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Private Software Development Company – Common Stock Valuation

Duff & Phelps was retained by an enterprise software developer to value its common stock for purposes of a stock option grant. Management required an independent valuation to set the option exercise price as of the grant date. Our scope of services included an estimation of the company’s enterprise value and consideration of the fair value of debt to arrive at common stock value. Our client has agreed to retain Duff & Phelps for periodic valuation updates.
Compliance with ASC 350 – Annual Goodwill Impairment Testing

Our publicly traded semiconductor manufacturing client retained us to provide annual goodwill impairment testing for its three reporting units. Each of these reporting units had different sales growth prospects, operating margins and business risk profiles. We prepared detailed Discounted Cash Flow (DCF) analyses to estimate values based on the company’s strategic plan. Our DCF valuation results were corroborated by applying a market comparable approach. The results of our work were used by management in its discussions with auditors and for financial reporting.
Growth Strategy for an Industrial Products Business
A mid-market company, #1 in the US in its niche segment of the chemical industry, had grown consistently over several decades, but recent growth had stalled as their primary market had reached a plateau. Many of the company’s growth opportunities would require outside investment, which the company had heretofore avoided.
Developing a Credible Valuation to Support an Internet Financial Services Company Capital Raise
An internet financial services start-up had only recently started generating revenues. Financial projections existed only for one tiny sliver of the business. To support capital raising, and to focus their efforts on the best opportunities, our client needed credible projections of the business’ potential revenues and a valuation of the business.
Analyzing Profitability by Product Line for a Retailer
Our client, a multi-billion dollar retailer with hundreds of stores, had always been highly profitable with strong revenue growth, but had recently experienced an unanticipated decline in profit margins. They needed to improve their understanding of profitability by product line, to support strategic decision-making in a politically charged environment.
Valuing Performance Guarantees and Indemnifications for a Spin-Off Transaction
Our client, a large technology company, was about to spin off a manufacturing subsidiary. Prior to the spin-off transaction, our client had guaranteed the subsidiary’s performance on product warranties and lease obligations. Post-separation, the remaining entity will charge the spun-off entity a fee for these guarantees. Also, as part of the separation transaction, the spun-off entity will indemnify the parent against certain potential adverse tax outcomes. The client required an estimate of the fair value of these guarantees and indemnifications, for financial reporting purposes.
Retail Customer Relationships

Duff & Phelps was engaged by one of the country’s largest specialty retailers to estimate the Fair Market Value of the business enterprise and its tangible and intangible assets for financial and tax reporting purposes.
Credit Impairment Analysis

A Creditor had a loan facility to a debtor whose collateral – various pools of consumer loans – was not behaving (i.e., paying) as planned. Duff & Phelps was retained to study the collateral and the behaviours of the counterparty consumers on behalf of the Creditor. We quantified the probabilities of default and losses given default for the consumer pools given various criteria such as age of loan, FICO score of borrower and nature/extent of collateral. We calibrated these macro findings to give effect for seasonality of the economic cycle and the level of unemployment over time.
Valuing an Option to Increase Equity Ownership of a Startup
Our Fortune 500 client, a minority owner in a company launching an innovative high tech solution, asked us to value options it had to (1) increase its equity ownership or (2) acquire the company outright, at specified prices and timeframes. Two investment banks, relying heavily on management’s projections, had valued the company at about $600 million.
Hilite International Completes Debt Restructuring and Trans-Atlantic Sale of Selected Assets

