Questions of Doubt #5

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Bernhard Schwetzler QoD #5: Are there sanity checks for the growth assumptions in the terminal value calculation?
The assumption about the permanent growth rate in the terminal value calculation is a standard battlefield in transaction negotiations. This video is first introducing the so called Gordon-Shapiro model for terminal value calculation and then shows that it is a powerful tool to check for reasonable growth assumptions and to sort out unreasonable ones. (Sorry for this video being so long; if you already know the Gordon-Shapiro model and are only interested in the sanity check you may jump to 16:40..)

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Questions of Doubt #4

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Bernhard Schwetzler QoD #4: Are pension reserves part of the equity bridge in DCF valuation? Including (unfunded) internal pension liabilities into DCF valuation not trivial. This video discusses potential pitfalls and shows consistent treatments of pension reserves in corporate valuation with respect to Free Cash flow, WACC and Net Debt.

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Virtuelle Tour

Nächste interaktive Tour am 10.08.2018

Der nächste Termin für unsere interaktive Tour durch die Finanzmodellierungs- und Bewertungsseminare von finexpert steht fest: Freitag, 10.08.2018, 14-15 Uhr mit Maximilian Schreiter. Jetzt kostenlos anmelden unter info@finexpert-seminars.de, Betreff: Interaktive Tour. Wir schicken Ihnen umgehend die Zugangsdaten zu unserem Webinar.

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Questions of Doubt #3

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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.

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Questions of Doubt #2

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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.

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Insights aus dem aktuellen Newsletter der finexpert GmbH

Environmental, Social and Governance (ESG) profiles are on everybody's lip, but not in everybody's portfolio. Research finds that only long-horizon investors prefer higher-ESG firms.

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