April, 2025

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How to Value Pre-Revenue Startups

Equidam

One of the murkiest topics within the venture capital and startup ecosystem is the valuation of pre-revenue startups. Often, the confusion stems from a fundamental misunderstanding, implicitly assuming that startup valuation primarily hinges on past financial performance, particularly revenue. This notion, however, could not be further from the reality of early-stage investing.

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Reporting Portfolio Emissions By Asset Managers

Harvard Corporate Governance

Posted by Patricia Volhard, John Young, and Ulysses Smith, Debevoise & Plimpton LLP, on Saturday, April 5, 2025 Editor's Note: Patricia Volhard is a Partner, John Young is a Counsel, and Ulysses Smith is an ESG Senior Advisor at Debevoise & Plimpton LLP. This post is based on a Debevoise memorandum by Ms. Volhard, Mr. Young, Mr. Smith, and Alfie Scott.

Finance 208
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Ministry of Finance of Republic of Indonesia Supports the Organisation of Indonesia International Valuation Conference 2025

IVSC

Carrying the theme “Navigating Valuation in the Industrial Revolution 5.0 Era: Integrating Technology, Embracing Creative Economy, and Upholding Social Responsibility”, IIVC 2025 serves as a strategic forum to address the challenges and opportunities in valuation within the digital era, which emphasises technology, the creative economy, and sustainable and inclusive economic development.

Finance 130
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US Investors Swarm Italy’s Football Clubs And Stadiums

Global Finance

Serie A, B, and C teams are all in play as private equity firms join the mad rush to buy a dwindling number of assets. In March, Italian football clubs Internazionale Milano (Inter Milan) and Associazione Calcio Milan (AC Milan) made a bold play: buying the legendary Stadio Meazza and its surrounding area, a real estate deal thats due to wrap up in July.

Finance 99
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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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Comment on A Cry from the Appraisal Trenches: The Fall of GSE Oversight by Ga Appraiser

Appraisers Blog

What the general public doesnt understand, I believe, is that Fannie Mae went under conservatorship after the 2008 market crash. This is not a good thing. Its one step from bankruptcy. By definition, a conservatorship is a legal arrangement where a court appoints a conservator (a family member, friend, or other responsible person) to manage the personal and/or financial affairs of another adult (the conservatee) who is unable to do so themselves.

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Importance of Networking with Third-Party Industry Consultants

BV Specialists

As a business appraiser, your primary role is to provide accurate, supportable, unbiased valuations. But in today's competitive landscape, delivering high-quality work is not enough. To grow your practice and stay relevant, it is essential to build relationships with professionals whose clients regularly need valuation services, such as financial planners, accountants, attorneys, and business brokers.

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Redefining the CEO’s Role for the Next Generation

Harvard Corporate Governance

Posted by Bob Romanchek and Frank Carris, Meridian Compensation Partners, on Friday, April 11, 2025 Editor's Note: Bob Romanchek is a Partner and Frank Carris is Consultant at Meridian Compensation Partners. This post is based on their Meridian Compensation Partners memorandum. More than 1,800 US CEOs departed their roles in 2024, according to Challenger, Gray & Christmas, which was the highest annual amount since the firm started keeping such records.

Start-ups 201
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Unlocking Shareholder Value: How Valuers Help Guide Corporate Strategy

IVSC

Comment: The Growing Role of Valuation in Corporate Strategy In a market environment where growth alone no longer guarantees shareholder value, corporate executives are under increasing pressure to deliver more with less. EY’s recent article, Earning the Right to Grow: Capital Efficiency and TSR , sheds light on the increasingly strategic role of capital efficiency in determining which companies truly outperform in total shareholder return (TSR).

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Insurers’ Big Bet On Alternative Investments

Global Finance

Faced with low yields, insurers are deepening ties with private equity and asset managers, turning to alternative investments amid regulatory headwinds. Life insurance companies used to be conservative investors. For decades, they relied on long-term bondssafe, steady, and predictableto match their policy obligations. But as interest rates plunged following the 2008 financial crisis, traditional investment models no longer delivered sufficient returns.

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Comment on A Cry from the Appraisal Trenches: The Fall of GSE Oversight by Baggins

Appraisers Blog

In reply to Vincent P Slupski. I believe the more workable and local traditional solution for reliable lending used to go by another name. Credit unions. Dare to dream for a return to in house loans, local lending from the same people in that community as opposed to venture capitalists and bottom line industrialists a world away. Pretty sure we’ll never return to the days of penny auctions but we could still be better insulated with fairer terms as local economies would support by seeking

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Statement of Cash Flows vs. Cash Flow Statement

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

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The Financial Benefits of Diversification Through M&A

Sun Acquisitions

In today’s dynamic business landscape, strategic mergers and acquisitions (M&A) have become a powerful tool for companies seeking to enhance their financial performance. Diversification, one of the critical benefits of M&A, offers a range of advantages that can significantly improve a company’s bottom line. Understanding the Financial Benefits of Diversification In the context of M&A, diversification refers to expanding a company’s operations into new industries, ma

