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How to create a business valuation report.

Posted by Valentiam Group on June 9, 2020

How To Create A Business Valuation Report

A business valuation report is an attempt to thoroughly document and assess the value of an enterprise or a group of assets, taking into account all relevant market, industry, and economic factors. It encompasses not only an analysis of the Subject Company’s financial data, but also analysis of the industry and comparable companies, the application of the appropriate valuation approaches, and good judgement in the assumptions made.

In this article, we’ll address how to do a business valuation report, the questions the report should answer, and present a sample table of contents for a valuation report, showing all the data and analysis components that go into a comprehensive business valuation report.

Need help calculating the value of your company? Schedule a free discovery call with our valuation experts.

How to do a business valuation report.

In a previous article we discussed in detail the steps for valuing a business; for the purposes of this article, here is a summary:

  • Understand the purpose of the valuation.
  • Determine the basis of value.
  • Determine the premise of value.
  • Review the historic performance of the business.
  • Determine the future outlook for the business.
  • Determine the valuation approach to use.
  • Apply discounts.
  • Arrive at a determination of value.

In the process of performing these steps, the appraiser will have:

  • Gathered data about the Subject Company, comparable companies, the industry, and current market conditions
  • Selected the valuation approach or approaches to use
  • Performed calculations to determine the value of the company

This data and analysis will provide answers to all the questions the valuation report should answer. Preparing the final report consists of compiling all the information into a well-organized format.

Valuation Report Template

The sample table of contents below shows all the information that might need to be covered in a report. For a large or small business valuation report, this template will cover all the elements that factor into the determination of value.

As shown in the sample table of contents, the final valuation report is comprehensive, extremely detailed, and covers all factors that may impact the value of the business. (Tweet this!)

There are currently several online business valuation calculators, which might be useful to satisfy curiosity regarding the possible ballpark value of a small business. A comparison between the table of contents above and the scant information used to calculate business value in these online applications illustrates why a professional appraisal is advisable for businesses of any size contemplating a sale, or for tax or litigation purposes—and illustrates why comprehensive appraisals are an absolute necessity for large or complex enterprises.

Without accurate information, a business valuation is just a guess.

Business valuation is a complex process that requires expertise—but even the best appraiser can’t calculate an accurate value without accurate and complete information.

Download our free Business Valuation Checklist to learn about the information you’ll need to provide for an accurate, comprehensive valuation of your business.

Download Now: Business Valuation Checklist

Topics: Business valuation

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Valuation Methods: A Guide

Different types of business valuation methods are suited to specific needs. Here are the three primary types of valuation techniques and when they should be used.

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10 tips for business valuation report writing and standards compliance

How to write a business valuation report may seem an unlikely subject. However, several current trends reflect confusion in this area and make it surprisingly relevant. Should an appraiser ever write a calculation report? If so, when is it appropriate? How can appraisers write reports that are cost-effective and timely while still exercising proper due diligence? Appraisers know they need to comply with the professional standards their designation mandates, but how often do they review the applicable standards?

In BVR’s evergreen special report, “ How to Write Bulletproof Valuation Reports ,” expert valuator Sheri Schultz provides her top 10 practical tips for best report-writing practices.

Tip #10: Start with a template.

Develop a report template for your firm—including all possible methods, scenarios, language, models, etc.—that you can utilize without having to spend time searching through past reports. Don’t start with the last report you wrote as there is a chance you could miss revising a name.

Tip #9: Cater to your reader.

If the user of the report will be a small-business owner who doesn’t know a WACC from a MVIC, then make an effort to define the terms. If the primary reader is the IRS, you may be able to leave in some of the more difficult material without defining everything in detail.

Tip #8: Write a complete story.

Remember that most third-party users don’t have the benefit of your management interviews and site visit; be sure your company background includes who, what, when, where, why, and how of what the company is and does. Relate the required content to the actual valuation. For example, how does the economic overview and industry analysis impact your final conclusion?

Tip #7: Check for inconsistencies.

Valuation variables should be consistent throughout, particularly in any alternative analyses. If you’ve changed your schedules, for instance, then check for all occurrences of the changes in the report. And double-check the “vulnerable” areas of the report, such as assumptions, normalization adjustments, discounts and capitalization rates, company-specific risks, and industry premiums. These can be traps for the unwary.

Tip #6: Include adequate explanation.

Avoid vague or ambiguous statements (such as “probable” or “for the most part”) and avoid absolutes, too (such as “always” or “never”). Avoid presenting conclusions without supporting information or logical analysis, and fully explain any adjust­ments to historical or projected data. Do not avoid unfavorable facts, and make sure to disclose all relevant facts.

Tip #5: Walk the reader through your schedules.

Don’t make the reader rifle through the report to find the key numbers. If you present a calculation supported by a schedule or appendix, then guide the reader to the backup, and add more explanation in your Excel schedules so that they can stand on their own, if necessary. In addition, note who prepared the schedules.

Tip #4: Use appropriate grammar and structure.

Business appraisers are analytical people. They are more comfortable with numbers, but, if someone doesn’t understand what you’ve done with the numbers, then all of your effort will be lost. To help readability, use active verbs, vary the sentence structure, and use appropriate transitions and subhead­ings between paragraphs as well as sections of the report.

Tip #3: Put findings in the report; put research in appendices.

The body of the report should include all findings, opinions, and conclusions, but the appendices should contain the backup research and support. For example, limit the explanation of how you estimated the WACC com­ponents in your report, and include a longer write-up on the theory and construction of WACC in an appendix. Research is not material to the development of your valuation conclusions, and you don’t want to lose your reader’s interest.

Tip #2: Be concise.

Simplify, simplify, simplify. Do what you say and say what you did. Make your report long enough to convey the necessary material and not one page longer. Do not repeat the same material in multiple places; cut unnecessary words. Make sure you change the verbiage that you use from client-provided materials and cut any “flowery” or too-favorable language. Also, write your report so that your spouse or your parent could understand it.

Tip #1: Get to the point.

Your readers want to know a number or a range of numbers. Give it to them right away, on page 1 of your cover letter or executive summary. Hit them between the eyes with just what they want.

To learn more on how to bulletproof your valuation reports, check out BVR’s evergreen special report that covers common questions business appraisers ask such as: Should an appraiser use a calculation report in a litigation setting? How can appraisers write credible and effective valuation reports that are user friendly? What are the differences in report writing standards, and do I need to comply with more than one set of standards? And much more.

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report writing valuation

Here’s How to Write an Equity Research Report: The Best Guide

October 17, 2016

The Advanced Guide to Equity Research Report Writing

Equity Research is a rewarding career.

To keep up, you need a strong foundation with the judgment to think critically, act independently, and be relentlessly analytical.

That’s why I wrote this guide — to empower you with the equity research(ER) report writing skills to stay ahead in the equity research career.

There is almost NO guide available that teaches you how to write an equity research report.

From textbooks to online video tutorials, you can check and let me know if you find one.

And, I felt that I should write a detailed and step-by-step guide— a guide that really starts at the beginning to equip already-intelligent analysts with a healthy balance of conceptual and practical advice.

The Advanced Guide to Equity Research Report Writing takes your writing to the next level.

Who Is This Guide for?

I wrote this guide for an audience of equity research analysts , investment banking professionals, industry analysts, market research professionals, business management students, and freelance writers.

Most of all, I want you to walk away from this guide feeling confident about your equity report writing skill.

What Is an Equity Research Report

This chapter explains what exactly an ER report is.

The questions like—Who makes it? Who reads and uses it? What are the different types of equity research reports?—are answered clearly and elaborately.

It briefly talks about the various key contents of an ER report.

And lastly, it explains the need to provide a disclaimer at the end of an ER report.

So before understanding how to write an ER report, let’s try to understand what exactly an equity ER is.

FINRA , the Financial Industry Regulatory Authority, defines an equity research report, in Rule 2711 (a)(8) as,

 “A written or electronic communication that includes an analysis of equity securities of individual companies or industries , and that provides information reasonably sufficient upon which to base an investment decision.

Readers of Equity Research, more so than anything else, identify trends that make investment decisions easier to justify.

In simpler words, equity research is a document written and published by a brokerage house or securities firm for its clients to help them to make better decisions regarding which stocks to choose for profitable investment.

The report should be such that it should convince the client to make a decision.

The report should be crisp; the point of view should be clearly structured and articulated concisely.

In the investment industry, equity reports usually refer to ‘sell-side’ research, or investment research created by brokerage houses.

Such research is circulated to the corporate and retail clients of the brokerage house that publishes it.

Research produced by the ‘buy-side’, which includes mutual funds, pension funds, and portfolio managers, is usually for internal use and is not distributed to outside parties.

a. Different types of equity reports

In the above paragraph, we saw terms such as ‘sell-side’ and ‘buy-side’.

Let’s quickly understand what these terms mean:

There are two main types of equity research reports:

i. Sell-Side reports

Sell-side reports are the most common type of equity research reports in circulation.

They are normally produced by investment banks , typically for their clients to guide their investment decisions.

A sell-side analyst works for a brokerage firm or bank which manages individual clients and makes investment recommendations to them.

Sell-side analysts issue the often-heard recommendations of “buy”, “hold”, “neutral”, or “sell”.

These recommendations help clients make decisions to buy or sell stocks.

This is favourable for the brokerage firm as each time a client takes a decision to trade; the brokerage firm gets a commission on the transactions.

Click here to see some examples of sell-side reports

ii. Buy-Side reports

The ‘buy-side’ reports are internal reports, produced for the bank itself, and are guided by differing perspectives and motivations.

A buy-side analyst generally works for a mutual fund or a pension fund company.

They perform research and make recommendations to the money managers of the fund that hires them.

Buy-side analysts will verify how promising an investment seems and how well it fits with the fund’s investment strategy.

These recommendations are made exclusively for the benefit of the fund that employs them and is not available to anyone outside the fund.

Within the buy/sell group, there are other types of reports like initiating coverage reports, standard reports, Issue reports, Investor notes, and sector reports.

iii. Initiating coverage reports

The initiating coverage reports are conducted on firms that the bank has begun following and are typically more comprehensive in nature.

