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Understanding Valuation Methodologies: Valuing Different Asset Classes

Josh Nahas, a managing director at Dundon Advisors, presented on alternative asset valuation in the ABI Master Class series, covering pharmaceutical royalties, oil and gas, commercial real estate, and litigation finance. He detailed royalty financing in pharmaceuticals, emphasizing royalty rates of 7-15% and the impact of gross to net sales. In oil and gas, he explained various royalty and working interest structures. For commercial real estate, he discussed cap rates, NOI, and DCF. Lastly, he addressed litigation finance, highlighting mass torts and commercial litigation, and the importance of understanding case timelines and probabilities.

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Alternative asset valuation, pharmaceutical royalties, oil and gas, commercial real estate, litigation finance, royalty financing, intellectual property, clinical trials, FDA approval, net sales, milestone payments, co-development agreements, cap rate, ne

Joshua Nahas is a Managing Director at Dundon Advisors LLC. He is a nationally-prominent expert in bankruptcy, distressed debt investing, and restructuring. He was a long-time senior analyst for Foxhill Capital and is principal of Wolf Capital Advisors.

Mr. Nahas is a Certified Restructuring and Insolvency Advisor (CIRA) with over 25 years of experience investing in distressed and leveraged credit, financial restructuring and investment banking. He has been a PM and a Sr Analyst with several distressed credit and event driven hedge funds. As a professional investor he has served on numerous ad hoc creditor committees and steering committees for court- supervised Chapter 11 restructurings as well as out-of-court restructurings. As an investment banker and restructuring advisor he has worked on several billion dollars of capital raises, M&A transactions and acquisition financings as well as on several high-profile bankruptcies. Mr. Nahas has participated as an investor in numerous large-scale, complex bankruptcies, such as Caesars, PG&E, American Airlines, Calpine, Mirant, Northwest Air Lines, Delta Air Lines, Delphi, Nortel, Tronox, Chemtura, SemGroup, Lehman Brothers, MF Global, Madoff and Stanford Financial Group.

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