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FINEXPERT REPORT

Annual
CAPITAL MARKET REPORT
December 2018

only for Premium Members

> finexpert-ValueTrust Capital Market Report 2018 *
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The capital market report contains cost of capital developments over the last year, 1 and 2 Year Beta estimates since 2016 for the Prime All Share indices as well as Yield Curve estimates. The report is meant to be a comprehensive reference for cost of capital estimates where finexpert users can find sector-specific information for valuation purposes.

Content
3 Cost of Capital: Q1-Q4 2018 (DAX, MDAX, TecDAX, 18 Sectors)
8
CAPM: Beta Factor Development 2016-2018 (DAX, MDAX, TecDAX, 18 Sectors)
30 Yield Curve: Svensson (1994)

Free to test - even for non-members

> finexpert-Value Trust Takeover Report March 2017

The finexpert-ValueTrust German takeover report 2017 covers all takeover bids according to the German takeover code WpÜG of the year 2016 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  yxfigures 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.
Our results indicate 2016 as a year with an average number of offers, but with above average premia and bid volume. The latter is due to the extraordinary merger attempt of Deutsche Börse and London Stock Exchange. Market reaction on the offer announcements was on average 20.8% on the targets (-+1 day-CAR). Our Fairness Opinion analysis reveals an increasing importance of consultants as providers.

 

Content
3 Market Overview
10 Capital Market Reaction
14 Statements & Fairness Opinions
21 Success Rates
24 Transaction Details 2016


The finexpert Report: This overview on capital market data will be offered every quarter. Being the only objective, market based, regularly published and free accessible industry data finexpert industry multiples and betas have become an important information source for market participants. In the quarterly update our tables of current multiples and beta estimates will be combined with comments and graphs on the most recent developments of this market data.

Additionally the quarterly market update will contain information on recent transactions and exits in the PE sector in Germany and Worldwide; this data are collected from a special PE transaction database at the chair for financial management @ HHL which is based on ZEPHYR.  

Finally our update will pick one particular scientific point of interest and give a short comment on most recent developments in the academic discussion on this field.

ValueTrust has become partner of finexpert in providing the quarterly market report.