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Three Reasons To Join Finexpert:
1. Quarterly Update of German Capital Market Data including Beta Factors, Multiples, Yield Curves and Market Correlations
2. Access to an Exclusive Library of High-Quality Research out of Practice and Academia
3. Trainings and Tutorials for Valuation Purposes 

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Bernhard Schwetzler

Tutorial videos on corporate valuation:
1. DCF-valuation and Multiple-valuation
2. Terminal Value
3. Tax Shields
4. Cash-Holdings
All videos are accessible for finexpert Premium-members. 
>Tutorials 

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NEWS: STUDIES > Corporate Finance

PREDICTING VOLATILITY

Lazard
An understanding of the different approaches used to forecast volatility and the implications of their assumptions and dependencies provides a robust framework for the process of risk budgeting. In this paper, we will examine the art and science of volatility prediction, the characteristics which make it a fruitful endeavor, and the effectiveness as well as the pros and cons of different methods of predicting volatility. >more

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STUDIES > Accounting

KURS HALTEN, EUROPA STÄRKEN - STANDORT DEUTSCHLAND 2016: THE EY ATTRACTIVENESS SURVEY

Ernst & Young
In 2015, Europe attracted record levels of foreign direct investment, even amidst the migration crisis and sluggish growth. What has Germany's role been? Learn about this and more in the 2016 EY Attractiveness report. >more

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STUDIES > Macro

EUROPEAN ELECTIONS AND THEIR EFFECT ON LOCAL EQUITY MARKETS

Lazard
Elections are often perceived to influence the performance of capital markets across the globe. In 2015, political risk came back to prominence in the euro zone, after early elections in Greece prompted a change in government which, according to some, derailed the economic recovery in the country. While views on political risk may differ on a case-by-case basis, the objective of this paper is to provide a data-driven historical analysis on the topic for a more objective assessment. >more

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STUDIES > Corporate Finance

RESTRUKTURIERUNGSSTUDIE 2016

Roland Berger Strategy Consultants
This report by Roland Berger Strategy Consultants reveals that the German economy, despite its strong growth, faces serious challenges. Especially China's slumping economic development, the Brexit threat and uncertainties in the context of the immigration wave could slow down the German growth path. >more

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STUDIES > Performance

US COMPANIES DOMINATE THE WORLD’S TOP VALUE CREATORS

The Boston Consulting Group
US companies took seven of the top ten spots for global large-cap companies in the 2016 Value Creators rankings. Four of the top ten are in biopharma. See the leaders worldwide and in 28 industries in the rankings, which BCG has published since 1999. >more

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UPDATE CAPITAL MARKET DATA

We updated the capital market data (multiples, betas and returns) as to April 15, 2016 for basic and premium members. >more
Premium members have additional access to our data archive (Multiples, Betas, Returns) containing data as of 2007.

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STUDIES > Accounting

THREE IMPORTANT TAX DEVELOPMENTS FOR BOARDS

Ernst & Young
The European Commission (EC) is questioning individual EU governments on tax arrangements, and Organisation for Economic Co-operation and Development (OECD) member countries and others have instituted, or will be instituting soon, unprecedented information sharing of tax data across countries. To help boards stay informed of emerging tax developments, the EY Center for Board Matters provides an overview of three tax topics in the spotlight. >more

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STUDIES > Alternative Investments

VENTURE PULSE: Q1 2016

KPMG Enterprise’s Global Network for Innovative Startups and CB Insights (the ‘go to’ name for insights related to venture capital investment) launched the 3rd edition of the Venture Pulse Report. The report analyses the latest global trends in venture capital investment data and provides insights from both a global and regional perspective. This edition of the quarterly series provides in-depth analysis on venture capital investments across North America, EMA and ASPAC and will cover a range of issues such as financing and deal sizes, unicorns, industry highlights and corporate investment. >more

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STUDIES > M&A

KAPITALMARKTSTUDIE ÖSTERREICH

ValueTrust
ValueTrust and the Institute for Accounting and Auditing of the Johannes Kepler University Linz release the first issue of the Austrian capital market report as per December 31, 2015. The report includes cost of capital estimates and multiples for the Austrian capital market. >more

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STUDIES > Alternative Investments

