A licence, as qualifying title that authorises a certain activity under certain exclusive criteria, is in itself an intangible asset that allows for its independent analysis and valuation.
There are licence-regulated business activities such as:
- Lottery administrations or gambling rooms.
- Tobacconists and kiosks.
- Leisure and hospitality establishments.
- Taxi licences.
It is common in these cases that the licence, as a separate entity even from the real estate value of the activity location, can be a part of goodwill described in the corresponding section. However, it can also be individualised if the circumstances allow it. In these cases, as occurs with goodwill valuations, they are fundamental instruments not only in the determination of the business valuation that they enable, but also in the financial recruitment for its acquisition and development (across collateral securities). Or additionally, where applicable, in the application of rational criteria for the segregation of the parts that make up the businesses.
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