Initiating coverage reports analyze a company’s historical financial information, order books, efficiency, SWOT, cash-flows, and future earning potential, basis which it estimates the future earnings of the company and its P/E multiples.

Click here to see some examples of initiating coverage reports

iv. Standard reports

After an initiating report is produced standard reports will follow for as long as the brokerage house continues to track the stock.

Stocks that are tracked are typically part of an index like the SENSEX or are amongst the top stocks in an industry as these are the stocks that investors care about and are traded in larger volumes.

v. Issue reports

These reports are issued when generally companies announce earnings each quarter (Quarterly earnings reports).

vi. Investor notes

These reports are published a few times in between for incremental information and news.

For example – investor conference companies hold a big M&A deal or a major new product announcement from a competitor.

These are usually short-run updates and are typically just quantitative in nature.

vii. Sector reports

A sector report is a document that evaluates a given industry and the companies involved in it.

It is often included as part of a business plan and typically seeks to establish how one company can gain an advantage in industry through detailed research on competition, products, and customers.

Click here to download the sector report

b. Contents of an equity research report

Now that we have understood the different types of equity research reports, let’s try to see the contents of an ER report.

An ER report should not be more than 10 to 15 pages long and should be very crisp and concise.

It should give the reader a clear understanding of the opinion of the analyst writing the report.

An ER report typically has the following contents:

1. Analyst opinion and summary

2. Key highlights of the company

3. A snapshot of the industry

4. Financial ratio analysis

5. Financial Modeling and Valuation analysis

6. Risk factors

7. Disclosure and rationale of rating

Usually, most of the equity research reports have this information; however, there is no hard and fast rule in which an ER report should be written.

We will study in detail (with examples) how to write each of these segments of an ER report in the forthcoming chapters.

c. Importance of Disclaimers in Analyst Reports

As every ER report is an investment document, and investors use it to make decisions for buying or selling securities based on it, it is important for the report to have certain disclaimers to show un-biases of the analyst writing the report.

Some typical disclaimers are as follows:

  • Every ER report entirely reflects views and personal opinions of the analyst as on the date of publication
  • The equity research analyst does not have an interest in the shares of the company
  • Compensation of the analyst is not linked directly to any specific research recommendations contained in the report

Financial Analysts or equity research analysts working in brokerage firms or sell-side analysts write equity research reports.

Equity research report writing process

Equity Research Report writing

After completing the fundamental analysis, financial statement analysis, ratio analysis, and valuation, the last part of the equity research process is writing equity research reports.

As an equity research analyst, you need to analyze the industry and the company first and then write the stock research report.

This step is paramount in your equity research analysis career .

This is important to write the equity research reports in such a way that your clients understand every word of it.

It’s also important to include relevant analysis that you’ve done in the report.

How to write a report

Let’s see each step of writing an equity research report in detail.

1. Company fundamental analysis

a) Macroeconomic Analysis

b) Checking public information of the company

c) Discussion/ interviews with company management

d) Prepare a 5-year cash flow model and earnings forecast model

e) Review your operational and financial assumptions

f) Assess management and competitive environment, buyers, suppliers, substitutes, porter 5-forces model that tells you the competitive advantage of the company.

2. Company valuation analysis

1. Use intrinsic valuation—Discounted Cash Flow(DCF) method

2. Relative valuation

3. sum-of-the-parts valuation method, wherever required.

Pointers for writing equity research reports

I’ve created a list of pointers purely based on my experience and observations and a bit of research about dos and don’ts while writing an equity research report.

1. A clear view of the company

Before writing the report, have a clear view of the company in terms of—Investment rationale, risk assessment, key growth drivers, cost drivers, and revenue drivers.

2. Recommendation/Rating

Clearly write the company’s name at the top of the report and mention your recommendation—buy, sell, hold.

You can also use the words—outperform, underperform, neutral or accumulate based on your valuation.

Have an image of an equity research report in your mind, and so you won’t miss these details.

Usually, there are templates available in your company and you need to write the report using these templates.

3. Target price

You need to mention the target price based on your valuation along with the recommendation.

4. Investment rationale

Write clearly your investment rationale. Why do you think the share price will go up/down?

5. Share price chart

Include a price chart of the stock that will show the last 52-weeks’ share price movement.

6.Business model

Mention the analysis of the company’s business model and how will it perform in the next 2-3 years.

7. Key ratio analysis

Include important ratio analysis of the company and 52-week high-low share price on a stock exchange.

Include market capitalization, Enterprise Value(EV), Earnings Before Interest Tax and Depreciation (EBITDA), EV/EBITDA, and dividend yield (%)

8. Product profile and segments

Analyze the company’s product profile, its various segments, and brands. Include current sales and forecasted revenue figures, cost, market size, company’s market share, competition, the company’s performance in domestic and other markets.

9. Economy-Industry-Company (E-I-C) Analysis

Cover the company’s fundamental analysis with supportive data.

10. Intrinsic and relative valuation

Perform DCF analysis and relative valuation. Relative valuation should be done with the company’s peers on the basis of Price-Earnings ratio (P/E), Price to Book ratio (P/B), Price to Sales (P/S), Return on Equity (ROE) and Return on Capital Employed (ROCE).

11. Reasoning for recommendation

Write proper reasoning for your recommendation. For example—Why buy the stock or why not to buy the stock. So, your reasoning has to be strong.

12. Unlock the value

Write what can unlock/increase/reduce the value of the company .

13. Legal matters

If the company is battling any case, write what could be its effects on the stock price.

14. Common industry points

While writing industry reports, write the points which are common for all players in the industry, for example, regulatory limitation, excise duty, oil prices, etc.

15. Covering all the areas in an equity research report

While writing the equity research report, assume that the reader is new to the company and he doesn’t have any idea about its business.

So, your report should include precise information about—product, financials, management, market, future plans of the company, growth estimates, and the risk factors of the company.

In short, as an equity research analyst, your equity analysis report writing process should be structured and you should follow the dos and don’ts mentioned in this post.

Sample equity research reports (PDFs):

The Walt Disney Company

If you have any queries, Speak Your Mind.

Key Takeaways

  • Equity research report writing is a skill . You need to build this skill to go to the next level in your career . Top-notch careers in finance–equity research, investment banking , asset management, financial research, Knowledge Process Outsourcing (KPO) units value this skill in high regard.
  • There are different types of research reports–sell-side, buy-side, initiating coverage, standard, issue, investor notes, and sector reports. As an analyst, you should know all these reports.
  • Contents of an equity research report include Analyst opinion and summary, Key highlights of the company,  A snapshot of the industry, Financial and ratio analysis, Valuation analysis, Risk factors, and Disclosure and rationale of rating. I’m going to cover all these sections in detail with examples in the coming chapters.

Now You Try It

I hope you can see the potential of equity research report writing skills for your career.

Yes, it takes hard work to create something great.

But with this skill, you already know ahead of time that your hard work is going to pay off.

I want you to give the skill a try and let me know how it works for you.

If you have a question or thought, leave a comment below and I’ll get right to it.

  • Download BIWS Course sample videos here .
  • Read Students’ Testimonials here .


Avadhut is the Founder of FinanceWalk. He enjoys writing on Finance Careers topics. Check our Financial Modeling Courses . Contact us for  Career Coaching based on Your Inner GPS.

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ContentsWho Is This Guide for?What Is an Equity Research Reporta. Different types of equity reportsi. Sell-Side reportsii. Buy-Side reportsiii. Initiating coverage reportsiv. Standard reportsv. Issue reportsvi. Investor notesvii. Sector reportsb. Contents of an equity research reportc. Importance of Disclaimers in Analyst ReportsEquity research report writing processHow to write a report1. Company fundamental analysis2. Company valuation analysisPointers for writing equity research reports1. A clear view of the company2. Recommendation/Rating3. Target price4. Investment rationale5. Share price chart6.Business model7. Key ratio analysis8. Product profile ...

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Seven Cases to Read Before Writing Your Next Valuation Report

“Valuation report writing is a lot more challenging than we think,” says former IRS official Howard Lewis (International Society of Business Analysts and RiskGuidance Co. LLC). Speaking at the recent NYSSCPA Business Valuation Conference in New York City, he observed that valuation report writing and report review is an overlooked subject that deserves more attention.

While there is a great deal of material about report writing in BV standards, textbooks, and so on, some of the most important—and practical—lessons come from the courts. Lewis points out a number of key court cases that speak to various aspects of report writing—cases that every valuation analyst should know before writing that next report.

  • Estate of Gallagher v. Commissioner, T.C. Memo. 2011-148

This case is a great example of the need to “explain everything” when writing a business valuation report, says Lewis. He points out that the most common problem with reports is the failure to explain certain conclusions, especially discounts and multiples. “Don’t just state—explain,” he says.

At the conference, he asked attendees whether anyone knew or could explain what the Gallagher case says about report writing. No one raised a hand. “I was shocked that no one appeared to know this case,” Lewis said later. “It’s a great report-writing case.”

In a detailed, comprehensive opinion by Judge Halpern, the U.S. Tax Court in Gallagher addresses nearly every aspect of private company valuation, including the application of the guideline public company method and income approaches. It also has a particular focus on tax affecting, adjustments to financial statements and cash flow projections, calculation of the rate of return, application of subsequent events, and the determination of discounts for lack of control and lack of marketability.

“Judge Halpern had many problems with both experts not being able to explain things,” says Lewis. “The judge destroyed both sides. Read it. It will help you understand your report writing—and your testimony.”

  • Estate of Winkler v. Commissioner, T.C. Memo 1989-231

An important concept about report writing is that another expert—after reviewing your report—should be able to replicate your work. It doesn’t matter whether your conclusion of value is picture-perfect. It’s like a carpenter trying to replicate a house without a blueprint. If there are not enough details about how you came to your conclusion, the court may not accept it—as the Winkler case illustrates:

Respondent’s expert appears to be extremely well qualified but he favored us with too little of his thought processes in his report.… His report briefly referred to the projected earnings approach, but the discussion was too abbreviated to be helpful. His testimony on the computer models he used … suggested that a lot of work had been done but simply not spelled out in his report. That may also be the case in his price-to-earnings computations, but the Court cannot simply accept his conclusions without some guide as to how he reached them.

