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Bernhard Schwetzler QoD #3: Cost of capital of pension reserves
In Germany firms are allowed to keep pension liabilities for their employees and pensioneers (and the corresponding assets) on their own books. For some big firms these liabilities make up a billions absolute amount and a significant fraction of the firm´s balance sheet. This video tackles the question of the cost of capital of this funding source. There are significant differences in the approaches to estimate these cost and the results they deliver. The video shows that these differences are due to different (implied) assumptions on the substitution of cash wage by the annual service cost of the pension liability. You may use the pension´s interest cost shown in the P&L only, if you assume that the service cost are 100% substituting cash wage.
Bernhard Schwetzler QoD #2: Relevering/delevering beta factors: gross debt or net debt leverage?
When transfering industry betas on individual firms in the same industry a standard adjustment, called "de-levering and re-levering" is performed to account for potential differences in the capital structure. This video tackles the question on whether this adjustment should be made based on the net debt to equity ratio or based on the gross debt to equity ratio.
Bernhard Schwetzler has started a Youtube channel titled „questions of doubt in corporate valuation”. In homemade video clips of max. length of 10 minutes he discusses and answers (or at least tries to) technical questions related to corporate valuation that may pop up in the day to day business of transaction advisors. The first video in this sequence is discussing the question “WACC and target capital structure – gross debt or net debt?”. The channel will updated in a weekly or two-weekly sequence with a new "QoD".
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