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On 07 March 2025, subsequent to the successful takeover offer in 2024, ABYxZAL Holding AG (“ABYxZAL”), an entity controlled by Zalando SE (“Zalando”), informed ABOUT YOU Holding SE (“ABOUT YOU”) about its intention to initiate a Squeeze Out under sec. 327a of the German Stock Corporation Act (AktG). ABYxZAL currently holds c. 90.55% of ABOUT YOU’s shares.

In this context, ValueTrust acted as valuation expert to the management of Zalando and ABYxZAL to determine the reasonable compensation according to sec. 327a of the German Stock Corporation Act (AktG). In connection with this task, ValueTrust reviewed and analyzed the business plan and other relevant information and provided a valuation of ABOUT YOU in accordance with the valuation standard of the Institute of Public Auditors in Germany (IDW S1) as well as the “Best Practice Recommendations Corporate Valuation” of the expert group “Corporate Transactions and Valuation” of the Society of Investment Professionals in Germany (DVFA). In addition, ValueTrust placed particular emphasis on the consideration of synergies within the scope of the valuations and on the relevance of the stock price in view of the latest BGH case law.

On 9 May 2025, Dante Beteiligungen SE (“Dante Beteiligungen”), a holding company controlled by investment funds, vehicles, and accounts advised and managed by KKR and its affiliates, published its public purchase offer for the acquisition of all no-par value bearer shares of DATAGROUP SE (“DATAGROUP”).

Before announcing its intention to make a public purchase offer on 15 April 2025, Dante Beteiligungen commissioned ValueTrust to prepare an indicative valuation of DATAGROUP, which particularly considers the valuation standard IDW S 1: “Principles for the Performance of Business Valuations”.

On 22 January 2025, Succession German Bidco GmbH (“Succession Bidco“), a holding company controlled by investment funds managed and/or advised by Carlyle, announced its intention to conclude a domination and profit and loss transfer agreement (“DPLTA”) with SNP Schneider-Neureither & Partner SE (“SNP”).

In this context, ValueTrust acted as valuation expert to the management boards of Succession Bidco and SNP to determine the reasonable cash compensation and guaranteed dividend pursuant to sections 305 and 304 of the German Stock Corporation Act (AktG).

On 21 March 2025, ProSiebenSat.1 Media SE (“ProSieben”) announced the sale of an asset and simplification of its group structure. With this transaction, ProSieben became the sole owner of NuCom Group (excluding flaconi) and ParshipMeet Group (“PMG”) following the buy-out of General Atlantic’s minority stakes (“GA Stake”) in both entities.

In this context, ValueTrust acted as financial advisor to the management of ProSieben and provided a Fairness Opinion as to whether the consideration paid for the GA Stake is fair from a financial point-of-view to ProSieben.

On October 30, 2024, subsequent to the successful takeover offer in 2023, Ephios Bidco GmbH (“Ephios Bidco”), an entity controlled by funds managed and/or advised by Cinven, informed SYNLAB AG (“SYNLAB”) about its intention to initiate a squeeze out under sec. 327a of the German Stock Corporation Act (AktG). The squeeze out marks the final step in the taking private process of SYNLAB. Ephios Bidco currently holds c. 97.16% of SYNLAB’s shares.

In this context, ValueTrust acted as valuation expert to the management of Ephios Bidco to determine the reasonable compensation according to sec. 327a of the German Stock Corporation Act (AktG).

We are pleased to present the 2025 edition of the German Takeover Report, which was created and published in cooperation with ValueTrust and finexpert.

The report covers all takeover offers and delisting tender offers of the year 2024 according to the German takeover code WpÜG and provides among others comprehensive information on relevant variables such as bid types, premia offered, market reaction of targets’ and (if available) on bidders’ stock prices. The Report also contains a detailed description of the taking private of MorphoSys AG by Novartis.

Find the entire report as download here.

We are pleased to present the 2025 edition of the German Takeover Report, which was created and published in cooperation with ValueTrust and finexpert.

The report covers all takeover offers and delisting tender offers of the year 2024 according to the German takeover code WpÜG and provides among others comprehensive information on relevant variables such as bid types, premia offered, market reaction of targets’ and (if available) on bidders’ stock prices. The Report also contains a detailed description of the taking private of MorphoSys AG by Novartis.

Find the entire report as download here.

On March 21, 2025, ProSiebenSat1 Media SE (“ProSieben”) signed a binding agreement with a subsidiary of Moltiply Group S.p.A. (“Moltiply”) on the sale of Verivox Holding GmbH (“Verivox”). Verivox is indirectly held by NCG – NuCom Group SE (“NuCom”). ProSieben and General Atlantic PD B.V. (“GA”) are the sole shareholders of NuCom, holding respectively approx. 72% and 28% of NuCom.

