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Workshop 2

Business Valuations: Is it becoming harder to value a business?

7.30 - 9.30am, Wednesday 31 July 2013, Stamford Plaza, Auckland

Valuations have always been important to buy/sell decisions. Increasingly they are now also being required by Banks and other parties to support performance reviews. But determining fair values in times of fluctuating prices poses some significant issues. What are the most difficult valuation issues facing businesses today?

  • When should a business be valued?
  • How should a business be valued?
  • How relevant are the accounts?
  • How relevant is gearing?
  • How do you value intangibles?
  • Is goodwill developed or created?
  • Can profits be normalised?
  • How do you determine fair value in a falling market?
  • How do you mitigate against the prospect/ consequences of post valuation write downs?

SPEAKERS

Tony Batterton
Director, Direct Capital

Tony initially joined Direct Capital in 1996 and has 16 years' private equity and investment banking experience in NZ with Direct Capital, and in London with HSBC Investment Bank. Prior to this he qualified as a Chartered Accountant with Pricewaterhouse.

Tony’s role at Direct Capital is to source and execute new investment opportunities.

Tony is a Non Executive Director of Rodd & Gunn, Transaction Services and Scales Corporation. Tony has also been a director of Go-Bus, New Zealand Pharmaceuticals, Triton Hearing Clinics and Max Fashions until its sale to EziBuy.

 Tony has a BCom and is a member of the Institute of Chartered Accountants of New Zealand.

Watch the interview with Tony Batterton of Direct Capital here


Nigel Gormly
Head of Direct Investment, NZ Super Fund

Nigel is the Head of Direct Investment for the New Zealand Superannuation Fund. In this role he is responsible for the Fund’s direct investments both in New Zealand and offshore.

Nigel joined the Fund after ten years with Fonterra, where he held various strategic development and commercial leadership roles, most recently as General Manager Commercial, Global Portfolio Optimisation.

Nigel is a Chartered Financial Analyst, has a BCom in Management Science and Information Systems, a BSc in Applied Mathematics and Operations Research, and a Graduate Diploma in Finance, all from the University of Auckland.

Watch the interview with Nigel Gormly of NZ Super Fund here


Tony McNaught
Partner, KPMG

Tony joined KPMG New Zealand in 1986. Subsequently he spent six years working for KPMG and the Virgin Group in London. He re-joined KPMG Corporate Finance (Auckland) in 1996.

Tony has 25 years' experience advising on acquisitions, divestments, management buyouts, business valuations, IP valuations, executive share schemes, capital raisings and a broad range of other commercial issues. Tony has worked for clients including Fisher & Paykel, The Warehouse, Tourism Holdings, Navman, EROAD, Adis, Downer, P&O and Fonterra.

 Tony is on the KPMG New Zealand Executive and is a Director of Auckland Uniservices Limited, the commercialisation arm of The University of Auckland.

 Tony holds a BCom from Otago University, and is a member of the Institute of Chartered Accountants of New Zealand.

Watch the interview with Tony McNaught of KPMG here