GmbH over the message in the network I. Basic principles of valuation
The aim of corporate assessment, the identification of potential prices. This
are the success potentials of the existing company and all-out to reconsider a
influences. Furthermore, the value of a sub-
company not additive from its individual parts, but only as a unified whole and
are thus determined as the total.
the purposes of the potential price of the company's value is only determined
as a basis for determining the purchase price in the context of the purchase or sale negotiations
made.
The enterprise value is generally not held to the evaluation object
resident status is, but is rather the expression of a relation
is expressed by the degree of usefulness of an object to fulfill a specific purpose
.
is a result of the valuation in the nature of the approach of
importance.
Against the background of these general considerations in the following
presented two approaches that give a theoretically correct viewpoint and a more viable alternative evidence of the valuation
should.
II theory right approach
first Introduction
as theoretically correct approach is now generally
only one form of
earnings, calculated
be possible. The income approach is a purely financial terms is
oriented method, which only benefits one company
measures the cash flows. In concrete terms
the yield value in the present value of future success of the company.
to its calculation, the future success, possibly the future
liquidation value at the end of the company and a capitalization
determined rate of interest.
This procedure is relatively complex and requires the neces-
digestion expertise or time. Therefore
these "exact" company
-
rating usually done by qualified experts
. The following is therefore only the gross structure
the earnings valuation
below, without any
details - to talk - especially the issue of income taxes.
The subsequently presented
asset value, after today's regarded-
tion as possibly serve as a control or auxiliary variable, but in this
Context is justified. Accordingly
he should be used
no longer in the under the current averaging method for determining a company
corporate value.
second Income valuation
For retailers and service providers resulting in earnings valuation no basic features, why in the following
the basic building blocks for determining a return value is used.
2.1. Past or present analysis and forecasting
starting point for any business valuation, an analysis of the sub-
his company in the past and the present. This analysis provides is a crucial factor, because their results are of Anhalt-
points for the future development of the company to derive. Specifically
comes it on the analysis of the legal and economic conditions
and the company and the business environment in
-.
conditions Legal
The analysis of the legal situation to be analyzed for which
legal ties to the company exist and what opportunities and risks involved
or can be. Here's particular
rights and obligations of shareholders to purchase or provide
obligations and other enter into legal obligations. are mentioned, for example, can
consulting agreements, lease, rental and leasing contracts, contracts for and profit and revenue sharing.
- Economic conditions
For the analysis of economic conditions, the financial statements
(commercial or fiscal balance sheet, profit and loss account) for the last 3-5 Recourse should
years. It makes sense to be here in each case on the outcome of the
ordinary activities off, ie
extraordinary income and expenses are
neglect according to
or clean up
.
is also in companies in which the personal work performance the owner plays an important role (not in the commercial register-
transferred businesses, sole proprietorships, partnerships) the result of the
ordinary activities additional to imputed costs, ie the entrepreneur
wage and rates of return for the self-employed
reduce capital and eventually the imputed rent for owner-occupiers of premises .
The thus obtained corrected result from ordinary operations, as the result of ordinary business is to denote II, is welcoming the development Over the past 3 - 5 years as a starting
starting point for the future are forecast
-. corporate and environmental analysis
a proper assessment of the company in the future be able to make
, both the company itself and the specific
analyze corporate environment.
As the company is the focus of the analysis of the income -
to see potential
, with particular strengths / weaknesses offers here
and Chancen-/Risiken-Analyse. It should be explained in detail in
which situation is the company and to what extent it is able
exist in the future in the competition. If in this context is already available
a business plan, offer themselves for example, the following criteria for testing over-
:
- credibility of the planned revenue growth,
- Investment plans,
- programs to contain costs,
- Product range in detail, - future customer loyalty and
-.
future supplier conditions
Based on the expression of these factors can then the future development of
development potential and estimate the necessary measures.
Similarly, the company-specific environment is investigated.
addition to considering the overall market (eg technical progress, Kon -
economic trend, etc.) is particularly necessary to look to the industry market. It
interest here that growth in the industry, which rivals the number
and market share and which cost pressures exist to estimate the corresponding
development.
In addition to the paragraph manner, and procurement market of the company
to determine whether remains a market for the products
exists or whether the appropriate starting materials too realistic -
conditions can be obtained
-.
prognosis
Taking into account the insights gained by analyzing the
profit from ordinary activities in its corrected form for the ;
next 3 - 5 years to plan. It is then extrapolate linearly when
can assume a life of unlimited company
During the planning phase. 3 - 5 years are the essential components
components for the determination of the result from ordinary operations, that
sales, materials, personnel expenses, depreciation and amortization is, to be planned in detail
. Only in this way can determine a proper, forward-
oriented business value.
In theory it would be even more feasible to apply the stage method of UEC
, ie in the first phase (1 . plan to 3rd year) in detail and in
the second phase (4 to 8 year), revenue planning based on the plans
the first phase and also identified trends and expectations make
from 9 to accept year earnings growth at a constant level .