  • Estate of Berg v. Commissioner, T.C. Memo 1991-279

Citing cases in a valuation report is problematic for a few reasons. First of all, valuation experts are not attorneys, so to cite cases can be asking for trouble if you don’t fully understand the nuances of the case. Second, every valuation engagement is different, so a conclusion of value is predicated on the specific facts and circumstances of the subject. In the Berg case, the expert cited cases in backing up the amount of the discount he was claiming. The court wasn’t pleased:

We will not discuss these cases in any detail for two reasons. First, the facts of each case are distinguishable from those of the instant case. Second, the valuation of the appropriate discounts must take into account all relevant facts and circumstances of the particular corporation at issue.… This and other courts have decided many cases involving discounts. The fact that petitioner found several cases which approve discounts approximately equal to those claimed in the instant case is irrelevant. Therefore, in deciding the appropriate discounts in the instant case we will take into account all relevant facts and circumstances of petitioner’s interest in [the subject entity], and do not consider the amount of discount applied in other cases cited by petitioner as persuasive.

  • Louise B. Barnes v. Commissioner, T.C. Memo 1998-413

This case emphasizes the importance of including in your report all of the information that’s available. If your opponent finds more information than you, it will not be a good situation. In this case, the taxpayer’s expert used the market or guideline company approach to estimate the value of the stock, but the court noted:

He excluded three companies that [the IRS expert] used as comparables because he did not have their market trading prices as of the valuation date. In contrast, [the IRS expert] apparently easily obtained the stock prices by contacting the companies.

The court also pointed out that the IRS expert visited the companies and interviewed the management. However, the taxpayer’s expert did not do a site visit, nor did he “make any other factual investigation.”

5. Estate of Lewis A. Bailey v. Commissioner , T.C. Memo. 2002-152

“Be consistent” is the lesson in this case, which considered the valuation of a corporation that owned and operated motels for estate tax purposes. The court picked up on some inconsistencies in the expert’s report that led to the expert contradicting himself—something to avoid at all costs.

In one place in his report, the expert categorized the company as a mere holding company. In several other places, he said the company “owns and operates” motels and that the family manages the properties. This inconsistency came back to haunt him when he discussed DLOM.

From his report, we infer that [the expert] believes that management continuity would support an additional amount of marketability discount if [the subject company] were considered to be an operating company. As just noted, [the expert’s] own report (although internally inconsistent in this regard), as well as the evidence in the record, fairly supports a conclusion that [the subject company] was in fact an operating company. Hence, [the expert’s] own report supports a conclusion that his recommended marketability discount is understated insofar as it disregards continuity of management.

  • Estate of True v. Commissioner, 2004 U.S. App. LEXIS 24844 (Dec. 2, 2004), affirming T.C. Memo 2001-167

This is an estate and gift case in which the court was troubled by the lack of explanations on a number of issues. It went into details about the DLOM conclusion, the weighting of factors used in the guideline company method, and a minority discount.

For the DLOM for controlling interests, the taxpayer’s expert relied on restricted stock and pre-IPO studies. The Tax Court takes issue with this:

We are troubled by the lack of any clear connection between [the expert’s] report’s general discussion of restricted stock and pre-IPO studies and the marketability discounts applied to the [subject interests]. For instance, there was no showing that the industries represented in the studies had risks and other attributes similar to the oil and gas industry. In fact, one of the pre-IPO studies specifically excluded natural resource companies from the companies being examined.

The court had more trouble with the report’s guideline company analysis:

It provided no data to support the calculations of EBDIT, EBIT, pretax earnings, and book value for either the comparable companies or [the subject company]. Further, [the expert] did not explain the relative weight placed on each factor.… Without more data and explanations, we cannot rely on the final [expert’s] report’s valuation conclusions using the guideline company method.

The analysis of the minority discount also was a target:

The final … report vaguely described studies of acquisition transactions and REITs to support the chosen discount, but it did not cite specific studies, describe the studies’ assumptions and findings, or analyze the control features of the … subject interests. We therefore disregard [the final report’s proposed minority discount].

  • Kohler v. Commissioner , U.S. Tax Court, July 25, 2006

In a valuation report, you need to follow the professional standards of the appraisal organization from which you are certified and prepare the report accordingly. If you are not certified, you must, at minimum, meet the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP).

This was one of the issues in the Kohler case. While the valuation reports by the Kohler experts merited high praise from the court, it was the IRS expert’s report that felt the judge’s wrath.

[The IRS expert’s] report … was not submitted in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) … and did not provide the customary USPAP certification.

Final point. At the recent NACVA conference in Las Vegas, one of the sessions spent a lot of time discussing the Richmond case ( Estate of Richmond, T.C. Memo. 2014-26). While it has major valuation-related issues, one of the interesting aspects of the case has to do with the valuation report submitted with the tax return. Attached to the return was not the final report, but a draft version—and it was marked up. And, of course, it wasn’t signed. This brings up the question of whether you should submit draft reports to attorneys. The risk is that you don’t know where they will end up—and you could get a surprise call asking to explain something in a report that you never intended to get released.

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  • Apr 26, 2022

Writing a Valuation Report

report writing valuation

What is a Valuation Report?

Is there any formal definition for a Valuation Report. Yes.

CBV Institute Practice Standard No. 110 - VALUATION REPORTS – Para 2 prescribes the following: A Valuation Report is defined as “ any written communication containing a conclusion as to the value of shares, assets or an interest in a business, prepared by a Valuer acting independently. ”

Types of Valuation Reports

In general practice, there are three types of Valuation Reports.

These Reports are not only distinguished by the Valuer’s scope of review and the amount of disclosure provided, but also by the level of assurance being provided in the conclusion, with a Comprehensive Valuation Report providing the highest assurance and the Calculation Valuation Report providing the lowest.

report writing valuation

Comprehensive Valuation Report - a Comprehensive Valuation Report contains a conclusion as to the value of shares, assets, or an interest in a business that is based on a comprehensive review and analysis of the business, its industry, and all other relevant factors, adequately corroborated and generally set out in a detailed Valuation Report.

Estimate Valuation Report - an Estimate Valuation Report contains a conclusion as to the value of shares, assets, or an interest in a business that is based on the limited review, analysis, and corroboration of relevant information, and is generally set out in a less detailed Valuation Report.

Calculation Valuation Report - a Calculation Valuation Report contains a conclusion as to the value of shares, assets, or an interest in a business that is based on minimal review and analysis and little or no corroboration of relevant information and is generally set out in a brief Valuation Report.

Contents of Valuation Reports:

Considering the interests of stakeholders and the need for transparency and principles of good corporate governance, the under noted matters should compulsorily be covered in the Valuation Report, in a clear, unambiguous, and non-misleading manner, consistent with the need to maintain confidentiality. The below-given table compares the minimum contents of the valuation reports prescribed by the Insolvency & Bankruptcy Board of India (IBBI), International Valuation Standards Council (IVSC), Canadian Business Valuators (CBV) Institute, The Institute of Chartered Accountants of India (ICAI) and The Companies (Registered Valuers and Valuation) Rules, 2017.

report writing valuation

Comprehensive: all-inclusive, broad, complete, encyclopedic, exhaustive, extensive, far-reaching, full, global, overall, sweeping, thorough, absolute, blanket, catholic, general, infinite, umbrella, whole, across the board.

In addition to the minimum contents required for all Valuation Reports as noted above, Comprehensive and Estimate Valuation Reports shall also include the following information:

1. A description of the valuation calculations, explaining how the significant components of the valuation calculations were developed, the rationale for each component, and the matters considered;

2. Where relevant to the valuation assignment, a full description of the classes of shares and rights attached thereto, where interests other than common shares have to be valued either directly or as part of the overall valuation, the details of any shareholder agreements, voting trust agreements, or other contractual obligations affecting the shareholders should be provided

3. A summary of relevant financial information. This would comprise the most current balance sheet, as well as historic income/cash-flow statement information leading up to the valuation date

4. A description of the business being valued, is sufficient for the reader to understand the valuation basis and approach adopted, as well as the various earnings/cash flow risk factors present. This would include a narrative description of the business activities, a brief history, and a discussion of factors influencing value and

5. A reference to trading volumes and price ranges, in the case of publicly traded securities.

A Comprehensive Valuation Report shall include in addition to the above A description of the economic context and industry outlook bearing on the shares, assets, or interest in a business being valued, taking into account the past and foreseeable future, as well as conditions at the valuation date.

To arrive at a single conclusion of value, we weighted the multiple valuation methods applied as follows:

report writing valuation

The Valuation Report shall contain a conclusion as to the value of the shares, assets, or interest in a business being valued. The conclusion of value may be expressed as a single value or a range of values. The conclusion should include a reference to the type of Valuation Report being provided, the Valuer’s scope of review, key assumptions relied upon, and any restrictions and/or qualifications in the Valuation Report.

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10+ Valuation Report Examples in MS Word | Pages | Google Docs | PDF

Valuation Report Examples

When it comes to buying a property or securities, it is critical to know the resource’s appraise esteem arranged to be contributed. A report template appearing data on the assessment and the assessed resource’s advertising cost may be a valuation report. This report may have comparable groups with a Monthly Report concerning projections and evaluation, but it is made for a specific reason and time outline.

10+ Valuation Report Examples

1. valuation report template.

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2. Property Valuation Report Template

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3. Real Estate Property Valuation Report Template

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4. Basic Valuation Report

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5. Formal Valuation Report Template

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6. Valuation Report Format

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7. Valuation Report Example

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8. Simple Valuation Report

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9. Basic Valuation Report Format

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10. Sample Valuation Report

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11. Desktop Valuation Report Example

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What Is a Valuation Report?

