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Sergey Puzenko, MRICS

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business valuation

Posted By Sergey Puzenko 07-01-2026 10:32
Found In Egroup: Valuation \ view thread
Addendum to country risk to the CAPM cost of equity is well known in business valuation. It is widely used to derive market value of a business by means of DCF method. Another valuation technique – market multipliers method (MMM) can account for country risk only by choosing appropriate companies for ...

RE: Valuation - Valuation Review - Valuation Process Review - Value Review

Posted By Sergey Puzenko 06-01-2026 14:12
Found In Egroup: Valuation \ view thread
yes ------------------------------ Sergey Puzenko MRICS chartered surveyor in valuation SVK Ltd ------------------------------

RE: Valuation - Valuation Review - Valuation Process Review - Value Review

Posted By Sergey Puzenko 05-01-2026 13:28
Found In Egroup: Valuation \ view thread
this quote is from Khaled Abdel Baky answer. It seems to me that he contradicts itself. We have the same discussion in national valuation legislation. I believe that there must be one definition for reviewing with appropriate comments (analogous to paragraphs concerning valuation report). The scope of ...

RE: Valuation - Valuation Review - Valuation Process Review - Value Review

Posted By Sergey Puzenko 02-01-2026 09:35
Found In Egroup: Valuation \ view thread
" Best practice for most users-particularly lenders, auditors, and courts-is a clearly scoped Valuation Review covering both process and value, rather than relying on partial reviews presented without context." Therefore one does not require three separate definitions concerning reviewing. Inner problems ...

RE: Valuation - Valuation Review - Valuation Process Review - Value Review

Posted By Sergey Puzenko 02-01-2026 09:30
Found In Egroup: Valuation \ view thread
In my opinion, reviewing and valuation are two distinct processes that should be defined separately and independently. Essentially, valuation is the process of forming an expert judgment about a value. It isn't evident for all but it is the real state of art. Reviewing is the process of checking the ...

RE: Valuation - Valuation Review - Valuation Process Review - Value Review

Posted By Sergey Puzenko 31-12-2025 15:43
Found In Egroup: Valuation \ view thread
I am very interested in understanding which users require a separate "Valuation Process Review" or a separate "Value Review." In my opinion, clients expect the reviewer to provide answers to the following key questions: Is the valuation prepared in accordance with the International Valuation Standards ...

RE: regression models

Posted By Sergey Puzenko 18-08-2025 07:04
Found In Egroup: Valuation \ view thread
Thank you for the fruitful discussion. I understand the complexity and ambiguity of regression models. I would like to summarize a few pros and cons. Cons: 1. The factors that shape the value of real estate are practically not amenable to quantitative assessment. 2. The functional dependencies of value ...

regression models

Posted By Sergey Puzenko 06-08-2025 09:04
Found In Egroup: Valuation \ view thread
i'd like to discuss the problem of the apliсability of regression models to valuation in the framework of comparable approach. It seems to me that in the light of essential progress in various digital techniques the regression methods can be standartised as a method of comparable approach. It can be ...

RE: Not a hypothetical - Opinions sought

Posted By Sergey Puzenko 16-03-2025 04:46
Found In Egroup: Valuation \ view thread
A result of mass valuation couldn't be a subject to reviewing. It seems to me that you can review initial report which gives market value of $18.35 m and giveconsultations to the client, which explain difference between IVS and mass valuation approaches in order to help the client in tackling this problem ...

RE: Should AVM's be excluded from Valuation Standards

Posted By Sergey Puzenko 23-02-2025 19:05
Found In Egroup: Valuation \ view thread
And one more point. AI in valuation and VOA are different questions. ------------------------------ Sergey Puzenko MRICS chartered surveyor in valuation SVK Ltd ------------------------------

RE: Should AVM's be excluded from Valuation Standards

Posted By Sergey Puzenko 23-02-2025 19:03
Found In Egroup: Valuation \ view thread
I'm not interesting in opinion by AI tech specialist about valuation. AI is a powerful tool to search information necesssary for valuation and not more. Using AI is individual choice of every person not obligatory the valuer. That's all talks ------------------------------ Sergey Puzenko MRICS ...

RE: Should AVM's be excluded from Valuation Standards

Posted By Sergey Puzenko 18-02-2025 11:19
Found In Egroup: Valuation \ view thread
overseeing VOA is not a valuer function. Moreover what the purpose of such overseeing? As to me, this looks foolishly. ------------------------------ Sergey Puzenko MRICS chartered surveyor in valuation SVK Ltd ------------------------------

RE: Discounted Cash Flow (DCF) calculations

Posted By Sergey Puzenko 16-01-2025 08:37
Found In Egroup: Valuation \ view thread
Firstly I ask Chat GPT what it know about WACC calculations and the answer was that value of bisiness in WACC formula is a complex task especially for the non public companies. So as I have understood the iteration procedure is not evident for the valuation community, that's why I simply pay attention ...

dcf calculations

Posted By Sergey Puzenko 12-01-2025 19:59
Found In Library: Valuation

Discounted Cash Flow (DCF) calculations

Posted By Sergey Puzenko 12-01-2025 19:59
Found In Egroup: Valuation \ view thread
Simple method for simultaneous calculation of equity value and WACC discount rate. Serhiy Puzenko In most business valuation assignments one need to derive a value of business by DCF method suggesting that the value of business is equal to discounted cash flows from the business activity. If ...

RE: Discounted Cash Flow - some thoughts

Posted By Sergey Puzenko 13-02-2024 06:53
Found In Egroup: Valuation \ view thread
DCF is based on the geometrical progression formulas which are studied in school. Therefore they must not be complicated to the normal valuers. as to the discount rate, we can discuss all risks mentioned and even more, but we observe definite real property profitability and that is the fact and ...

RE: IFRS 13 & IAS 116 - Who is the valuation for?

Posted By Sergey Puzenko 10-02-2023 19:18
Found In Egroup: Valuation \ view thread
Maybe there is some misunderstanding. I don't blame anyone. Assumptions made by valuers, especially when they prognosis future cash flows, have a crucial influence on the results of the valuation. Even if they are made in full accordance with RICS and IVS they are not unambiguous. There may be users ...

RE: IFRS 13 & IAS 116 - Who is the valuation for?

Posted By Sergey Puzenko 10-02-2023 07:20
Found In Egroup: Valuation \ view thread
There is another question. Why valuers when valuing public assets and companies set up confidential restrictions on the reports? It is a usual practice even of the big four when they work as valuers. Meantime, the valuation report must be considered as a part of financial reporting. Valuation assumptions ...

RE: Is anything missing from this valuation example?

Posted By Sergey Puzenko 22-11-2022 19:21
Found In Egroup: Valuation \ view thread
Sorry for delay. Conception of service potential had been used earlier in buchalter standards for the public sector instead of economical obsolescence. The main point is to check whether the object has potential ability to satisfy public needs or public needs are lesser than the object abilities. In ...

RE: Is anything missing from this valuation example?

Posted By Sergey Puzenko 16-11-2022 15:32
Found In Egroup: Valuation \ view thread
What about service potential consideration? ------------------------------ Sergey Puzenko MRICS chartered surveyor in valuation SVK Ltd Kharkiv ------------------------------