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BV201: Introduction to Business Valuation - Market Approach
BV201: Define the assignment | BV201: Match the premise to the business | BV201: Read the company and its market | BV201: Normalize operating earnings
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A valuation analyst is selecting guideline public companies for a privately held laboratory that performs specialized industrial testing. The subject has an 18% EBITDA margin and 70% recurring contract revenue. Which candidate is the strongest initial comparable, assuming its financial information is reliable?
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Exam Syllabus
Core Accredited Senior Appraiser (ASA - Valuation) topics
2
BV202: Introduction to Business Valuation - Income Approach
BV202: Define the benefit stream | BV202: Forecast operating profit | BV202: Convert EBIT to invested-capital cash flow | BV202: Model working-capital needs
3
BV203: Introduction to Business Valuation - Asset-Based Approach, Discounts and Diverse Practice Areas
BV203: Select an asset-based premise | BV203: Restate tangible assets | BV203: Identify omitted liabilities | BV203: Address built-in tax exposure
4
BV204: Advanced Topics in Business Valuation
BV204: Compare pass-through and corporate cash flows | BV204: Test pass-through distribution capacity | BV204: Identify separable intangibles | BV204: Apply excess earnings
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FAQ
Common questions about Accredited Senior Appraiser (ASA - Valuation)
Why can two sound valuation methods produce different values for the same company?
They may measure different interests or reflect different assumptions. An enterprise multiple values operations before financing; an equity cash-flow method values the owners’ claim after debt service. Even on the same basis, market transactions may reflect expected synergies that the subject company cannot realize, while a forecast may assume growth peers do not share. Align the standard and premise of value, cash-flow basis, debt treatment, valuation date and ownership rights before explaining any remaining difference.
How should an appraiser choose between a market multiple and an income method?
Start with the economic facts and the quality of evidence. A market method needs sufficiently comparable companies or transactions and consistently defined prices and financial measures. An income method needs supportable forecasts and a discount or capitalization rate matched to the benefit stream. For a company with unusual margins, normalize earnings before applying a peer multiple. For a company undergoing a major change, model the transition explicitly rather than treating its current earnings as permanent. Reconcile the indications according to their reliability for the assignment.
When do lack-of-control and lack-of-marketability discounts apply?
First identify the rights and liquidity already reflected in the starting value. A noncontrolling interest may lack power over distributions or a sale; an illiquid interest may take time or cost to sell. Those are different economic effects, but neither warrants an automatic percentage. If the selected evidence already prices minority shares, adding a minority discount repeats that adjustment. If expected sale delay and costs are already in the cash flows, a second marketability adjustment can repeat them too. Any remaining adjustment needs interest-specific evidence and a clear calculation.
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