A valuation report may be a sort of  report writing  enumerating the review, and the resource studied’s market esteem. This report template is essential for trade exercises like capital budgeting and budgetary detailing.

How Important Is a Valuation Report?

Whether you’re attempting to sell a house, buy a property, or having it rented out, a property valuation ought to be the primary thing to do. The sample reports will serve as a direct or layout to assist you in writing one. These tests are accessible for you to download depending on the sort you’ll require. Reports that are a collection of the information were made, kept up, and used for the effective running of a trade or institution. That’s why the groups like a test police report and progress report will be utilized in numerous places.  Here are some reasons why valuation reports are essential.

1. Management

When financial specialists include exchanging or obtaining resources, valuation gives the data they require; aside from that, investigations produced from company reports like Sales Reports and Marketing Reports are being utilized as a basis for their trade.

2. Analysis

Valuation is an important figure when it comes to the procurement of firms. For both parties, the bidding firm and the target firm of their values and the combined esteem must consider the valuation report’s utilization.

3. Corporate Finance

In a firm, a valuation is needed. Each development is made with the business’s evaluated values and suspicions that include the valuation report.

4. Tax and Legality

Most valuations are done because of the charge reasons private companies confront. For illustration, an accomplice should be included in the association. The association conducts a valuation making a difference in choosing the endorsement or decreasing the partner’s entry.

A valuation report is fundamental in each trade move. That’s why it is critical to producing a message that will successfully help the partners included.

What should be seen in a Valuation Report?

A brief description of the company must be seen in writing a valuation report – its location and partnership. What is being esteemed – common stock, a standard organization intrigued non-voting stock—cash trade rates, etc. Be beyond any doubt to incorporate in your report as those segments that are important to the subject company, and clarify why it is significant.

Does valuation being counted?

Market capitalization is the best strategy of commerce valuation. It calculates by duplicating the company’s share cost by adding up to the number of extraordinary offers.

What are the five methods of valuation?

There are five primary strategies utilized when conducting a property assessment; comparison, benefits, residual, temporary workers, and speculation. A property valuer can use one of these strategies when calculating a property’s advertise or rental esteem.

The Sales Report Template is a perfect solution to monitor your deal execution without investing a single dollar in your benefits. All of these ready made formats are accessible in different forms of MS Word to meet your wanted requirements. If no one in your company is aware of proficient procedures, at that point, you’ll be able to download and utilize these templates to make professional-looking and self-explanatory deal reports for your commerce. You can also check out Daily Sales Report templates  and   Business reporting templates.

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  • How to Write Evaluation Reports: Purpose, Structure, Content, Challenges, Tips, and Examples
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This article explores how to write effective evaluation reports, covering their purpose, structure, content, and common challenges. It provides tips for presenting evaluation findings effectively and using evaluation reports to improve programs and policies. Examples of well-written evaluation reports and templates are also included.

Table of Contents

  • What is an Evaluation Report?
  • What is the purpose of an evaluation report?
  • Importance of Evaluation Reports in Program Management
  • Structure of evaluation report
  • Best Practices for Writing an Evaluation Report
  • Common Challenges in Writing an Evaluation Report
  • Tips for Presenting Evaluation Findings Effectively
  • Using Evaluation Reports to Improve Programs and Policies
  • Example of Evaluation Report Templates
  • Conclusion: Making Evaluation Reports Work for You

▶️What is an Evaluation Report?

An evaluatio n report is a document that presents the findings, conclusions, and recommendations of an evaluation, which is a systematic and objective assessment of the performance, impact, and effectiveness of a program, project, policy, or intervention. The report typically includes a description of the evaluation’s purpose, scope, methodology, and data sources, as well as an analysis of the evaluation findings and conclusions, and specific recommendations for program or project improvement.

Evaluation reports can help to build capacity for monitoring and evaluation within organizations and communities, by promoting a culture of learning and continuous improvement. By providing a structured approach to evaluation and reporting, evaluation reports can help to ensure that evaluations are conducted consistently and rigorously, and that the results are communicated effectively to stakeholders.

Evaluation reports may be read by a wide variety of audiences, including persons working in government agencies, staff members working for donors and partners, students and community organisations, and development professionals working on projects or programmes that are comparable to the ones evaluated.

▶️What is the purpose of an evaluation report?

The purpose of an evaluation report is to provide stakeholders with a comprehensive and objective assessment of a program or project’s performance, achievements, and challenges. The report serves as a tool for decision-making, as it provides evidence-based information on the program or project’s strengths and weaknesses, and recommendations for improvement.

The main objectives of an evaluation report are:

  • Accountability: To assess whether the program or project has met its objectives and delivered the intended results, and to hold stakeholders accountable for their actions and decisions.
  • Learning : To identify the key lessons learned from the program or project, including best practices, challenges, and opportunities for improvement, and to apply these lessons to future programs or projects.
  • Improvement : To provide recommendations for program or project improvement based on the evaluation findings and conclusions, and to support evidence-based decision-making.
  • Communication : To communicate the evaluation findings and conclusions to stakeholders , including program staff, funders, policymakers, and the general public, and to promote transparency and stakeholder engagement.

An evaluation report should be clear, concise, and well-organized, and should provide stakeholders with a balanced and objective assessment of the program or project’s performance. The report should also be timely, with recommendations that are actionable and relevant to the current context. Overall, the purpose of an evaluation report is to promote accountability, learning, and improvement in program and project design and implementation.

▶️Importance of Evaluation Reports in Program Management

Evaluation reports play a critical role in program management by providing valuable information about program effectiveness and efficiency. They offer insights into the extent to which programs have achieved their objectives, as well as identifying areas for improvement.

Evaluation reports help program managers and stakeholders to make informed decisions about program design, implementation, and funding. They provide evidence-based information that can be used to improve program outcomes and address challenges.

Moreover, evaluation reports are essential in demonstrating program accountability and transparency to funders, policymakers, and other stakeholders. They serve as a record of program activities and outcomes, allowing stakeholders to assess the program’s impact and sustainability.

In short, evaluation reports are a vital tool for program managers and evaluators. They provide a comprehensive picture of program performance, including strengths, weaknesses, and areas for improvement. By utilizing evaluation reports, program managers can make informed decisions to improve program outcomes and ensure that their programs are effective, efficient, and sustainable over time.

report writing valuation

▶️Structure of evaluation report

The structure of an evaluation report can vary depending on the requirements and preferences of the stakeholders, but typically it includes the following sections:

  • Executive Summary : A brief summary of the evaluation findings, conclusions, and recommendations.
  • Introduction: An overview of the evaluation context, scope, purpose, and methodology.
  • Background: A summary of the programme or initiative that is being assessed, including its goals, activities, and intended audience(s).
  • Evaluation Questions : A list of the evaluation questions that guided the data collection and analysis.
  • Methodology: A description of the data collection methods used in the evaluation, including the sampling strategy, data sources, and data analysis techniques.
  • Findings: A presentation of the evaluation findings, organized according to the evaluation questions.
  • Conclusions : A summary of the main evaluation findings and conclusions, including an assessment of the program or project’s effectiveness, efficiency, and sustainability.
  • Recommendations : A list of specific recommendations for program or project improvements based on the evaluation findings and conclusions.
  • Lessons Learned : A discussion of the key lessons learned from the evaluation that could be applied to similar programs or projects in the future.
  • Limitations : A discussion of the limitations of the evaluation, including any challenges or constraints encountered during the data collection and analysis.
  • References: A list of references cited in the evaluation report.
  • Appendices : Additional information, such as detailed data tables, graphs, or maps, that support the evaluation findings and conclusions.

The structure of the evaluation report should be clear, logical, and easy to follow, with headings and subheadings used to organize the content and facilitate navigation.

In addition, the presentation of data may be made more engaging and understandable by the use of visual aids such as graphs and charts.

▶️Best Practices for Writing an Evaluation Report

Writing an effective evaluation report requires careful planning and attention to detail. Here are some best practices to consider when writing an evaluation report:

Begin by establishing the report’s purpose, objectives, and target audience. A clear understanding of these elements will help guide the report’s structure and content.

Use clear and concise language throughout the report. Avoid jargon and technical terms that may be difficult for readers to understand.

Use evidence-based findings to support your conclusions and recommendations. Ensure that the findings are clearly presented using data tables, graphs, and charts.

Provide context for the evaluation by including a brief summary of the program being evaluated, its objectives, and intended impact. This will help readers understand the report’s purpose and the findings.

Include limitations and caveats in the report to provide a balanced assessment of the program’s effectiveness. Acknowledge any data limitations or other factors that may have influenced the evaluation’s results.

Organize the report in a logical manner, using headings and subheadings to break up the content. This will make the report easier to read and understand.

Ensure that the report is well-structured and easy to navigate. Use a clear and consistent formatting style throughout the report.

Finally, use the report to make actionable recommendations that will help improve program effectiveness and efficiency. Be specific about the steps that should be taken and the resources required to implement the recommendations.

By following these best practices, you can write an evaluation report that is clear, concise, and actionable, helping program managers and stakeholders to make informed decisions that improve program outcomes.

▶️Common Challenges in Writing an Evaluation Report

Writing an evaluation report can be a challenging task, even for experienced evaluators. Here are some common challenges that evaluators may encounter when writing an evaluation report:

  • Data limitations: One of the biggest challenges in writing an evaluation report is dealing with data limitations. Evaluators may find that the data they collected is incomplete, inaccurate, or difficult to interpret, making it challenging to draw meaningful conclusions.
  • Stakeholder disagreements: Another common challenge is stakeholder disagreements over the evaluation’s findings and recommendations. Stakeholders may have different opinions about the program’s effectiveness or the best course of action to improve program outcomes.
  • Technical writing skills: Evaluators may struggle with technical writing skills, which are essential for presenting complex evaluation findings in a clear and concise manner. Writing skills are particularly important when presenting statistical data or other technical information.
  • Time constraints: Evaluators may face time constraints when writing evaluation reports, particularly if the report is needed quickly or the evaluation involved a large amount of data collection and analysis.
  • Communication barriers: Evaluators may encounter communication barriers when working with stakeholders who speak different languages or have different cultural backgrounds. Effective communication is essential for ensuring that the evaluation’s findings are understood and acted upon.

