MARKET LINE

PRAGMATIC CORPORATE VALUE ADVICE

Market Line is a member firm of Maven Libera.

The name (and logo) is derived from the term used to graphically depict the capital asset pricing model. The capital asset pricing model is used to calculate the required rate of return on equity invested in a business. A graph showing the expected rate of return of an individual equity security as a function of systematic, non-diversifiable risk is called the ‘security market line’. 

Expected Return

Return of Market

Security Market Line

Risk Free Rate

Shareholder value is at the heart of everything we do

Corporate Value Consulting Services

1.  Business valuation: Estimate the economic value of the business and business divisions to identify which divisions create value and which destroy value.  The impact of changes in market conditions and business strategies on economic value is also considered.  We will also determine the extent to which past strategies increased or destroyed shareholder value and the expected impact of current strategic plans on future shareholder value.

2.  Cost of capital: Advise on the appropriate cost of capital of the businesses now and in the near future using benchmarking and our experience.  Capital is a scarce resource and must only be allocated to economically feasible projects that generate appropriate returns.

3.  Value drivers: Identify the important value drivers of a business which must be focussed on to maximise shareholder value.  This includes ensuring there is a sufficient level of ‘financial hygiene’ in the business to monitor financial performance and value drivers.

4.  Value gap: Compare shareholder value expectations for a future exit event to the value implied by management’s current business or strategic plans.

5.  Assist with mergers and acquisitions.

Our corporate value consulting services offers real life practical advice that add tangible value to businesses as opposed to highly theoretical recommendations often poorly understood and never implemented. 

We recognise that business owners do not want to relinquish the entrepreneurial spirit instilled by previous generations and that the most important asset of any organisation is its people.

Compliance Valuations

Formal valuations for financial reporting or taxation (income tax, transfer pricing or stamp duty) purposes. These valuations often include the valuation of intangible assets, such as trademarks, customer contracts and relationships, software or mining tenements.

Expert Witness Valuation Services

Provided to clients involved in often complex litigation, where there is a need for deep theoretical and sector experience.

Expert Valuations

Valuations called for by a shareholders’ agreement.

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The team at Market Line is proudly top-heavy. We aim to be selective about the work we take on, preferring complex and challenging engagements where our senior team’s skill and experience can provide clients with maximum value.

The team is lead by Daniel van Aswegen.  He has had a professional career spanning more than 25 years, during which time he has worked with clients such as investment banks, legal firms, professional services firms, listed and unlisted public companies and fund managers. He has advised corporate Boards on shareholder value related matters relating to strategy, mergers and acquisitions and impairment. He has also acted as a valuation expert witness and provided litigation support in legal matters.

He has held many senior positions over the course of his career, including as lead partner for the Valuation & Strategy division for PwC Southern Africa, the partner responsible for the Valuation Services Division of KPMG in Brisbane and subsequently Melbourne and recently founded Maven Libera (an independent valuation and advisory firm) of which Market Line is a member firm.

Daniel initiated and authored the Valuation Practices Survey both in Australia and South Africa. The survey, which provides insights into the valuation methodologies being adopted and how they are applied, has helped shape the valuations industry in both countries.

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