Date: Thursday, August 7, 2014
10:00am-2:00pm PT / 1:00pm-5:00pm ET
Format: An Interactive Web Workshop

Earn 4.5 CPE credits
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Featuring  (click image for bio)

David Dufendach
Alvarez & Marsal
Oksana Westerbeke
Grant Thornton
Jared A. Hannon
Grant Thornton

About This Program

In valuing both options and debt securities, appraisers face the challenge of providing a valuation that will account for market changes. As with other valuation assignments, this requires the analyst to synthesize current and historical market data into a cogent argument about the future. And, as with other valuation assignments, a number of methods and tools are available for this purpose. Ensuring their proper application, however, along with a correct analysis of their implementation and output can mean the difference between a defensible valuation and certain disaster.

The Advanced Workshop on Determining Volatility and Market Yield will address these challenges and the best practices for their resolution in an intensive, four-hour interactive setting. Featuring experts David Dufendach, Oksana Westerbeke, and Jared Hannon, the workshop will examine what analysts can learn from the marketplace and how to put it to use for the valuation of both options debt securities. With guidance from best practices and professional standards, listeners will learn when and how to put these methods to use.

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  • Introduction & welcome
  • Developing the expected volatility assumption in the valuation of options and option-like securities:
    • Types of volatility measures:
      • Historical realized volatility
      • Exchange traded option implied volatility
    • General guidelines for developing estimates of volatility (ASC 718 and SAB 14)
    • How to estimate the historical realized volatility and option-implied volatility of a company
    • Methodology of developing a longer term volatility of newly public companies
    • AICPA recommendations for estimating the expected volatility for privately-held companies
    • Why size is important in estimating the volatility
      • How to adjust for the size differences between the subject company and the guideline companies
    • How to adjust for leverage differences between the subject company and the guideline companies
    • Developing the market yield assumption in the valuation of debt and debt-like securities:
      • Driving factors behind the debt's credit rating
      • Methodologies to develop a synthetic credit rating for the subject company
      • Pros and cons of synthetic credit rating methodologies
      • How to factor in debt's seniority and presence of collateral into the market yield or spread
      • How to develop the market yield for the debt
      • Application of the Yield Method in the valuation of debt
  • Q&A
  • Conclusion

Learning Objectives

  • Learn how to accurately and defensibly develop expected volatility assumptions and market yield assumptions
  • Learn what professional standards and guidelines say about volatility and market yield determination
  • Learn how current and historical market data can be used in the determination of debt and equity valuation inputs
  • Learn how target company information can be used in the determination of debt and equity valuation inputs
  • Learn how security-specific information can be used in the determination of debt and equity valuation inputs

Single Connection Policy

Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy

Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 4.5 Credit Hours (Specialized Knowledge & Applications)

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