PREVIOUS STUDIES 2022 | M & A

Deloitte
CFO SURVEY HERBST 2022
The Fall 2022 issue confirms the fears expressed in the spring: due to factors such as geopolitics and inflation, the economy is collapsing and the downturn is here. In addition to the economy, risks and strategies, the study also focuses on the dynamization of the finance function. >more

I-Advise AG
STUDIE ZU IMPLIZITEN MARKTRISIKOPRÄMIEN IN AUSGEWÄHLTEN AKTIENMÄRKTEN VON 2008 BIS 2022
The data of the study updated as of 30 September 2022 show a significant increase in the implied market risk premiums to most recently around 8.5% before personal taxes and 7.2% after personal taxes, while the average IMRP for the DAX/MDAX in the period from 2009 to 09/2022 is 7.0% before personal taxes and 5.8% after taxes. Sensitivity calculations of the IMRP with base rates accurate to the reporting date instead of three-month averages according to the IDW method result in a lower IMRP before personal taxes of 7.9% as at 30 September 2022. However, the delayed adjustment of analysts' estimates in view of the significant decline in share prices may lead to an overestimation of the currently determined reporting date IMRP. There is a high correlation between implied market returns and the base rate, so that a stable market risk premium rather than a stable market return can be concluded. >more

Creditreform
WIRTSCHAFTSLAGE UND FINANZIERUNG IM MITTELSTAND, HERBST 2022
German SMEs are facing a tough winter. The energy crisis, war and inflation are having a significant impact on business sentiment. The latest analysis shows a sharp drop in the business climate index from plus 25.2 points last year to plus 3.1 points at present. >more

PwC
EMISSIONSMARKT DEUTSCHLAND: Q3 2022
In "Issuance Market Germany," 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 are based on information from Thomson Reuters and include transactions up to and including September 30, 2022. >more

KfW Research
KFW-START-UP-REPORT 2022
The stock of innovation- or growth-oriented young companies in Germany has recovered. After the corona-induced dip in 2020, the number of startups rose to 61,000 in 2021. Female and male founders who want to use venture capital tend to have characteristics that facilitate VC access: they more often combine innovation and growth orientation, more often have an academic background, are significantly more likely to have digital offerings, Internet-based business models and international target markets. However, female start-up founders are less likely to seek VC funding. >more

Houlihan Lokey
GROWTH EQUITY VALUATION SNAPSHOT
Houlihan Lokey is pleased to present a summary of growth equity observations from its valuation professionals based on real-time market and valuation insights. Investments in growth-oriented businesses or those with long-term cash flow potential run the risk of increasing interest rates, as profitability may be years away. Generally speaking, discounting a longer-dated stream of cash flows at a higher discount rate can materially impact valuation multiples. >more

KfW Research
UNTERNEHMENSBEFRAGUNG 2022: FINANZIERUNGSKLIMA ERHOLT SICH VON DER CORONA-KRISE – NACHHALTIGKEIT GEWINNT AN BEDEUTUNG
After a significant deterioration in the financing climate during the Corona crisis, the situation for companies eased somewhat again last year. This is shown by the results of the 2022 business survey conducted by KfW Research together with 17 leading, trade and regional business associations. The slowing economy and the increasing tightening of monetary policy as a result of the Ukraine crisis are now posing new challenges for corporate financing. >more

KfW Research
INNOVATIONSFINANZIERUNG IM MITTELSTAND: SELBST DIE EXTERNE FINANZIERUNG WENIG ANSPRUCHSVOLLER VORHABEN IST SCHWIERIG
The study compares the financing of innovation projects with that of material investments. The key finding is that even less sophisticated innovations are hardly financed with the help of bank loans - even though the general financing climate is historically favorable. The reason for this is the specific characteristics of innovation projects, which stand in the way of financing with bank loans in particular. >more

KfW Research
GERMAN VENTURE CAPITAL BAROMETER Q2 2022
A historic interest rate hike by the FED in the USA and expectations of a tighter course by the ECB have sent sent sentiment in the German VC market further downhill in the second quarter. The business climate indicator for the early-stage segment fell by 26.0 points to -18.5 balance points. Business expectations have deteriorated more sharply than the business situation. The indicator for the current business situation fell to -7.6 balance points (-20.6), while the indicator for business expectations lost 31.4 points to -29.4 balance points. >more

