Impairment Barometer
Observations and measures of how H1 2020 COVID-related events have impacted equity market indices, adjustments to EBITDA expectations, and their influence on enterprise values by sector.
COVID-19 & Portfolio Securities Valuation
A Q2 2020 update on credit spreads and required returns.
Industry Index Discounted Spreads in Valuations
Considering the virus’ material impact on specific industries, we’ve seen a greater emphasis on secondary industry-specific loan indexes when controlling for credit risk.
A 50-Year Vintage: Great for wines, but not valuation (Opinion)
A prudent recap and opinion on the proposed steps the SEC is taking toward modernizing fund valuation guidance.
COVID-19: Event Timeline (Updated June 2020)
VRC continues to identify potential triggering events of the health and financial crisis as we help clients with financial reporting in our preparation of valuations.
The SEC’s Not-So-Gentle Reminder: Show Your Work
The SEC is making it a priority to focus on impairments related to COVID-19.
Avoiding Valuation Surprises in M&A
Not every company uses the same method for valuation. Recently, VRC and one of its key partners shared insight into their valuation “secret sauce.”
COVID-19: Event Timeline
Tracking the socioeconomic disruption of the coronavirus pandemic.
SEC Proposes Rule Modernizing Fund Valuation Guidance
The SEC has Proposed Rule 2-a5, which will update its fund valuation guidance for the first time in 50 years, establishing a board’s responsibilities as it pertains to a fund’s determination of their investments.
COVID-19 and the Impact on Private Equity
The COVID-19 market dislocation could be compared, not only to the Great Recession, but also—inversely—to the “irrational exuberance” of the dot-com era.