By being aware of these common challenges, evaluators can take steps to address them and produce evaluation reports that are clear, accurate, and actionable. This may involve developing data collection and analysis plans that account for potential data limitations, engaging stakeholders early in the evaluation process to build consensus, and investing time in developing technical writing skills.

▶️Tips for Presenting Evaluation Findings Effectively

Presenting evaluation findings effectively is essential for ensuring that program managers and stakeholders understand the evaluation’s purpose, objectives, and conclusions. Here are some tips for presenting evaluation findings effectively:

  • Know your audience: Before presenting evaluation findings, ensure that you have a clear understanding of your audience’s background, interests, and expertise. This will help you tailor your presentation to their needs and interests.
  • Use visuals: Visual aids such as graphs, charts, and tables can help convey evaluation findings more effectively than written reports. Use visuals to highlight key data points and trends.
  • Be concise: Keep your presentation concise and to the point. Focus on the key findings and conclusions, and avoid getting bogged down in technical details.
  • Tell a story: Use the evaluation findings to tell a story about the program’s impact and effectiveness. This can help engage stakeholders and make the findings more memorable.
  • Provide context: Provide context for the evaluation findings by explaining the program’s objectives and intended impact. This will help stakeholders understand the significance of the findings.
  • Use plain language: Use plain language that is easily understandable by your target audience. Avoid jargon and technical terms that may confuse or alienate stakeholders.
  • Engage stakeholders: Engage stakeholders in the presentation by asking for their input and feedback. This can help build consensus and ensure that the evaluation findings are acted upon.

By following these tips, you can present evaluation findings in a way that engages stakeholders, highlights key findings, and ensures that the evaluation’s conclusions are acted upon to improve program outcomes.

▶️Using Evaluation Reports to Improve Programs and Policies

Evaluation reports are crucial tools for program managers and policymakers to assess program effectiveness and make informed decisions about program design, implementation, and funding. By analyzing data collected during the evaluation process, evaluation reports provide evidence-based information that can be used to improve program outcomes and impact.

One of the primary ways that evaluation reports can be used to improve programs and policies is by identifying program strengths and weaknesses. By assessing program effectiveness and efficiency, evaluation reports can help identify areas where programs are succeeding and areas where improvements are needed. This information can inform program redesign and improvement efforts, leading to better program outcomes and impact.

Evaluation reports can also be used to make data-driven decisions about program design, implementation, and funding. By providing decision-makers with data-driven information, evaluation reports can help ensure that programs are designed and implemented in a way that maximizes their impact and effectiveness. This information can also be used to allocate resources more effectively, directing funding towards programs that are most effective and efficient.

Another way that evaluation reports can be used to improve programs and policies is by disseminating best practices in program design and implementation. By sharing information about what works and what doesn’t work, evaluation reports can help program managers and policymakers make informed decisions about program design and implementation, leading to better outcomes and impact.

Finally, evaluation reports can inform policy development and improvement efforts by providing evidence about the effectiveness and impact of existing policies. This information can be used to make data-driven decisions about policy development and improvement efforts, ensuring that policies are designed and implemented in a way that maximizes their impact and effectiveness.

In summary, evaluation reports are critical tools for improving programs and policies. By providing evidence-based information about program effectiveness and efficiency, evaluation reports can help program managers and policymakers make informed decisions, allocate resources more effectively, disseminate best practices, and inform policy development and improvement efforts.

▶️Example of Evaluation Report Templates

There are many different templates available for creating evaluation reports. Here are some examples of template evaluation reports that can be used as a starting point for creating your own report:

  • The National Science Foundation Evaluation Report Template – This template provides a structure for evaluating research projects funded by the National Science Foundation. It includes sections on project background, research questions, evaluation methodology, data analysis, and conclusions and recommendations.
  • The CDC Program Evaluation Template – This template, created by the Centers for Disease Control and Prevention, provides a framework for evaluating public health programs. It includes sections on program description, evaluation questions, data sources, data analysis, and conclusions and recommendations.
  • The World Bank Evaluation Report Template – This template, created by the World Bank, provides a structure for evaluating development projects. It includes sections on project background, evaluation methodology, data analysis, findings and conclusions, and recommendations.
  • The European Commission Evaluation Report Template – This template provides a structure for evaluating European Union projects and programs. It includes sections on project description, evaluation objectives, evaluation methodology, findings, conclusions, and recommendations.
  • The UNICEF Evaluation Report Template – This template provides a framework for evaluating UNICEF programs and projects. It includes sections on program description, evaluation questions, evaluation methodology, findings, conclusions, and recommendations.

These templates provide a structure for creating evaluation reports that are well-organized and easy to read. They can be customized to meet the specific needs of your program or project and help ensure that your evaluation report is comprehensive and includes all of the necessary components.

  • World Health Organisations Reports
  • Checkl ist for Assessing USAID Evaluation Reports

▶️Conclusion: Making Evaluation Reports Work for You

In conclusion, evaluation reports are essential tools for program managers and policymakers to assess program effectiveness and make informed decisions about program design, implementation, and funding. By analyzing data collected during the evaluation process, evaluation reports provide evidence-based information that can be used to improve program outcomes and impact.

To make evaluation reports work for you, it is important to plan ahead and establish clear objectives and target audiences. This will help guide the report’s structure and content and ensure that the report is tailored to the needs of its intended audience.

When writing an evaluation report, it is important to use clear and concise language, provide evidence-based findings, and offer actionable recommendations that can be used to improve program outcomes. Including context for the evaluation findings and acknowledging limitations and caveats will provide a balanced assessment of the program’s effectiveness and help build trust with stakeholders.

Presenting evaluation findings effectively requires knowing your audience, using visuals, being concise, telling a story, providing context, using plain language, and engaging stakeholders. By following these tips, you can present evaluation findings in a way that engages stakeholders, highlights key findings, and ensures that the evaluation’s conclusions are acted upon to improve program outcomes.

Finally, using evaluation reports to improve programs and policies requires identifying program strengths and weaknesses, making data-driven decisions, disseminating best practices, allocating resources effectively, and informing policy development and improvement efforts. By using evaluation reports in these ways, program managers and policymakers can ensure that their programs are effective, efficient, and sustainable over time.


Well understanding, the description of the general evaluation of report are clear with good arrangement and it help students to learn and make practices


Patrick Kapuot

Thankyou for very much for such detail information. Very comprehensively said.

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Education / BV207 Business Valuation Report Writing and Analysis

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BV207 Business Valuation Report Writing and Analysis

  • Non-Member - $439
  • Member - $395
  • Class Details
  • Contents (11)

General Information

This OnDemand course provides students with convenient 24-7 online access to instructional modules via "My ASA Courses" immediately following registration. 

This course consists of:

  • Narrated instructional modules;
  • Downloadable course handout materials (PDF);
  • Class assignments and exercises; and
  • Practice tests.

Printed or hard copies are not provided to ASA OnDemand course registrants. Once the course OnDemand course and downloadable materials have been accessed, the course is no longer refundable.

The course must be completed within 90 days of purchase. The option to request an additional 90 day extension at [email protected] is available (non-refundable fee is applicable). At any point throughout the duration of this OnDemand course, the student has the option to go back and log in to repeat and/or review any of the modules and/or practice tests. 

Currently there is no final exam associated with this course. 

Course Description

A common stumbling block for many candidates going through ASA’s accreditation process is the successful preparation of a satisfactory appraisal report.  After reviewing hundreds of reports and working directly with candidates, ASA’s Board of Examiners realized many BV practitioners need specialized assistance in preparing high-quality appraisal reports. This course has been prepared keeping in mind the types of report-writing errors commonly found in submitted reports and with a view to the high degree of competence and report-writing skill required to pass the rigorous report review by ASA's Board of Examiners.  Candidates who follow the guidelines presented in this course stand a much better chance of preparing a satisfactory report on the first try.

This course will:

  • Review the rules for report writing set forth in relevant appraisal standards;
  • Suggest proven solutions to logistical problems like organization, layout, style, printing, etc;
  • Present a workable outline for a formal written business valuation report;
  • Suggest suitable content for each section of an appraisal report; and
  • Present a sound background for preparing appraisal reports which will meet the requirements of the ASA’s Board of Examiners.

A Note on Sample Reports

Some students have requested that ASA provide them with a sample report showing the content and organization discussed in this course. Experience has shown, however, that when students are provided with a sample report, they do not learn the underlying skills and analysis necessary to become competent appraisers and report-writers. Accordingly, no such sample report is included with this course; however, the many examples included in the course and the suggested table of contents are a “great start” and serve as a sound foundation for good report writing.

The Skilled Report-Writer

While this course will serve as a guide for writing business valuation appraisal reports, no one-day session can teach everything the skilled and competent appraiser needs to know about report writing. Competency and proficiency in report writing can only be gained through years of continuing appraisal education and hands-on appraisal report writing experience.


This course assumes students are at least minimally qualified to perform business appraisals and have passed the four BV Principals of Valuation courses (BV201 - BV204).  This course also assumes students can demonstrate an expected level of common sense and good judgment, as well as proper and comprehensive grammatical skills.  While this course will assist you in writing a report that will be acceptable for ASA’s accreditation process, taking this course does not guarantee that your report will pass the Board of Examiners review process.

Who Can't Use a Refresher?

For practitioners who have already achieved journeyman level business valuation skills, a course like this can serve as a reality check.  Few practitioners have the opportunity to have their written reports reviewed on a regular basis, and it is easy to get stuck in old report-writing habits.  Many appraisers use a report template of one type or another for report writing and these templates can become out-of-date.  Boilerplate type text can live for years undisturbed on report templates, never tested against newer standards.


