OUR THOUGHTS (Incwert Chronicles)
We are pleased to release the third edition of Incwert’s holding company discount (“HoldCo Discount”) study 2022, based on the analysis of select listed holding companies across major sectors in India.
We observe that the median HoldCo discount in FY22 is approximately 71 per cent across the major listed holding entities in India.
The median HoldCo discount expanded during the COVID-19 period due to the volatility spillovers in the market.Read More
Purchase Price Allocation (PPA) Study, India
We are pleased to release the first edition of Incwert’s Purchase Price Allocation Study in India covering the financial years 2020, 2021 and 2022. We have compiled the study after analysing public filings for 124 completed transactions in FY2020, 75 completed transactions in FY2021 and 141 completed transactions in FY2022. We have summarised the results by the class of intangible, size of the transaction, rate of occurrence of intangibles within the industry, contingent consideration, select key transactions and useful life of the intangibles.Read More
India Size Premium Study 2022
Incwert Size Premium Study 2022 is a comprehensive study of past market data of the companies listed on the National Stock Exchange (NSE) of India from 1995 through December 2021 to analyse the returns that mid-cap, small-cap and micro-cap stocks have generated over the return as predicted by capital asset pricing model (CAPM)Read More
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Capital structures involving multiple classes of securities are often found in startup enterprises funded by venture capital and may also be found in larger enterprises funded by private equity.
Such securities include features that alter cash flows over the life of the security, such as options, return multiples or thresholds, and/or specific IRR and price-performance targets.
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Hard to value assets
Our team has the expertise in valuing hard-to-value assets such as cross-country interest rate swaps, embedded derivatives, hybrid securities, right of use, and warrants among others.
Featured News/ Reference to Incwert's research papers
ICAI RVO - Valuation Professional's insight (series 7)
The book published by the Institute of Chartered Accountants of India RVO draws reference to ERP based on the paper published by Incwert.
Airports Economic Regulatory Authority - Ahmedabad International Airport Ltd
The multiyear tariff proposal for Ahmedabad International Airport Limited for the third control period draws reference to ERP using the paper published by Incwert.
Taxguru - How to value your business during COVID times?
The Equity Risk Premium of India at the beginning of April 2020 was 7.50% as per Incwert Valuation Chronicles, Series 4, 2020 (Source: ...
Airports Economic Regulatory Authority - Mangaluru International Airport
The multiyear tariff proposal for Mangaluru International Airport draws reference to ERP using the paper published by Incwert.
Asian Development Bank's report - Prefeasibility Study on Carbon Capture and Utilization Cement Industry of India
The report draws reference to ERP using the paper published by Incwert.
Reference to control premium study - Mint
Incwert Advisory Pvt. Ltd, an independent valuation services firm, points out in a report that acquirers paid on average a 28% premium to ...
Credit Research Challenge 2018-19
Punit Khandelwal. Co-founder IncWert Advisory. Nirakar Pradhan. Director Professional Risk Managers' International Association, USA. Joydeep Sen...
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