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The Valuation of Intangible Assets: An Introduction

An intangible is a non-monetary asset that manifests itself by its economic properties. It does not have physical substance but grants rights and economic benefits to its owner. The examination of the general approaches of valuation of companies is preliminary to the estimation of assets such as the intangibles. Intangibles are more specific than other assets and incorporate higher information asymmetries, linked to higher risk profiles and lower collateral value. The most widely used approaches of assessing intangibles are based on the reproduction cost approach, i.e., the income expectations deriving from the exploitation of the intangibles or its comparable market value.