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PREVIOUS STUDIES 2021 | CORPORATE FINANCE


IPO 2021

PwC
EMISSIONSMARKT DEUTSCHLAND: EIN TURBULENTES IPO-JAHR GEHT ZU ENDE
In this report PwC analyzes all new share issues and capital increases on the Frankfurt Stock Exchange on a quarterly basis. In addition, new issues of corporate bonds by German issuers are recorded. The data on capital increases is based on information from Thomson Reuters and includes transactions up to and including December 10, 2021. >more


Mid-Market Debt HY1 2021

Alix Partners
MID-MARKET DEBT REPORT H1 2021
As Europe recovers past the most damaging phases of the pandemic, debt market activity is buoyant. Appetite for the COVID-insulated sectors continues to thrive, but lenders are now also focusing on businesses transitioning from survival towards growth. >more


CFO Panel HY 2, 2021

Horvath & Partners / FINANCE
CFO PANEL HERBST 2021
Digitization and transformation tasks are currently high on the agenda of many companies, show the results of the current FINANCE CFO Panel. For the survey, the editorial team, in cooperation with Horváth, anonymously asked CFOs in Germany about their current assessment of the market; almost 100 CFOs took part. >more


Retail and Working Capital 2021

PwC
GSA/DACH RETAIL SECTOR WORKING CAPITAL REPORT 2021
Closed stores and booming online trade, delivery bottlenecks and consumers' demand for more sustainability: the Corona pandemic has had a major impact on retail - and also left its mark on retailers' working capital management (WCM). For example, the capital commitment period of retail companies in Germany, Austria and Switzerland increased by three days in 2020 compared to 2016 and stood at 25 days. This reveals striking differences between the individual sectors: While digital retail has a negative capital lockup period of minus six days, net working capital in the apparel sector is significantly higher at 155 days. >more


Capital Market September 2021

KfW Research
KREDITMARKTAUSBLICK SEPTEMBER 2021
German companies and the self-employed took out considerably fewer loans in the second quarter than in the previous year. According to calculations by KfW Research, new lending by banks and savings banks with commercial customers shrank by 12.7%. The last time there was a higher percentage decline was during the global financial crisis. The driving force behind the weakness remains low corporate loan demand. In particular, new loans for short-term funds up to one year are at a low level. The better economic situation and the accelerated flow of state aid payments are likely to be decisive for this. Even if there is much to suggest that credit growth may emerge from the trough in the second half of the year, it will still take a while for growth rates to turn positive again. In our estimation, this should be the case in early 2022. >more


Credit Market Study 2021

EY
KREDITMARKTSTUDIE 2021
The effects of the Corona pandemic will continue to leave their mark on banks in Germany - and will also have an impact on customers. Forty-two percent of banks are expecting a drop in earnings, and four percent are even expecting a sharp drop. These are the findings of the Credit Market Study 2021 by the auditing and consulting firm EY, for which 100 credit managers from banks and savings banks were surveyed. >more


ESG and IPO

Kirchhoff Consult
ESG IN IPO PROSPEKTEN
Hamburg-based financial and corporate communications agency Kirchhoff Consult AG used a data-driven approach to examine ESG reporting in the securities prospectuses of 24 companies that began listing in the regulated Prime Standard segment of the Frankfurt Stock Exchange in 2018 or 2021. The results of the study clearly show that the relevance of ESG disclosures in IPO prospectuses has strongly increased on the German capital market. >more


Shareholder Acitivism

Lazard
H1 2021 REVIEW OF SHAREHOLDER ACTIVISM
94 new campaigns were initiated globally in H1 2021, in line with H1 2020 levels. H1 was distinguished by several high-profile activist successes at global mega-cap companies, including ExxonMobil (Engine No.1), Danone (Bluebell and Artisan Partners) and Toshiba (Effissimo, Farallon, et al.). U.S. share of H1 global activity (59% of all campaigns) remains elevated relative to 2020 levels (44% of all campaigns) and in line with historical levels. >more


Supervisory Board

Alix Partners
AUFSICHTSRATS-RADAR 2021: DISRUPTION WIRD KONTINUITÄT
Permanent disruption and a high degree of uncertainty have a fundamental impact on the work of supervisory boards. The current "Supervisory Board Radar" by AlixPartners therefore addresses, among other things, the question of how a supervisory board must be positioned against the backdrop of permanent technological, societal or geopolitical disruptions in order to best deal with the resulting entrepreneurial challenges. >more


