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Why you should attend:

Developing discount and capitalization rates in a changing marketplace can be tricky in the best of times.  In these “difficult” “troubled” and “desperate” economic times, however, the rules by which this process is completed are now being challenged under the microscope of irregular market conditions and unforeseen changes to the marketplace.

Hear Ron Seigneur
describe the program:
(Click to Play - Runtime: 3'35")

While many traditional models, such as CAPM, Modified CAPM, and the Build-up Model (BUM) are still full appropriate to utilize, their inputs now require extra justification.

On April 30, 2009, BVR will tackle these problems head-on with “Developing Discount and Cap Rates in a Troubled Economy: New and Emerging Views on Old Issues”, hosted by Ron Seignuer, Don DeGrazia, and Stacy Preston Collins.  Over the course of their 100-minute presentation, these three valuation experts will focus on relatively new and emerging issues that practitioners need to consider when developing their discount and capitalization rates in today's turbulent economy, exploring opportunities for practitioners to enhance their support for these key elements of the valuation process.

Agenda:

• Discount and Cap Rates in the best of times: overview
• Finding the best data: is it best to use Ibbotson/Morningstar, Duff & Phelps, or a combination of both?
• How is the turmoil in the public markets impacting the use and validity of Beta coefficients?
• The risk of "risk free": With effective 20 year Treasury Notes hovering roughly 3% below long term indications, is the risk free proxy still valid?
• What can be learned from recent work on liquidity and its impact on cost of capital?
• Nuances with the application of WACC given balance sheets with increased debt burden
• Weighing the economic benefit stream: alternative approaches

Learning Objectives:

• Learn how to properly develop discount and cap rates in a troubled economy
• Understand how to assess changes in the marketplace and how to properly weigh those events
• Apply recently learned lessons and research to any valuation
• Understand where clarity is needed when applying traditional valuation techniques in a troubled economy
• Learn how to apply best practices to deftly navigate through a difficult valuation