Although the valuation of optional instruments (ADPs, options, share subscription warrants, etc.) within management packages is necessary, complex and involves significant stakes, there are currently no clear regulations in France setting out the procedures for their valuation.
Against this backdrop, a working group was set up within the SFEV (Société Française des EValuateurs) to compare practices in the field of valuing financial instruments – which may include an optional component – that a company or its shareholders may offer to senior executives. C. Karsenti and T. Hachette were members of this working group, alongside other valuers who regularly work on this subject, as well as a financial consultant from DVNI and a lawyer who is also a university professor. A report was drawn up, which sets out:
- the classification of management packages;
- the standard valuation approaches and methods recommended by the working group;
- the various parameters that influence the valuation.
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