Restructuring

Alvarez & Marsal
DIE STILLE LIQUIDATION ALS PROBATES INSTRUMENT ZUR RESTRUKTURIERUNG
The negative economic effects of the Corona pandemic have left visible consequences and led to the collapse of supply chains and entire industries. As a result, companies must continuously question their goals and adjust them accordingly. In recent months, company owners and management have repeatedly re-evaluated the performance of sites, factories and products. The sometimes surprising realization is that there are many problem areas that are eating up a significant portion of the profits of other parts of the business. The credo is fix, sell or close! >more


Working Capital 2021

PwC
CASH TO DRIVE THE SHIFT: AUTOMOTIVE SECTOR WORKING CAPITAL REPORT 2021
Supply chain disruptions, fluctuations in demand and the shutdown of production during the first lockdown in spring 2020 put the automotive industry to the test last year. As a result, passenger car production declined 16 percent between 2019 and 2020. However, the pandemic also had an impact on the working capital management (WCM) of OEMs and suppliers: for example, the capital lockup period temporarily rose to 60 days in the second quarter of 2020, but leveled off again at 33 days by the end of the year - four days higher than in 2016. In this context, the working capital performance of manufacturers in particular deteriorated, while suppliers were able to improve their WCM. These are the findings of a PwC analysis of more than 800 companies in the automotive industry. >more


Online Lending Platforms

KfW Research
DIE BEDEUTUNG VON ONLINE-KREDITPLATTFORMEN IM MITTELSTAND: DIGITALE FREMDFINANZIERUNG NOCH NISCHENPRODUKT
Digitization is not stopping at corporate financing. It is now possible to arrange financing via online lending platforms offered by digital providers on the Internet. The KfW SME Panel shows that loan financing via online lending platforms is still a major exception among SMEs. In 2018 and 2019, around 77,000 SMEs used this financing alternative with a total volume of EUR 3.4 billion. As a rule, these were low financing volumes. However, there is a (very) small segment of companies that make very heavy use of lending platforms. >more


Chinese Bond Markets

Franklin Templeton
CHINA CALLING: THE RISE OF CHINESE BOND MARKETS
Our fixed income experts review China’s market policy, economic reforms and forward-looking innovations. We examine sovereign bonds, commercial banks, currency and corporates, and offer views to help inform your decision making. >more


IPOs and Investors

BCG
DOES YOUR IPO NEED AN ANCHOR OR CORNERSTONE INVESTOR?
Companies entering the hot IPO market are looking for an advantage in their pursuit of a successful listing. Among the actions that issuers should systematically consider is onboarding a supporting investor. We distinguish two types: anchor investors buy a stake before the IPO process begins, while cornerstone investors acquire shares after the process is initiated but before the formal book building. Supporting investors are typically known and respected players — whether large corporations or financial investors. A company should consider taking on supporting investors whenever it plans to sell a relatively large equity stake in its IPO. Their presence as shareholders helps to mitigate the risks of an IPO by building other investors’ confidence in the issuer, boosting the IPO valuation, and, ultimately, driving higher total shareholder return (TSR). >more


IPO HY1 2021

PwC
EMISSIONSMARKT DEUTSCHLAND: STÄRKSTES ERSTES HALBJAHR FÜR IPOS SEIT 2000
PwC analyzes all new share issues and capital increases on the Frankfurt Stock Exchange on a quarterly basis. In addition, new issues of corporate bonds by German issuers are recorded. The data on capital increases is based on information from Thomson Reuters and includes transactions up to and including June 25, 2021. 14 companies made the leap onto the Frankfurt stock exchange floor in the first six months of the year. Ten IPOs alone took place between April and June - the last time there were so many IPOs in one quarter in Frankfurt was 20 years ago. The issue volume achieved at the end of June was 8.8 billion euros - also a record level. By comparison, in the strong IPO year of 2018, the 18 initial listings in Frankfurt raised a total of 11.3 billion euros. >more


Financing Situation of Enterprises

KfW Research
UNTERNEHMENSBEFRAGUNG 2021: CORONA-KRISE BELASTET UNTERNEHMEN - FINANZIERUNGSKLIMA TRÜBT SICH EIN
KfW Group has conducted its 20th business survey on bank behaviour and financing in collaboration with 18 business associations. The most important findings: The financing situation of enterprises has worsened. The proportion of enterprises reporting difficulties in accessing credit was 26.5%. Around 60% of the surveyed enterprises conducted loan negotiations in 2020. Long-term loans were particularly sought-after. >more


IPO 2021

Baker McKenzie
H1 IPO SNAPSHOT: UNFOLDING TRENDS FOR 2021
IPO activity has remained buoyant through the first half of 2021, sustaining the high momentum from Q3 2020. This surge in IPO activity is driven by high liquidity, investor enthusiasm and the continued rush of SPAC deals. Capital raising during H1 2021 reached historic highs at over USD 290 billion, reflecting a 220% year-on-year increase in capital raising. >more


