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
company not additive from its individual parts, but only as a unified whole and
are thus determined as the total.
The enterprise value is generally not held to the evaluation object
resident status is, but is rather the expression of a relation
of people to beneficial goods and services. In this respect 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
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
-
rating usually done by qualified experts
. The following is therefore only the gross structure
the earnings valuation
below, without any 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 no longer in the under the current averaging method for determining a company
corporate value.
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
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 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
a proper assessment of the company in the future be able to make
, both the company itself and the specific
analyze corporate environment.
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
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.
exists or whether the appropriate starting materials too realistic -
conditions can be obtained
-.
prognosis profit from ordinary activities in its corrected form for the ;
next 3 - 5 years to plan. It is then extrapolate linearly when 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-
the first phase and also identified trends and expectations make
from 9 to accept year earnings growth at a constant level .
, 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.
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.
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-
wöhnlichen Geschäftstätigkeit I zur Kapitalisierung heranzuziehen. . (See, Siepmann, G.: The consideration of income taxes in the
business valuation, in: The Audit 1997, p. 1-10 and p. 37-44.)
profit on ordinary activities before income tax
.. Interest on other financial needs . /. Trade tax
. /. Corporation tax on non-deductible business expenses . /. imputed wage
. /. imputed Eigenkaptialverzinsung _____________________________________
= 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.
, particularly because even small differences in extreme off-
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 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 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 The enterprise value results from the capitalization of future
modified results from ordinary activities (I od II) and ? + Nichtbetriebsnotw liquidation value. Assets
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
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-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
EXCLUSIVE variant are presented sectoral multipliers. It is profit and revenue multipliers.
could not be considered. In addition, purely off on last-
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 second 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
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 furniture acts
food
Opticians
Software-Entwicklung 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
enterprise value =
= modified the result from ordinary. Business. * Bonus Multiplier
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
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
of goodwill are summarized in the table below . (Barthel, CW:
shareholder value: the comparative-based assessment procedures, in: The minimum funds rate ceiling
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 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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