certified valuation analyst training/exam - eacva€¦ · certified valuation analyst...

GACVA / EACVA CVA Training© 2018 National Association of Certified Valuators and Analysts® (NACVA®). All rights reserved.

© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved1

© 2018 National Association of Certified Valuators and Analysts® (NACVA®) and

© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved.

Certified Valuation Analyst

Training/Exam



DISCLAIMER

All rights reserved. No part of this work covered by the copyrights herein may be reproduced or copied in any form or by any means—graphically,electronically, or mechanically, including photocopying, audio/video recording, or information storage and retrieval of any kind—without the expresswritten permission of the Consultants’ Training Institute® (CTI®), the National Association of Certified Valuators and Analysts® (NACVA®), and the presenter.

The information contained in this presentation is only intended for general purposes.

It is designed to provide authoritative and accurate information about the subject covered. It is sold with the understanding that the copyright holder isnot engaged in rendering legal, accounting, or other professional service or advice. If legal or other expert advice is required, the services of anappropriate professional person should be sought.

The material may not be applicable or suitable for the reader’s specific needs or circumstances. Readers/viewers may not use this information as asubstitute for consultation with qualified professionals in the subject matter presented here.

Although information contained in this publication has been carefully compiled from sources believed to be reliable, the accuracy of the information is notguaranteed. It is neither intended nor should it be construed as either legal, accounting, and/or tax advice, nor as an opinion provided by the CTI, theNACVA, the presenter, or the presenter’s firm.

The authors specifically disclaim any personal liability, loss, or risk incurred as a consequence of the use, either directly or indirectly, of any information oradvice given in these materials. The instructor’s opinion may not reflect those of the CTI, NACVA, their policies, other instructors, or materials.

Each occurrence and the facts of each occurrence are different. Changes in facts and/or policy terms may result in conclusions different than those statedherein. It is not intended to reflect the opinions or positions of the authors and instructors in relation to any specific case, but, rather, to be illustrative foreducational purposes. The user is cautioned that this course is not all inclusive.

© 2018 National Association of Certified Valuators and Analysts (NACVA). All rights reserved. • 5217 South State Street, Suite 400, SLC, UT, 84107.© 2018 European Association of Certified Valuators and Analysts (EACVA). All rights reserved. • Schweinfurter Weg 58a, 60599 Frankfurt, Germany.

The Consultants' Training Institute (CTI) is registered with the National Association of State Boards of Accountancy (NASBA) as a

sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority

on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted through its web site:

learningmarket.org.



About NACVA and GACVA

➢ NACVA was founded in 1991. In 2016, NACVA celebrated 25 years of service to the global

accounting and financial consulting profession.

➢ NACVA has nearly 7,000 members worldwide and operates international chapters through

the Global Association of Certified Valuators and Analysts™ (GACVA™), all supporting the

globally recognized Certified Valuation Analyst® (CVA®) designation. Other professional

certifications offered by NACVA include the Master Analyst in Financial Forensics®

(MAFF)® and the Accredited in Business Appraisal Review™ (ABAR™). Approximately 80%

of the membership holds one of NACVA’s four credentials.

➢ NACVA is a member of the Institute for Credentialing Excellence ™. The CVA is the only

valuation credential accredited by the National Commission for Certifying Agencies® the

accreditation body for the Institute for Credentialing Excellence.

http://globalcva.com/

http://www.nacva.com/cva

http://www.nacva.com/maff





http://www.nacva.com/content.asp?contentid=146

http://www.credentialingexcellence.org/

http://www.nacva.com/content.asp?contentid=146

http://www.credentialingexcellence.org/ncca




About NACVA and GACVA



About EACVA➢ EACVA was founded in 2005

➢ The only professional association for business valuations in

Germany, Austria, and Switzerland

➢ CVA training is aimed at all professional groups who carry

out professional valuations, including:

• CPA`s

• Tax consultants

• Auditors

• Controllers

• Corporate finance

consultants

• Financial analysts

• Investment manager

• M&A consultants

• Employees in accounting

• Lawyers



GACVABenefits of Membership

➢ Through the www.GlobalCVA.com and www.NACVA.com websites,

members can log in to access benefits, including:

• Free member profile in the Online Member Directory

• Free EconAssist™ Subscription

• Articles Library

• BV Standards Resource Tools

• Logos and Credential Seals

• Reports Library

• Five of the industry’s pinnacle publications:▪ QuickRead™

▪ Around the Valuation World® webcast

▪ The Value Examiner®

▪ National Litigation Consultants' Review™

▪ Journal of Forensic and Investigative Accounting

• Some form of training 250 days of the year

• Networking among NACVA members

➢ Additional Benefits: http://www.nacva.com/essentialbenefits

http://www.globalcva.com/

http://www.nacva.com/

http://www.nacva.com/essentialbenefits



CVA Qualifications

➢ NACVA’s international chapters comply with the CVA qualifications

and tri-annual recertification policies. They also comply with the

qualifications and recertification process for the MAFF and ABAR.