ZUR WIRTSCHAFTLICHEN ENTWICKLUNG VON BETEILIGUNGSKAPITALFINANZIERTEN UNTERNEHMEN IN DEUTSCHLAND

Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (BVK)
Companies financed with venture capital exhibit an annual sales growth that is up to three times larger than that of comparable companies without an investment company as a partner. In the key indicators such as turnover, number of employees and equity ratio, the portfolio companies outperform their macroeconomic reference group. >more

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FINEXPERT GERMAN TAKEOVER REPORT 2016

The  finexpert - ValueTrust German takeover report 2016 covers all takeover bids according to the German takeover code WpÜG of the year 2015 and provides extensive information on relevant variables like bid types, premia offered, market reaction of target’s and (if available) on bidder’s stock prices. In addition our extensive database allows to compare last year´s figures of these variables against the moving average of the preceding years and thus to highlight trends and long term developments. Finally the finexpert German takeover report contains a unique and extensive analysis of fairness opinions and statements of management and supervisory board of the target company (§27 WpÜG), allowing for a detailed analysis of the relationship of these factors upon target stock price reaction and success rates of the takeover bid. > more (Teaser) >more

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STUDIES > Alternative Investments

EUROPEAN PRIVATE EQUITY OUTLOOK 2016

Roland Berger Strategy Consultants
The continued availability of inexpensive debt financing and positive sentiment concerning the overall economic situation in Europe serve to roll the cautiously optimistic mood in the private equity (PE) industry over into 2016. Almost two thirds (64%) of companies anticipate more M&A transactions with PE involvement, especially in Germany, Iberia and Italy. Growing numbers of PE managers also think that their industry is back to being as robust as it was before the financial crisis. Nevertheless, 40 percent of firms believe their business model still needs adaptation and improvement. These are the key findings of the "European Private Equity Outlook 2016", for which the experts from Roland Berger conducted a poll of industry professionals, as in previous years. >more

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FINEXPERT COMMUNITY

We welcomed our 1.200th member! (February 2016) >more

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STUDIES > Alternative Investments

THE POWER OF BUY AND BUILD: HOW PRIVATE EQUITY FIRMS FUEL NEXT-LEVEL VALUE CREATION

The Boston Consulting Group / HHL Leipzig Graduate School of Management
The share of PE deals that include add-on acquisitions has climbed steadily in recent years. Research on the top-performing buy-and-build deals points to several lessons: small is beautiful, experience pays, crossing borders creates value, and depth is better than breadth. >more

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STUDIES > Alternative Investments

DISRUPTION CAUSES SEISMIC SHIFT FOR PRIVATE EQUITY: 2016 GLOBAL PRIVATE EQUITY FUND AND INVESTOR SURVEY

Ernst & Young
In this report, we seek to understand the effects of an evolving regulatory landscape confronting both private equity funds and investors. We are confident these insights will help CFOs and fund managers make more informed decisions as they develop strategies for the future. >more

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STUDIES > M&A

CHINESISCHE UNTERNEHMENSKÄUFE IN EUROPA: 2005-2015

Ernst & Young
Germany remains the preferred investment destination of Chinese capital within Europe: 2015 recorded 36 Chinese acquisitions of German companies. Therewith, Germany was the most attractive destination, followed by the UK, France, Italy and Spain. >more

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STUDIES > Alternative Investments

VENTURE PULSE: Q4 GLOBAL ANALYSIS OF VENTURE FUNDING

KPMG Enterprise’s Global Network for Innovative Startups and CB Insights (the ‘go to’ name for insights related to venture capital investment) launched the 3rd edition of the Venture Pulse report. The report analyses the latest global trends in venture capital investment and provides insights from both a global and regional perspective. >more

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STUDIES > Macro

ANNUAL MEETING 2016: MASTERING THE FOURTH  INDUSTRIAL REVOLUTION

World Economic Forum
At the Annual Meeting 2016, under the theme Mastering the Fourth Industrial Revolution, technology shifted from a supporting role to the spotlight. More than 2,500 participants from all walks of life came together in Davos to prepare for a future of exponentially disruptive change as assumptions about growth models were overturned, the international balance of power continued to fray, and scientific and technological breakthroughs stood poised to transform economies and societies. >more

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STUDIES > Alternative Investments

START-UP BAROMETER DEUTSCHLAND: JANUAR 2016

Ernst & Young
Investments in German startups have reached a new record level in 2015. Investors pumped a total of almost 3.1 billion Euro into German startups, which is almost twice as much as last year's 1.6 billion Euro and almost five times as much as in 2013. >more