BCG
CAN EUROPE CREATE ITS OWN DEEP-TECH GIANTS?
Not so long ago, the technology startup landscape in Europe was sparsely populated, especially when compared with other tech-rich regions of the world. But in recent years, European universities and research centers have become more proficient at spinning out young companies, and various national and Europe-level initiatives have ensured that there is plenty of innovation built into the spinoffs. Between 2015 and 2020, the number of European startups soared from about 1,850 to almost 6,600, according to Statista. Likewise, European deep-tech investment has been growing at a rate of about 50% a year. Our analysis shows that in 2016, European deep-tech startups raised one-eighth as much venture capital equity as their North American counterparts; by 2020, the difference had dropped by half. >more

Bundesverband Deutsche Startups
NEXT GENERATION: STARTUP-NEUGRÜNDUNGEN IN DEUTSCHLAND
In the first half of 2022, for the first time since 2019, fewer people founded a new start-up than in the previous six months. This is the result of a study by the German Start-ups Association in cooperation with the information service Start-updetector. According to the study, German commercial registers registered 1508 new startups in 2022 from January to June. In the second half of 2021, there had been 1618 start-ups. This corresponds to a decrease of 7%. >more

Lazard
LAZARD’S H1 2022 REVIEW OF SHAREHOLDER ACTIVISM
Despite a challenging investing environment in 2022, activity remains elevated – Q2 was the second most active quarter in the past five quarters (behind only a record-setting Q1). Global campaign activity for Q2 (53 campaigns) is down 27% vs. Q1, in line with Q1/Q2 pattern of recent years. >more

PwC
EMISSIONSMARKT DEUTSCHLAND: Q2 2022
Inflation and energy prices are climbing to record levels, global supply chains are sputtering, and the downward slide on the stock markets continues in the wake of the increasingly noticeable turnaround in interest rates by many central banks: In this environment, hardly any companies dare to go public. In the second quarter of 2022, the Frankfurt Stock Exchange registered only two initial public offerings (IPOs), which together raised 121 million euros. Investors are also very cautious about capital increases in view of the difficult market environment. >more

EY
GLOBAL IPO TRENDS Q2 2022
In view of escalating geopolitical tensions, rising interest rates and high volatility on the world's stock markets, the recovery on the global IPO market remains a long time coming: Despite the difficult capital market environment, a total of 305 companies ventured onto the trading floor worldwide in the second quarter - 54 percent fewer than in the second quarter of the record year 2021. The issue volume actually fell by 65 percent to 40.6 billion US dollars. The stock exchanges in the USA and Europe were similarly affected: Compared with the second quarter of the previous year, the number of IPOs in the United States fell from 119 to 30, while issue volume shrank by as much as 95 percent from 43 to just over two billion US dollars. In Europe, the number of IPOs fell from 166 to 43, and the issue volume shrank from 23 to 1.5 billion US dollars. >more

Deloitte
RISIKEN FÜR DIE KONJUNKTUR, LIEFERKETTEN UNTER DRUCK: DELOITTE CFO SURVEY FRÜHJAHR 2022
The Deloitte CFO Survey reflects the assessments and expectations of CFOs of large German companies on macroeconomic, corporate strategy and financial topics. The survey is published semi-annually and aims to identify trends and trend breaks. The results of the new edition in spring 2022 are strongly influenced by the economic impact of the war in Ukraine: The initially positive economic starting position at the beginning of the year was completely changed as a result. Currently, economic risks and supply chain problems dominate the picture from the CFOs' perspective. >more

ECB
EUROPE’S GROWING LEAGUE OF SMALL CORPORATE BOND ISSUERS: NEW PLAYERS, DIFFERENT GAME DYNAMICS
While historically only very large firms issued in the European corporate bond market, recent years have seen the entry of many new players: small, private, and unrated issuers. Firm-level data show these new players face different game dynamics. They are disconnected from aggregate market movements and still depend heavily on banks. A better understanding of the differences between new and more established corporate bond issuers could help us identify policy implications for financial stability, capital markets development, and growth. >more
 

PwC
PORTFOLIO MANAGEMENT STUDIE 2022
New regulation, changing consumer preferences, environmental risks, technological innovations - the manifestations of the so-called VUCA factors (volatility, uncertainty, complexity and ambiguity) are manifold. Russia's attack on Ukraine was added as a further factor and has a variety of effects on market structures. How do corporate executives deal with such uncertainty factors? What strategies do they rely on to best navigate their corporate portfolios through turbulent times - and how successful are they in doing so? >more