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Lucid Wins Nikola Bankruptcy Auction, Buys Nikola Facilities for $30 Million To Boost US EV Production

Benzinga

Lucid Group, Inc (NASDAQ: LCID ) announced Friday that it has agreed to acquire select facilities and assets in Arizona previously belonging to Nikola Corp (OTC: NKLAQ ) in the bankruptcy auction. Lucid committed close to $30 million in cash and non-cash considerations in exchange for the factory, Nikola's lease on its Phoenix headquarters, and "certain machinery, equipment and inventory," as per a Thursday night court filing.

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Regulatory Shifts in ESG: What Comes Next for Companies?

Harvard Corporate Governance

Posted by Matteo Tonello, The Conference Board, Inc., on Saturday, April 12, 2025 Editor's Note: Matteo Tonello is Head of Benchmarking and Analytics at The Conference Board, Inc. This post is based on a Conference Board memorandum by Christine Guinessey , Program Manager, ESG Center, and Andrew Jones ,Senior Researcher, ESG Center at The Conference Board, Inc.

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IVSC Statement Regarding Prudential Value for Real Estate

IVSC

Christian Luft, Chair, IVSC Europe Committee The IVSC Europe Committee, together with the IVSC Tangible Assets Board, has closely followed the evolution of prudent valuation requirements over the past two years, keeping it as a standing item on our respective agendas. Since the implementation deadline earlier this year under the Capital Requirements Regulation (CRR), the IVSC has maintained a watching brief, carefully monitoring developments across Europe while remaining impartial to the differe

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Mastering Intent Data: Understanding its Importance & Best Practices

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

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Why Fundraising and ESOP Valuations Are Different

Equidam

When founders think about valuation, it’s often in the context of raising money negotiating with investors, calculating dilution, and pitching a compelling growth story. But there’s another important context where valuation comes into play: issuing equity compensation to employees. At first glance, these two purposes fundraising and employee stock issuance seem to call for very different numbers.

Equity 59
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Comment on A Cry from the Appraisal Trenches: The Fall of GSE Oversight by David Samnick

Appraisers Blog

In reply to Deborah. You can keep defending the system all you want, but lets call it what it really is a rigged, rotted-out shell of what it used to be. You and the rest of the AI cronies can polish up your talking points all day long, but no amount of spin changes the facts: The GSEs sold us out. The Appraisal Institute sold us out. And people like you were too busy climbing the political ladder to care.

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Bankruptcy’s Turn to Market Value

Reynolds Holding

Chapter11 was widely seen as a failure in the first decade of the Bankruptcy Codes operation, the 1980s. Large firms were mired in bankruptcy for years; the process was seen as expensive, inaccurate, and subject to abuse. While basic bankruptcy still has its critics and few would say it works perfectly, the contrast with bankruptcy today is stark: Bankruptcies that took years in the 1980s take months in the 2020s.

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OECD: A World Awash In Debt

Global Finance

Governments and companies worldwide borrowed $25 trillion last year, up $10 trillion over pre-Covid levels and nearly three times the total prior to the 2008 financial crash, according to a report by the Organization for Economic Co-operation and Development (OECD), a Paris-based intergovernmental group of 38 mostly rich countries. The report predicts further rises this year, with the aggregate central-government marketable debt-to-GDP ratio in OECD countries hitting 85%, more than 10 points hig

Finance 99
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2025 Shareholders Meeting Agenda: Proactive Board Oversight Amid Significant Uncertainty and Change

Harvard Corporate Governance

Posted by Amy Rojik and Lee Sentnor, BDO, on Monday, April 7, 2025 Editor's Note: Amy Rojik is a National Managing Principal and Lee Sentnor is a Professional Practice Director at BDO. This post is based on their BDO memorandum. Board directors once again enter proxy season against a backdrop of significant change. On a broad scale, supply chains and business operations continue to see impact from mounting geopolitical tensions, changing trade, tariff and tax policies, and ongoing price and inte

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IVSC Welcomes New Appointments to Standards Boards

IVSC

The International Valuation Standards Council (IVSC) is pleased to announce the appointment of several new members across its Standards Boards. These appointments reflect IVSC’s ongoing commitment to international collaboration and the development of high-quality, principle-based valuation standards that serve the public interest and support a global valuation profession.

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The cost of compute: A $7 trillion dollar race to scale data centers

Mckinsey and Company

AI is fueling high demand for compute power, spurring companies to invest billions of dollars in infrastructure. But with future demand uncertain, investors will need to make calculated decisions.