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STUDIES > Corporate Finance

EUROPEAN DISTRESSED DEBT MARKET OUTLOOK 2016

Rothschild / Debtwire
2016 is primed for European distressed opportunities, with funds boosting their asset allocation to distressed investing, according to Debtwire Europe’s 12th European Distressed Debt Market Outlook, produced in association with Rothschild and Orrick. Other highlights of the report include: The vast majority of respondents (78%) expect an increase in high yield-related restructurings in the next 18 months. >more

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STUDIES > Performance

MODULAR FINANCIAL SERVICES: THE NEW SHAPE OF THE INDUSTRY

Oliver Wyman
Financial services companies have gone through major changes over the last 10 years. Nonetheless, while the turmoil in financial services has been dramatic, other industries have been more radically transformed. For example, digital technology has destroyed established business models in music and publishing. Such a transformation may now be on the horizon for financial services. We believe financial services are becoming “modular”, with digital distribution platforms, new product providers, alternative sources of capital and a growth in outsourcing fundamentally reshaping the industry. >more

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STUDIES > Corporate Finance

PRIVATE FINANCING OF ROLLING STOCK

Roland Berger Strategy Consulting
Railways and public transport companies traditionally have been financed by governments. This is currently undergoing a significant change. Currently about 13% of rolling stock investments are privately funded (22% of the projects). This is equal to about EUR 1.5 bn of private capital per year out of total procurement of close to EUR 11 bn. Our investigation shows a correlation between the degree of liberalization in a country and share of private financing. With further liberalization expected, and government budgets under strain private financing will inevitably grow. >more

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STUDIES > Corporate Finance

JAHRESRÜCKBLICK NEUEMISSIONEN 2015

Blättchen & Partner
Like every year, Blättchen & Partner critically reviews new issues of securities of the past year. 2015 recorded 14 new issues (previous year: 10) with a public offering. The total placement volume amounts to around 6.1 billion EUR (previous year: EUR 3.2 billion ), making it the highst since 2007. >more

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FINEXPERT BETA REPORT 2015|Q4

finexpert | ValueTrust
The research corner provides a short description of two important academic papers. Our industry beta estimates tables are followed by a graphical representation of the “rolling” estimate for 1y and 2y betas including the corresponding model power. You as a reader may use this graphs to further analyze the development and stability
of the different industry beta estimates. Finally our estimate of the Svensson
yield curve for the German market closes this report. (Teaser) >more

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NEWS: STUDIES > Performance

DEUTSCHLANDS BANKEN 2015: DIE 25-MILLIARDEN-ERGEBNISLÜCKE

Bain & Company
A look at the sector's profitability more than highlights the challenging conditions still underlying German banks. Only around six percent of the credit institutions are still managing to earn their cost of equity that has fallen slightly due to the drop in the risk-free interest rate. The after-tax return on equity averaged out at 2.1 percent. Thus, compared with the cost of equity of an average 7.7 percent, this translates into an after-tax earnings gap of a total € 25 billion for 2014. >more

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NEWS: STUDIES > Corporate Finance

KAPITALKOSTENSTUDIE 2015

KPMG
This year's study focuses on the incorporation of performance and risk drivers in budgeting and cost of capital. The relevance of the study for practice was once again confirmed by the high number of participants: A total of 148 companies have participated in the study including 22 DAX 30 companies. >more

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STUDIES > Alternative Investments

LIQUIDITY MEETS PERSPECTIVE: VENTURE CAPITAL AND START-UPS IN GERMANY 2015

Ernst & Young
Liquidity is following smart business ideas and is as global as the ventures itself. The fact that financing rounds of EUR 10m and above are predominantly led by foreign investors indicates the strong appreciation of global investors with regard to the German ecosystem. Corporates have realized the huge potential from digital business ideas and therefore increasingly complement the investors’ landscape. >more

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STUDIES > Jobs | Opportunities

UPDATE ARBEITSRECHT DEZEMBER 2015

CMS Hasche Sigle regularly publishes updates and news concerning the German labor law. Amongst others, this edition features the right to strike and regulations regarding minimum wages. >more

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STUDIES > Alternative Investments

PRIVATE EQUITY ANALYST: GUIDE TO THE SECONDARY MARKET

DowJones
This report examines how secondary buyers are positioning themselves in today’s competitive market and where they see the greatest potential for deal flow growth. >more