Seeking Alpha | Aswath Damodaran
ELON'S TWITTER PLAY: VALUATION AND CORPORATE GOVERNANCE CONSEQUENCES
As Twitter user base and influence have grown, there has been one area where it has conspicuously failed, and that is on business metrics. It is ironic that the threat to Twitter has come from Elon Musk, who has arguably used its platform to greater effect than perhaps anyone else on it. If you think Jack Dorsey was stretching the limits of his time by running two companies, I am not sure how to characterize what Musk will be doing. >more

Deloitte
DISTRESSED M&A-STUDIE 2022
This year's distressed M&A survey is characterized by an environment of increased uncertainty regarding supply chains, inflation/interest rates and further geopolitical risks. Stock prices were near their record highs before Christmas 2021 and have fallen more than 10 percent this year for major indices (DAX 40, S&P 500, Nikkei 225, Hang Seng) since the start of the war in Ukraine. Economists believe that the war in Ukraine could have far-reaching economic effects for Germany. >more

Morgan Stanley | Oliver Wyman
CLIMATE, CRYPTO, AND COMPETING IN THIS CYCLE
Wholesale banks face new uncertainties in 2022, but six market shifts will support revenue and returns over the next three years. Banks must take advantage and purposely face two major disruptions on the horizon: Climate Transition and Digital Assets. The franchise hangs in the balance. >more

CFA Institute
THE NEW AGE OF SPECIAL PURPOSE ACQUISITION COMPANIES
CFA Institute releases a report for investors interested in investing in Special Purpose Acquisition Companies or SPACs with recommendations for regulators to consider in making them a sound investment vehicle. The paper lays out some of the complications of a SPAC structure and how to assess an investment either as a trading vehicle or a long-term investment strategy. >more

EY
NPL IN KRISENZEITEN: ANZEICHEN VON ENTSPANNUNG, FÜR ENTWARNUNG NOCH ZU FRÜH
Companies in Germany are facing growing challenges in the face of new geopolitical crises and the ongoing Corona pandemic. Meanwhile, the situation of German banks and savings banks in dealing with NPLs (non-performing loans) is increasingly easing. As the latest EY Spotlight on the German NPL market shows, the concerns of the 100 banking professionals surveyed about rising NPL ratios continue to diminish, with fewer and fewer industry executives expecting an increase in NPL transactions in the short to medium term. >more

Kroll
EUROPEAN MID-MARKET DEBT UPDATE – 2021 YEAR REVIEW
We are pleased to share our latest debt mid-market update. In this issue, we present the results of our H2 2021 survey as well as the overall results for 2021, which track deals completed by over 55 leading European bank and non-bank lenders. We also provide commentary on current trends in the European debt mid-mid markets, including insights into key trends in UK asset backed lending (ABL) and a general market outlook for 2022. >more

Houlihan Lokey
2020/2021 SPAC PIPE STUDY
Houlihan Lokey is pleased to present its 2020/2021 SPAC PIPE Study. We have summarized and analyzed key metrics for 285 private investments in public equities made in connection with 238 de-SPAC business combinations that closed in the calendar years 2020 and 2021. >more

Deloitte
STIMMUNGSUMSCHWUNG IN DEN DEUTSCHEN UNTERNEHMEN – FLASH-ERGEBNISSE DES DELOITTE CFO SURVEY FRÜHJAHR 2022
Actually, 2022 was supposed to be the year of normalization after the Corona pandemic. The omens seemed favorable, consumer sentiment was good, companies were positive about investments, and even the pressure on supply chains eased at the beginning of the year. Economically, it was expected that the economy would experience a strong rebound as the Omicron wave subsided. However, the war in Ukraine has fundamentally changed this situation and the outlook for 2022. In this context, the latest Deloitte CFO Survey Spring 2022 reveals a deep downturn in sentiment among German companies. 140 CFOs of large German companies participated in the survey, which was conducted between March 25 and April 15. >more

