'I thought that the conference was excellent. Very interesting and beneficial.' - Past Delegate 2019
Join us for this year's Valuation conference on Tuesday 28 April 2020. Building on last year's success, the unmissable conference for valuers returns with a new theme, excellence. Packed with a line-up of distinguished speakers, acute insights, and invaluable technical updates, delegates will take away the knowledge they need to excel to the next stage of mastery.
Attending this conference will give you the chance to takeaway:
Inspirational updates and advice from expert speakers:
Don’t miss out on what promises to be another thought provoking and informative Conference.
To become a sponsor at the conference 2020 please contact Koby.Agagah@icaew.com for further information and pricing.
ICAEW's terms and conditions for events.
Registration and refreshments
Valuation, Common Sense and Common Errors
The following topics will be covered:What is a valuation?Where discounted cash flow valuations come from?A closer look at assumptions in valuation modelsFacts, opinions and theoriesProblems with calculated betas Errors due to forget what are we doingErrors due to “not remembering the definition of WACC” The most common error using WACCErrors due to “follow a recipe without thinking”.How to correct common errors?
Professor Pablo Fernandez, IESE
Valuation anomalies and valuations
In this session Professor Cooper will discuss cost of capital and valuation adjustments that are made to reflect valuation ‘anomalies’ such as the small firm effect, liquidity, the low beta anomaly, profitability, and sentiment.
Professor Ian Cooper
Breakout session one
A: Cost of Capital for Family CompaniesLuke Morris and Andrew Strickland will be continuing the general theme of the day of cost of capital; they will look at the costs of capital applicable to private companies, especially smaller private companies. The session will include the derivation of the relevant thought processes from the formulas for level annuities and increasing annuities. The session will then consider the cost of capital behind well-known market valuation metrics of price earnings ratios and EBIT multiples. The multiples will be used in order to derive the underlying weighted average costs of capital or WACC. The WACC will then be separated into the equity and debt components in order to identify the underlying costs of equity capital, assuming differing levels of financial gearing. Multiples are, on their face, numbers devoid of deeper meaning. This session aims to peel back the surface in order to see what lies beneath.Andrew Strickland, Consultant and Luke Morris, Corporate Finance Partner, Scrutton Bland
B: IFRS update for valuationsWe have had probably the biggest changes to IFRS since it was EU adopted in 2005. As a professional working within Valuations it is vital that we have an awareness of the accounting changes as they will potentially impact on valuations and models. They may also provide opportunities for additional business development – for example many organisations are struggling to understand what discount rate to use under IFRS 16.
Vivek with his unique style will explain the impact of these changes in a lively and engaging manner which is most certainly not your typical FR update!Vivek Mehan FCA, Director Mehan Training
Opportunity for delegates to change session
Breakout session two
A: SAV and Accountants – More Effective WorkingHMRC will present on the structure of SAV, its workload and how Accountants can work more effectively with them.Steve Thomas, Assistant Director, HMRC Shares and Assets Valuation
B: Cost of capital when valuing an investment in a developing countryThis session will address how investors should approach their cost of capital analysis when considering an international investment, specifically in a developing country. The session will demonstrate how Duff & Phelps apply their Cost of Capital Navigator when performing their own analysis for clients.James Harrington, Duff and Phelps
Beyond Brexit: levelling up the UK economyMark Gregory, UK Chief Economist, EY
Chairman's closing remarks
Close of event
Pablo Fernández is professor in the Department of Financial Management of IESE. In addition, he carries out extensive consultancy work for numerous firms and banks. Prof. Fernández was awarded his Ph.D. in Business Economics (Finance) from Harvard University. He also holds an M.B.A. from IESE and a degree in industrial engineering from the University of Navarra in San Sebastian. Before embarking on a career in academia, Prof. Fernández was the financial analyst and financial coordinator of Pepsi Cola in Spain and in Italy. Prof. Fernández is a widely published author with an impressive list of book chapters, working and research papers, case studies, technical notes and journal articles on his curriculum. His free book Valuation and Common Sense may be downloaded in http://ssrn.com/abstract=2209089. It has more than 1,000 comments of readers of previous editions. He uses the book with MBAs and Executives. Professor Fernandez is one of the most downloaded authors (among more than 300,000 authors) in www.ssrn.com.
