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FINEXPERT REPORT November 2011

Quarterly Market Report
November 2011

> finexpert Report Vol. 1 | November 2011


Here you will find our first finexpert market update. 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 well known 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. For our first update we chose the pros and cons of corporate diversification; in the light of the last financial crisis capital markets seem to adjust their perception of conglomerates. It will be interesting to see whether this trend will prevail in the next financial crisis.(Vol1.November 25,2011).


Content
1 Preface & People
2 Multiples: Procedure & How to read our charts
3 Multiples: EV/EBIT
8 Multiples: EV/EBITDA
13 Multiples: P/E
19 CAPM-beta factors development
32 PECorner - The finexpert Private Equity newsflash
34 Current Research: Conglomerates