Date: Thursday, February 15, 2018
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
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Featuring  (click image for bio)

Gilbert E. Matthews
Sutter Securities Inc.

About This Program

Do you know how the 2018 Tax Cuts and Jobs Act will impact your financial projections and DCF calculations? Establish a foundation on the key components of cash-flow projections used in discounted cash flow analyses. Join expert Gilbert Matthews for an examination of the often-misunderstood relationship between capital expenditures and depreciation and the appropriate treatment of limited life items such as amortization in DCF analyses. Learn how changes in the corporate tax rate and capital expenditures impact the fundamentals of your DCF, and tackle your 2018 engagements with confidence.


  • Why capital expenditures must be greater than depreciation in most DCF analysis
    • Illustrative explanatory exhibits
    • Examples of court decisions that have failed to recognize this fact
  • Why amortization and other limited life items must be excluded from terminal value calculations
    • Discussion of how they should be handled in DCF analyses
    • A court decision that missed this point
  • The 2018 Tax Cuts and Jobs Act:
    • Lowers the corporate tax rate
    • Permits 100% write-offs of many capital expenditures
    • Discussion of the impact of these changes on DCF analyses

    Learning Objectives

    • Explain the impact of capital expenditures, depreciation and amortization on terminal value
    • Describe the relationship between capital expenditures and depreciation
    • Explain how to account for amortization and other limited life items in a growth model
    • Understand the impact of the new tax law on DCF calculations

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: 2 Credit Hours (Accounting Technical)

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