Services
Holdco Discount-2023
We are pleased to release the fourth edition of Incwert’s holding company discount (“HoldCo Discount”) study 2023, based on the analysis of select listed holding companies across major sectors in India.
We observe that the median HoldCo discount in FY23 is approximately 69 per cent across the major listed holding entities in India.
Purchase Price Allocation (PPA) Study, India
We are pleased to release the second edition of Incwert’s Purchase Price Allocation Study in India covering the financial years 2017 to 2023. This study is an extension of the first edition and builds on it by adding three years from the past (2017, 2018 and 2019) and the latest year (2023). We have compiled the study after analysing public filings for 930 completed transactions from FY2017 to FY2023. The results are summarised 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.
India Size Premium Study 2023
Incwert Size Premium Study 2023 is a comprehensive study of past market data of the companies listed on the National Stock Exchange (NSE) of India from 1995 through December 2022 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)
India Control Premium Study 2023
The fifth edition of Incwert’s India Control Premium Study, 2023 is an update to the previous year’s study. The study analyses 20+ years (March 2002 to June 2023) of premium offered in takeovers in public transactions which triggered open offer obligations on the acquirers.
Unravelling the tapestry of royalty rates, 2023
Unravelling the tapestry of royalty rates is our comprehensive study of intellectual property rates in India. In this study, we explore trends, challenges, and comparisons in the Indian royalty landscape over the last decade.
India Equity Risk Premium 2023
This is Incwert’s fifth edition of India Equity Risk Premium study. Based on the current market conditions, we recommend India ERP of 7.50% ( 7.00% and 8.00% being the upper and lower limit of the range, respectively) beginning April 2023
Volatility Study 2023
This is the third edition of Incwert’s Volatility Study, assessing the quantum of volatility in the asset prices differentiated by size based on the analysis of indices and listed companies in India.
We observe an increase in the volatility band for the micro enterprises to 65-70% compared to 60-65% during 2021. The volatility band of micro-enterprises may of significance for capturing the risk factors in privately held companies and start-ups.
Holdco Discount-2022
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.
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.
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)