UK's First Professional Business Valuation Designation Programme
The first UK-based
Business Valuation structured designation programme
for aspiring individuals
to enter the profession.
Beyond the mandatory content, the course offers a selection of tailored practical knowledge that can be immediately applied to either UK, US, or global markets.
Benchmarked to International Standards
Aligned with the ethical, and professional standards advocated by the International Valuation Standards Council (IVSC), the global authority for setting valuation standards.
Prepared in Partnership with the International Institute of Business Valuers (iiBV), the content has the benchmarks of highest quality and wide applications.
Developed by Industry Experts
The course materials are 100% written by global BV Experts and combine their theoretical expertise with practice. The knowledge can be immediately applied at work.
The course is taught by the Experts
with years of experience in
the valuation field, and with the comprehensive knowledge of local markets.
The BVIUK designation programme curriculum is designed and provided through the Partnerships with International Institute of Business Valuers (iiBV) and American Society of Appraisers (ASA). It is convergent with the International Valuation Standards (IVS), and delivered by our Expert Tutors.
The entire Course is structured into 4 MODULES stretched across 18 months.
All Candidates are required to complete 4 Modules.
Modules 1, 2, and 3 are obligatory parts of the Programme.
Module 4 contains a choice of 3 separate topics (see below).
PRINCIPLES OF BUSINESS VALUATIONS
The purpose of this course is to introduce the novice valuation practitioner to an overview of the areas of analysis that are common to a comprehensive business valuation. The two overriding course concepts involve the evaluation of growth and risk. Qualitative risk is considered in company analysis and industry and macroeconomic analysis as well as financial ratio analysis. Quantitative risk is considered in the evaluation of financial risk and leverage. Subject company growth is assessed as part of the forecasting exercises as well as in the selection of market multiples in the market approach to value.
Two of the three approaches to valuation are covered in this course: the market approach and the asset approach. The third valuation approach, the income approach to value, is covered separately in BVIUK 102.
➣ Valuation Overview
➣ Levels of Value
➣ Engagement and Initial Analysis
➣ Economic and Industry Analysis
➣ Quantitative Company Analysis
➣ Market Approach
➣ The Asset-Based (Cost) Approach
THE INCOME APPROACH
This course is an introduction to the income approach to value. The purpose of this course is to bring together the concepts and tools of BVIUK 101 with the new material of the income approach. After completion of the course, the student will have been introduced to all three approaches to value. This course will also introduce some new concepts necessary to address the correlation and conclusion of value.
The objective of BVIUK 102 is to enable students to master the fundamental theory and practice underlying the income approach to value. This basic body of valuation knowledge is common to all countries. After understanding the fundamentals of the income approach students should be capable of adapting the theory to the challenges and issues in specific markets and countries.
➣ Overview of the Income Approach
➣ Financial Analysis and Forecasting
➣ Equity Versus Invested Capital Streams
➣ Cost of Capital Theory
➣ Capital Asset Pricing Model
➣ Cost of Debt and Weighted Average Cost of Capital
➣ Correlation and Conclusion of Value
CASE STUDY AND VALUATION MODEL
This is a capstone course which applies the theory learned in BVIUK 101 and BVIUK 102 to a set of three case studies involved in the international auto parts manufacturing industry (two minor cases and one major case study). The subject companies are to be analysed in a student group format.
The purpose of this course is to provide students with an opportunity to work through an actual set of case study materials that will follow all of the steps of a valuation engagement, from initial contact through the calculations and reconciled conclusion of value.
It is assumed that students have successfully completed BVIUK 101 and BVIUK 102 and are now ready to apply their knowledge to an actual case situation.
➣ Reminders and Look Forward
➣ Assessing the Engagement
➣ Quantitative Analysis
➣ Industry and Economic Analysis
➣ Currencies and Country Risk
➣ Valuation Theory and Methods
➣ Guideline Public Company Method
➣ Guideline Transaction Method
➣ Multi-Period DCF Method
➣ Reconciliation of Indicated Values
➣ The Valuation Report
BUSINESS VALUATION ISSUES IN THE UK
This Module focuses on providing students with an in-depth understanding of the unique valuation challenges and considerations specific to the UK market. Through this module, you will gain valuable insights into the intricacies of UK business valuation practices, regulations, and key factors that impact valuations in this context. Join us in this module to broaden your knowledge and develop the skills necessary to navigate the intricacies of business valuations in the UK with confidence and precision.
➣ Valuing Non-control Interests – The Discount for Lack of Control
➣ Valuing Non-Control Interests – The Discount for Lack of Marketability
➣ The Valuation of Intangible Assets
➣ Advanced International Cost of Capital
➣ Statutory Open Market Valuation for UK Capital Gains Tax and Inheritance Tax
➣ The Information Standard for UK fiscal valuations
➣ Valuation of Employee Shares for UK Tax Purposes
➣ Valuation for UK Litigation Purposes - Overview
➣ UK Shareholder Disputes
➣ UK Matrimonial Issues
➣ Quasi-Partnership Issues
VALUATION OF INTANGIBLE ASSETS
The purpose of this course is to focus on the principles and IFRS issues arising when valuing intangible assets. This course is open to anyone, although it is recommended that students have knowledge of financial reporting and at least two years of business valuation experience, including some exposure to appraisals of intangible assets.
The objective of this course is to provide students with a comprehensive understanding of the valuation approaches to intangible assets.
➣ Valuation of Intangible Assets
➣ Overview of Valuation of Intangibles
➣ The Income Approach
➣ The Relief from Royalty Method
➣ The With-and-Without Method
➣ Other Income Approach Methods
➣ The Cost Approach
➣ Excess Earnings Methods
➣ The Market Approach
➣ Selection of Methods
➣ Remaining Useful Lives
➣ Taxation and TAB
➣ Financial Reporting
➣ Further Study
VALUING SMALL AND MEDIUM-SIZED COMPANIES
This in-class course is designed to familiarise students with the legal and Small Medium Enterprise (SME) regulatory environment in the United Kingdom. The course objectives include:
Overview of SME characteristics and specific valuation issues particular to SMEs
Distinguish between professional and personal goodwill in the context of the IVS definition of Market Value
Review the market for start-up entities in the UK
Provide overview of how start up entities are funded and how they evolve to become stable operating entities
Overview of the growth strategies and challenges facing SMEs and assess how the SME’s growth performance affects value
Provide an overview of specific issues affecting the cost of equity of SMEs, specifically the size premium and distinction between the size premium and the specific premium
Overview of the legal agreements that are common in SMEs
Sensitivity analysis and common errors in SME valuations
➣ Introduction to Small and Medium-Sized Entities
➣ Valuing Start-up Companies
➣ The Income Approach
➣ Managing Growth in an SME
➣ Calculating the Cost of Capital of SMEs
➣ Legal Agreements
➣ Sensitivity Analyses and Common Errors in Valuation