsen zijn beperkt tot 25 deelnemers. Wil je zeker van deelname, schrijf je dan alvast in. De inschrijving is reeds geopend.

Prof. Dr. Bernhard Schwetzler
Prof. Dr. Bernhard Schwetzler holds the chair of financial management at the HHL Leipzig Graduate School of Management. He was a research fellow and visiting professor at various international universities such as Purdue University, INSEAD Fontainebleau and EADA Barcelona. Prof. Schwetzler has published in numerous national and international journals on topics related to company valuation and financing theory (including Journal of Banking and Finance, Journal of Corporate Finance, Zeitschrift für Betriebswirtschaft), works as an expert in valuation issues for courts and supports in this function also companies and investors. As a member of the advisory board of Value Trust S.E. and the scientific advisory board of the Federal Association of German Equity Investment Companies in Germany, Prof. Schwetzler maintains close contact with the practice of company valuation and company transactions.

Dr. Maximilian Schreiter
Maximilian Schreiter is onderzoeksassistent en promovendus aan de leerstoel Financieel Management aan de Hogeschool van Leipzig (HHL). Zijn onderzoeksgebied is de toepassing van echte optietheorie bij het optimaliseren van financierings- en investeringsbeslissingen, evenals bij bedrijfswaardering. Voordat hij bij HHL kwam, werkte hij voor Roland Berger Strategy Consultants. Gedurende deze periode adviseerde hij consumentengoederen en retailbedrijven in Midden- en Oost-Europa en West-Afrika bij verschillende projecten.

Voor deelname aan deze workshop worden 3 PE punten toegekend aan Register Valuators.