➢ International members pay dues and training fees to their

respective international chapter. Membership and credential

certificates are issued by the international chapters.

➢ If a member applies for membership in a country where there is no

international chapter, the member pays dues and fees to NACVA

and NACVA issues the member and credential certificates.


http://www.nacva.com/recertification



CVA Training Overview➢ The Core Body of Knowledge for International Business Valuations (BOK) was launched—along with the

International CVA Exam—in the Spring of 2018. The BOK and International CVA Exam are not

dependent on U.S. tax or case law, but global in application to business valuation methodologies and

approaches.

➢ The CVA training offered globally follows the curriculum as described in our Business Valuation

Certification and Training Center. NACVA’s international chapters are able to develop and teach

supplemental content specific to their country or region, but this supplemental content is not tested to on

the International CVA Exam. Supplemental content can be added to the International BOK as an

appendix.

➢ Course Agenda:

• Day 1: BV Fundamentals, Techniques & Theory

• Day 2: BV Fundamentals, Techniques & Theory (continued)

• Day 3: The Market Approach

▪ Morning: Exploring the Pricing Component: Focus Completed Transactions Method data

▪ Afternoon: Exploring the Pricing Component: Focus Guideline Public Company Method

• Day 4: Applications and Calculations of the Income Approaches: DCF in depth

• Day 5: Case Study (morning) and Valuation of Intangible Assets (afternoon)

• Day 6: Proctored CVA-Exam

http://edu.nacva.com.s3.amazonaws.com/GlobalCVA/Body_of_Knowledge_BV_CVA_FINAL_Published_2-6-17.pdf

http://www.nacva.com/bvtc



Exam and Case Study➢ CVA Proctored Exam

• The five-hour proctored exam consists of approx. 400 multiple choice and true/false

questions derived from the Core Body of Knowledge for International Business Valuations

(BOK)

• Online exam administered through Kryterion; an independent testing company

• Each participant has to bring his own laptop.

• Psychometric analysis conducted on the exam to verify validity

• Exam pass/fail results are communicated to CVA candidates approx. 14 days after the

exam date

• Retake option will be presented to candidates in the event they fail the exam

➢ Case Study Requirement

• Candidates perform a valuation and write a valuation report of a minority share of a small

or mid-sized stock listed company. In most cases the companies are selected from the

countries of origin of the individual attendees. For example: an attendee from Spain will

obtain a Spanish company. Processing time is 180 days after the exam.

• Attendees have to submit the signed hard copy version of the valuation report as well as a

copy of all working papers (hard copy and/or electronically)

• EACVA’s Peer Review Team can verify whether or not the candidate can apply the book

knowledge he or she has demonstrated

http://edu.nacva.com.s3.amazonaws.com/GlobalCVA/Body_of_Knowledge_BV_CVA_FINAL_Published_2-6-17.pdf



Monday Tuesday Wednesday Thursday Friday

08:00 a.m. –

10:30 a.m.

Welcome Address

Business Valuation Fundamentals,

Techniques & Theory

NACVA Instructor

BV Fundamentals,

Techniques & Theory

NACVA Instructor

The Market Approach—

Exploring the Pricing Component

NACVA Instructor

Applications & Calculations of the

Income Approaches: DCF in depth

Prof. Dr. Matthias Meitner, CFA

Business Valuation Case Study


10:30 a.m. – 10:45 a.m. Morning Break

10:45 a.m. –

1:00 p.m.

BV Fundamentals,

Techniques & Theory

NACVA Instructor

BV Fundamentals,

Techniques & Theory

NACVA Instructor



NACVA Instructor




Business Valuation Case Study


1:00 p.m. – 2:00 p.m. Lunch Break

2:00 p.m. –

4:00 p.m.

BV Fundamentals,

Techniques & Theory

NACVA Instructor

BV Fundamentals,

Techniques & Theory

NACVA Instructor



Prof. Dr. Bernhard Schwetzler, CVA




Valuation of Intangible Assets

WP StB Prof. Dr. Ulrich Moser, CVA

4:00 p.m. – 4:15 p.m. Afternoon Break

4:15 p.m. –

6:00 p.m.

