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European value
The Winter edition of European Valuer is packed with breaking news on TEGoVA's latest successes namely its achievement in securing the insertion of a requirement for qualified valuers in the EU's Covered Bonds Directive and our historic decision to develop European Business Valuation Standards (EBVS) alongside the existing European Valuation Standards (EVS) for real estate (see article by Danijela Ilić, Chair of the European Business Valuation Standards Committee).
Over the last year, the European Valuation Practice and Methodology Board (EPMB) has sought to expand the guidance in EVS on methodology, in particular the Income Approach to Valuation. I therefore commend to you a very timely article by Professor Ewa Kucharska-Stasiak on the use of explicit cash flows. Best Regards, Krzysztof Grzesik REV, Chairman