2.2. Capitalization size
starting point for business valuation, ie for the planning of future success
, is unusual as capitalization size, underlying profit from ordinary
business. This is in accordance the expected changes
tion of the individual components meaning of the above prognosis
to extrapolate.
As part of this extrapolation has been recorded but not yet in
what way the new owner takes into account future investment.
purpose is to make a financial need statement, the financial needs
from the consideration of future investments and their financing
is financing.
Furthermore, the determination to eliminate first the income tax.
be the first in a second step, the corporate income tax and the
tax on non-deductible business expenses (if company under CITA is) deducted as final tax burden.
benefit for the purposes of the above mentioned potential importance of personal work
of the business owner for certain businesses will remain
the imputed wage, the imputed equity
verzinsung sowie die kalkulatorische Miete abzuziehen. Daraus ergibt sich letzt-
lich das modifizierte Ergebnis der gewöhnlichen Geschäftstätigkeit II.
Dieses ist im Fall einer hohen Bedeutung der persönlichen Arbeitsleistung des
Unternehmers für die Kapitalisierung heranzuziehen. Sollte die Bedeutung der
persönlichen Arbeitsleistung jedoch eher gering sein, ist das Ergebnis der ge-
wöhnlichen Geschäftstätigkeit I zur Kapitalisierung heranzuziehen.
A further consideration of income taxes is omitted here for reasons of simplification
. (See, Siepmann, G.: The consideration of income taxes in the
business valuation, in: The Audit 1997, p. 1-10 and p. 37-44.)
Calculation scheme:
profit on ordinary activities before income tax
.. Interest on other financial needs
. /. Trade tax
. /. Corporation tax on non-deductible business expenses
_____________________________________
= modified profit from ordinary activities I
. /. imputed wage
. /. imputed Eigenkaptialverzinsung
. /. imputed rent
_____________________________________
= modified profit from ordinary activities II
Where: financial cost = Investment - Depreciation interest on other financial needs required * = Financial debt- rate
is present as an alternative, the so-called Free or net cash flow
discussed as capitalization size. This follows from the fact that the
discounted cash flow method as an usual Anglo-American method-
is applied taking the German language area and also by the Institute of Chartered Accountants now as acceptable in a way
method is considered. A detailed explanation is not here.
2.3. Capitalization rate
A problem frequently is the right choice of capitalization rate of interest
, particularly because even small differences in extreme off-
may have impact on the company's value.
If we focus on the statement of the Institute of Certified Public Accountants, the
is the company's valuation based on essentially the alternative value idea
, why should a capitalization rate, the yield on a risk-free public
Lichen bond be set. . This is usually the nation-
usual interest
in Germany should therefore base rate as the current yield for exchange-
listed Federal securities with a maturity 90-10 years used be
. This is evident from the monthly report of the Deutsche Bundesbank.
Since the acquisition of a company but not comparable to the investment in securities
is, greed is the standard national rate by a risk premium to be corrected
.
The crucial problem is the level of risk premium. Package
risk premiums, such as 50% of its common interest, are neither rational nor justifiable
understandable. Insofar as the risk premium in the individual case
set specific and justified.
addition to the theoretical alternative of safety equivalence method also
is a derivative of the risk premium in accordance with the decisions of the Bavarian Supreme
Land Court. Here the risk premium as the difference between base rate
(Common Interest) and the industry-standard normal bank interest on large loans is calculated. For the purposes of the law-
case law so risk premiums between 0.5 -. 2.0% conceivable
A theoretically clean solution, however, is the derivation of the capitalization
rate of interest on equity and debt under the
discounted cash flow method. This is done using the capital asset pricing model
derived from capital market theory. This results in Germany
but only to meaningful results if it is listed
These companies, which can not be assumed.
2.4. Value derivative
The enterprise value results from the capitalization of future
modified results from ordinary activities (I od II) and
possibly by the liquidation value of non-operating Ver-
assets. This can be represented in the following general formula:
(i = capitalization, E
n = modified results)
return value = W = W (E) = Σ
? + Nichtbetriebsnotw liquidation value. Assets
third Intrinsic value as a control and auxiliary variable
The intrinsic value it is formulated to simplify the evaluation of the company
plug substance. The determination of the intrinsic value in
is part of business valuation as a control and auxiliary quantity required and thus continue to be some justification.
The asset value is a control number is because the substance of the pre-
is requisite for the realization of the revenue values. The asset value is Inso
far from the reality, because it plays evidence for the assessment of income
can deliver value.
plays as a proxy of the intrinsic value in particular in the future ;
financing an important role. The asset value can as a basis for financial balance calculations, the credit ratings or the assessment
development of sustainable skills to be used in times of crisis.
The intrinsic value exists almost as a part of so-called reproductive value dar.
