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Business Valuation Discounts and Premiums
Business Valuation Discounts and Premiums is a resource guide to books
and publications which focus on business valuation discounts and premiums.
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Each resource listed below includes the source or publisher, a description
of the resource and its primary features, and any information that is accessible
free online.
For more information on books and publications which focus on business appraisal
and related topics, see Business Valuation Books
and Publications.
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Business Valuation Discounts and Premiums
Pratt, Wiley, October 2001
Topics include minority interest discounts and control premiums, lack of marketability
discounts, and various other discounts applicable in performing a business valuation,
along with a discussion of common errors in applying discounts and premiums. Table
of contents, index, and searchable text are available free online.
BVR's Guide
to Discounts for Lack of Marketability
Business Valuation Resources, LLC
Guide to lack of marketability discounts includes analysis, articles, and presentations
from a variety of sources, abstracts of court cases with searchable CD access
to full text of cases, and a comprehensive summary reference table. Table of contents
and case index are available free online.
FMV Restricted
Stock Study
FMV Opinions, Inc.
Database provides an interactive tool for quantifying lack of marketability discounts
based on restricted stock transaction data that is searchable by industry code,
various financial measures, market capitalization, and transaction parameters.
Restricted Stock
Studies
National Association of Certified Valuation Analysts
Compilation of restricted stock studies often cited as empirical evidence in quantifying
lack of marketability discounts.
Valuation
Advisors Lack of Marketability Discount Study
Valuation Advisors, LLC
Database compares initial public offering (IPO) stock prices to pre-IPO prices
and is searchable by industry code, revenues, assets, operating income, time period,
and type of pre-IPO equity interest. Study is updated monthly and contains
over 3,700 transactions. Selected
summary data available free
online.
QMDM Companion,
Version 4.0
Mercer, Mercer Capital, 2008
Quantitative Marketability Discount Model (QMDM), Version 4.0 includes an explanatory
manual and a rate-of-return-based spreadsheet model which uses present value analysis
to quantify lack of marketability discounts.
QMDM Fact Sheet
is available as a download with free registration.
Mergerstat
Review
FactSet Mergerstat LLC
Annual publication analyzes mergers and acquisitions involving public, private,
and foreign companies. Data provided includes valuation multiples, premiums offered,
and payment terms with additional analysis and breakdown by industry. Table of
contents and selected excerpts are free online.
Mergerstat
Online Transaction Roster
FactSet Mergerstat LLC
Online database version of Mergerstat Review with content updated daily. Searchable
by seller industry, seller SIC code, seller and/or buyer name, and a specific
year, current year, or the entire database.
Mergerstat Control
Premium Study
FactSet Mergerstat LLC
Quarterly publication provides acquisition premiums for controlling interests
in publicly-traded companies based on acquisition prices compared to the trading
prices one day, one week, one month, and two months prior to the disclosure date
of the transaction. Table of contents and selected excerpts are free online.
Mergerstat
/ Shannon Pratt's Control Premium Study
Online database version of Mergerstat Control Premium Study is searchable by SIC
code, financial performance ratios, business description, range of control premiums,
financial information, and sale details.
Executive Summary
Report on Partnership Re-Sale Discounts
Partnership Profiles, Inc., annual
Report provides detailed analysis of secondary market price-to-net-asset-value
discounts for real estate limited partnership interests by partnership type (equity,
undeveloped land, and triple-net-lease), debt level (low to no debt and moderate
to high debt), and current distributions (distributing and non-distributing).
Partnership Profiles
Minority Interest Discount Database
Partnership Profiles, Inc., annual
Database provides secondary market transaction and historical financial information
for limited partnership interests in over 300 limited partnerships. Database package
includes the Executive Summary Report on Partnership Re-Sale Discounts; detailed
financial data including property holdings, distribution history, debt levels,
and operating statistics; and a CD-ROM disc containing the most recent annual
and quarterly reports for publicly-registered, non-publicly-traded limited partnerships
and REITs.
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