Valuations System (BVAL)

Valuations System (BVAL)

BDO performs valuations of financial instruments for clients. These valuations are calculated using data from clients, market data, and manual data inputs from BDO’s SVG (Specialized Valuations Group).

BVAL is a web app used by the SVG to assist in the valuations. For each unique client, the user can upload and edit the client data, and set the parameters for the Valuation. The application uses this data, together with BDO Market Data to perform the calculations and produce valuation results.

BVAL Home/My Dashboard

BVAL Home/My Dashboard

When you access BVAL, you will automatically be logged in with your BDO credentials and land on the Main Dashboard. You can also Navigate to your Dashboard (or BVAL Home) from the main overhead menu.

Your dashboard gives you access to the Engagement table which displays all the engagements where you are a team member.

  • Note: Your Valuation is attached to an Engagement.
  • Access a Valuation from the Engagement table.

Click on the blue binoculars icon next to the engagement you want to access.

This will open the Valuations screen.

Here you can “pick a Valuation” or “create a new Valuation” to open the Upload Client Data screen where you can upload the client spreadsheet for the Valuation.

Click on “Add Valuation” to add a new Valuation.

or

Click on the green edit icon next to the Valuation you want to edit.

Note: You can only delete a Valuation using the red bin icon if it has no data attached to it yet.

Go To the Upload Client Data screen using the blue binoculars next to the Valuation you want to perform to:

1) start the Valuation, by

2) uploading client data.

Market Data

Rates Testing

Client market data can be compared to BDO Master Market Data to consider the use thereof in a Valuation. If both datasets have already been uploaded, you can go straight to compare and choose the rates tables you want to compare. If required, the user can upload the client’s market data.

Return to the Market Data Screen to upload an Ad Hoc Market Data table. Navigate to the “Rates Testing” page from the grey overhead Valuation sub-menu,

or from the “Rates Testing” status button in the “My Progress” bar.

This opens the Rates Testing screen.

Select the Market Data Category from the drop-down list. Select the Market Data Template Table from the drop-down list. On the left, select the Client data to compare. On the right, select the BDO Market Data table. Click on “run test” - add image.

Your results will be displayed in the data table that loads on your screen.

The results table lists the master market rate for each day, the client market rate, and the difference between the 2 rates for each date.

You can do a qualitative review of the results and then decide to either Accept or Reject the tested data.

If you click on Reject the BDO Market Data Table will be the default market data parameter in the Valuation Option that you are busy with. If you click on Accept, the client data that you tested will be the default market data parameter in the Valuation Option that you are busy with.

Client Data

Upload Client Data

As an SVG team member of an Engagement, you will upload and edit client data for which you want to do a Valuation. This section guides you on how to upload client data and prepare it for a Valuation. Navigate to the Upload client data page from the main overhead menu.

Select the engagement you which to work on and click the This screen has 2 cards:

  • My Progress
  • Client Data

Click on the My Progress bar to expand or collapse the progress card.

  • Green items are completed.
  • Red items are the next steps in the valuation process.

The Client Data bar displays the client data table that was uploaded for that Valuation.

  • Note: the table will be empty if no spreadsheet had been uploaded yet.

Click “Upload Client Data” to browse to the client Excel spreadsheet that you want to upload.

  • Choose the table and click “Upload” .
  • The data table you uploaded will appear in the bottom part of the screen.

Perform IPE

You can only perform IPE on a client dataset if the Engagement has been configured to use IPE.

From BVAL - Navigate to IPE in EMS from in the My Progress bar at the top of your screen.

In EMS Navigate to “IPE” from Delivery in the grey overhead menu of the Engagement you want to work with.

Note: If there is no IPE in the Delivery menu contact your Sponsor Admin.

Your IPE dashboard lists all IPE’s on that engagement.

  • Click on “Add Engagement IPE” if you need to add a new IPE.
  • Click on the blue binoculars if you want to view the IPE details.

Scroll down to get to the list of IPE’s for which you have a responsibility to perform, review or approve.

Perform IPE with the green “Perform IPE” icon next to the IPE you want to perform. This opens the IPE input form.

  • Type IPE details into the form.
  • Insert your images.
  • Click on Save at the bottom of the form.

Assign the IPE for “Review” with the yellow Assign icon and choose the reviewer from the drop-down list of team members.

  • The IPE will be added to the “IPE assigned to me” list of the reviewer you select.
  • Confirm your action by clicking on “Proceed” in the pop-up that appears.

Review the IPE by clicking on the green icon next to the IPE you want to review. This opens the IPE input form.

  • Make changes if required.
  • Click on Save at the bottom of the form.

Assign the IPE for “Approval” with the yellow Assign icon (if you are the reviewer) and choose the approver from the drop-down list of team members.

Revert the IPE with the red Revert icon (which appears as soon as the IPE is assigned for review the first time) and choose the team member that you want to revert it to from the drop-down list.

Approve the IPE with the Approve icon (which appears when IPE is assigned for Approval).

  • Click on OK to confirm approval.

As the status of the IPE changes between Assigned, Reviewed, and Approved it will change on the BVAL Client data screen.

Scoping Letter

Navigate to “Scoping Letter” from the My Progress bar. Click to expand the bar if you cannot see the Scoping Letter button.

The Scoping Letter details screen opens.

  • You can edit the dates, cost, and currency inputs by clicking on the input screen.
  • For changes to any other fields, you will have to amend the Engagement in EMS.

Scroll down to see the Summary of Instruments on the bottom screen card.

