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April 2019
Growth Rates (The Standard Club - 3rd Floor, The Continental Room)
April 11 at 11:45 AM


Business Valuation Association
Sponsored Luncheon and Presentation
Thursday, April 11, 2019


On-line registration for this meeting is now closed

If you would like to attend, please be sure to bring a check or exact cash



"Growth Rates"

 
  • BVA Member “Early Bird” (through 04/07/2019) Rate: $55.00
  • Non-member “Early Bird” (through 04/07/2019) Rate: $90.00
  • After 04/07/2019, BVA Member: $80.00
  • After 04/07/2019, Non-member: $95.00

                         

Please scroll down to the green "Register Online" button to make reservations



Please Note: Payment at the door is $100.00 for members/non-members, cash or check only.
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LOCATION:       The Standard Club - 3rd Floor
                               The Continental Room
                               320 S. Plymouth Ct., Chicago, Illinois


TOPIC:              "Growth Rates"                                         
1
TIME:                11:45 a.m. - 12:00 p.m. Registration and Networking
                              12:00 p.m. - 1:45 p.m. Luncheon, Presentation

CPE:               1.5

DESCRIPTION

The performance of equity investments is inextricably linked to economic growth. The estimate of a long-term sustainable growth rate for a business enterprise is a key input for valuation estimates using the Income Approach. Growth rate assumptions are also embedded in market multiples.  Growth rate estimates are available from both theoretical models as well as empirical sources and can be measured in a variety of ways (e.g., revenues, free cash flow to the firm, free cash flow to equity, etc.). Further, the appropriate length of the discrete valuation period (i.e., the foreseeable future) in the discounted cash flow model should be set once the growth in the cash flow stream being valued is expected to gravitate to the expected long-term, (i.e., “the forever”) normalized growth rate.

Research on long-term growth rate estimates disclosed in SEC filings suggests a wide range of growth estimates have been used by appraisers. And what is the relationship between the long-term sustainable growth rate to be used in the to the growth rates often provided by security analysts? What are the differences in underlying assumptions? Economists have also raised questions regarding the sustainability of long-term growth rates.  Does the risk of the cash flows change over time and how can this changing risk be reflected in the discount rate? Our speaker will explore this important valuation input.
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$80.00 Members
$95.00 Non-Members
 

Roger Grabowski

Roger J. Grabowski, FASA, is a Managing Director with Duff & Phelps LLC and an Accredited Senior Appraiser and Fellow (FASA) of the American Society of Appraisers (ASA) (their highest designation), Business Valuation.

He was formerly Managing Director of the Standard & Poor's Corporate Value Consulting practice, a partner of PricewaterhouseCoopers LLP and one of its predecessor firms, Price Waterhouse (where he founded its U.S. Valuation Services practice and managed the real estate appraisal practice).

He has directed valuations of businesses, interests in businesses, intellectual property, intangible assets, real property and machinery and equipment. Roger has been recognized in various courts as an expert on matters of solvency, the value of closely held businesses and business interests, valuation and amortization of intangible assets and other valuation issues. His testimony in U.S. District Court was referenced in the U.S. Supreme Court opinion decided in his client's favor in the landmark Newark Morning Ledger case.

Roger is co-author with Shannon Pratt of Cost of Capital: Applications and Examples, 5th ed. (John Wiley & Sons, 2014), The Lawyer's Guide to Cost of Capital (ABA, 2014), and Cost of Capital in Litigation: Applications and Examples (John Wiley & Sons, 2010). He is co-author of the Duff & Phelps annual resources for cost of capital data: Valuation Handbook-Guide to Cost of Capital, Valuation Handbook-Industry Cost of Capital, International Valuation Handbook - Guide to Cost of Capital and International Valuation Handbook - Industry Cost of Capital (John Wiley & Sons).

Roger teaches courses for the American Society of Appraisers including Cost of Capital, a course he developed.

Please Note: Payment at the door will be $100.00 for both members and non-members.

Attendance at this program may entitle qualified participants to 1.5 hours of continuing professional education credit from the ASA, IBA, NACVA, AICPA and ICPAS. Credit may also be available from CBA, CFA and CFP for certain relevant topics. Please check with these organizations for verification.

 
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