In this context, ValueTrust acted as financial advisor to the management of ProSieben and NuCom and provided a Fairness Opinion as to whether the consideration of an equity value of €232m excluding potential earn-outs is fair from a financial point-of-view to the shareholders of Verivox. The Fairness Opinion was provided in accordance with the “Guidelines for the Preparation of Fairness Opinions” of the expert group “Fairness Opinions” of the Society of Investment Professionals in Germany (DVFA).

On February 5, 2025, following the takeover offer in 2020, EP Global Commerce GmbH (“EPGC”) and METRO AG (“METRO”) have signed an agreement regarding the delisting of METRO. EPGC made a delisting offer to all of METRO’s shareholders acc. to Art. 39 Stock Exchange law (BörsG) to acquire the outstanding shares in METRO. EPGC currently holds c. 50.0% of METRO’s shares.

In this context, ValueTrust acted as financial advisor to the management of EPGC and provided a Fairness Opinion as to whether the delisting offer price is fair from a financial point from the perspective of minority shareholders in METRO based on public information. The Fairness Opinion was provided in accordance with the “Guidelines for the Preparation of Fairness Opinions” of the expert group “Fairness Opinions” of the Society of Investment Professionals in Germany (DVFA).

ValueTrust released the 16th edition of the DACH Capital Market Study, which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing.

ValueTrust released the 16th edition of the DACH Capital Market Study, which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing.

ValueTrust released the 15th edition of the European Capital Market Study, which is released on a semi-annual basis.

ValueTrust released the 15th edition of the European Capital Market Study, which is released on a semi-annual basis.

On September 18, 2024, subsequent to the successful takeover offer in 2021, BPG Holdings Bermuda Limited (“BPG Holdings”) informed alstria office REIT-AG (“alstria”) about its intention to initiate a squeeze out under section 327a of the German Stock Corporation Act (AktG). The squeeze out marks the final step in the taking private process of alstria. BPG Holdings currently holds c. 95.4% of alstria’ shares.

In this context, ValueTrust acted as valuation expert to the executive board of BPG Holdings to determine the reasonable compensation according to section 327a of the German Stock Corporation Act (AktG).

ValueTrust released the 14th edition of the European Capital Market Study, which is released on a semi-annual basis.

In our Study, we highlight the capital market developments over the fist half of 2024 and further analyze the cost of capital of ten sectors for Europe using different methods.

Find our European Capital Market Study as download here.

ValueTrust released the 15th edition of the DACH Capital Market Study, which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing.

In our Study, we highlight the capital market developments over the first half of 2024 and further analyze the cost of capital of twelve sectors for the DACH region using different methods.

Find our DACH Capital Market Study as download here.

ValueTrust released the 14th edition of the European Capital Market Study, which is released on a semi-annual basis.

In our Study, we highlight the capital market developments over the fist half of 2024 and further analyze the cost of capital of ten sectors for Europe using different methods.

Find our European Capital Market Study as download here.

ValueTrust released the 15th edition of the DACH Capital Market Study, which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing.

In our Study, we highlight the capital market developments over the first half of 2024 and further analyze the cost of capital of twelve sectors for the DACH region using different methods.

Find our DACH Capital Market Study as download here.

ValueTrust has confirmed its leading position as valuation expert in context of structural measures.

To date, ValueTrust provided valuation services for the most prominent public takeovers in 2024 such as SCHAEFFLER, VITESCO, AAREAL, MORPHOSYS, EQS.

A special particularity of the valuations was the latest BGH case law regarding the relevance of stock prices.

On March 1, 2024, subsequent to the successful takeover offer in 2024, Pineapple German Bidco GmbH (“Pineapple Bidco”) informed EQS Group AG (“EQS”) about its intention to initiate a squeeze out under sec. 327a of the German Stock Corporation Act (AktG). The squeeze out marks the final step in the taking private process of EQS. Pineapple Bidco currently holds c. 97.8% of EQS’ shares.

In this context, ValueTrust acted as valuation expert to the management of Pineapple Bidco to determine the reasonable compensation according to sec. 327a of the German Stock Corporation Act (AktG).

We are pleased to present the 2024 edition of the German Takeover Report, which was created and published in cooperation with ValueTrust and finexpert.

The report covers all takeover offers and delisting tender offers of the year 2023 according to the German takeover code WpÜG and provides among others comprehensive information on relevant variables such as bid types, premia offered, market reaction of targets’ and (if available) on bidders’ stock prices.

We are pleased to present the 2024 edition of the German Takeover Report, which was created and published in cooperation with ValueTrust and finexpert.

The report covers all takeover offers and delisting tender offers of the year 2023 according to the German takeover code WpÜG and provides among others comprehensive information on relevant variables such as bid types, premia offered, market reaction of targets’ and (if available) on bidders’ stock prices.