BV Fundamentals,

Techniques & Theory

NACVA Instructor

BV Fundamentals,

Techniques & Theory

NACVA Instructor



Prof. Dr. Bernhard Schwetzler, CVA





WP StB Prof. Dr. Ulrich Moser, CVA

6:30 p.m.„Get Together“

6:00 p.m. – 6:30 p.m.Information on the CVA Exam

CVA-Training – Agenda



BV Fundamentals, Techniques &

Theory (Days 1 and 2)

➢ Introduction to Business Valuation

➢ Financial Statement Analysis and Calculation of Financial Ratios

➢ Generating Economic/Normalized Financial Statements

➢ Defining and Estimating the Future Benefit Stream

➢ Capitalization/Discount Rates

➢ Commonly Used Methods of Valuation

➢ Valuation Discounts and Premiums

➢ Professional Standards

➢ Defining the Valuation Engagement and Obtaining the Necessary Information

➢ Search for Adjustments

➢ Practice Case—Workshop



The Market Approach—Exploring

the Pricing Component (Day 3) Morning:

➢ Understanding and Applying the Market Approach to Valuation

➢ Completed Transactions Method

➢ Data Sources Commonly Used for the Completed Transactions Method

Afternoon:

➢ Guideline Public Company Method

➢ Conception and Basic Assumptions

➢ Sources and Aggregation of Peer Data

➢ Adjustments Based on Regression Analysis

➢ Reference Bases for Multiples

➢ Concurring Adjustments of Multiples

➢ Enterprise Value Multiples (Market Value of Invested Capital (MVIC) Multiples)

➢ Equity Value Multiples

➢ Excess Cash

➢ Empirical Results



Applications and Calculations of

the Income Approaches: DCF in

depth (Day 4)➢ Standards Comparison incl. IVS

➢ Business- and Peer-Group Analysis

➢ Integrated financial planning as the backbone of each DCF model (P&L, balance sheet, cash flow

statement, tax planning including tax loss carryforwards)

➢ Terminal value, different approaches and assumptions, competitive advantage period, steady state,

convergence

➢ Details on Cost of Capital:

➢ CAPM: Beta in depth for the use in practice

➢ Debt-Beta

➢ Unlevering and relevering formulas depending on different assumptions regarding tax shields and debt-beta

➢ Circular problems and the solutions in practice

➢ Modifications of CAPM

➢ DCF-Methods:

➢ Entity Methods: WACC, APV, Total Cash Flow-WACC

➢ Net-Debt

➢ Equity Method: Flow to Equity

➢ Special Valuation Issues:

➢ Cash flows in different currencies

➢ Local CAPM vs. Global CAPM

➢ Country Specific Risk



Case Study on DCF/Multiples and


(Day 5)Morning:➢ Case Study: Valuation (DCF and Multiples) and reporting of a European mid market company

Afternoon:

Valuation of Intangible Assets➢ Fundamentals of the Valuation of Intangible Assets

➢ Identification of Intangible Assets

➢ Valuation Approaches:

➢ Overview

➢ Valuation of Assembled Workforce

➢ Valuation of Technology

➢ Valuation of Trademarks and Other Marketing Related Assets

➢ Valuation of Customer and Order Backlog

➢ Tax Amortization Benefit

➢ Asset Specific Cost of Capital

➢ IFRS 3 and Fair Value Measurement Framework (IFRS 13)

➢ Impairment Test (IAS 36)

➢ Summary of Assumptions for Fair Value and Value in Use



Vita of Prof. Schwetzler



Vita of Prof. MeitnerMatthias Meitner is a Professor for Finance &

Accounting at the International School of

Management (ISM) in Munich. Aside of his

academic work, he advises institutional clients in

equity investing and serves as a valuation

consultant and appraiser. Earlier in his career,

he worked for more than 10 years as an Equity

Portfolio Manager at Allianz Global Investors

GmbH where he followed a fundamental, long-

term, and valuation based approach to stock

picking. Mr. Meitner holds a PhD from Friedrich-

Alexander-University Erlangen-Nürnberg with his

doctoral thesis dealing with valuation using

multiples. Mr. Meitner is a regular speaker at

valuation conferences and published several

articles on valuation in national and international

journals and books.