  • This table will form part of your scoping letter
  • The data in this table is calculated from the client input spreadsheet

Scroll to the bottom to Save your changes

Click on “Scoping Letter” at the bottom to view your draft document.

Scroll to the bottom of the draft letter to Download the letter.

  • You can choose to download a pdf or an MS Word document.

Valuation

Set Valuation Parameters

The parameters required to run a Valuation are captured into the client data table.

  • The Client Data Table, with your edits and parameter settings, is saved as a Parameter Settings Option.
  • The content of the Option is used for Valuation Calculations.

You can run up to 10 Options simultaneously for each Valuation.

  • Change the parameters and individual data records in the client table (up to 10 times) and save your client table each time as an Option.
  • When you run the valuation all your options will run as a batch and give you a Valuation Result for each Option you submitted.

You can identify the Primary Option once you get to the Valuation Results page.

Setting the parameters

Click on in the Progress Bar to navigate to the “Valuation Parameters” screen.

The Valuation Parameter Table is displayed.

Ways in which you can set parameters::

  • Edit individual records.
  • Set a parameter for all records at once.
  • Set a parameter for a subset of records (see using Filters).

Click on a record in the table to edit the value.

  • Editable fields are indicated with a white frame.

To set the parameters for all records or a subset of records you have to filter the data table.

To set parameters for All Records in the table make sure that all selection filters are clear.

Or

You can set parameters for a subset of records in the table. Use the selection filters.

You can filter by:

  • Date Range
  • Using the Toggle Filter Bar
  • Using the Row Selector

When you have your selection go to “With Selected Records”, and choose to set one of the following:

  • Valuation Date
  • Market Data
  • Discount Credit Spread
  • Materiality Data
  • Performance Materiality
  • Trivial Threshold

The values you type in or choose will populate the relevant cells in the client data table for all selected records.

“Submit” your changes to save the table as an Option to be used in the Valuation.

To view a list of your Options on this Valuation click on View Options

You can select an Option from the drop-down listing all your Options.

  • Click on the Option you want to revisit
  • You can make changes to the selected option
  • Submit it again to save that changes to the option

Administration

Manage Administrators

Navigate to “Administrators” under the Administration menu.

To add an administrator click on “Add Administrator”.

Select the user to be an Admin from the drop-down list in the pop-up screen.

If the person you are looking for is not on the list, click the “I can’t find the person I am looking for” to invite a colleague.

Tick the “Provides support to users” check box to have that administrator's details displayed to all users on the HELP page.

Edit a member: Click on the green “edit” icon alongside the relevant administrator.

Delete a member: Click on the red “delete” icon alongside the relevant.

Audit Log

Navigate to the Audit Log from the Administration menu.

A list of actions performed in BVAL, when it was performed and by whom is displayed.

Page Counters

Navigate to “Page Counters” under the Administration menu to see how many times the following support pages had been visited by users: Support Contacts, FAQ’s, External Links, and Supporting Documents.

Market Data

As an SVG Engagement Manager, you will be assigned Administrator rights and you will be required to work with Market Data.

Navigate to the Market Data page from “Upload Market Data” in the Administration menu.

The Upload Market Data screen displays an input form.

Use this form to specify the details of the market data you want to upload.

Please specify the following details to upload market data:

  • Name - The name by which the table will be identified in the database and for selection from drop-down lists during valuation.
  • Category - Select the relevant category from Basis Curve Adjustments, Floating Rates, FX Rates, or Yield Curves.
  • Source - Select the source from e.g. JSE, Refinitiv, and Reuters.
  • Table Template - Select the correct template
  • As at Date - (pick this last day of the month of Valuation from a pop-up calendar)

Note: Specify whether this is Master market data that will be added into the Master Market Database, or whether it is an Ad hoc dataset that will only be used for a specific valuation.

Tick the AdHoc checkbox if your current upload is a once-off market data table.

  • Note: If this is permanent market data that will be added into the Master Market Database you will leave the checkbox unticked.
  • If it is an ad hoc dataset that will only be used for a specific valuation you must tick the checkbox.

Browse to the table you want to upload.

  • Then click on Upload to upload the table you selected.
  • The table is displayed as it was received from the source, displaying raw market values for certain days from day one (1D) to the last day of year thirty (30Y).

Click on Interpolate to interpolate the market data for each day of the 30 years covered.

The interpolated table is displayed showing the interpolated values for each day of 30 years.

In this table:

  • NACC (continuous compounding rate) is interpolated for each day.
  • NACA (annual compounding rate) is calculated from NACC.
  • DF is calculated from NACC.
  • Approve Market Data (Engagement Managers only)

A market data table has to be approved by the Engagement Manager before the data can be used for a Valuation.

Click on Forward for Approval when you are satisfied with the market data.

A notification is sent to the Engagement Manager.

If you are the Engagement Manager click on Approve to change the status of the data table.

Only once approved you can click on Submit to Master to add the table to the Master Market Database.

This table will be available in the market data drop-down options when Valuation parameters are being set for a Valuation.

Configure Engagement for IPE

From BVAL - Navigate to IPE in EMS from in the My Progress bar at the top of your screen.

Set up IPE in the “Engagement Type” in EMS (Sponsor Admin only) Navigate to “Engagement Types” from the Configuration menu to set up the engagement type for IPE.

Tick the checkbox next to “Engagement uses IPE” in the Engagement Type pop-up input screen.

Make sure that you select the Engagement Type that was set up for IPE when you create or edit your Engagement Details.

  • Select the type from the Engagement Control Type drop-down menu.

Please refer to BDO Wiki for additional guidance on EMS.