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Comment on A Cry from the Appraisal Trenches: The Fall of GSE Oversight by Vincent P Slupski

Appraisers Blog

In reply to Baggins. I support credit unions. I’m a credit union member. Good old American socialism! But they aren’t immune from the principle of growth, and need regulation. The bucolic image of the local small-town banker making home loans ignores the reality that many local economies aren’t diversified, and these institutions would fail regularly if they are too small, without regulation and backstops like deposit insurance.

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Cango Paves Way For Takeover By Agreeing To Sell China-based Business

Benzinga

The $352 million sale could pave the way for a Singapore-linked entity to take control of Cango as it transitions from car trader to bitcoin miner Cango Inc. (CANG.US) said last Thursday it agreed to sell its original China-based business, the latest step of its recent transformation from car trader to bitcoin miner. It added the sale will help to advance another deal to transfer control of the company under a separate but related proposal announced last month.

Equity 59
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Green Flag For Sports Investment

Global Finance

As part of their diversification and job-creation efforts, MENA states are turning themselves into a new global hub of professional sports. Drop your guard for an instant, and youll get clobbered by a barrage of sporting investments in the Middle East and North Africa (MENA). The sports market for the region is primed for a 16.5% compound annual growth rate (CAGR) from 2023 to 2030, according to consultancy Grand View Research.

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Chancery Court Clarifies Delaware’s Stance on Sandbagging and Transaction Multiple for Damages

Harvard Corporate Governance

Posted by Frank J. Favia Jr., Jonathan A. Dhanawade, and Andrew J. Stanger, Mayer Brown LLP, on Monday, April 7, 2025 Editor's Note: Frank J. Favia Jr. and Jonathan A. Dhanawade are Partners, and Andrew J. Stanger is a Knowledge Counsel, at Mayer Brown LLP. This post is based on their Mayer Brown memorandum, and is part of the Delaware law series ;links to other posts in the series are available here.

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Google Is a Monopolist in Online Advertising Tech, Judge Says

NYT M&A

The ruling was the second time in a year that a federal court had found that Google had acted illegally to maintain its dominance.

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Italy’s biggest refinery in crisis three years after sale by Russia’s Lukoil

Financial Times M&A

Greek billionaire who is now facilitys majority investor clashes with Trafigura over terms of crude supply deal

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Comment on A Cry from the Appraisal Trenches: The Fall of GSE Oversight by Baggins

Appraisers Blog

In reply to Vincent P Slupski. Appraisers provide stability by hindering runaway price and irresponsible practice which is realized when the independent check and balance of the appraisers position is absent. Right now, runaway pricing as market corrections which would have happened, never come to be. Or on the down side, can help keep losses minimized.

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IBM Enhances AI Consulting Muscle With Hakkoda Deal

Benzinga

International Business Machines Corporation (NYSE: IBM ) disclosed on Monday that it had acquired Hakkoda Inc. for an undisclosed amount. This move enhances IBM Consulting's data transformation services by adding Hakkoda's expertise in data platforms, supporting clients in preparing their data for AI-driven business operations. The acquisition is expected to strengthen IBM's capacity to meet the rising demand for data services, enabling.

Equity 64
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Equity Valuation vs. Fundamental Analysis: What Every Investor Must Know

RNC

Understanding Equity Valuation and Fundamental Analysis is essential for investors seeking clarity in their decisions. Equity valuation focuses on determining a company’s intrinsic value to assess whether a stock is undervalued or overvalued. In contrast, fundamental analysis takes a broader view of a company’s financial health, industry position, and long-term growth potential.

Equity 52
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The Ripple Effect: How Increased Capital Gains Taxes Influence Private Equity and Venture Capital Investments in M&A

Sun Acquisitions

Increased capital gains taxes can have a far-reaching impact on the business landscape, with ripple effects extending to various sectors, including private equity and venture capital (PE/VC) investments in mergers and acquisitions (M&A). This blog post will explore how a hike in capital gains taxes can influence the strategies and decisions of PE/VC firms, ultimately affecting the M&A market.

Equity 100
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Embedded Finance Comes Of Age

Global Finance

Embedded finance is revolutionizing global trade, making financing as simple as a click, and empowering SMEs previously locked out of traditional systems. Imagine a world where accessing trade finance is as simple as clicking a button, woven seamlessly into the fabric of online commerce. This isnt a distant future; its the promise of embedded finance (EF), and its transforming global trade.

Finance 52
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Big investors look to sell out of private equity after market rout

Financial Times M&A

Pensions and endowments seek exit from battered portfolios in blow to buyout industry

Equity 145
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Comment on Hybrid Appraisals – Flawed Data or Flawed Agenda? by CL

Appraisers Blog

In reply to Baggins. Sadly, I am in CO – not that I want to be anymore; only one of the reasons I’m desperately looking for another job. At my age, it seems nearly impossible to find anything decent, and with a partial physical disability (cannot stand or walk too long), being a Walmart greeter is not going to happen. I struggle with lengthy inspections also, but with so few received these days, I can manage.