This course grew out the experiences of ASA’s Board of Examiners while reviewing reports submitted by Candidates for the Accredited Member (AM) and the Accredited Senior Appraiser (ASA) designations.  The author has extensive report writing and review experience for ASA and other professional appraisal organizations.  It is important to acknowledge the skilled and valued contributions of Steven Schroder, ASA and Warren Burkholder, ASA in the concepts and contents of this course.  Both provided hundreds of hours in reviewing candidate reports and contributed significantly toward the art of report writing.

NASBA and Continuing Professional Education (CPE) Credit

This OnDemand Course is not eligible for NASBA CPE credit.

Continuing Education and Contact Hours

4.8 ASA CE Instructional Hours & 0 Exam Hours

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What elements should you highlight in your evaluation reports? How can you craft your evaluation reports so they are both readable and useful for program managers? What is the right balance between narrative explanation and data visualization? What are program managers looking for in internal and external evaluation reports? Watch Mary Aabye and Elizabeth Botkin’s Evaluation Report Writing Workshop, sponsored by American University’s Measurement and Evaluation Program. 

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OpenAI Completes Deal That Values the Company at $80 Billion

The A.I. start-up’s valuation tripled in less than 10 months.

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People walking along a sunny sidewalk between a building and a parking area filled with cars.

By Cade Metz and Tripp Mickle

Reporting from San Francisco

OpenAI has completed a deal that values the San Francisco artificial intelligence company at $80 billion or more, nearly tripling its valuation in less than 10 months, according to three people with knowledge of the deal.

The company would sell existing shares in a so-called tender offer led by the venture firm Thrive Capital, the people said. The deal lets employees cash out their shares in the company, rather than a traditional funding round that would raise money for business operations.

OpenAI, which declined to comment, is now one of the world’s most valuable tech start-ups, behind ByteDance and SpaceX, according to figures from the data tracker CB Insights .

The deal is another example of the Silicon Valley deal-making machine pumping money into a handful of companies that specialize in generative A.I. — technology that can generate text, sounds and images on its own. The funding boom kicked off early last year, after OpenAI captured the public’s imagination with the release of the online chatbot ChatGPT .

(The New York Times sued OpenAI and its partner, Microsoft, in December, claiming copyright infringement of news content related to A.I. systems.)

The deal comes at a critical time for OpenAI, providing it with an important vote of confidence after a year of controversy. In November, the company’s board fired Sam Altman, its chief executive, because it lost confidence in his leadership. The dismissal ignited a week of chaos and threw the company’s future into doubt, as employees threatened to resign in solidarity with Mr. Altman. Ultimately, he was reinstated and several board members resigned.

In an attempt to resolve last year’s turmoil, OpenAI hired the law firm WilmerHale to review the board’s actions and Mr. Altman’s leadership. WilmerHale is expected to finish its report on the episode early this year.

The company agreed to a similar deal early last year. The venture-capital firms Thrive Capital, Sequoia Capital, Andreessen Horowitz and K2 Global agreed to buy OpenAI shares in a tender offer, valuing the company at around $29 billion.

Thrive declined to comment.

Investors are eager to pour money into A.I. companies. Last January, Microsoft invested $10 billion in OpenAI, bringing its total investment in the San Francisco start-up to $13 billion.

Since then, Anthropic, an OpenAI rival, has raised $6 billion from Google and Amazon. Cohere, a start-up founded by former Google researchers, raised $270 million, bringing its total funding to more than $440 million, and Inflection AI, founded by a former Google executive, also raised a $1.3 billion round, bringing its total to $1.5 billion.

OpenAI appeared to be close to finalizing its latest deal in November, when Mr. Altman was unexpectedly fired. In the week that followed, the potential deal loomed over Mr. Altman’s efforts to negotiate his way back into the company. Before he was reinstated, over 700 of the company’s 770 employees signed a petition calling for his reinstatement .

Cade Metz writes about artificial intelligence, driverless cars, robotics, virtual reality and other emerging areas of technology. More about Cade Metz

  More about Tripp Mickle

Explore Our Coverage of Artificial Intelligence

News  and Analysis

Google has temporarily suspended the ability of its Gemini chatbot  to generate images of people, after the A.I. generated images of people of color in German military uniforms from World War II  — an obvious historical inaccuracy.

Nvidia, the Silicon Valley chip maker, released quarterly financial results that reinforced how the company has become one of the biggest winners of the A.I. boom .

OpenAI announced that it was releasing a new version of ChatGPT that would remember all prior conversations with users  so it could use that information in future chats. The start-up also unveiled technology that creates videos that look like they were lifted from a Hollywood movie .

The Age of A.I.

Few companies better illustrate how A.I. is changing Silicon Valley deal-making than Anthropic, one of the world’s hottest A.I. start-ups .

A year ago, a rogue A.I. tried to break up our columnist’s marriage. Did the backlash that ensued help make chatbots too boring? Here’s how we tame d the chatbots.

Amid an intractable real estate crisis, fake luxury houses offer a delusion of one’s own. Here’s how A.I. is remodeling the fantasy home .

New technology has made it easier to insert digital, realistic-looking versions of soda cans and shampoo on videos on social media. A growing group of creators and advertisers is jumping at the chance for an additional revenue stream .

A start-up called Perplexity shows what’s possible for a search engine built from scratch with A.I. Are the days of turning to Google for answers numbered ?

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Nvidia’s stock market value rose $273 billion in a day. How it rose to AI prominence, by the numbers

FILE - A sign for a Nvidia building is shown in Santa Clara, Calif., May 31, 2023. The chipmaker posted stronger-than-expected results for its latest quarter and provided further evidence that the excitement surrounding artificial intelligence likely won't subside anytime soon. (AP Photo/Jeff Chiu, File)

FILE - A sign for a Nvidia building is shown in Santa Clara, Calif., May 31, 2023. The chipmaker posted stronger-than-expected results for its latest quarter and provided further evidence that the excitement surrounding artificial intelligence likely won’t subside anytime soon. (AP Photo/Jeff Chiu, File)

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Nvidia’s stock price jumped 16% on Thursday, increasing the company’s market value by a staggering $273 billion in just one day, a record amount.

The chipmaker has been seeing soaring demand for its semiconductors, which are used to power artificial intelligence, or AI applications. The company’s revenue more than tripled in the latest quarter compared with the same period a year earlier.

It’s the latest sign that the excitement surrounding artificial intelligence likely won’t subside anytime soon. Nvidia, which has positioned itself as one of the most prominent players in AI, has been producing some eye-popping numbers. Here’s a look:

$273 billion

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Feb. 23, 2024. Asian markets mostly gained on Friday after Nvidia delivered another blowout quarter, setting off a rally in other technology companies that carried Wall Street to another record high. (AP Photo/Ahn Young-joon)

The amount Nvidia Corp.’s market value increased on Thursday alone, according to FactSet. The previous record one-day jump was Meta Platform’s gain of $205 billion on Feb. 2 of this year. In other words, Nvidia’s one-day gain is more than the total market values of market stalwarts Bank of America ($265 billion) and Coca-Cola ($263 billion). In all, just 26 of the 500 companies in the S&P 500 have market caps above $273 billion, including Nvidia.

$1.915 Trillion

Nvidia’s total market value as of the close of trading Thursday. It recently passed Amazon and Alphabet to become the third most valuable public company, behind Microsoft ($3.051 trillion) and Apple ($2.845 trillion). The company was valued at around $580 billion a year ago.

$60.9 billion

Revenue for the fiscal year ended Jan. 28, more than double Nvidia’s revenue for 2022 and about 6 times what it was five years ago. Wall Street expects Nvidia’s revenue to top $100 billion in fiscal 2025.

That’s Nvidia’s net margin, or the percentage of revenue that gets turned in profit. Looked at another way, almost 50 cents of every $1 in revenue Nvidia took in last year went to its bottom line. By comparison, Apple’s net margin is 25.3% and Microsoft’s is 34.1%. Both those companies have significantly higher revenue than Nvidia, however.

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Time Well Spent

New research exploring the volunteering experiences and perspectives of people from the global majority. Find out more

  • Writing an evaluation report

Use this page to learn about the process of writing an evaluation report.

Writing an evaluation report helps you share key findings and recommendations with those in your organisation and the people and communities you work with. This is the next step in the evaluation cycle after our guidance on analysing and reporting on your evaluation .

A report can be used to:

  • suggest changes to how you work
  • communicate your value to funders
  • share good practice with other organisations
  • share learning with the people and communities you work with.

Once you’ve completed these parts of your project, you’ll be able to write your evaluation report:

  • You have data that you've collected and analysed.
  • You’ve got the software to help you design your report.
  • You have an understanding of the people who'll be reading your report.
  • There are helpful colleagues available to read your drafts.

Choose the right software for your report

You have several options for software. Here are some suggestions below to get you started:

The Microsoft suite

  • Word has a range of icons, images and smart art you can use - it is probably the most popular choice.
  • Slide documents (using PowerPoint) can be helpful for writing briefer reports. You can also create data visualisation within PowerPoint and import it to Microsoft Word if preferred.
  • You can create dashboards in Excel and/or import data visualisation graphs to other Microsoft applications.

Other applications

  • SurveyMonkey has a dashboard function which can be used for reporting.
  • Piktochart, Tablea and Canva are all design software. They have evaluation and impact report templates available.
  • If you're producing content for webpages, Google Charts and Datawrapper may prove helpful.

Consider your audience

Think about the people you're reporting to so you can tell them what they need to know. You should consider these points:

  • What kind of information they need. For example, whether they need to know more about the difference you’ve made or the way in which you’ve delivered your work.
  • How they'd like the information presented. For example, as a traditional evaluation report and/or data visualisation, webpages, or PowerPoint and when.
  • Why they need the information and what you want them to do as a result.
  • Whether there are any accessibility needs that you need to consider. For example, does the report need to work on a screen reader?

Plan your report

Having a clear structure makes your report easier to read. Before you write, plan your headings and subheadings. Most evaluation reports will include the following sections.

  • Executive summary – a summary of your key findings and recommendations.
  • Introduction – a brief description of what you're evaluating, the purpose of your evaluation and the methods you've used (for example, surveys and interviews).
  • Findings and discussion – information on what you delivered, how you delivered it and what outcomes came out of it.
  • Recommendations – actions that need to be taken to respond to the evaluation findings.

