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> finexpert|ValueTrust German Takeover Report 2021 (February 2021)

3 Market Overview
12 Capital Market Reaction
16 Statements & Fairness Opinions
22 Success Rates
29 Takeover Case Study: ISRA Vision AG
31 Transaction Details 2020

The 2021 issue of the finexpert German takeover report covers all takeover offers and delisting tender offers of the year 2020 according to the German takeover code WpÜG 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. Along with the “traditional” success definitions of takeover offers, we analyse an alternative success measure that takes potential bidder toeholds into account.

Our results reveal a very special pattern of public M&A activity in 2020: After a sharp drop caused by the Covid19 pandemic in Q2 the market quickly recovered and reached transaction numbers and volumes in line with figures of preceding years.

This report contains a detailed description of the takeover of ISRA Vision AG by Atlas Copco Germany Holding.

Half-year DACH Capital Market Report February 2021

> ValueTrust|finexpert|WU Vienna DACH Capital Market Report Vol. 8 (February 2021)

3 Preface & people
7 Executive Summary
10 Risk-free rate
14 Market returns and market risk premium
25 Sector classification of the DACH region
28 Betas
31 Sector returns
42 Trading multiples

The DACH Capital Market Study (December 31, 2020) derives valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions, which is paramount in the current uncertain economic environment. The Study presents current valuation levels based on trading multiples and estimate cost of equity according to four different methodologies for twelve different sectors.

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