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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
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 reserved2
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.
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 reserved3
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.
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 reserved4
About NACVA and GACVA
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 reserved5
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
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 reserved6
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
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 reserved7
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.
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 reserved8
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
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 reserved9
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
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 reserved10
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
Prof. Dr. Matthias Meitner, CFA
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
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
Prof. Dr. Matthias Meitner, CFA
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
The Market Approach—
Exploring the Pricing Component
Prof. Dr. Bernhard Schwetzler, CVA
Applications & Calculations of the
Income Approaches: DCF in depth
Prof. Dr. Matthias Meitner, CFA
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
The Market Approach—
Exploring the Pricing Component
Prof. Dr. Bernhard Schwetzler, CVA
Applications & Calculations of the
Income Approaches: DCF in depth
Prof. Dr. Matthias Meitner, CFA
Valuation of Intangible Assets
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
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© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved11
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
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© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved12
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
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© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved13
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
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 reserved14
Case Study on DCF/Multiples and
Valuation of Intangible Assets
(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
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© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved15
Vita of Prof. Schwetzler
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 reserved16
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.
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 reserved17
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
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© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved18
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
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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
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© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved20
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.
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 reserved21
2018 Training Schedule
➢ CVA-Training: July 16−20, 2018
➢ Proctored CVA-Exam: July 21, 2018
➢ Location: Frankfurt am Main, Germany
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 reserved22
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
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© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved23
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/
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© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved24
2017 CVA Training Impressions
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© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved25
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]
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© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved26
© 2018 European National Association of Certified Valuators and Analysts™ (EACVA™). All rights reserved.
Benefits of
EACVA/NACVA Membership
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 reserved27
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
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 reserved28
With EACVA’s Membership you are also Member of
NACVA (www.nacva.com)
The Membership Certificate will be issued by EACVA and
NACVA
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 reserved29
Access to the Member Area
of NACVA
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 reserved30
LOGIN
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 reserved31
You can create your own profile for
the Member Directory and update it.
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 reserved32
Member Directory
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 reserved33
Member Directory
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 reserved34
Member Directory
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 reserved35
Access to the BV Magazine
Value Examiner
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 reserved36
Access to the EconAssist Database of
KeyValueData is included in your
Membership
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 reserved37
Access to JFIA and NLCR
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 reserved38
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.
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 reserved39
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
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 reserved40
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
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 reserved41
October 19 – 20, 2018 Munich
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 reserved42
November 24 – 25, 2016 Berlin
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 reserved43
November 24 – 25, 2016 Berlin
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 reserved44
November 26 – 27, 2015 Dusseldorf
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 reserved45
November 26 – 27, 2015 Dusseldorf
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 reserved46
October 16 – 17, 2014 Berlin
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 reserved47
October 16 – 17, 2014 Berlin
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 reserved48
NACVA‘s Annual Business
Valuation Conference 2018
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 reserved49
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