KfW Research
KFW-IFO-KREDITHÜRDE: BANKEN LOCKERN ERNEUT KREDITZUGANG FÜR DEN MITTELSTAND
After demand for credit by small and medium-sized enterprises bottomed out in the summer of 2021, the new KfW ifo Credit Constraint Indicator is now showing a gradual trend reversal. In the first quarter of 2022 more than one fifth (20.6 %) of surveyed SMEs in Germany reported having held loan negotiations with banks (+1.3 percentage points on the previous quarter). SMEs’ appetite for bank finance is still low compared with the long-term average of 26 %, however. The low credit demand from large enterprises even continued to decline. Only 26.3 % of them (-1.5 percentage points) requested a loan from their bank. That was the lowest share recorded since the beginning of the time series in 2017. >more

BCG
DEN BLICKWINKEL AKTIVISTISCHER AKTIONÄRE EINNEHMEN: EINE CHANCE FÜR UNTERNEHMEN?
Since the beginning of 2021, company valuations have risen on the markets. At the same time, activist campaigns continued to be observed. Therefore, we wanted to know: Against this backdrop, how has risk changed in 2021, and what issues currently dominate investors' agendas? Since the beginning of 2021, company valuations in the markets have increased. At the same time, activist campaigns continued to be observed. Therefore, we wanted to know: How has risk changed in 2021 against this backdrop, and what issues currently dominate investors' agendas? >more

Moody's
CREDIT FALLOUT FROM THE RUSSIA-UKRAINE MILITARY CONFLICT
Russia’s military invasion of Ukraine has led to turmoil in the global financial markets, causing rippling effects for credit risk across countries and sectors. This article assesses some of the repercussions on corporate credit risk in the immediate aftermath of the geopolitical crisis. We highlight country- and industry-level risk dimensions of the Russia-Ukraine military conflict, covering four primary areas: mass emigration, surging energy prices, supply chain risks, and rising inflationary pressure. >more

PwC
EMISSIONSMARKT DEUTSCHLAND: UNSICHERHEITEN BELASTEN EMISSIONSTÄTIGKEIT
In "Issuance Market Germany," 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 are based on information from Thomson Reuters and include transactions up to and including March 18, 2022. >more

European Investment Bank
INVESTMENT SURVEY 2021
This unique insight into the corporate investment landscape in the European Union examines companies' finance needs and the constraints they face. The 2021 edition delves into the massive shock produced by the COVID-19 crisis, and the response and recovery programmes put in place by the European Union and by national governments. The report assesses the extent to which European firms are addressing the need to make their businesses more green and digital. The survey is based on interviews with 12 000 companies across the 27 European Union countries, and it includes a benchmark sample from the United Kingdom and United States. This overview provides the aggregated results for the European Union. >more

KfW Research
KFW-IFO CREDIT CONSTRAINT INDICATOR FEBRUARY 2022
KfW Research - Towards the end of the year banks were more accommodating to potential borrowers from the business sector despite the worsening pandemic situation. For SMEs, however, the KfW ifo Credit Constraint Indicator fell only marginally, while large enterprises significantly benefited from easier credit access. Fewer than one in ten large enterprises had recently deplored restrictive lending policies. During the same period, SMEs’ credit demand grew again moderately after five consecutive declines. Compared with the long-term average, however, credit demand remains weak. Omicron and global supply chain disruptions are major adverse factors weighing on investment sentiment which are dampening the associated demand for finance. >more

Skadden
ACTIVIST INVESTING IN EUROPE 2022
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

Alvarez & Marsal
ACTIVIST INVESTORS IN EUROPE: WHO WILL THEY TARGET NEXT? FORECAST AND OUTLOOK FOR 2022
European shareholder activism is growing fast. Boards must be on the front-foot to respond. A&M has developed the “AAA” (A&M Activist Alert) to predict the next European corporates to be targeted, and help boards take action. The AAA is the most comprehensive forecasting tool of its kind, based on statistically robust analysis and successfully predicting over half of activist public targets over the past 5 years. Our 2022 AAA identifies 148 European corporates that are likely to be the next targets for public activist campaigns. >more

KfW Research
KREDITMARKTAUSBLICK DEZEMBER 2021
The low point on the credit market is behind us. This is positive news at the end of the year, even if we need to be cautious in our assessment. In the third quarter, banks granted 7.6% fewer new loans than last year. However, loan growth could turn positive as early as the final quarter. However, a large part of the jump in improvement is due to the elimination of the negative base effect. Beyond this, however, the external financing needs of companies are likely to rise somewhat more strongly than expected. The persistent supply bottlenecks are contributing to this. They make intermediate products and investment projects more expensive. This increases the associated funding requirements. >more