Duff & Phelps global platform provided Hilite International with the restructuring and M&A specialists and automotive industry expertise it needed to successfully restructure the business in multiple countries and jurisdictions.
Valuing Strategic Partnering Decisions for a New Product
Our client, a pharmaceutical company focused on developing, acquiring and commercializing novel therapies for treating chronic diseases, was considering a product acquisition.
Computer Forensics Collection and Investigation
Duff & Phelps consultants were engaged by a law firm to assist its client, a private corporation with an intellectual property case. The case required Duff & Phelps’ to conduct a forensic investigation to trace the introduction, transmission and handling on the client’s computer network of a competitor’s allegedly proprietary documents.
Duff & Phelps’ Incentive Management System Simplifies Managing Multi-state Statutory and Negotiated Incentives
One of the major challenges corporate tax departments face is ensuring the incentives secured are actually realized.
Document Repository Conversion & Platform Migration
Duff & Phelps was retained by an American Lawyer 100 firm to conduct a highly confidential vendor review and to oversee the migration of a massive data repository during the pendency of high stakes multi-state litigation.
Developing a Brand Management Tool for a Telecom Company
A large telecommunications company in need of brand management engaged Duff and Phelps to develop a tool for quantifying and managing brand value.
Identifying the Best Commercialization Strategy for a Software Provider
A software provider assessing exclusive and non-exclusive licensing options to software tool providers and end-use application developers engaged Duff and Phelps to identify the most effective commercialization strategy for its offerings.
Identifying and Valuing Growth Strategies for a Consumer Company
A successful consumer company focused on core growth engaged Duff and Phelps to develop a cohesive, company-wide three-to-five year strategic plan to expand the business.
Negotiated $125 million state package to leverage $150 million in federal funding for energy storage company
An alternative energy client engaged Duff & Phelps to assist the company with identifying and negotiating state economic development incentives for its new lithium ion battery manufacturer plant.
Negotiated $149 million to fund rapid development of solar manufacturer
An alternative energy manufacturer engaged Duff & Phelps to assist with site selection and securing economic development incentives.
Negotiated $195 million incentive package for new alternative energy manufacturer

An alternative energy manufacturer engaged Duff & Phelps to assist with site selection and securing economic development incentives.
Negotiated Incentive Package for New Alternative Energy Manufacturer
An alternative energy manufacturer engaged Duff & Phelps to assist with site selection and securing economic development incentives. The project created 1,200 jobs and entailed new capital investment of $750 million.
Supporting Restructuring and Capital-Raising by an Early Stage Pharmaceutical Company
With its lead drug nearing launch and a robust research and development pipeline, our client needed to value its U.S., Japanese, and European operating companies to support its plans to restructure the company and raise additional capital.
Advising a Global Pharmaceutical Company on Financial Reporting, Tax, and Transfer Pricing Issues
Our client, one of the world's largest pharmaceutical manufacturers with over $15B in drug sales worldwide, faces a dynamic and challenging environment given the industry's commercial, regulatory, and technology trends.
Duff & Phelps Advises on Sale of EN Engineering
Duff & Phelps was engaged by Epstein and Nicor to serve as the exclusive financial advisor in the sale of ENE. Duff & Phelps marketed the Company to domestic and international strategic and financial acquirers and generated a significant interest in the acquisition opportunity.
Fresh Start Accounting – Multi-national Industrial Products Company
As part of its plan to emerge from bankruptcy under Chapter 11 of the U.S. Bankruptcy Code, a multi-national Industrial Products company engaged Duff & Phelps to provide Fresh Start Accounting related valuation services.
Fresh Start Accounting – Diversified Industrial Products Company

Duff & Phelps was engaged by a client that was reorganizing under Chapter 11 of the U.S. Bankruptcy Code and required assistance with Fresh Start Accounting.
A Manufacturer’s Expansion: Creating a “Win-Win” Situation

On behalf of the client, Duff & Phelps negotiated and obtained offers of incentives valued at approximately $120 million. The agreement permits the company to expand its operations and obtain a pro-rata increase in its future incentives.
Multi-Facility Retention Project
Duff & Phelps conducted a three-month review of several competing domestic and international locations and ultimately negotiated a retention package with the manufacturer’s home state.
Providing Unclaimed Property Compliance Support to Lower Liabilities
Duff & Phelps helped the company realize $1.5 million in savings through the identification of potential items of unclaimed property that were exempt either because of statutory and administrative exemptions or because the items related to previously undocumented accounting mispostings and classifications.
Providing Unclaimed Property Planning for Gift Cards
Duff & Phelps helped the major retailer to achieve over $3 million in savings as a result of planning to avoid unredeemed gift cards from constituting as unclaimed property in addition to securing a $300,000 refund of over remitted unclaimed property from a state.
Planning Manufacturing Strategies in an Uncertain World

