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Newest Issue
Spring-Summer 2025 - Land
By Hafiz Imtiaz Ahmad
By Magdalena Antrobus
By Mark van Herk
By Fiona Hotston Moore
Published by Business Valuation Institute UK
Signals • Spring-Summer 2025 • Land
Ortiz de Zarate works closely with ASA’s leadership to uphold the highest ethical and professional standards, to enhance public trust in the appraisal profession, and to expand partnerships with key stakeholders, including the ASA Educational Foundation, the NAIFA Education & Research Trust, and a network of valuation organizations worldwide.
By Hafiz Imtiaz Ahmad
Landmarks • Spring-Summer 2025 • Land
Where value meets conflict. UK courts are gradually reshaping the landscape of shareholder dispute valuations—moving away from rigid, formulaic discounts and leaning into context, fairness, and commercial reality. Expert opinions are tested. Judicial reasoning evolves. Understanding this shift matters for anyone valuing shares in contentious situations.
By Andrew Strickland
Edge • Spring-Summer 2025 • Land
Not every request for valuation should be met with a number. Some circumstances call for restraint—because the deeper you go, the more damage you risk doing. When the context is emotionally charged or the client’s motives are uncertain, the most responsible course may be to step back. Sometimes, the valuer’s clearest duty is to say no.
By Mike Blake
Signals • Spring-Summer 2025 • Land
In growth share valuation, volatility is more than a data point—it’s a decision-maker. A marginal shift in input can swing valuations dramatically, raising the question of whether current models reflect real risk or simply reward theoretical turbulence. The case is made for nuance, for expertise, and for recognising that in valuation, precision isn't optional—it's the price of accuracy.
By Ben Macnaghten
Landmarks • Spring-Summer 2025 • Land
Company-specific risk doesn’t belong in the discount rate if it's already accounted for in projected cash flows. Stacking adjustments leads to distortion, not precision. When valuers fudge the inputs—doubling up on risk, smoothing discomfort—they don’t clarify the picture, they blur it. Accuracy demands discipline: either the uncertainty sits in the forecast or the discount rate, but not both. That line matters.
By Cliff Ang
Fieldnotes • Spring-Summer 2025 • Land
Valuation isn't just numbers—it’s a craft, woven from both science and informed professional judgment. In litigation especially, where courts crave precision, there’s a growing dependence on statistical tools and formulas. But no algorithm can replace the human discernment that ultimately determines value. Fair market value is hypothetical by nature, and where the science ends, the art begins. The strength of
a valuation often hinges not on the data, but on how it’s interpreted—and the clarity with which one expert’s judgment can outshine another’s under scrutiny.
By Jim Alerding
Pulse: Notes From the Editors
Pulse • Spring-Summer 2025 • Land
AI doesn’t replace judgment—it forces it to evolve. As the volume and velocity of data increase, valuation shifts from repetition to precision. The challenge isn’t adoption, it’s adaptation—learning where the tools end and the professional begins. In this new terrain, clarity isn’t optional. It’s the benchmark.
By Hafiz Imtiaz Ahmad
Pulse • Spring-Summer 2025 • Land
From swap agreements to space tech, valuation isn’t theory—it’s practice. Private equity portfolios, expert witness reports, carried interest, convertible notes—each engagement recalibrates the craft. Across disputes, restructurings, and strategic deals, this is valuation not as repetition, but as terrain. Not all mapped. Not all tamed.
By Ben Macnaghten
Pulse • Spring-Summer 2025 • Land
Precision doesn’t come from stillness—it comes from movement, from knowing how to respond mid-air or mid-play. Whether in the cockpit or the courtroom, valuation is a craft of direction, not destination. The sharper the turn, the clearer the decision. There’s something unmistakably grounded in the way a business is seen when you’ve flown over its possibilities and stood on its sidelines. Some see numbers. Others see the route.
By David Young
Pulse • Spring-Summer 2025 • Land
Valuation shapes businesses, drives investment, and builds trust in markets undergoing transformation. In fast-growing regions, where governance frameworks evolve alongside capital flows, aligning local practices with global standards isn’t optional—it’s strategic. Startups, funds, and intangible assets now demand sharper judgement, not just models. The discipline isn’t just responding to change. It’s leading it.
By Omar Zaman
Spill • Spring-Summer 2025 • Land
Wine is more than a passion play. It’s a marketplace—global, volatile, seductive. Shaped by climate shocks, shifting palates, and supply chain tremors, its flows ripple across economies and generations. From biodynamic cult labels to Prosecco’s populist reign, from Bordeaux’s ancient merchant webs to the creeping influence of critics, the valuation of wine is no longer a luxury—it’s a live signal. Whether consumed, collected, or quietly traded, each bottle whispers of scarcity, legacy, and leverage.
By John Sears
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