Vita of Prof. MoserUniversity of Applied Science Erfurt: Chair of Business Administration, in particular, taxation,

finance, and accounting

Qualifications

• PhD in economics

• Certified German public accountant, tax advisor, and certified valuation analyst

• 17 years professional experience at a Big Four accounting firm (partner until 2006)

in the fields of auditing, corporate finance, and, respectively, transaction advisory services

• Professorship in taxation, finance, and accounting

• Diverse teaching assignments (national and international)

Competencies

• Valuing and management of intangible assets, in particular, intellectual property

• Purchase price allocation according to IFRS and U.S. GAAP

• Merger and Acquisition, in particular, business valuation

• Substantial experiences in valuing patents and huge patent portfolios, early stage technologies,

trade marks, software, customers, as well as human capital

• Experiences in a vast variety of industries, in particular, biotechnology, medical technology,

pharmaceutical industry, software, media, telecommunication, regenerative energies, mechanical

engineering, automotive industry, and consumer goods

Publications

• Bewertung immaterieller Vermögenswerte, 2. Aufl. 2018 (im Erscheinen)

• Plausibilisierung des Goodwills im Rahmen einer Kaufpreisallokation nach IFRS 3 durch zukünftige

immaterielle Vermögenswerte,

• Grundlagen der Bewertung patentgeschützter Technologien, in: Festschrift für Hermann Mohnkopf,

• Bewertung von Patenten, in: Schmeisser/Hartmann/Menke/Mohnkopf

Innovationsprozesserfolgsrechnung

http://www.fh-erfurt.de/wlv/en/wi/lehrende/ulrich-moser-eng/qualifications/

http://www.fh-erfurt.de/wlv/en/wi/lehrende/ulrich-moser-eng/competencies/

http://www.fh-erfurt.de/wlv/en/wi/lehrende/ulrich-moser-eng/publications/



Vita of Lorenzo CarverLorenzo Carver is founder and CEO of Liquid Scenarios, an automated valuation software, data, and services company responsible for the first one click valuation solution for complex, illiquid securities. He is the inventor of the Carver Import Algorithm, Search2Model, a patented valuation technology and author of Venture Capital Valuation published by John Wiley & Sons.

Mr. Carver has over 40,000 hours of valuation related experience and his Liquid Scenarios is used to value thousands of venture backed companies, including industry changing successes like Facebook, Twitter, Dropbox, and Uber.

His fraud detection and online marketing technology invention has been cited as prior art by patent examiners for security and mobile marketing patents filed by eBay, First Data, and Symantec.

Mr. Carver speaks regularly on valuation topics. He is one of a handful of valuation professionals on the instruction team for new valuation professionals qualifying for the National Association of Certified Valuators and Analysts® (NACVA®) business valuation credential. In the past, he was a co-chair of NACVA and the CTI’s Annual Consultants’ Conference, and has authorized webinars for NACVA including: Five Mistakes Your Auditor Made; VC OPM School; and Venture Capital Valuation Forum. He has presented his valuation technology at the Stanford Summit (2007), spoken on crowdsourced valuation using APIs (WallStreet Green Trading Summit at New York Times building [2010]), and has spoken at NACVA’s national conferences in 2008, 2012, 2013, and 2014.

He has authored hundreds of written reports and more than 30,000 interactive models used by investors to value primary and secondary purchases of venture backed company securities.

Mr. Carver’s Liquid Scenarios technology has won numerous third-party certifications and awards, including being the first financial business intelligence solution in the world certified on Windows Server 2008, the first venture valuation solution for Smartphones (before the iPhone existed), and one of the first financial software solutions Certified by Intel.

Lorenzo CarverMS, MBA, CVA, ABV, CPA bpCentral Inc



Vita of Rick GrayRick Gray has specialized in the fields of business valuation and litigation support services full time for over 20 years. He received a bachelor of science degree from the University of Maryland in 1978 and a master degree in business administration (MBA) from Loyola University in Baltimore in 1982. After a number of years in the healthcare industry, Mr. Gray entered public accounting, earned his Certified Public Accountant (CPA) license in 1988, and began his career as an auditor and consultant with Deloitte & Touche. He is currently licensed as a CPA in both Florida and Maryland.

He is a member of the American Institute of Certified Public Accountants® (AICPA®), the National Association of Certified Valuators and Analysts® (NACVA®), and the American Society of Appraisers (ASA). He is also a member of the Florida Institute of Certified Public Accountants, where he is an instructor in their state-wide ethics program. Mr. Gray serves as an adjunct professor at Florida Atlantic University in their graduate degree programs and has taught for the Becker Professional Review Course, instructing candidates in the preparation of both the CPA and CFA examinations.

