Manual Unternehmensbewertung nach dem IDW S1 2008 (German Edition)

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Due to the practice of this assignment Fielmann is going to be evaluated in the next chapter. This starts with a company introduction of Fielmann mentioning the main business subject, the current business situation as well as the company perspective. This is followed by the company evaluation in terms of the multiplier method.

Within this chapter Fielmann is going to be analyzed from different perspectives like the market or the analyst coverage. Based on this, the peer group will be established and the multiplier calculation will be provided. A summary of the different approaches resp. Corporate Evaluation is discussed in science and practice. From time to time, there are a lot of new methods to evaluate a company, e.

An evaluation depends on a special occasion. The assignment will present the most important methods and occasions for a corporate evaluation. In Germany corporate evaluations are mostly orientated on the IDW-Standard, which is a practical guideline. The assignment is based on the IDW-Standard.

Corporate Evaluation of Fielmann AG

The number of mergers and acquisitions has increased since the beginning of the s. Furthermore, firms have to buy or sell other firms to cope with competition in the future. For a corporate evaluation it is important that companies are economic separated. But it is not relevant whether a company is legally independent.

Within a corporate evaluation it is relevant that one method is used consequently. Different methods can influence the results in a negative way. There are some laws and legal decisions which are important for a corporate evaluation and the decision making process. The legal base is different in each country so it is relevant to check the legal circumstances before.

In Germany i.

Everybody who evaluates a company has to follow the regulations in the IDW-Standard. Each corporate evaluation has its own occasion. The result of a corporate evaluation is directly connected to the occasion. Therefore, it is important to define this purpose for all evaluations. An evaluation is based on a free or forced change in the owner structure. The objective value is just based on hard facts without individual preferences of seller or buyer. The subjective value includes personal requirements of the parties. Corporate evaluations are made for different purposes.

The value cannot be calculated exactly. The result is a margin between the lowest price which a seller should get and the highest price which a buyer should offer.

Without a purpose a company does not have a price. The price of a company is strictly directed to a purpose. The price which is calculated with a special purpose is just an orientation for the buyer and seller or for a third party like an arbitrator who tries to find a decision. A neutral expert takes the objective value of a company. If the expert supports the seller or the buyer he will take a subjective value. If the client is the buyer he tries to reach the lowest price and if he is the seller it is the other way round.

All calculated prices are just an orientation.

The price which will be paid can differ significantly. The liquidation value is the smallest value of a company. The value orientates on the financial advantages of the alternatives between liquidation vs. Appropriateness of the method for determining the compensation. Appropriateness of the method for determining the settlement.

Mindestwert eines Unternehmens - Unternehmensbewertung Teil 4 - Thomas Breit Steuerberatung

Specific findings of the examination. Determining the equity values using the discounted earnings method. Valuation objects. Valuation date. Valuation process. Historical adjustments. Derivation of discounted earnings - GSW. Underlying projections and planning process. Planning accuracy. Plausibility of business plan. Financial result. Income taxes.

Minority share consolidated earnings.

Earnings to be capitalised. Derivation of discounted earnings - Deutsche Wohnen. Net distributions expected. Discount rate. Equity value of GSW.

Equity value of Deutsche Wohnen. Exchange ratio. Plausibility of equity value. Appropriateness of compensation and settlement. Relevant reference period. Relevance of the share price. Particular difficulties encountered when carrying out the valuation. Settlement and compensation. Final declaration on the appropriateness of the proposed compensation and proposed settlement. Final draft of the domination agreement. List of abbreviations. Earnings before interest and taxes. Earnings before interest, taxes, depreciation and amortisation.

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German limited liability company. Handelsgesetzbuch: German Commercial Code. Handelsregisterblatt: German Commercial Register. International Financial Reporting Standards. International Securities Identification Number. Kommanditgesellschaft: Limited partnership. Landgericht: District Court. Morgan Stanley Capital International. Naamloze vennootschap: a form of Dutch company similar to a German AG.


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