Die Preisfindung bei deutschen Unternehmenstransaktionen mit internationalem Hintergrund

Summary

International methods for determining prices in corporate transactions are gaining ground in Germany. Faced with these approaches, any German seller or buyer of a company needs to understand the essential aspects, assumptions and pitfalls of price determination. In DCF-valuations, inconsistencies can often be found in the determination of the appropriate tax rate, the derivation of the terminal value, and the estimation of the WACC where inappropriate risk premia and weightings for debt and equity are frequently met. The other common international approach is the use of comparable company data, be it in the form of trading multiples or transaction multiples. In this area, the most frequent mistakes are made in the selection of truly comparable companies and in the judgement required to apply the resulting multiples correctly to the target company. In practice, the combined use of both types of approaches appears to be most useful to estimate a value based on market data.