ICAEW resources
Valuation Community
- Hub page
Essential news and advice to support you in your work as a valuation practitioner.
Exchange rates
- Research guide
In our guide to foreign exchange rates we look at the best sources for current and historical rates.
International share prices
- Research guide
This research guide lists a range of print and online sources for international share prices, including those from US and European markets.
P/E ratios
- Research guide
Price/earnings ratios are used for many purposes, including investment analysis, company valuation and client benchmarking. In this guide we look at the sources available for P/E ratios.
Exclusive
Private company multiples
- eBook
Access data on the multiples paid for UK private businesses.
UK share prices
- Research guide
Share prices are reported in numerous places, from the market pages of broadsheets to individual company websites. This research guide lists a range of sources for current and historical UK share prices.
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising around 80 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Accounting and Tax Service.
Exclusive
Valuing a family or owner-managed company
- eBook chapter
- 2024
- Peter Rayney
- Tax Planning for Family and Owner-managed Companies
Advice on valuing a family or owner-managed company, written for anyone who advises or runs one.
Exclusive
The contentious terrain of Research and Development tax credits
- Article
- 2023
- Jesminara Rahman
- Busy Practitioner
Jesminara Rahman looks at difficulties facing companies pursuing research and development tax claims. In recent years, the tax terrain for Research & Development (R&D) has experienced significant changes, due to a substantial shift in HMRC's approach.
Exclusive
IHT: valuations of assets in a falling market
- Article
- 2023
- Julian Harris, Mark McLaughlin, Andrew Needham, Lee Sharpe
- Busy Practitioner
An update on how best to deal with the expected decrease in estate asset values from an inheritance tax (IHT) viewpoint. The article recommends that it would seem an appropriate time to review the affairs of clients with possible IHT exposure on their estates.
Exclusive
Property valuations: Too high?
- Article
- 2021
- Mark McLaughlin
- Busy Practitioner
HMRC valuations of land and buildings involving development value should be critically reviewed and challenged where necessary, says Mark McLaughlin.
Exclusive
Fair value for financial reporting purposes
- eBook chapter
- 2019
- Chris Blundell, Cameron Cook, Nigel Eastaway, Diane Elliott, Shân Kennedy
- Practical Share Valuation
A chapter on fair value and financial reporting; part of a comprehensive guide to practical share valuation. Includes a section giving an overview of requirements of IFRS 13.
Exclusive
Using option-pricing models
- eBook chapter
- 2019
- Nigel Eastaway, Diane Elliott, Christopher Blundell, Cameron Cook
- Practical Share Valuation
A section on the use of option-pricing models when accounting for equity awards to employees. Includes coverage of the Black–Scholes model and the binomial model.
Terms of use
You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.
eBooks
The ICAEW Library & Information Service provides a hand-picked collection of eBooks as a benefit of membership. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com.
Exclusive
BVB insights: data and analysis on UK private company multiples
- eBook
- 2024
- Business Valuation Benchmarks
- Business Valuation Benchmarks
Independent analysts, from BVB Ltd, have collated and interpreted transactions data involving private companies. The result is an in-depth overview of transaction multiples paid for UK private companies for the year ended December 2023 (previous editions are also available).
Exclusive
Hands-on financial modeling with Excel for Microsoft 365: build your own practical financial models for effective forecasting, valuation, trading, and growth analysis
- eBook
- 2022
- Shmuel Oluwa
- Packt
Financial modeling is a core skill required by anyone who wants to build a career in finance. This book explores financial modeling terminologies with the help of Excel. Starting with the key concepts of Excel, such as formulas and functions, this updated second edition will help you to learn all about referencing frameworks and other advanced components for building financial models.
Exclusive
Valuing a business: the analysis and appraisal of closely held companies
- eBook
- 2022
- Shannon P. Pratt and the ASA Educational Foundation
- McGraw Hill Education
Covers different valuation principles and methods.