Mr. Gray has qualified as an expert witness for litigation engagements in federal and state courts in Maryland, Florida, Georgia, Nevada, and Virginia. He has made a number of presentations at both the local and national level and has authored articles in the areas of business valuation and litigation support. He is very active in NACVA, serving as past chairperson for the Valuation Credentialing Board (VCB), Executive Advisory Board (EAB), and most recently, the Education Quality Assurance Board. In addition to his board duties, Mr. Gray is a member of NACVA’s Speakers Bureau, the Exam and Grading Committee/Team (EGCT), and serves as an instructor for the Consultants’ Training Institute® (CTI®). He was awarded Instructor of the Year in 2008 and received NACVA’s Circle of Light award in 2009.

Rick GrayCPA, ABV, CVA, ASADaszkal Bolton, LLP



Vita of Lari Masten

Lari MastenMSA, CPA, ABV, CFF, CVA, CPVA ABAR, MAFFMasten Valuation

Lari Masten focuses her professional time on business valuation, litigation, and consulting services as they apply to both private and public companies.

She has performed business valuations, economic damage calculations, purchase price allocations, and goodwill impairment testing for companies operating in a variety of industries, including: life sciences, personal/professional services, exploration and production of natural resources, manufacturing and distribution processes, real estate development and management, and agriculture-related service sectors.

She has been qualified as an expert witness, and her valuations, lost profits and damages calculations expert witness testimony have been for purposes of marital dissolution, estate and gift tax planning, damages, lost profits, bankruptcy, contract disputes, buy-sell agreements, purchase/sale transactions, goodwill impairment, and related matters.

Ms. Masten has written numerous articles relevant to her areas of expertise. She has been an invited guest speaker for various organizations on topics salient to the organization’s focus involving valuation standards compliance, business valuation fundamentals and advanced topics, litigation, estate planning/wealth retention, marital dissolution, and business valuation case analysis. In addition, she is an instructor for the National Association of Certified Valuators and Analysts® (NACVA®) National Training and Development Team, which presents throughout the country approximately 14 weeks per year. In this capacity, she teaches days four and five of NACVA’s week long Business Valuation Training Center, The Market Approach, Case Analysis, Special Purpose Valuations, and The Valuation Process: Facts to Conclusion. Successful completion of this training center, and the related examination process, results in the participants’ receipt of their business valuation credential.

Ms. Masten served in the elected position of Chairman for NACVA’s Education Quality Assurance Board from 2010–2013, she is a contributing member of the editorial advisory board to the National Litigation Consultants’ Review™ and the Journal of Business Valuation and Economic Loss Analysis, and is an officer of the Colorado NACVA State Chapter.



2018 Training Schedule

➢ CVA-Training: July 16−20, 2018

➢ Proctored CVA-Exam: July 21, 2018

➢ Location: Frankfurt am Main, Germany



Pricing➢ Registration fee (Per person. VAT may apply).

• Option 1: CVA-Training only: 3.000 €

• Option 2: CVA-Training plus CVA-Exam: 2.800 € + 595 € = 3.395 €*

• Option 3: CVA-Training plus CVA-Exam plus 12 months Practitioner

Membership:

2.595 € + 595 € + 300 € = 3.490 €*Once the exam has been passed, the participant can decide if he/she wants to become a Practitioner Member of

NACVA/EACVA (membership dues: 300 € for 12 months).

➢ The registration fee includes:

• 45 hours of class instruction and continuing professional education (CPE) credit

• EACVA and/or NACVA administrator(s) will facilitate the CVA Proctored Online-Exam

the day following training

• 180-Day Trial to KeyValueData’s Titanium Lite Subscription

• 180-Day Trial Access to ValuSource Pro International and Business Valuation Report

Writer Software

• Retaking the exam is possible for a fee

➢ Four instructors will be provided for the training week—three from EACVA and one from NACVA

https://nacva.valusource.com/products/business-appraiser-databases/keyvaluedata/overview/

https://nacva.valusource.com/products/business-appraiser-software/



Room Reservations:

We have arranged a special EACVA Room Rate of

EUR 129 per night in a Studio King or Twin and Sofabed

Room (tea & coffee facilities, fully equipped kitchen, breakfast

buffet, Wi-Fi internet access, tax and service charges are

included).

Please make your own room arrangements using the

promotion code “EACVA”. Please contact the hotel directly via

[email protected]. The special EACVA booking rate is

available for reservations from Sunday, July 15 until Sunday,

July 23. This rate expires on June 17, 2018.