ValueTrust Article in Corporate Finance, 09-10/2023: DVFA Grundsätze für die Erstellung von Fairness Opinions 2023 [DE].

ValueTrust released the 14th edition of the DACH Capital Market Study, which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing of the WU Vienna.

In our Study, we highlight the capital market developments over the second half of 2023 and further analyze the cost of capital of twelve sectors for the DACH region using different methods.

ValueTrust released the 13th edition of the European Capital Market Study, which is released on a semi-annual basis.

In our study, we highlight the capital market developments over the second half of 2023 and further analyze the cost of capital of ten sectors for Europe using different methods.

ValueTrust released the 14th edition of the DACH Capital Market Study, which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing of the WU Vienna.

In our Study, we highlight the capital market developments over the second half of 2023 and further analyze the cost of capital of twelve sectors for the DACH region using different methods.

ValueTrust released the 13th edition of the European Capital Market Study, which is released on a semi-annual basis.

In our study, we highlight the capital market developments over the second half of 2023 and further analyze the cost of capital of ten sectors for Europe using different methods.

On November 22, 2023, subsequent to the successful takeover offer in 2022 and the conclusion of the delisting offer in 2023, Atlantic BidCo GmbH (“Atlantic BidCo”) informed Aareal Bank AG (“Aareal Bank”) about its intention to initiate a squeeze out under sec. 327a of the German Stock Corporation Act (AktG). The squeeze out marks the final step in the taking private process of Aareal Bank. Atlantic BidCo currently holds c. 95.5% of Aareal Bank shares.

In this context, ValueTrust acted as valuation expert to the executive board of Atlantic BidCo to determine the reasonable compensation according to sec. 327a of the German Stock Corporation Act (AktG).

On March 13, 2024, Schaeffler and Vitesco entered into a merger agreement, following the approval of their respective Supervisory Boards. The agreement sets out the legally binding terms and conditions for the merger of Vitesco Technologies Group AG (“Vitesco”) into Schaeffler AG (“Schaeffler”). The previously published preliminary exchange ratio of 5 to 57 was confirmed as binding in the signed agreement. Thus, Vitesco shareholders will receive 11.4 Schaeffler shares in exchange for one Vitesco share.

In October 2023 and before entering into the merger agreement, Schaeffler announced its intention to make a voluntary public tender offer to the shareholders of Vitesco for all outstanding shares and to, following the acquisition of the tendered shares, merge Vitesco into Schaeffler. As part of the tender offer, Schaeffler entered into qualified non-tendering agreements with two of its parent companies that correspond to a shareholding of 49.9% in Vitesco. Until the end of the acceptance period, the tender offer was accepted for 29.9% of Vitesco’s share capital. In January 2024, Schaeffler purchased a further 9.0% of Vitesco’s share capital from BofA Securities Europe S.A. As a result, Schaeffler holds a 38.9% stake in Vitesco as of today. The Annual General Meetings of Schaeffler and Vitesco resolving on the planned merger are scheduled for the end of April 2024.

Against this background, ValueTrust was engaged as joint valuation expert to assess the appropriate exchange ratio of the shares of Schaeffler and Vitesco in the context of the planned merger and to provide a comprehensive expert opinion.

Reflecting on a challenging year 2023 with volatile markets and structural changes in the business and political landscape, we are pleased to have supported our clients in navigating demanding corporate situations, leveraging our extensive range of financial advisory expertise.

Attached are selected highlight projects within our service portfolio, including the first-time application of the StaRUG in a public case.

List of publications Prof. Dr. Christian Aders

The Essen restructuring court confirmed the financial restructuring plan of GERRY WEBER International AG in accordance with the provisions of StaRUG; the confirmation has taken legal effect on November 9, 2023. According to the planned financial restructuring, a delisting and full capital decrease is intended, followed by a cash capital increase by the new restructuring investor. The envisaged financial restructuring will lead to the withdrawal of all existing shareholders in accordance with StaRUG. The refinancing on the debt side shall include partly an economic prolongation and partly the waiver of claims against GERRY WEBER. The refinancing will allow the new debt investors to receive a contractual return on the level of the new restructuring investor in addition to their loan claims. Through the planned refinancing, GERRY WEBER will be significantly deleveraged, the imminent illiquidity will be eliminated and the financing will be secured until 2027.

Against this background, ValueTrust was engaged as an independent financial advisor to render a Fairness Opinion.

ValueTrust Article in Corporate Finance, 09-10/2023: DVFA Grundsätze für die Erstellung
von Fairness Opinions 2023 [DE].

ValueTrust Article in Corporate Finance, 09-10/2023: DVFA Grundsätze für die Erstellung
von Fairness Opinions 2023 [DE].