The client anticipated a critical need for capacity expansion and must justify large and risky investment and determine the optimal capacity expansion strategy.
Duff & Phelps Advises on Sale of Barrand, Inc.

Duff & Phelps served as sell-side M&A advisor to Barrand, Inc. (dba “Whataburger”) in connection with its sale to Whataburger Restaurants, LP.
Duff & Phelps Advises on Sale of Marlin Firearms Company, LLC
Learn more about how Duff & Phelps served as sell-side M&A advisor to Marlin Firearms Company, LLC in connection with its sale to Remington Arms Company, Inc.
Duff & Phelps Advises on the Sale of Peer Bearing Company

Read about how Duff & Phelps advised Peer Bearing Company, a privately-held manufacturing business, in its sale to SKF AB, a Sweden-based industrial conglomerate.
Restructuring Trump Casino Holdings

This case study reviews how Chanin Capital Partners, a Duff & Phelps company, served as Financial Advisor in connection with the Chapter 11 reorganization of Trump Hotels and Casino Resorts (THCR).
Duff & Phelps Advises MoneyGram
This case study explains how Duff & Phelps served as independent financial advisor to the board of directors of MoneyGram International, Inc. and rendered a fairness opinion in connection with the recapitalization that was led by Thomas H. Lee Partners, L.P. ("THL") and Goldman, Sachs & Co. ("Goldman Sachs") on March 25, 2008.
Analyzing and Improving Property Tax Compliance and Valuation
This case study reviews how Duff & Phelps property compliance and valuation professionals were brought in help a client whose property tax liability seemed disproportionate.
Supporting Financial Investment in an IP Portfolio
This case study reviews how Duff & Phelps provided commercial due diligence services for an investment in a large intellectual property (IP) portfolio, developing financial projections based on estimates of future sales.
Providing Valuation to Lower Property Tax Liabilities
This case study explains how Duff & Phelps helped a power generation client by providing technical positions, regional expertise, and valuation services to calculate annual property tax liabilities for power plant values and help refute current year value increases.
Facilitating Compliance with FAS 141

This case study reviews how Duff & Phelps helped a telecommunications client perform an allocation of the purchase price for compliance with FAS 141, including push-down accounting for financial reporting purposes. The Duff & Phelps due diligence process maximized understanding of the target business, the reasons for the transaction and the identification of information sources and management.
Reconstructing a Financial History for a Criminal Tax Case
In a case termed the "largest criminal tax case in U.S. history," Duff & Phelps was retained to provide forensic dispute accounting services and financial investigation services, including a financial history reconstruction.
Providing Consulting Advice and Expert Testimony

This case study recaps how Duff & Phelps was hired by a client to provide consulting advice and expert testimony to prove there was no fraudulent conveyance around a corporate spin-off.
Preserving Electronic Data for Litigation

This case study explains how Duff & Phelps professionals and eDiscovery experts were engaged by a Fortune 500 company involved in massive antitrust litigation to review outside counsel and internal efforts relating to electronic data preservation, discovery and investigations.
Uncovering Payroll Fraud
In order to determine if intruders had engaged in payroll fraud, a major distributor engaged Duff & Phelps technology experts to conduct an investigation of their computer networks and network security policies and procedures.
Producing Electronic Data for SEC Investigation
This case study shows how Duff & Phelps helped a hedge fund dealing with an SEC investigation and presented with a voluminous request from information by leading a team of eDiscovery experts to preserve, restore and analyze electronic data.

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