2018 Training LocationAdina Apartment Hotel Frankfurt Westend

Osloer Straße 3

60327 Frankfurt Germany

E-mail: [email protected]

Phone: +49 69 247420-0

Internet: www.adinahotels.com/de-en/

hotel/frankfurt-westend/

mailto:[email protected]


http://www.adinahotels.com/de-en/hotel/frankfurt-westend/



2017 CVA Training Impressions



Thank you!

➢ Andreas Creutzmann, WP StB CVA, Chairman of the Board

EACVA | [email protected]

➢ Wolfgang Kniest, Dipl.- Kfm., CVA, Managing Director

EACVA | [email protected]

➢ Brien K. Jones, Chief Operations Officer and Executive Vice President

NACVA/GACVA | [email protected]

➢ Chanda Chuon, Project Management Specialist

NACVA/GACVA | [email protected]







© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved.

Benefits of

EACVA/NACVA Membership



The Association has established the following classifications of individual membership.

Practitioner Membership is granted to those who have demonstrated through education,

experience, and/or other criteria that they meet the qualifications to apply for the designation of

Certified Valuation Analyst (CVA). Practitioner Membership carries with it all the rights, privileges,

and benefits offered by the Association, and is required for those holding active designations.

Professional Membership is extended to those individuals who may not qualify for or do not desire

or intend to pursue certification. However, they recognize the value of membership and ideals of the

Association and, as such, wish to show their support by joining. Professional members have the

same rights, privileges, and benefits as Practitioner members. However, Professional members may

not apply for certification and may not use the Association’s appellations.

Academic Membership is offered to academicians employed full-time by a college or university and

desirous of the services and privileges of Association membership. Academic members recognize

the important contributions the Association is making in the valuation and financial forensic

sciences and want to show their support through membership and contributions of intellectual

capital. Academic members enjoy all Association benefits and can apply for EACVA’s / NACVA’s

certifications as long as they meet its requirements.

Classifications of

Membership



With EACVA’s Membership you are also Member of

NACVA (www.nacva.com)

The Membership Certificate will be issued by EACVA and

NACVA



Access to the Member Area

of NACVA



LOGIN



You can create your own profile for

the Member Directory and update it.



Member Directory



Access to the BV Magazine

Value Examiner



Access to the EconAssist Database of

KeyValueData is included in your

Membership



Access to JFIA and NLCR



EACVA‘s Business

Valuation Journal

Articles on the practice and theory of BV

and valuation of intangible assets (Language:

German)

Excel Tips for BV (Language: German)

Industry sector Multiples and Beta for the

German Capital market provided by FINEXPERT

Transaction Multiples by industry sectors provided

by Prof. Dr. Grbenic.



EACVA Conference 2018

The 12th Annual Conference for business valuation professionals

will be held on November 22.-23, 2018 in Dusseldorf/Neuss, Germany.

Venue: Crowne Plaza Dusseldorf – Neuss, www.crowneplaza.com/Neuss

http://www.crowneplaza.com/Neuss



EACVA‘s Conferences for Valuation

Professionals

October 19 – 20, 2018 Munich

http://valuationconference.de/

Keynotes:

• Prof. Dr. h.c. Hans-Werner Sinn,

President emeritus at the Ifo Institute

and Professor at the University of

Munich.

• Tobias Mock, CFA, Managing Director

S&P Global Ratings

• Prof.Dr. Kjell G. Nyborg, Chaired

Professor of Finance and Swiss

Finance Institute Senior Chair

Department of Banking and Finance

University of Zurich

• Richard M. Wise, MCBA, CVA, FASA,

FCA, CPA, CA, FRICS, CA•IFA, CFE,

C.Arb, MNP LLP Canada



October 19 – 20, 2018 Munich



November 24 – 25, 2016 Berlin



November 26 – 27, 2015 Dusseldorf



October 16 – 17, 2014 Berlin



NACVA‘s Annual Business

Valuation Conference 2018



Each individual Member of EACVA can register for free

for the financial network community “finexpert”.

Please have a look at: http://www.finexpert.info/

Three Reasons To Join Finexpert:

1. Quarterly Update of German Capital Market Data including

Beta Factors, Multiples, Yield Curves and Market Correlations

2. Access to an Exclusive Library of High-Quality Research out of

Practice and Academia

3. Trainings and Tutorials for Valuation Purposes

http://www.finexpert.info/

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