CFO Panel

Horvath & Partners / FINANCE
CFO PANEL FRÜHJAHR 2021
For the FINANCE CFO Panel, the FINANCE editorial team surveys more than 150 CFOs of leading German companies every six months. We want to find out what moves CFOs, what trends in financing and corporate strategy they expect, and what drives them personally. The panel shows assessments of current topics relating to modern financial management - exclusively from the CFOs' point of view. >more


CFO Survey Spring 2021

Deloitte
EUROPEAN CFO SURVEY: SPRING 2021
With strict lockdown measures still in place across many European countries, lingering high levels of COVID-19 infections and a relatively slow pace of vaccinations, it would be easy to be gloomy about European economic prospects. However, CFOs across Europe have shared their views in the thirteenth edition of the European CFO Survey, and their predictions are positive. A new wave of optimism and a renewed willingness to invest is prevalent across Europe, with many companies turning the page on COVID and focusing on the post-pandemic reality. >more


Shareholder Activism Q1 2021

Lazard
QUARTERLY REVIEW OF SHAREHOLDER ACTIVISM – Q1 2021
Lazard's quarterly review of shareholder activism compiles and analyzes data on key activism trends globally. Q1 2021 saw a second consecutive quarter of elevated global activity (53 new campaigns initiated, in-line with Q1 2020 levels) following the pandemic-related downturn of mid-2020. The significant U.S. rebound continues, with 37 new campaigns (up 48% from Q1 2020 levels) accounting for 70% of all global activity. Following a record-setting Q4 2020, activity in Europe pulled back slightly, with only 10 new campaigns initiated. >more


KfW Lending Business

KfW Research
KFW-KREDITMARKT­AUSBLICK: KREDITNEUGESCHÄFT RUTSCHT INS MINUS
New lending business of banks and savings banks with domestic companies and self-employed persons, as calculated by KfW Research, slipped significantly into negative territory in the final quarter of 2020. Compared with the previous year, it fell by -4.3%, as the current KfW Credit Market Outlook shows. For the first half of the year, KfW Research forecasts a continuation of the downward trend: In the first quarter, new lending business is likely to be -8% below the previous year, and -10% in the second. >more


SME Lending

Roland Berger
THE FUTURE OF SME LENDING
In the market for financing, small and medium-sized enterprises (SME) represent a very attractive segment for banks and other lenders. But the business environment is changing dramatically: More and more SME customers are turning to alternative financing providers such as manufacturers, digital brokerage platforms or alternative (direct) lenders. They offer them better conditions, less complicated processes and promise more individualized offers. The traditional bank loan, on the other hand, is losing importance. Banks and other traditional lenders must therefore now adapt their business model to the changed needs of SMEs, otherwise they risk the irreparable loss of an entire business segment. >more


Public Debt

KfW
SCHULDENTRAGFÄHIGKEIT NACH CORONA – AUF DIE ZINSEN UND DAS WACHSTUM KOMMT ES AN
As a result of the Corona crisis, public debt has risen significantly worldwide. But how sustainable is the accumulated debt? This paper uses the examples of Germany and Italy to analyze the prospects for reducing government debt ratios. The focus is on the longer-term development from 2023, when both the recession and the immediate recovery phase are expected to have come to an end. >more


Activist Investing 2021

Skadden | Activistmonitor
ACTIVIST INVESTING IN EUROPE 2021
Skadden has partnered with Activistmonitor on research covering the latest trends in activist investing, including interviews with 50 senior executives of European public companies and with activist investors. Corporates should be prepared for overall campaign volumes to return to their pre-pandemic levels and will need to be mindful of becoming targeted by North American activists. >more


ESG

Bain & Company
HIGHER VALUE, LOWER RISK: ESG FINANCE MOVES TO THE BANKING MAINSTREAM
Financing for projects tied to sustainability—covering a wide swath of environmental, social and governance (ESG) considerations―is enjoying rapid growth. The trend is most advanced in Europe, with other regions moving in the same direction. Many banks pursuing the business of ESG-linked loans and bonds have discovered that they do not face a financial trade-off. New analysis by Bain & Company shows that the higher costs of diligence and reporting are offset by a lower cost of risk. >more


SPAC

CMS Hasche Sigle
SPECIAL PURPOSE ACQUISITION COMPANY (SPAC): BOOM OF THE SHELL COMPANIES
They promise a quicker and more discreet way to go public. SPACs are special purpose acquisition companies, i.e. companies with the sole aim of going public in order to take over another company. The model seems attractive: more and more companies are interested in going public via SPAC. IPOs, they say, are too costly, while the new alternative is fast and uncomplicated. At present, this is only possible for German companies in the USA - but the first investors are in the process of placing so-called SPACs on the German stock exchange. >more


