Software and Data User Newsletter

Newsletter February 2026

Welcome to the February 2026 NACVA Newsletter

Professional Deep Dive Part 2 - The Data-Driven MARS Method for Selecting the Best Comparables: A Practical Use Case

In a world where valuation experts’ access to such a significant volume of data is growing every day, new tools are necessary to analyze the vast amounts of data — and that’s where MARS comes in. Valuators typically begin by searching a transaction database applying a series of individual filters. A number of candidate comparables is eventually produced, and the valuator determines which to use in the valuation. MARS expands this valid approach by simultaneously assessing more attributes that might be comparable.

In Case You Missed Last Month’s Professional Deep Dive Part 1 - Announcing the MARS Method: An Innovative, Data-Driven Approach for Selecting the Best Comparables

The question that looms over the market approach is "Did I select all or enough of the comparable transactions that my subject company might be similar to in this database?" Obviously, if the answer is no, the credibility of the analysis will wane. Selecting the right comparable sales transactions is fundamental to the market approach to business valuation. With the vast amount of data now available, valuation experts need more tools to help them navigate all the information available to find the most suitable comps.

Expert Tips for Engineering Effective GenAI Prompts

NACVA recently held a webinar on how to use GenAI “prompt engineering” to obtain better results when using tools like ChatGPT, Copilot, Claude, Perplexity.ai, and Gemini. Colin Brown — the founder and chief technology officer of Syncnet, which helps consultants leverage AI and software — shared a variety of tips, including several that CVAs can use to save time and significantly improve their efficiency.

What’s New Kroll Recommends U.S. and European ERPs

Kroll regularly reviews fluctuations in global economic and financial market conditions that may warrant changes to our equity risk premium (ERP) and accompanying risk-free rate recommendations. The risk-free rate and ERP are key inputs used to calculate the cost of equity capital in the context of the Capital Asset Pricing Model (CAPM) and other models used to develop discount rates. Kroll also updates country risk data on a quarterly basis for 175+ countries using various models.

The Kroll Recommended U.S. ERP is being reaffirmed at 5.0% when developing USD-denominated discount rates. This guidance became originally effective on September 2, 2025. At this juncture, Kroll also believes that that yields on long-term U.S. Treasuries remain a reasonable proxy for the U.S. risk-free rate.

The Kroll Recommended Eurozone ERP is being lowered to the range of 5.0% to 5.5% when developing EUR-denominated discount rates as of January 30, 2026, and thereafter, until further guidance is issued. Kroll believes that an ERP towards the higher end of the range (i.e., closer to a 5.5% ERP) is still likely more appropriate, but this indication could be lowered later in 2026.

Upcoming Webinars Don’t miss these informative webinars:

ProSight (RMA) Valuation Edition
Give Us 30 Minutes—See How ProSight (RMA) Valuation Edition (with 10× more data) Transforms Benchmarking. Thursday, March 5th, 2026.
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Valuation Databases
23 Essential Valuation Databases: The Ultimate 50-Minute Crash Course to the Most Essential Valuation Databases. Thursday, March 12th, 2026.
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BVM Pro Valuation Software
Automating & Standardizing Your Valuation Practice - Thursday, March 19th, 2026.
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ProSight (RMA) Valuation Edition
Give Us 30 Minutes—See How RMA Valuation Edition (with 10× more data) Transforms Benchmarking. Thursday, March 26th, 2026.
Register Now

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