What to include in your report

Reports will vary depending on the nature of your work, but you'll probably need to include findings on the following:

  • Outcomes – What outcomes have been achieved, for whom and under what circumstances. You should also report on intended outcomes.
  • Activities and outputs – What has been delivered, when and to who. You should also report on how satisfied the people and communities you work with were.
  • Processes – Information about how you delivered your outputs. You may need this information to explain why something worked particularly well, or why it didn’t work.

Describe and interpret your data

In your report, you should describe your data and interpret it – analysing your data before you start writing will help with this.

Describing means presenting what the data tells you. You might describe, for example, what outcomes were achieved, by whom and in what circumstances.

Interpretation moves beyond description to say what the data means – make sure you word your report clearly so the reader can tell when you're describing data and when you're interpreting it.

To help you interpret data, you could do the following.

  • Make connections by looking for trends, patterns and links . For example, if two groups had very different outcomes, what factors might have led to this?
  • Put data in a meaningful context . Numbers don’t speak for themselves. Is 70% good or bad? How do you know?

When you interpret your data, you could discuss the following.

  • Why outcomes were achieved, or not achieved . Understanding this may help you make decisions about future service planning. Many funders will also want to know about this.
  • What worked and what didn’t . Knowing about this will put you in a good position to improve your work. It may also be useful to share with partners or funders to improve practice in the sector.
  • Answers to your evaluation questions . When you planned your evaluation , you may have had two or three key questions you wanted it to answer. For example, you may have wanted to know whether your service works equally well for all groups.

Choose how to present your data

A common mistake is to try to present all your data, rather than focusing on what’s most important. It helps to narrow down to what people reading your report need to know.

It’s also important to think about how you'll present your information. You could consider the following points.

Which key numbers do your audience need to know?

  • Decide whether to report using percentages, averages or other statistics.
  • Think about whether you need to compare numerical data for different groups. You may want to look at whether men were more likely to experience outcomes than women, for instance.
  • Read our guide on analysing quantitative data .

Which quotations will help you illustrate your themes?

  • Choose quotations that bring your outcomes to life. Don’t choose too many or they'll distract the reader from the point you want to make.
  • Have a mixture of typical responses and those that don’t fit easily into your categories.
  • Read our guide on analysing qualitative data .

What visual aids will you use?

  • Diagrams, graphs or charts should be used to highlight the most important information, rather than information which is less relevant.
  • It’s very easy for diagrams to mislead your audience. Here are some examples of misleading charts . If you think a diagram might be misleading, it’s better to leave it out.

As far as possible, present data that has been analysed or summarised rather than raw data, to make it as easy as possible for the reader to follow.

Check anonymity and consent

When you collected your data, respondents will have said whether they wanted to remain anonymous (most do) and whether you should check with them before using a quote or case study in your report. Make sure you do any checking with plenty of time before you need to complete the report.

Depending on the size of your sample and how easy it is to identify individuals, you may have to do more than just change the name to make someone anonymous.

You might have to change their age or other identifying details, or remove references to anything that would allow people to identify them as an individual.

Write accurately and clearly

It’s important to write accurately and clearly so that your report can be easily understood and is not misleading.

Be transparent

Being transparent means being open about what you can and can’t say, and clear about how you reached your conclusions and about the limitations of your data. 

Just as it's important to minimise bias when collecting or analysing data, it's equally important to minimise bias when reporting.

  • Avoid overclaiming your role in making a difference . Your work may not be solely responsible for the outcomes that have occurred for individuals or organisations you've worked with. Remember to report on evidence of any other contributing factors. For example, support received from other organisations or other sources.
  • Choose case studies carefully . Evaluation case studies are not the same as marketing case studies. They should illustrate your learning points, not just the very best of what you do. You won't have a representative group of case studies, but as far as possible, choose case studies – and quotations – that reflect the full range of responses you had.
  • Explore alternative interpretations or causal links . Sometimes, data is ambiguous and there could be more than one interpretation. All of us are prone to 'confirmation bias' – paying more attention to data that fits our existing beliefs. It's important to look for and talk about reasonable alternative interpretations or explanations of your data.
  • Be clear about the limitations of your data . If there was a group you weren't able to hear from, or your sample over- or under-represents a particular group, say so.
  • Be open about your sample size . In general, the smaller your sample, the less able you're to make generalisations about everyone in your target group.
  • Report negative findings . If the data shows something isn't working or an outcome hasn't been achieved, don’t ignore it. Reporting negative findings will help your audience to use the evaluation to learn and improve.

Use precise language

Evaluation reports need to be as clear and precise as possible in their wording. Be especially careful about using the word 'proof' or 'prove'.

To prove something requires 100% certainty, which you are very unlikely to have. 'Indicates', 'demonstrates', 'shows', 'suggests' or 'is evidence for' are useful alternative phrases.

Make your report easy to read

Subheadings will make your report clear for your readers. Looking back at your evaluation framework or theory of change can help you think of ideas for subheadings.

It often makes sense to have a subheading for each intended outcome.

Sometimes you'll have collected data about the same outcome from a range of different sources such as questionnaires, interviews, observation or secondary data.

When you analysed your data, you probably looked at each source separately.

In your report, it usually makes sense to write about all the data relating to each outcome together (rather than having separate sections on data from different sources).

Keep your language simple and straightforward. Remember to explain any terminology that might be unfamiliar to your audience.

Develop your recommendations

Your recommendations are likely to be one of the most important parts of your report. Good recommendations will make your evaluation findings more likely to be used.

Recommendations are more likely to be put in place if the following factors are considered.

  • Supported by evidence – Be clear about how the recommendations build on the key findings. It can help to structure the recommendations in the same order as the main findings to help readers understand the evidence base for each.
  • Specific – Say exactly what action needs to be taken and when within the control of the evaluation.
  • Users  – Make sure individuals or groups have the authority and capability to take forward what you’re suggesting.
  • Realistic and achievable  – Recommendations should be feasible. You can categorise them by which ones are easy to implement and which are less so. More ‘difficult’ recommendations might need budget or staff changes. These should still be stated, as well as the impact of it.
  • Prioritised  – It’s helpful to show some priorities for action. You could, for example, split your recommendations into ‘essential’ versus ‘optional’ or ‘for consideration’ versus ‘for action’. Make sure the number of recommendations you include is achievable.

Involve people in the reporting process

You can involve other internal staff and the poeple and communities you work with at several points. For example, you could share your report drafts and ask them to help you refine the conclusions.

This 'co-production' of findings can be valuable and provide interpretations you may not have thought about.

You can also co-produce recommendations by sharing the findings with those you work with and asking them to suggest and prioritise recommendations.

If you do this, take care to guide people to base their recommendations on the evidence, and not their own interests or preoccupations.

Finishing the report

Allow time for a couple of report drafts and make sure there are people available to review the report for you. It's good to have someone look at it with ‘fresh eyes’.

If the report is being widely shared, you could have someone from outside your sector review the draft to make sure it's clear for external audiences.

To complete the report, leave time for proofreading and editing, checking references, and design and print if needed.

You might include your data collection tools in appendices – this could help other organisations working in your field to improve their evaluation.

Once you’ve completed your report, read our guidance on using your findings to improve your work .

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Last reviewed: 18 September 2023

Analysis and reporting

  • Analysing quantitative data for evaluation
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This page was last reviewed for accuracy on 18 September 2023

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How to Read a CPI Report

What investment professionals see.

report writing valuation

Unwelcome News

On Feb. 13, the Bureau of Labor Statistics released its report for January’s Consumer Price Index. In response, the US stock market immediately sank, with the Morningstar US Market Index losing 1.49% on the day. One cannot always know why equities trade as they do, as stocks do not answer questions, but this time the cause was obvious: Investors disliked the CPI announcement.

Let’s try to understand why. Applying its standard format, the survey began: “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in January on a seasonally adjusted basis, after rising 0.2% in December, the US Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.1% before seasonal adjustment.”

The Annual Perspective

Articles about CPI releases often highlight the 12-month change. Thus, Barron’s headline covering that report read, “Inflation Rose By a Bigger-Than-Expected 3.1% in January.” Two months before, CNBC had written, “Inflation slowed to a 3.1% annual rate in November.” It’s understandable that journalists would view the data in that fashion. After all, the Bureau of Labor Statistics itself opened a discussion of December’s report by writing, “Consumer prices for all items rose 3.4% from December 2022 to December 2023.”

Understandable, but unhelpful. The annual figures have two major drawbacks. First, those measures are rolling. Because what falls off rolling computations is as important as what was added, one cannot interpret their changes simply by comparing one month’s reading with that of the previous month. Second, while using “all items” is indeed the correct starting point, as it represents the burden faced by consumers, doing so buries key information.

As a result, the 12-month figure for all items is analytically immaterial. The chart below shows that statistic for the trailing three years.

Trailing 12-Month CPI

Nothing in that chart suggests that January’s CPI report was unfavorable. If anything, its news appears to have been positive, reversing the previous month’s increase. Yet not only was January’s report met with derision, but on the day the December 2023 CPI figures were released, stocks rallied . Twelve-month numbers are illusory. Use them for understanding what was, but not for considering what may be—which, for investment prices, is all that matters.

Monthly Numbers

Sometimes, the monthly changes—in January’s case, 0.3%—were featured instead. Let us test whether they are more useful. The next chart depicts the seasonally adjusted monthly percentages for all items over the past three years.

Monthly Change

Much better. Per the monthly results, January’s inflation was the highest in four months. That would seem to justify investors’ disappointment. What’s more, the last time that the rise in the monthly CPI exceeded January’s amount of 0.3%, during the months of August and September 2023, stock prices fell on the days those results were announced. The marketplace largely ignores rolling 12-month outcomes, but it pays keen attention to the month-by-month changes.