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STUDIES > Macro

FINANCIAL STABILITY REVIEW 2015

European Central Bank
The financial system has proved resilient during bouts of market volatility in the second half of the year. However, it also highlights the increased chance of an abrupt rise in global risk premia as concern shifts to emerging markets. >more

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STUDIES > Alternative Investments

JOINING FORCES: THE CO-INVESTMENT CLIMATE IN PRIVATE EQUITY

Pepper Hamilton / Mergermarket
Private equity (PE) firms are becoming increasingly hungry to offer limited partners (LPs) the chance to invest and are being more proactive than reactive, according to a new study Joining forces: The co-investment climate in private equity. Pepper Hamilton commissioned Mergermarket to interview 50 PE executives from across the United States that have co-invested with an institutional investor within the previous three years (fund sizes managed by the interviewees were equally split between US$250m-US$500m and US$501m-US$999m). >more

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STUDIES > M & A

RETHINKING M&A VALUATION ASSUMPTIONS

Bain & Company
As superabundant capital is likely to keep investor return expectations low for a while, the assumptions behind many M&A models may be too onerous. Reevaluating investor expectations may expand the universe of investments and provide clarity on the investments worth pursuing. >more

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STUDIES > Corporate Finance

MCKINSEY ON FINANCE: AUTUMN 2015

McKinsey & Company
Articles in this issue include: "Are share buybacks jeopardizing future growth?", "A better way to understand internal rate of return", and "Building a better partnership between finance and strategy". >more

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STUDIES > Corporate Finance

RESTRUKTURIERUNGSSTUDIE 2015

Roland Berger Strategy Consultants
Although the German economy shows signs of stability, different factors raise concerns. Because of the weaker economy in Europe and China, low commodity prices and interest rates pose significant risks for German companies. Experts from Roland Berger discuss these risks in the "Restructuring Study 2015". The study, based on a survey of 1,100 industry experts in Germany, identifies key challenges that German companies are currently facing. >more

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STUDIES > M&A

FROM BUYING GROWTH TO BUILDING VALUE: INCREASING RETURNS WITH M&A

The Boston Consulting Group
The indications of recovery early in 2014 proved prescient. The full year saw the global number of M&A deals and total deal value return almost to 2005 and 2006 levels, which were surpassed only by the heights achieved prior to the dot-com collapse in 2000 and the financial crisis in 2008. >more

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FINEXPERT MULTIPLE REPORT 2015|Q3

The new “finexpert & ValueTrust Multiple Report” is a modified version of the “Capital Market Data Report” that entirely focuses on multiple valuation topics. The report is a detailed booklet with five different multiples for the Prime All Share Standard and its sub-indices. Every index has its own chapter with detailed analyses of the historical valuation, valuation sensitivity and future prospects.  (Teaser 1 | 2) >more

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FINEXPERT GERMAN TAKEOVER REPORT 2015|Q2

The first finexpert - ValueTrust German takeover report covers all takeover bids according to the German takeover code WpÜG of the preceding year and provides extensive information on relevant variables as bid types, premia offered, market reaction of target´s and (if available) on bidder´s stock price. In addition our extensive database allows to compare last year´s figures of these variables against the moving average of the preceding years and thus to highlight trends and long term developments. Finally the finexpert German takeover report contains a unique and extensive analysis of fairness opinions and statements of management and supervisory board of the target company (§27 WpÜG), allowing for a detailed analysis of the relationship of these factors upon target stock price reaction and success rates of the takeover bid. > more (Teaser) >more

Lecture VIDEO

Tax Shields - Part 1

Bernhard Schwetzler
We´ve added a tutorial video on the impact of debt related tax shields on PE-performance. An example shows that cutting interest tax deductibility may even increase PE´s IRR (June 2013). >more

IMPORTANT DATES

14. Jahresforum Unternehmens- bewertung Handelsblatt Fachmedien 30.6.-1.7.2016

> more

FINEXPERT SEMINARS

Finanzmodellierung: DCF-Bewertung, LBO-Strukturierung in Excel
September 19-20, 2016 | 9.00-18.00 | Frankfurt a.M.
> more

TOP 3 Studies
EUROPEAN PRIVATE EQUITY OUTLOOK 2016 > more
THREE IMPORTANT TAX DEVELOPMENTS FOR BOARDS > more
ZUR WIRTSCHAFTLICHEN ENTWICKLUNG VON BETEILIGUNGSKAPITALFINANZIERTEN UNTERNEHMEN IN DEUTSCHLAND > more
FINEXPERT REPORT

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