20
Date: Wednesday, September 20, 2017
Time:
10:00am-11:15am PT / 1:00pm-2:15pm ET
Format: A BVR Webinar

Earn 1.5 CPE credits
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Featuring  (click image for more information)

James P. Harrington
Duff & Phelps

About This Program

*Two-day event: Register for either day and automatically be registered for both!*

A supportable cost of capital estimate is a key ingredient in estimating the value of a business. The Duff & Phelps “Valuation Handbook”series is at the forefront in providing the cost of capital inputs (equity risk premia, size premia, industry risk premia, risk-free rates, country risk premia, etc.) that are used to develop cost of capital estimates, both in the United States and internationally. 

Join the Duff & Phelps team that produces the “Valuation Handbook” series in a special 2-day webinar that shows you how to develop defensible cost of capital estimates, and how to incorporate industry data into your estimates to make them even more supportable.

This special two-part webinar will provide two case studies using the Duff & Phelps Valuation Handbook series. These case studies provide step-by-step guidance for developing cost of capital estimates in a straightforward, no-nonsense fashion, using multiple methodologies, and then layering in contextual industry data to make your conclusions even more compelling. 

Agenda

    Day One:

    • Learn how to develop cost of capital estimates for a U.S. company using the Build-up Method and the Capital Asset Pricing Model (CAPM), relying on data from both the CRSP Deciles Size Premia Study, and the Risk Premium Report Study (a total of four estimates)

    Day Two:

    • Learn how to easily develop cost of capital estimates for the same subject company if it were located in a different country – an emerging market – by quantifying the incremental country risk using three distinct models: (i) Country Yield Spread Model, (ii) Relative Volatility Model, and (iii) Country Credit Rating Model

    Both case studies will then incorporate industry data to benchmark and strengthen their respective cost of capital conclusions. 

Learning Objectives

  • Similarities and Differences: Participants will be able to describe the similarities (and important differences) between estimating cost of capital for a United States company and estimating cost of capital for an international company
  • Strengths and Weaknesses: Participants will be able to distinguish the strengths (and weaknesses) of the models typically used to estimate cost of capital
  • Case Study # 1 (Day 1): Participants will be able to use both the CRSP Deciles Size Premia Study and the Risk Premium Report Study to estimate the cost of capital for a small company located in the United States, using the Build-up Method, and the CAPM
  • Case Study # 2 (Day 2): Participants will be able estimate the cost of capital for a small company located in an emerging market, using three distinct models to quantify country risk: (i) Country Yield Spread Model, (ii) Relative Volatility Model, and (iii) Country Credit Rating Model
  • Use of Industry Data to Strengthen Estimates: Participants will learn how to use contextual industry data to benchmark and strengthen their U.S. and international cost of capital conclusions

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 provide a $50 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).

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Have as many eyes and ears take advantage of your registered connection as possible: CE credit is available for an unlimited number of listeners to any registered line. To add listeners for CE credit, please complete the Additional Listener form included on your webinar dial-in instruction email. We'll send dial-in instructions one to two days before our program, and will provide information directly to those listeners you identify approximately one hour before our program.

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 1.5 Credit Hours (Specialized Knowledge & Applications)


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