Ian Cooper is Professor of Finance at London Business School and has also taught at the University of Chicago. He has published extensively on valuation in top academic and practitioner journals. He has more than 40 years’ experience consulting on valuation and has provided expert evidence in many court proceedings.
Mark Gregory is the Chief Economist at EY in the UK & Ireland providing knowledge, analysis and insight to help businesses and governments understand the economic environments in which they operate. He is a business economist with over 25 years’ experience in more than 40 countries as an advisor to the Governments and industry on economics, policy and regulation. This includes working with the Governments of Argentina and the World Bank to develop solutions to the debt and economic crisis in 1989 and 1990.
Mark is the sponsoring partner for EY’s Economics for Business Programme which includes the EY ITEM Club, the UK’s leading independent economic forecast, and EY’s Attractiveness Surveys, recognised as a leading independent analysis of FDI performance. Mark works with both the private and public sectors, supporting economic development, growth and regeneration. Mark is a key contributor to EY’s economic offering across the globe.
Prior to Mark’s Chief Economist role at EY, he was Global Head of Strategy & Business Development for Wireless at IBM and worked with clients to understand the implications of economic and market developments for their business models, cost structures and processes. Mark holds a Bachelor’s degree in Economics and a Master’s degree in Business Economics.
Andrew Strickland, Consultant, Scrutton Bland. Andrew is a consultant to the Scrutton Bland partnership and was for many years a corporate partner based in their Colchester office. He a member of the valuation committee of the ICAEW and is on the board of the International Institute of Business Valuers. Andrew has been involved in a large number of corporate finance transactions, and is accustomed to providing close support to clients through the sale of their businesses. Litigation support is one of the specialist services offered by Scrutton Bland and Andrew helps to provide this service, with a special focus on business valuation.
Luke Morris joined Scrutton Bland in 2017 to head the firm’s Corporate Finance team: overseeing its activity assisting entrepreneurs to buy, sell, refinance, reorganise and value their businesses. He studied at Cambridge University, and went on to qualify with PwC, spending six years with them before relocating to the Middle East and then Canada with EY. Luke is proud to serve as one of the region’s ICAEW’s Ambassadors. He is a passionate advocate for trade, enterprise, job and wealth creation and is a frequent speaker and media commentator.
Vivek Mehan FCA, Director Mehan Training. Vivek is an chartered accountant and independent training and financial reporting consultant. He has nearly 20 years of experience in professional training and development. He has worked with a wide range of organisations both in practice and business (ranging from large FTSE 100 multinationals to owner managed companies). He also has extensive experience of working in the public sector. Vivek has particular expertise in financial reporting including UK GAAP, US GAAP and IFRS as well finance for non finance training.
Vivek helped set up the ICAEW Academy of Professional Development and is the lead financial reporting trainer for it.
Steve Thomas, Assistant Director, HMRC Shares and Assets Valuation. Having entered the Inland Revenue in 1985, Steve spent seven years in HM Inspector of Taxes before first joining Shares and Assets Valuation in 1992. Steve has led a number of the office’s specialist areas, worked in the Shares and Assets Valuation’s Intellectual Property Team and managed teams comprising some of the office’s most experienced valuers. He currently holds the position of Assistant Director leading Shares and Assets Valuation’s Litigation and Service Delivery Teams. Steve is a Member of the Royal Institution of Chartered Surveyors having successfully completed their Assessment of Professional Competence in the Valuation of Businesses and Intangible Assets.
"I thought that the conference was excellent. Very interesting and beneficial. I particularly enjoyed the session on Expert Witness work, and also, valuing businesses in divorce cases".
"Interesting conference with some excellent speakers!"
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