Exclusive
Financial modeling in Excel for dummies
- eBook
- 2022
- Danielle Stein Fairhurst
- John Wiley & Sons, Inc.
This books provides practical hands-on exercises to help you build powerful models from scratch, and to work with existing financial models in Excel. Includes chapters on tools and techniques for financial modeling, applying scenarios, charting and presenting model output, building an integrated financial statements model, discounted cash flow valuation, and budgeting for capital expenditure and depreciation.
Exclusive
Valuing businesses using regression analysis: a quantitative approach to the guideline company transaction method
- eBook
- 2021
- C. Fred Hall III
- Wiley
Demystifies regression-based valuation through simple explanations, easy-to-understand charts, and time-saving bonus resources. Current methodologies using median, quartiles, or standard deviations to calculate revenue multipliers and cash flow multipliers often produce values that are wildly divergent.
Exclusive
Financial modeling for decision making: using MS-Excel in accounting and finance
- eBook
- 2020
- Ron Messer
- Emerald Publishing Limited
This book provides accounting students in post-secondary institutions with an advanced level understanding of how to use MS-Excel.
Terms of use
You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.
Industry press
The ICAEW Library & Information Service provides a hand-picked collection of industry press articles as a benefit of ICAEW membership. If you are unable to access an article, please see our Online resources troubleshooting or contact library@icaew.com.
Exclusive
Business valuation (BV) experts embrace AI, see its promise
- Article
- 01 Sep 2024
A poll at the recent AI in Business Valuation virtual conference revealed 87% of business valuation professionals have explored the use of AI in their practices, with many believing it will significantly impact how they work in the longer term. The article includes an overview of AI and provides examples of how the technology is being used by valuation professionals. Assessing the impact of AI on a subject company being valued is also discussed together with the use of AI in marketing a practice.
Exclusive
Add value by looking through a valuation lens
- Article
- 01 Jun 2024
- Michael A. Zaydon
Focuses on the importance of valuation for business owners, highlighting its relevance beyond M&A to activities such as estate and tax planning, dispute resolution, strategic planning, operations and liquidity management. With many owners not knowing the value of their businesses, the author explores the obstacles to this. Personal bias, uncertainty due to factors such as inflation and interest rates and the complexities associated with valuation are discussed.
Exclusive
Quality control is now the no.1 concern of business valuation (BV) firms
- Article
- 01 Feb 2024
What's the main worry of business valuation firm managers? According to BVR's 'BV Firm Benchmarking Guide', it's quality control of business valuation reports. After quality control, top five concerns include staffing issues and keeping up with valuation standards. These challenges at the firm level are consistent with what respondents see as the main challenges for the profession as a whole.
Exclusive
Signa's lofty property valuations point to brutal pain to come
- Article
- 02 Dec 2023
- Jack Sidders
Signa, a collapsing European real estate empire based in Austria, is facing significant challenges in its portfolio. Signa's implosion highlights Germany's commercial real estate crisis, as much of its portfolio is in the country. German property debt is being sold at significantly reduced prices, indicating substantial revisions in valuations. Signa's high valuations have attracted attention, but the company's excessive debt and limited cash flow have proven fatal.
Exclusive
Update on current inputs for valuations amid high inflation
- Article
- 01 Dec 2023
Carla Nunes and Jim Harrington report on carrying out valuations amid high inflation. They discuss current economic conditions and provide some latest estimates (using US data) for key inputs that
analysts can consider using in their valuations. During times of uncertainty, valuation analysts should challenge the data they use and make sure that their overall assumptions make sense.
Exclusive
New research finds that industries have different growth rates
- Article
- 01 Nov 2023
Many business valuation analysts use the same long-term real GDP growth plus expected inflation in their terminal values for all industries. But that is incorrect, says Roger Grabowski (Kroll), based on new research he is doing with Dr. Ashok Abbott (West Virginia University). Their findings also point to it often being preferable to use the three-stage discounted cash flow (DCF) model, not the typical two-stage model.
