Estimating Long-Term Growth Rates
- Terminal Value estimates in the DCF often account for a large percentage of the total indicated value and are highly influenced by growth rate expectations
- Typical formulation of DCF requires an estimate of the expected organic growth rate of the subject business as it exists on the valuation date
- Session will present new empirical research on organic industry-level growth rates – growth rates actually realized over the long-run with affect of acquisitions removed.
Session D-13: Freitag, 6. Dezember, 10:30 bis 11:30 Uhr
Roger Grabowski, FASA
is a Managing Director with Duff & Phelps LLC and an Accredited Senior Appraiser and Fellow (FASA) of the American Society of Appraisers (ASA) (their highest designation), Business Valuation.
He was formerly Managing Director of the Standard & Poor's Corporate Value Consulting practice, a partner of PricewaterhouseCoopers LLP and one of its predecessor firms, Price Waterhouse (where he founded its U.S. Valuation Services practice and managed the real estate appraisal practice).
He has directed valuations of businesses, interests in businesses, intellectual property, intangible assets, real property and machinery and equipment. Roger has been recognized in various courts as an expert on matters of solvency, the value of closely held businesses and business interests, valuation and amortization of intangible assets and other valuation issues. His testimony in U.S. District Court was referenced in the U.S. Supreme Court opinion decided in his client's favor in the landmark Newark Morning Ledger case.
Roger is co-author with Shannon Pratt of Cost of Capital: Applications and Examples, 5th ed. (John Wiley & Sons, 2014), The Lawyer's Guide to Cost of Capital (ABA, 2014), and Cost of Capital in Litigation: Applications and Examples (John Wiley & Sons, 2010). He is co-author of the Duff & Phelps annual resources for cost of capital data: on-line Cost of Capital Navigator, Valuation Handbook-Industry Cost of Capital, International Valuation Handbook - Guide to Cost of Capital and International Valuation Handbook - Industry Cost of Capital (Duff & Phelps).
Roger teaches courses for the American Society of Appraisers and lectures frequently at professional conferences.