It is the result of the addition of in their current cost-
set individual assets less liabilities, the
non-operating assets at liquidation value is assessed. In
sense of time value analysis, however, the replacement cost to
are to reduce the depreciation. With a coarse
can therefore estimate the corresponding value using the formula determined to be :
value = * replacement cost (remaining life: whole life costs)
remains crucial, that the partial reproduction value (asset value) of
goodwill and other intangible assets not only to a limited order-
are recorded catch since their determination indirectly via the return value is
. Thereafter, only the to share intangible values that have their own
marketability and, as independent individual assets recognized
.
for trade and service companies, it is in individual cases due to-
a low asset intensity conceivable that a substance values
mediation not necessary, since the value of the substance is negligible
.
III. Practical approximations
first Introduction
The income approach has generally a high complexity and often is
to handle difficult, so can be used for the approximate valuation of the practice increasingly simplified calculations
. As possible
EXCLUSIVE variant are presented sectoral multipliers. It is profit and revenue multipliers.
preliminary is important to note that by making such multipliers in a way
typical industry behavior. Individual opportunities and risks that
for instance resulting from the proposed business strategy of the buyer
could not be considered. In addition, purely off on last-
health-oriented basis sizes, ie, the future development
not considered. In this respect multipliers are in principle not own
decision value is because they yield an independent valuation can not replace . . (See, for example, Ball Wieser, W.: A new theory of
business valuation, in: Operation, 1997, p. 185-191)
Nevertheless, for them
assessment practice in the
review
the
earned value results
or
a
fast,
approximate values
mediation a privilege not to be denied.
second Multipliers
2.1. Win Multipliers
In applying the income multipliers results in the company's value
by multiplying the gain - in this case should also adjusted earnings of
ordinary activities can be used (see p. 4, 5, 7 and below) -. with the corresponding multiplier This method is especially used small and medium-sized enterprises conceivable if the accounting figures in the required way, that may be necessary for the planning of detail delivered
in the. According to the survey by Barthel for the individual industries
minimum-, medium-and maximum have been determined, which have arisen typical industry profit multipliers for non-listed companies
. (Barthel, CW: Enterprise Value: The comparative oriented
assessment process, as the operation 1996, p. 159)
industry
(selection)
minimum sentence means maximum
Pharmacies
bookstores
Computerhandel
restaurants
wholesale
representation
motor trade
kiosks
furniture acts
food
Opticians
Software-Entwicklung
Buchverlage
Zeitungen
4,00
3,50
3,25
3,75
6,50 3,50 5,25 5,25
4,00
3,75
4,75
3,50
5,25
5,50
5,75
5,00
3,25
5,25
8,75
6,00
6,00
6,50
5,50
5,00
6,00
4,50
6,75
6,25
7,50
7,00
6,00
7,50
11,00
7,50
7,00
7,75
7,25
6.25 7.25 7.00
9.25 7.00
The enterprise value can be determined as follows:
enterprise value =
= modified the result from ordinary. Business. * Bonus Multiplier
Here is the significance of the personal work performance of sub-
to differentiate holder. Should it be high, the result from ordinary
II from ordinary activities to be used for multiplication. Otherwise, the result from ordinary activities
I.
The specified minimum, medium and maximum levels of certain
bands for the industry-specific business values can be determined. This
can then serve as the basis for Verkaufs-/Kaufverhandlungen
and as starting points for the earnings valuation.
2.2. Sales multipliers
The sales multiplier is not a percentage size of sales
directly determines shareholder value, but the goodwill or the
value of the business.
offers this respect, this revenue procedure then, when the company
value is dominated largely by the business value or goodwill. Here
should be noted, however, that these sales-related experience, strong sentences exposed to temporal and regional variations are. On the other hand, with the help of the sales process
usually a value to be determined, which enjoys a high
acceptance by the evaluation is addressed.
The actual value of the company is then obtained from the sales of the
procedures established goodwill and the substantial value in terms of a partial reproduction
output values of the company. This can be explained in the following formula express-
:
enterprise value = Intrinsic value + goodwill
= intrinsic value + (* sales experience set)
The Barthel determined by sales-related experience rates for the determination
of goodwill are summarized in the table below . (Barthel, CW:
shareholder value: the comparative-based assessment procedures, in: The
operation 1996, p. 163)
industries
(selection)
minimum funds rate ceiling
experience rates in% of sales
publishers
newspapers
motor trade
garages
representation
Wholesale of fruit and vegetables Wholesale of beverages
Wholesale of tobacco products
Pharmaceutical wholesale
retail food
Beverages
retail tobacco
Pharmacies
Retail sale of clothing Retail sale of footwear
retail furniture
Retail Retail sale of books
retail computers optician retail sale
Hotels
Restaurants Cafes
Ice
snack bars restaurants nightclubs
Speditionen
Reisebüros
Private Paketdienste
Versicherungsmakler
Immobilienmakler
Softwarehäuser
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