Intrinsic Value and Valuation Multiples

Earlier this month, I was in Western Oklahoma for a trial. Surrounded by the wide-open Great Plains and the unmistakable presence of oil and gas infrastructure, it was impossible not to think about the industry’s influence on the region. A few people asked me if I had watched the acclaimed show, Landman, and as I hadn't, I started the series on my flights home.

The rapid rise of digital assets over the last several years has introduced new considerations and investigative needs for forensic accountants and family law practitioners. Once considered a niche investment vehicle, digital assets have become an increasingly common component of marital estates. Today, we must consider a broad range of digital assets, including cryptocurrencies, non-fungible tokens (“NFTs”), assets held in digital wallets, decentralized finance (“DeFi”) accounts, token-based compensation, and other blockchain-based holdings.

Mercer Capital has thoughtfully analyzed the corporate and capital structures of the publicly traded mineral aggregators to derive meaningful indications of enterprise value. We have also calculated valuation multiples based on a variety of metrics, including distributions and reserves, as well as earnings and production on both a historical and forward-looking basis.