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27 September 2016

Growth opportunities in the education data sector

By Ian Koxvold Follow @iankoxvold Blog snapshot: Review of the UK education business information landscape What makes a good business information company? Growth potential of the sector could be attractive to investors Big data. Information. We’re all told that these are becoming increasingly important for businesses. We at PwC are...

Resolution valuations - Where does stress testing come in?

By Anna Cox Rather than focusing on asset values, stress testing requires banks to demonstrate the impact of alternative economic scenarios on the capital position. This involves modelling the impact on capital resources of factors such as alternative interest rate curves, unemployment forecasts or, in the case of this year's...

26 September 2016

Inter-Company Balances and the Money Go Round

By Nick Williams In transactions with completion mechanisms, the cash flows required to settle Inter-Company balances at the completion date can cause confusion. The SPA will often include separate provisions requiring the repayment of any Inter-Company funding balances and Inter-Company trading balances. Inter-Company funding balances In a typical completion mechanism,...

19 September 2016

Finance Leases - debt-like or not debt-like

By Nick Williams In general, the treatment of operating leases and finance leases in calculating Equity Value is non-contentious – but are they considered to be debt-like or not debt-like items? What are the differences in the treatment of an operating lease and a finance lease? Operating lease Finance lease...

16 September 2016

Navigating business value after the EU referendum

By Nick Rea In this blog and the attached paper, we share our views on the business valuation inputs and assumptions that need additional attention following the UK’s vote to leave the EU. The initial market volatility observed directly after the ‘leave vote’ appears to have reduced in the subsequent...

14 September 2016

Is the price right? Handling bank debt in sale and purchase agreements.

By Nick Williams Though seemingly straightforward, Bank Debt can be complex and can generate conflicting positions between Buyers and Sellers. Whilst it may seem obvious that “Bank Debt” should be deducted from Enterprise Value to calculate the final purchase price, there are a number of nuances that may make the...

13 September 2016

Mega deals in insurance, (re)insurance and global risk…set to continue?

By James Tye Blog snapshot: The past 2 years have seen several mega M&A deals between high profile companies driven by several factors M&A is expected to evolve in nature towards revenue enhancement, non-traditional capital and structuring opportunities Full report covering valuations, data & analytics, run off, regulatory, tax, delivering...

09 September 2016

Banks: Invest in IFRS 9 now…or live to regret it

By Attul Karir In my previous blog, I revisited the types of valuations required by the European Banking Authority’s (EBA) valuation Regulatory Technical Standard (RTS), which is due to be finalised in the next few months. In this blog I will explore how those requirements might overlap with IFRS 9,...

08 September 2016

Where’s my exit? Incentivising management on long term investments

By Tom Klouda and Bhavik Desai Background Infrastructure investors are typically in for the long haul - their investment horizons typically span 25 years or more. Historically, management teams of infrastructure groups have been incentivised through the use of conventional bonuses. However, many have become wise to the high returns...

25 August 2016

Valuations for resolution planning - what do banks need to do and could it save them time and money?

By Attul Karir The latest challenge for banks in the recovery and resolution planning world is to demonstrate that they are “resolvable” in the event of failure. One of the key barriers to this is the ability of banks to provide the necessary valuations robustly, accurately and at short notice....

Survival of the fittest: what can we learn from the recent high street casualties?

By Mark Holborow 2016 has already proved to be a turbulent period for retailers, particularly those operating within the fashion sector. With Brexit and the fall of major UK retailers covering the front pages, the after-shocks are still spreading across the marketplace and it’s clear that not everyone is getting...

Has turnaround become business as usual?

By Tim Allen By Bahador Mahvelati “Never let a good crisis go to waste” goes the maxim. But is it only when a company is in the midst of crisis that management are able to radically and rapidly transform their business? The noun crisis comes from the Greek word krisis,...

Demystifying the myths – should you declutter your business?

By Paul Meitner and Amanda Lewis As mentioned in our previous blog “Decluttering your business; what stops you and should it?”, the UK corporate register grew to over 3.64m in 2015, a net increase of 245k entities in a year. Incorporations are running at a faster pace and structures are...

22 August 2016

Life insurers’ balancing act: A quest for yield, illiquid investments and investor/regulator confidence

By Albertha Charles Blog snapshot: Life insurers are becoming increasingly creative with their investment strategies in their search for yield These investment strategies are inherently riskier Valuations of infrastructure investments will need to reflect a number of considerations to give investors and regulators confidence As investment yields have plummeted and...

Financial Services Deals Chart of The Month: Increased spending on compliance fails to reduce economic crime

By Andrew Clark Blog snapshot: Spend on fighting economic crime is increasing Level of reported crime is rising in spite of this New thinking needed – 4 areas to target spending on compliance “Financial services organisations need to radically rethink crime protection and prevention.” Now some may say that’s quite...