Approach

Introducing valuation methods for IP and IA

Mathematical Finance

The valuation method is selected according to the intellectual property subject to valuation and the situation.
Depending on the valuation method, it is necessary to evaluate the value based on the finance theory.
Professionals will propose the optimal approach so as not to damage the interests of the organizations.

定量的・定性的評価 / Quantitative and Qualitative Valuation



Different approaches of intellectual property valuation are used by organizations. these approaches are divided in two categories, the quantitative and qualitative valuation. While the quantitative approach relies on numerical and measurable data with the purpose to calculate the economic value of the intellectual property, the qualitative approach is focused on the analysis of the characteristics and potential uses of the intellectual property, such as the legal, technological, marketing or strategic aspects of the patented technologies. Qualitative valuation deals also with assessing the risks and opportunities associated to the intellectual property of the company.

Quantitative approach


Quantitative approaches are broadly divided into income approaches, market approaches, cost approaches and option approaches.

Approaches

Overview

Feature

Cost
method

Reproduction
cost
method

Replacement
cost
method

Estimations are performed by gathering all costs associated with the purchase or development of a replica of the patent under valuation.

Estimations are performed on the basis of the costs that would be spent to obtain an equivalent patent asset with similar use or function.

Objectivity can be secured by simple stacking, there is a high degree of uncertainty in research and development, and it cannot be said that exactly the same reproduction will be obtained even if similar R&D is performed.

Objectivity can be secured by simple stacking, there is a high degree of uncertainty in research and development, and it cannot be said that a copy with the same purpose or function will be obtained even if similar R&D is performed.

Market
method

Comparable
transaction
multiple
method

The market-based valuation method relies on the estimation of value based on similar market transactions or similar license agreements of comparable patent rights.

Objectivity can be secured based on market value, there is no market where similar intangible assets are traded, or there is a market but there are few cases where it is traded.

Income
method

The Relief
from Royalty
Method

Profit
Split
Method

Excess
Earning
Method

License
Out

Estimations are performed by valuing the discounted present value of royalties that would otherwise have to be paid if there were no intangible assets.

Estimations are performed by evaluating the value by discounting the profit from the business that contributes to the intangible assets.

Estimations are performed by assessing the value of profits obtained from the business by deducting the cost (capital charge) obtained by multiplying the fair value and the required yield of assets other than the intangible assets.

Estimations are performed by assessing the discounted present value of the profit obtained by licensing out the intangible assets.

If the royalty rate can be estimated by analysis of similar licenses, it can be evaluated from sales plans.

A comparative study of business profit (enterprise value) and intangible asset income (intangible asset value) is required.

It is necessary to evaluate assets other than intangible assets to be evaluated and analyze the rate of return.

The rate/term can be obtained from the license contract, but it is necessary to forecast sales plans of the outside company that is the licensee.

Option
method

Option
pricing
model

Estimations are performed by option models, such as the Black-Scholes model, differently from the other methods, which consider the options and opportunities related to the investment.

The intangible assets (option) will have value to the buyer (owner) only to the extent that the expected price in the future exceeds the opportunity cost of earning just as much in a risk-less alternative.



Qualitative approach


This method does not rely on purely financial analytical data. In fact, the valuation in this method is performed through the analysis of different indicators with the purpose of rating the patent right, i.e. of determining its importance quality in terms of aspects that can impact the value of an intellectual property asset, covering legal aspects, the technology level of the innovation, market details and company organization. Commonly, the method is implemented through questionnaires comprising all these different criteria.

ロイヤリティ免除法 / The Relief from Royalty Method



特許権を対象に、インカムアプローチの中でも特に代表的な手法であるロイヤルティ免除法について紹介します。

ロイヤルティ免除法における特許権価値の算定は、「ロイヤルティ収入の割引現在価値」、「節税効果（TAB：Tax Amortization Benefit）」の構成要素からなる。

特許権価値　＝　ロイヤルティ収入の割引現在価値　＋　節税効果
①

ロイヤリティ収入の割引現在価値

ロイヤルティ収入による割引現在価値は、特許権の残存有効期間におけるロイヤルティ収入（Free Cash Flow：FCF）に陳腐化を考慮し、無形資産固有の割引率で割り戻した現在価値として算定される。ここで、FCFは下記算式に示す通り、売上高にロイヤルティレートを乗じ、特許権維持管理費などを控除することにより、特許権保有にかかるキャッシュフローを見積もる。

まず、売上高およびロイヤルティレートの積により、評価の対象となる特許権にかかるロイヤルティ収入となる。しかし、特許権などの技術資産は、代替技術などの台頭により価値が目減りすることが一般的であるため、製品ライフサイクルなどから陳腐化を合理的に見積もる必要が考えらえる。

つぎに、特許権にかかるFCFを現在価値に割り引いた合計が特許権価値となる。参考までに特許権価値評価のイメージを以下に示す。

FCF　＝　売上高　×　ロイヤルティレート　×　陳腐化考慮
　　　　　　　　　　　　　　－　特許権維持管理費　－　法人税等
➁

WACCとWARAの関係

特許権にかかる割引率は、資金調達コストの加重平均である加重平均資本コスト（Weighted Average Cost of Capital：WACC）および資金期待収益率の加重平均である加重平均資産コスト（Weighted Average Return on Assets：WARA）と各資産の相対的リスクのバランスを図り、かつ各資産ごとに資本構成を考慮しながら決定する。WARAは運転資本、有形固定資産、無形固定資産、のれん（人的資産も構成）の各資産グループの期待収益率の加重平均であるが、一般的には以下のようになる。

運転資本　＜　有形固定資産　＜　無形固定資産　＜　のれん

WACC/WARAイメージ

③

節税効果

特許権の償却費は税務上の耐用年数のもと損金算入されるため、節税メリットを享受できる。そこで、当該節税効果を価値評価に織り込むため、償却費に税率を乗じた影響額を割引いて現在価値を算定する場合がある。しかし、当該影響によって対象期間におけるFCFが変動し、償却費の計算原資である特許権の現在価値も併せて変動する循環計算となる。そこで、節税効果にかかる現価係数（Discount factor）の期間合計および節税効果考慮後の特許権価値から、節税効果にかかる現在価値が算定されると仮定した場合、以下算定式により特許権価値を評価することになる。

特許権価値　－ 特許権価値　×　節税効果にかかる現価係数の期間合計
　＝　ロイヤルティ収入による割引現在価値

特許権価値評価イメージ



Patent Valuation Advisory is a professional firm that specializes in evaluating intellectual property such as patent rights.