ASA BV Challenge Exam case studies
ASA BV Challenge Exam · Put your knowledge to work in context.
The ASA Business Valuation Challenge Exam is an assessment offered in connection with the American Society of Appraisers' business valuation credential pathway. It is aimed at valuation analysts, CPAs, finance professionals, and attorneys who want to demonstrate applied judgment across the business valuation body of knowledge rather than reciting definitions. Expect a mixture of multiple-choice items and case-based scenarios that walk through an engagement from acceptance to conclusion: professional standards and ethics, scoping and data gathering, financial statement analysis and normalization, economic and industry analysis, the income, market, and asset-based approaches, discounts and premiums, and finally reconciliation and reporting. Preparation works best as a staged build. The ASA BV Challenge Exam case studies are 5 cases and about 3,758 words.
1The Contingent Consideration That Never Hits the P&L
You are valuing 100% of a specialty coatings manufacturer for a buy-sell dispute as of December 31, 2023. Management provides three years of tax-basis financials.
826 words, about 4 min2The Guideline Company Set That Is Too Small and Too Clean
You are valuing a 100% equity interest in a regional HVAC services company (revenue 14M, EBITDA 1.8M) using the market approach. You identify six guideline public companies.
725 words, about 4 min3The DCF Where the Terminal Growth Exceeds the Economy
You are building a discounted cash flow for a software-enabled logistics business. Five-year projections show revenue growing 22%, 18%, 15%, 12%, and 10%, with EBITDA margins expanding from 14% to 19%.
701 words, about 4 min4The DLOM That Was Applied Twice
You are valuing a 30% non-controlling interest in a privately held industrial distributor. The controlling-interest value (100%) has been determined at 40M enterprise value, with 2M debt and 1M cash, giving 39M equity value.
710 words, about 4 min5The Asset-Based Approach When the Balance Sheet Is the Business
You are valuing a family-owned commercial real estate holding company that owns three properties and a small property-management operation. Book equity is 8.2M.
796 words, about 4 min