Terms of use
You are permitted to access articles subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.
Articles and books in the Library collection
The Library & Information Service holds a print collection of over 45,000 books and around 160 current professional journals. For information on borrowing books from the Library please contact us or see our guide to book loans.
Tax valuations: cross-border transfers of intangible assets
- Library book
- 2024
- L. MacGregor, S. Tilstone
- LexisNexis
A brief digest covering the valuation of intangibles for tax purposes. Includes sections on asset identification, bases of value, valuation methodologies, goodwill, and the relationship between market value and arm's length provision.
SBBI yearbook: stocks, bonds, bills, and inflation, 2023
- Library book
- 2023
- R.G. Ibbotson
- Kroll
An annual resource for historical US capital markets data, covering the period from January 1926 to the present. It sets out returns, index values, and statistical analyses for a number of asset classes.
Rayney's tax planning for family and owner managed companies, 2023/24
- Library book
- 2023
- P.Rayney
- Bloomsbury Professional
This book examines a wide variety of tax planning matters from the viewpoint of the company, its working and nonworking shareholders and its employees. Includes information on valuing a family or owner-managed company. The book covers all relevant legislative changes up to August 2023.
Valuing a business: the analysis and appraisal of closely held companies
- Library book
- 2022
- S.P.Pratt
- New York: McGraw-Hill
Aims to offer clear, concise coverage of valuation principles and methods. Includes information on writing and reviewing business valuation reports, valuing specific assets, instruments and interests, valuations for specific purposes and litigation and dispute resolution.
Practical share valuation
- Library book
- 2019
- N.A. Eastaway
- Bloomsbury Professional
This popular handbook aims to help practitioners understand and tackle the issues and potential problems that may arise when preparing and reviewing a valuation of unquoted shares or intangible assets.
Accounting for financial instruments: a guide to valuation and risk management
- Library book
- 2017
- E.Camilleri
- Routledge
A book about the accounting and regulatory framework associated with the acquisition and disposal of financial instruments, including how to determine their value and ultimately compile a business valuation report.
Find more articles and books
Useful links
Essential guide to valuing a business
- Website
- Atom Content Marketing
Understanding how much a business is worth - and how it can be made more valuable - is of vital importance to anyone buying, selling or simply running a business.
Guidance: Negligible value claims and agreements
- Website
- GOV.UK
Official HMRC listing of shares or securities formerly quoted on the London Stock Exchange which have been officially declared of negligible value for the purposes of a claim under s.24(2) Taxation of Chargeable Gains Act 1992. Find out how to make a negligible value claim for unquoted shares.
International Valuation Standards Council
- Website
- IVSC
The IVSC is a not-for-profit private sector organisation that seeks to strengthen the worldwide valuation profession. It publishes the International Valuation Standards (IVS) and an ongoing series of papers on intangible assets, including the February 2024 Perspectives Paper: Value and Data, which addresses the complex nature of data valuation.
Mark to Market Insights
- Website
- Mark to Market
MarktoMarket's monthly Valuation Barometers cover deals and valuation multiples in UK M&A.
Private Company Price Index (PCPI)
- Website
- BDO
Quarterly newsletter from BDO which includes an analysis of the price/earnings ratio for private company sales in the UK.
Property Market Report 1982
- Website
- GOV.UK
Archived report from the Valuation Office Agency prepared as a source of historic property values for land, commercial and residential units.
Small and Medium Enterprises Valuation Index (UK 200 Group)
- Website
- UK200Group
SME company valuation index from the UK 200 Group, drawing on deal data from UK200Group Corporate Finance members. Provides annual figures for median P/E, median EBITDA, mean P/E, mean EBITDA and average deal size (£m). Last updated in November 2020.
Theory of rational option pricing
- Website
- RAND Corporation
Classic article in which Robert Merton builds upon the seminal option pricing theory developed by Fischer Black and Myron Scholes, deriving additional formulae. Registration is required for access.
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