Holdco Discount-2023

By incwert | 15th March 2024

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.

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Purchase Price Allocation (PPA) Study, India

By incwert | 1st January 2024

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.

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India Size Premium Study 2023

By incwert | 29th November 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)

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India Control Premium Study 2023

By incwert | 30th August 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.

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Unravelling the tapestry of royalty rates, 2023

By incwert | 30th July 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.

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India Equity Risk Premium 2023

By incwert | 28th May 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

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Volatility Study 2023

By incwert | 27th March 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.

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Holdco Discount-2022

By incwert | 18th February 2023

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.

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Purchase Price Allocation (PPA) Study, India

By incwert | 30th January 2023

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.

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India Size Premium Study 2022

By incwert | 15th November 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)

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Services

India Control Premium Study 2022

By incwert | 28th September 2022
Posted in ,

The fourth edition of Incwert’s India Control Premium Study, 2022 is an update to the previous year’s study. The study analyses 20+ years (March 2002 to June 2022) of premium offered in takeovers in public transactions which triggered open offer obligations on the acquirers.

India Equity Risk Premium 2022

By incwert | 4th July 2022
Posted in

This is Incwert’s fourth edition of India Equity Risk Premium study. Based on the current market conditions, we recommend India ERP of 7.25% ( 6.75% and 7.75% being the upper and lower limit of the range, respectively) beginning April 2022

Volatility Study 2022

By incwert | 27th February 2022
Posted in

This is the second 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 believe that a volatility band of 60-65% may of significance for capturing the risk factors in privately held companies and start-ups.

An insight into HoldCo Discount

By incwert | 27th January 2022
Posted in

This is the second edition of Incwert’s Holding company or “Conglomerate” discount study 2021, based on the analysis of select listed holding companies across major sectors in India.

India Control Premium Study, 2021

By incwert | 29th October 2021
Posted in

The third edition of Incwert’s India Control Premium Study, 2021 is an
update to the previous year’s study. The study analyses 19+ years (March
2002 to June 2021) of premium offered in takeovers in public transactions which triggered open offer obligations on the acquirers.

India Size Premium Study 2021

By incwert | 16th August 2021
Posted in

Incwert Size Premium Study is a comprehensive study of past market data of the companies listed on the National Stock Exchange (NSE) of India from 1995 through December 2020 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 Equity Risk Premium 2021

By incwert | 31st May 2021
Posted in

The third edition of India Equity Risk Premium study. Based on the current market conditions, we recommend India ERP of 7.5% ( 7% and 8% being the upper and lower limit of the range, respectively) beginning April 2021

The Cross-Section of Volatility in Returns of Enterprises from Micro to Large Cap

By incwert | 14th January 2021
Posted in

Assessment of volatility in equity return of enterprises stratified by size

Equity with Differential Rights – how does it deal with the test of inadequate consideration within the Income-tax (rule 11UA)

By incwert | 30th September 2020
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With the idea of differential rights as to dividends, voting or otherwise picking-up in India pursuant to the introduction of section 43(a)(ii) of the Companies Act, 2013, can DVRs be a stratagem to emaciate the income tax (Rule 11UA) valuation?

India Control Premium Study, 2020

By incwert | 30th August 2020
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A study of control premium offered in takeovers in India based on public company transactions during 2002 to June 2020

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