We are delighted to bring you the ICAEW Valuation Conference virtually on Thursday 20 May 2021. Building on 2019'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.
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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
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
5 minute break to change sessions
SAV and Accountants – More Effective Working
HMRC 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
The session will focus on the outlook for the UK economy over the next few years; how this will develop; what is driving growth and what might hold it back. How the labour market is evolving and how that impacts the outlook and how financial markets and the Bank of England will react to the changes in the economy. It will finish looking at how firms see the economic climate post covid and Brexit and what some of the longer terms risks to economic growth are.
Frances Haque, Chief Economist, CFO Division, Santander
Andrew Strickland, Consultant, Scrutton BlandSandra Mossios, Business Valuation BenchmarksJames Palmer, Managing Director, Valuation Services, Duff and Phelps
Chair closing remarks
"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!"
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.
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.
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 and worked in Shares and Assets Valuation’s Intellectual Property Team. He now heads the office’s Litigation Team and has acted as expert witness on valuation issues. Steve was one of the first Shares and Assets Valuation valuers to become a full Member of the Royal Institution of Chartered Surveyors through successfully completing their Assessment of Professional Competence in the Valuation of Businesses and Intangible Assets. As Assistant Director Steve oversees and advises some of the most experienced valuers in Shares and Assets Valuation. He is currently leading the office’s position in several contentious policy areas and is a frequent speaker on valuation issues outside of HMRC.
Ian Cooper is Professor of Finance at London Business School, where he has been on the faculty since 1978. He has also taught at the University of Chicago. Ian has published research on valuation in all the top academic finance journals, as well as many practitioner articles and consulting reports. He has acted as a consultant around the world for 40 years, and given expert evidence to multiple International Tribunals and High Courts as an expert on valuation and the cost of capital
Frances Haque is the Chief Economist for Santander UK responsible for the economic analysis and macroeconomic forecasts used by the retail bank. Her team are responsible for developing: the analysis of economic risk scenarios to support the Prudential Regulatory Authority stress test and IFRS 9 processes; analysis for planning and strategic purposes; supporting the external customer work of the bank including speaking at a variety of events; and writing for external publications. Prior to joining she worked for a variety of different institutions as a senior economist including, EY, BT, BBC, Ofcom and OFT. She also specialises in Competition and Regulatory economics and has appeared on BBC News, Sky News and Radio programmes including the Today and Wake up to Money programmes, providing commentary on published economic data and analysis.
Sandra Mossios is a Director in Grant Thornton's Forensic & Investigation Services UK practice, where she co-leads the Contentious Valuation team. She has over 19 years of valuation experience. She is also the co-Founder, co-Author and Editor of UK M&A Yearbook BVB Insights: Data and analysis on UK private company multiples. Sandra has substantial experience in commercial valuation and large and complex international expert witness engagements/litigation support. She has produced hundreds of expert witness reports for contentious valuation assignments in London, New York, and Australia, and for many overseas jurisdictions including BVI and Sub-Saharan Africa. Sandra is the Senior Vice President of the American Society of Appraisers (UK Chapter).
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