CAPITAL MARKET DATA

Capital market data have been calculated by the HHL Chair of Finance. The calculation is based on market prices derived from Refinitiv Eikon. Data have been carefully derived and calculated; nevertheless no guarantee can be given for the correctness. Current Data were taken on October 15, 2023 and are accessible for basic and premium member. Premium members have additional access to our data archive containing data as of 2007 (archive data are provided under the resp. section; you need to be logged in for access).

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Please note: Due to a change in index composition by Deutsche Börse AG some definitions for variables have been changed by date of Oct. 15^th 2020. Firms are now taken from DAX Sector All (as compared to DAX Sector before the change), resulting in an increased number of firms per sector. For the beta estimates correspondingly the German CDAX is used as a proxy for the market portfolio. Debt and net debt figures are taken from the most recent available balance sheet data (as compared to the most recent end of year data). Thus multiples and beta estimates from Q4 2020 on cannot directly be compared against the corresponding figures from quarters before Q4 2020. We decided to re-calculate and publish the corresponding figures for Q2 and Q3 2020 also under the new definitions in order to allow a comparison over time.

As Deutsche Börse AG did no longer offer the “DAXSector” family for all industries we moved to the broader “DAXSectorAll”. This index family includes not only all companies from the German Prime Standard, but additionally all listed companies from the German General and Scale Standard. Overall, this yielded an increase of the number of stocks included in our industry calculations. As there is no all-share index that covers Prime, General and Scale Standard, we use the CDAX index as the broadest available German stock index as a proxy for the market portfolio.  This index contains all Prime and General Standard companies, but not Scale Standard companies.  As a result, the total of the companies included in the sector indices is higher than the number in the CDAX by the number of Scale Standard companies. So, there is nothing wrong in our calculations and tables.