Core Inflation

Another way of evaluating monthly activity is to strip out food and energy prices. Not only are they volatile, thereby potentially distorting the “all items” data with sharp increases one month and then declines during the next, but their effects often lie outside the Federal Reserve’s control. After all, for all its powers, the Fed can neither drill more oil nor hatch additional eggs. Economists therefore tend to emphasize a statistic that they call core CPI, which eliminates those two factors.

In recent months, the economists’ preferred measure has been less correlated with the market’s same-day reaction than has been the alleged cruder all items statistic. Case in point: Although August’s 2023 CPI release was widely heralded as coming in hotter than expected , leading to the Nasdaq composite losing 1% of its value on the day of the announcement, the core CPI measure registered its lowest level in two years. Essentially, investors fretted about spiking gas prices while economists said, “What, me worry?”

Score one for the economists. The US stock market has since gained 14%, which makes for a handsome annualized rate. The short version of a very long story is that economists usually disregard changes in food and energy prices, consumers never do, and the stock market lands somewhere in the middle. My sympathies tend toward the former, but it must be confessed that this mindset is ill-suited for a secular rise in commodity prices, as in the 1970s.

(In addition to core CPI, economists apply several other adjustments to the all items computation, resulting in such exotica as the Sticky Price CPI , Sticky Price CPI Less Food and Energy , and Sticky Price CPI Less Food, Energy, and Shelter .)

The Big Unknown: Shelter Costs

At least for the moment, the food and energy inflation debate has been decided in favor of the economists. The average price of food has risen by a modest 2.6% over the past year (in this instance, using the 12-month figure is appropriate). Meanwhile, oil prices are 20% below their February 2022 levels . However, the economists also claimed that shelter prices would subside, albeit with a lag, because rents are only periodically adjusted. That, sadly, has not been the case.

Shelter Costs

Yikes! It’s one thing to shrug off housing inflation in the summer of 2022, when the Fed had barely begun to raise interest rates. It’s quite another to do it 18 months later, when those rent prices that were supposed to be coming down are not showing up in the data. At 0.6%, the increase in January 2024′s CPI shelter costs matched those of May, June, and July 2022. Where is the progress?

Thus, the most relevant data point in current CPI reports is neither the annual calculation, nor the monthly change, nor even core inflation and its variants. It is whether shelter costs have well and truly peaked. If so, then the Fed truly can begin to lower interest rates with some confidence that its previous actions had full effect. If not, though, then US interest rates will remain in limbo.

These days, it’s all about the shelter.

The opinions expressed here are the author’s. Morningstar values diversity of thought and publishes a broad range of viewpoints.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies .

More on this Topic

January U.S. Jobs Report: 353,000 Rise in Payrolls, Well Above Expectations Unemployment rate held steady at 3.7%. Tom Lauricella

Fed Unlikely to Cut Interest Rates in March, but What About May? The expected delay doesn’t change our forecast for six cuts in 2024. Preston Caldwell

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    How to write a business valuation report may seem an unlikely subject. However, several current trends reflect confusion in this area and make it surprisingly relevant. Should an appraiser ever write a calculation report? If so, when is it appropriate?

  3. How to Write Equity Research Report: A Step-by-Step Guide

    Equity Research Report writing. After completing the fundamental analysis, financial statement analysis, ratio analysis, and valuation, the last part of the equity research process is writing equity research reports.. As an equity research analyst, you need to analyze the industry and the company first and then write the stock research report.

  4. Report Writing: Review and Analysis

    It is incumbent upon the valuator to fully understand the standards by which his or her valuation report will be judged—readability, credibility, and persuasiveness—the critical elements of the business appraisal review process that make valuation reports much better.

  5. Tips for Writing an Effective Valuation Report

    1 Know your purpose and audience 2 Use a logical and consistent structure 3 Explain your valuation approach and assumptions 4 Highlight your key findings and recommendations 5 Use clear and...

  6. Seven Cases to Read Before Writing Your Next Valuation Report

    Commissioner, T.C. Memo. 2011-148. This case is a great example of the need to "explain everything" when writing a business valuation report, says Lewis. He points out that the most common problem with reports is the failure to explain certain conclusions, especially discounts and multiples. "Don't just state—explain," he says.

  7. Report Writing

    This chapter discusses the process of report writing used in financial valuation. The Uniform Standards of Professional Appraisal Practice (USPAP) are applicable to those who adhere to USPAP and/or where the intended user of the appraisal report is a federally insured depository institution and the intended use is a federally related transaction.

  8. Writing a Valuation Report

    What is a Valuation Report? Is there any formal definition for a Valuation Report. Yes. CBV Institute Practice Standard No. 110 - VALUATION REPORTS - Para 2 prescribes the following: A Valuation Report is defined as "any written communication containing a conclusion as to the value of shares, assets or an interest in a business, prepared by a Valuer acting independently."

  9. How to simplify valuation report writing

    In speaking with financial professionals daily, the Sageworks team has generated a few recommendations that any valuation professional can follow to streamline the valuation report-writing process. 1) Get the documents, all the documents. When a valuation professional asks a client for financial data, a fast response or a hastily produced ...

  10. Effective and efficient business valuation report writing

    January 8, 2015 Read Time: 7 min Business valuation services are among the highest-growing niche services among Top 100 accounting firms, according to Accounting Today. One aspect of providing this service, however, is notoriously time-consuming and frustrating: Writing business valuation reports.

  11. Valuation Report

    1. Valuation Report Template Details File Format MS Word Pages Google Docs Size: A4 & US Download 2. Property Valuation Report Template Details File Format MS Word Pages Google Docs Size: A4 & US Download 3. Real Estate Property Valuation Report Template Details File Format

  12. Effective Report Writing: A Guide for Appraisers and Reviewers

    Writing an appraisal report is writing for a deadline. The clock is ticking for both the appraiser and the client. The appraiser wants to complete the appraisal assignment efficiently and communicate the value conclusion to the client as soon as possible.

  13. Valuation Report Writing: Steps for Clear and Concise ...

    Method of Valuation Report Writing Discover the essential elements of writing valuation reports that convey value in a clear and compelling manner. Explore t...

  14. How to Write Evaluation Reports: Purpose, Structure, Content

    Writing an evaluation report can be a challenging task, even for experienced evaluators. Here are some common challenges that evaluators may encounter when writing an evaluation report: Data limitations: One of the biggest challenges in writing an evaluation report is dealing with data limitations. Evaluators may find that the data they ...

  15. BV207 Business Valuation Report Writing and Analysis

    This course will: Review the rules for report writing set forth in relevant appraisal standards; Suggest proven solutions to logistical problems like organization, layout, style, printing, etc; Present a workable outline for a formal written business valuation report; Suggest suitable content for each section of an appraisal report; and

  16. 2023 Annual US VC Valuations Report

    The 2023 Annual US VC Valuations Report delves into sizes and valuations of the quarter's US VC deals, highlighting deals with nontraditional investor participation and breaking down US VC valuations ... Not only did 2023 see a dismally low number of IPOs, but the median valuation of startups that managed to make a public debut declined to the ...

  17. NACVA Professional Standards

    Whether you do one valuation a year or 100, if you're a CPA or a non-CPA working for a CPA firm, you must comply with the AICPA Standards for Valuation Services No. 1 (SSVS) effective January 1, 2008. NACVA has provided free BV Standards Resource Tools—all of which will help guide you through the intricacies of the new regulations, demonstrate how they affect you and your practice, and show ...

  18. PDF Appraisal Report Writing Basics with Sample Appraisal Report Template

    which is below on page 3. The block format style is the simplest format: all of the writing is flush against the left margin. Addenda and other attachments to business letters are referred to as "Enclosures." The primary enclosure that is attached to an appraisal report's transmittal letter is the Valuation Section of the report.

  19. Evaluation report writing

    2022 Tool Resource link Evaluation report writing What elements should you highlight in your evaluation reports? How can you craft your evaluation reports so they are both readable and useful for program managers? What is the right balance between narrative explanation and data visualization?

  20. Writing an Evaluation Report

    Shondra will be writing an evaluation report, which is a paper that examines whether a product, service, or process is working, according to a set of standards. The purpose of the paper is to ...

  21. General Appraiser Report Writing and Case Studies

    Discussions and writing exercises use a variety of property types and valuation scenarios to address common issues specific to appraisal report writing. Real-world examples allow you to apply writing concepts including organization, writing tone, integration of image-based content, coherent sentence and paragraph structure, and the revision and ...

  22. Commercial Real Estate Valuation Software

    Report Writer Powerful analytical and report writing tools build into MS Excel and Word. Create custom report templates. Create custom calculations to enhance your analysis. Integrated comparables database to manage all comps in one place. FACT SHEET Turn data into action

  23. Residential Report Writing and Case Studies

    This course will show you how to produce convincing appraisal reports in your daily practice. You'll apply residential valuation procedures, grammar rules, and writing techniques, to specific writing assignments based on a residential case study. You'll practice writing effective narrative comments for form appraisal reports and learn how to explain valuation procedures and conclusions to ...

  24. OpenAI Completes Deal That Values the Company at $80 Billion

    The A.I. start-up's valuation tripled in less than 10 months. By Cade Metz and Tripp Mickle Reporting from San Francisco OpenAI has completed a deal that values the San Francisco artificial ...

  25. $273 billion

    Nvidia's stock price jumped 16% on Thursday, increasing the company's market value by a staggering $273 billion in just one day, a record amount.. The chipmaker has been seeing soaring demand for its semiconductors, which are used to power artificial intelligence, or AI applications.

  26. Writing an evaluation report

    Writing an evaluation report helps you share key findings and recommendations with those in your organisation and the people and communities you work with. This is the next step in the evaluation cycle after our guidance on analysing and reporting on your evaluation. A report can be used to:

  27. The "Dean of Valuation" Is Selling Nvidia Stock Hand Over Fist. Should

    He teaches corporate finance and valuation at the Stern School of Business at New York University. Damodaran has written multiple papers and books on valuation, including The Little Book of ...

  28. How to Read a CPI Report

    After all, the Bureau of Labor Statistics itself opened a discussion of December's report by writing, "Consumer prices for all items rose 3.4% from December 2022 to December 2023."