The scope of IWA's value-based financial
advisory services covers issues related to valuation methodology,
process and application. Based on the economic model of business
as advocated by Stern Stewart et al, IWA focus is on identifying
property rights, value drivers and the specific requirements of
different stakeholders such as management, directors,
shareholders, investment analysts, etc.
IWA provides an independent value-based financial advisory
service. IWA services can be related to specific issues that we
address during the course of our assignments:
The Company and its
Share Price
What really determines the market value of a company?
Which of your businesses are creating value, and which are
destroying value?
How valuable is your corporate plan ... is it likely to create
value?
How does the stock market really judge corporate performance?
Measuring Performance
What measures should you adopt to set objectives and monitor
performance?
What is the cost of capital for each business unit? How should
the cost of capital be adjusted for cross border investments?
How should capital be allocated within the company and corporate
performance be periodically measured?
What is the appropriate value-based reporting measures for
businesses with natural monopoly characteristics and Crown-owned
companies?
Investor Communication
The role of dominant, price-setting investors ... who are they?
What should you communicate to investors?
What messages are price-setting investors providing to
management?
How are our policies best communicated to current and prospective
shareholders?
Executive Compensation
How do you link individual executives' pay directly to the
contribution they make to improve shareholder value?
How do you value executive options?
Restructuring for Value
Could you restructure our assets, business units or company and
anticipate the effect on our share price of proposed alternative
business strategies and financial structures?
Does your company's current share price fairly reflect value? If
not why not, and what can be done to close the gap?
Acquisitions
How much can you afford to pay for an acquisition candidate?
Will the proposed acquisition add value?
What are the critical operating parameters that will determine
the success or failure of an acquisition?
Dividend Policy
What is the right dividend policy for your company?
Is a change in dividend policy warranted and, if so, how can the
change best be implemented?
Valuation Review
Independent review of valuations prepared by advisors such as
chartered accountants, investment bankers and stockbrokers whose
main concerns are on transactions and relationships.
Independent review of investment analyst reports on listed
companies.
Expert witness and arbitration services.
Management and
Investment Analyst Education
Half/one day seminars are conducted to introduce a
widely-accepted and thoroughly-tested framework for valuation,
and show how it may be used to resolve critical planning and
policy issues. Specific company applications can be arranged.
IWA offers training in analytical methods including the use of
proprietary software such as FINANSEER®.