SPAC IPOs

Skadden
SPACS: RESHAPING M&A AND IPOS FOR EUROPEAN COMPANIES
Special purpose acquisition companies (SPACs), also referred to as “blank check” companies, have reached record numbers in the United States, with 242 SPACs conducting an initial public offering (IPO) on either NYSE or Nasdaq Stock Market and 52 announcing an initial business combination or “de-SPAC” in 2020, up 320% and 156% respectively over 2019, according to the research firm Deal Point Data. Although listings of SPAC entities on European exchanges have been much less common, the number of European companies choosing to go public in the U.S. by way of a de-SPAC transaction is on the rise. >more


SPAC IPOs

Goldman Sachs
THE IPO SPAC-TACLE
The IPO market slammed shut in the first part of 2020 as pandemic uncertainty set in, only to open up with gusto in 2H even as risks around the virus and its economic impact remained high. This surprising strength following years of tepid IPO markets, as well as lofty valuations for newly public companies, have led to fears of an IPO “bubble”, especially in tech. Adding to these concerns has been a surge in IPOs via Special Purpose Acquisition Companies (SPACs) — public investment vehicles created to merge with a company, thereby bringing it public — which comprised over half of US IPOs in 2020. >more


Working Capital 2021

PwCs
WORKING CAPITAL REPORT 2021
The COVID 19 crisis has left deep scars on the working capital performance of companies in various industries. While the sales of companies from the DACH region and the Benelux countries slumped by an average of 16 percent in the second quarter of 2020 compared with the same quarter of the previous year, the capital tied up in the company fell by only 5 percent in this period. At the same time, the capital commitment period increased by 8 days - to 60 days. >more


Review Shareholder Activism 2020

Lazard
ANNUAL REVIEW OF SHAREHOLDER ACTIVISM – 2020
Global activity saw a strong snap back in Q4, with 57 new campaigns launched (up 128% from Q3 level). As a result, 2020’s final global campaign tally (182 new campaigns launched) was down only 13% from 2019. The Q4 rebound was most pronounced in the U.S., where 30 new campaigns represented a 200% increase from Q3 levels. Non-U.S. activity saw an uptick for the year, with European and APAC campaign levels up 21% and 11%, respectively, over 2019 levels. >more


Credit Survey 2020

KfW Research
KREDITNACHFRAGE DER UNTERNEHMEN SINKT DEUTLICH – UND BANKEN WERDEN RESTRIKTIVER
Bank financing was not in high demand among companies in the fourth quarter of 2020, despite renewed restrictions on economic life. This is one result of the KfW-ifo credit hurdle survey. The proportion of companies conducting loan negotiations with banks fell significantly in both size classes and to a new all-time low. Due to the high level of uncertainty about the further course of the pandemic, interest in investment financing in particular is likely to be low at present. >more


Engagement of Investors

BCG
SHAREHOLDER-ENGAGEMENT: ZWISCHEN ANGRIFFSLUST AKTIVISTISCHER AKTIONÄRE UND NEUEM SELBSTVERSTÄNDNIS INSTITUTIONELLER INVESTOREN
In February 2020, shortly before the start of the COVID-19 crisis, we analyzed the level of exposure of companies in the DACH region to campaigns by activist investors. After rapid ups and downs on the capital markets in the course of 2020, the cards have reshuffled: Compared to the beginning of the year, the risk to companies from activist campaigns has increased significantly. >more


IPO Report 2020 and Trends 2021

Baker & McKenzie
IPO REPORT 2020 & KEY TRENDS SET TO SHAPE 2021
2020 has been a historic year for IPO activity — we have seen the highest level of IPO capital raising activity since 2007, with USD 331 billion raised across 1,591 listings. As COVID-19 hit the markets, IPO activity was dampened during the first half of 2020, with companies entering resilience mode and focusing on weathering the storm, both financially and operationally. Q3 saw a monumental rebound of the markets, with over 40% of the total capital raised in 2020 generated in Q3 alone. This indicates a return in market and investor confidence and a backlog of IPO-ready companies finally launching their listings on the back of market liquidity. >more


German IPO Q4 2020

PwC
EMISSIONSMARKT DEUTSCHLAND Q4 2020
Despite the pandemic, the German economy is in a comparatively solid position, the markets are continuing to recover after the slump in March, and the stock indices are on an upward trend. However, issuance activity has not benefited from this positive development: Some stock market aspirants postponed their plans for an initial public offering (IPO). Only seven companies made their debut on the Frankfurt Stock Exchange in 2020 as a whole. That is more than in the previous year, when only four companies ventured onto the trading floor. However, the issue volume of €1.059 billion is significantly below the previous year (€3.548 billion) - making 2020 the weakest IPO year since the financial crisis. >more


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