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Autumn-Winter 2025 • Water
Spotify was never only about streaming music. It was about reshaping how listeners connect to sound, how artists reach audiences, and how an entire industry is forced to reckon with change. Valuation, in this case, becomes a story of scale against margin, of growth against gravity, where numbers and narrative merge.
By Graham Antrobus
Autumn-Winter 2025 • Water
An expert witness must not act as an advocate. Their role is to support the court by offering a reasoned, impartial opinion based on sound valuation principles and clear logic. The most effective experts are those who remain calm under cross-examination, grounded in their evidence and unshaken by rhetorical tactics. It is not performance that convinces the court, but clarity, structure, and consistency. Authority arises from depth of understanding, not from theatrics.
By Andrew Strickland
Autumn-Winter 2025 • Water
Valuing sports clubs demands more than financial acumen—it requires an understanding of identity, belonging, and cultural impact. These organisations are not conventional businesses; they are vessels of history, passion, and tribal allegiance. Brand strength, fan loyalty, stadium ownership, media rights, and competitive success all intertwine to shape value in ways that resist simple modelling. What’s at stake is not just return on investment, but the preservation of institutions that carry meaning far beyond the balance sheet.
By Danny F. Hill
Autumn-Winter 2025 • Water
It took two minutes. A complex valuation task that once demanded a seasoned analyst's focus was now dispatched by AI—nearly flawlessly, and almost instantly. The experience wasn’t just technical; it was existential. What do we do when machines perform the work we once guarded as expert territory? The answer isn’t retreat. It’s evolution. The valuation professional of the future isn’t the fastest number cruncher, but the sharpest interpreter—the one who can see what AI misses, challenge its flaws, and guide its output with judgment rooted in real-world complexity.
By Greg Endicott
Autumn-Winter 2025 • Water
Not every question deserves an answer in numbers. There are moments when stepping in too far distorts more than it reveals. In charged environments—where motives are unclear or emotions sit close to the surface—holding back can be the most precise move. Saying no isn’t refusal. It’s judgement. And sometimes, it’s the clearest form of professional care.
By Hafiz Imtiaz Ahmad and Ascanio Salvidio
Autumn-Winter 2025 • Water
In Conversation with Ascanio Salvidio: Exploring the Latest Trends in the Italian Business Valuation
Italian business valuation has undergone a quiet transformation since the introduction of the Italian Valuation Standards (PIV) in 2015. These principles, inspired by IVS but tailored to Italian legal and financial culture, have raised expectations for transparency, precision, and professionalism. At the same time, demand for valuations has surged—not just from IFRS adoption and tax reforms like the "patent box," but from a deeper need to assess and preserve value in restructuring contexts.
By Magdalena Zawadzka
Autumn-Winter 2025 • Water
Pushing a pram should feel simple. After a lung collapse, it didn’t. That moment sparked PramBoost—a silent, lightweight motor that supports any pram without changing its design. It’s built for parents recovering after birth, for grandparents, for those who want support without compromise. We’re now preparing for investment and early pilot testing across Europe.
By Lennart Poulsen
Autumn-Winter 2025 • Water
As late summer heat softens, the palate turns—towards earth, spice, and depth. Southern Rhône reds bring structure and warmth; aged Nebbiolo speaks with clarity and soul. Autumn offers both pleasure and precision, inviting not only pairing, but intelligent selection for those applying valuation to wine investment.
By John Sears
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Autumn-Winter 2025 • Water
Valuers are increasingly asked to perform share option valuations, often under pressure and tight deadlines. But not every request leads to a billable engagement. The first step is always to determine whether a valuation is actually required for the accounts under UK GAAP or IFRS—because in many cases, it isn’t.
By Shan Kennedy
Autumn-Winter 2025 • Water
Artificial intelligence now carries much of the weight of calculation, but it cannot claim the spark of creativity or the pulse of ethical judgment. The real power lies in convergence, where machine precision supports human intuition, and human empathy anchors technological speed. In valuation, report writing, and forensic work, this balance becomes essential—numbers may be processed by systems, yet meaning and integrity remain human work.
By Hafiz Imtiaz Ahmad
Autumn-Winter 2025 • Water
Family business succession requires valuation that transcends numbers. Ownership is bound to identity, history, and intergenerational trust—requiring valuers to navigate emotional dynamics, cultural norms, and governance gaps with precision and empathy. From adjusting methodologies for informal structures to managing expectations across family branches, valuation becomes a tool for clarity and continuity. When applied early and with IVS-compliant rigor, it supports not only fair outcomes but the preservation of unity and legacy across generations.
By Omar Zaman
Autumn-Winter 2025 • Water
Australian SMEs face quantifiable risks that valuation professionals can no longer afford to estimate based on instinct alone. Survey data from 16,810 SME owners reveals that owner dependence, profitability, and value gaps are not just operational concerns—they are direct value determinants. Access to this specific company risk data allows valuers to sharpen equity discount rate assumptions, justify their conclusions, and support clients in closing value gaps. When applied strategically, this approach strengthens both the valuation itself and the long-term investment appeal of the business.
By David Young
Autumn-Winter 2025 • Water
EBITDA, when left untouched, can mislead. Personal salaries, one-off costs, and owner-driven decisions often distort the true earning potential of an SME. Normalising EBITDA strips these out, aligning the numbers with market reality. For investors and valuers assessing future returns or preparing for sale, this process offers clarity—restoring trust in what the business can actually deliver.
By Ben Macnaghten
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