ValueTrust released the 13th edition of the DACH Capital Market Study, which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing of the WU Vienna.

In our Study, we highlight the capital market developments over the first half of 2023 and further analyze the cost of capital of twelve sectors for the DACH region using different methods.

ValueTrust released the 12th edition of the European Capital Market Study, which is released on a semi-annual basis.

In our study, we highlight the capital market developments over the first half of 2023 and further analyze the cost of capital of ten sectors for Europe using different methods.

ValueTrust released the 13th edition of the DACH Capital Market Study, which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing of the WU Vienna.

In our Study, we highlight the capital market developments over the first half of 2023 and further analyze the cost of capital of twelve sectors for the DACH region using different methods.

ValueTrust released the 12th edition of the European Capital Market Study, which is released on a semi-annual basis.

In our study, we highlight the capital market developments over the first half of 2023 and further analyze the cost of capital of ten sectors for Europe using different methods.

In March 2023, LEONI AG announced its financial restructuring plan in accordance with the provisions of StaRUG. The financial restructuring comprises a delisting and full capital decrease followed by a cash capital increase by a holding company L2. Furthermore, parts of revolving credit facilities and promissory note claims against LEONI are assigned to L2 and are contributed to LEONI’s capital reserve by waiver of claims. Current claimholders receive a 45% economic equity participation in LEONI without actual shareholding through a virtual profit participation note. The financial restructuring leads to the withdrawal of all existing shareholders in accordance with StaRUG. In this way, LEONI will be deleveraged by EUR 708 m and receive EUR 150 m in additional liquidity through the capital increase.

Against this background, ValueTrust was engaged as an independent financial advisor to render a Fairness Opinion to assess whether the Consideration fully compensates L2 in the meaning of § 27 StaRUG.

Find the entire announcement here.

Due to the increasing relevance of fairness opinions in the context of corporate transactions we have published the below article, that gives an overview of the use cases of fairness opinions and the new DVFA standards.

Due to the increasing relevance of fairness opinions in the context of corporate transactions we have published the below article, that gives an overview of the use cases of fairness opinions and the new DVFA standards.

In its decision dated November 7, 2022, the Higher Regional Court of Duesseldorf, Germany reversed the previous decision of the Regional Court of Cologne, Germany in the appraisal proceedings regarding the squeeze-out of minority shareholders of Gerling-Konzern Allgemeine Versicherungs-Aktiengesellschaft. In its decision, HRC Duesseldorf cited ValueTrust’s expert opinion multiple times and ruled that an increase of the exit compensation was not required.

Find the entire announcement here.

We are pleased that the Federal Court of Justice (BGH) has confirmed the decisions of the Regional and Higher Regional Court of Frankfurt with regard to the compensation and guaranteed dividend determined by ValueTrust for the conclusion of a domination agreement between TLG Immobilien AG and WCM Beteiligungs- und Grundbesitz Aktiengesellschaft in 2017.

The BGH held that the stock prices of both companies were itself suitable to confirm the adequacy of the compensation determined by ValueTrust. Minority shareholders cannot claim the application of the valuation method leading to their most favourable result. The decision is in line with the DVFA Best practice recommendations for company valuations under which different valuation methods should be applied equally and potential differences in the valuation results as well as pros and cons of the relevant methods should be addressed transparently.

Furthermore, the Court approved the method applied by ValueTrust to determine the guaranteed dividend with reference to an article in the Corporate Finance magazine published by Dennis Muxfeld et al., Director of ValueTrust, in 2016. While in practice simplified approaches for derivation of the annuity rate applied for the calculation of the guaranteed dividend were common, ValueTrust considered the individual risk of the domination agreement, which leads to more accurate results.

ValueTrust presents the 2023 revised version of the guidelines for the preparation of fairness opinions by the Expert Group “fairness opinion” of Society of Investment Professionals in Germany (DVFA). The guidelines have been prepared under the direction of Professor Dr. Bernhard Schwetzler, HHL Leipzig Graduate School of Management and co-chair Prof. Christian Aders, Senior Managing Director of ValueTrust. The expert group consists of experienced members with legal and economic M&A background. Dennis Muxfeld, Director of ValueTrust participated in the expert group. 

Find the entire version of the guidelines for the preparation of fairness opinions by DVFA here. 

We are pleased to present the 2023 edition of the German Takeover Report, which was created and published in cooperation with ValueTrust and finexpert.

The report covers all takeover offers and delisting tender offers of the year 2022 according to the German takeover code WpÜG and provides among others comprehensive information on relevant variables such as bid types, premia offered, market reaction of targets’ and (if available) on bidders’ stock prices.

We are pleased to present the 2023 edition of the German Takeover Report, which was created and published in cooperation with ValueTrust and finexpert.

The report covers all takeover offers and delisting tender offers of the year 2022 according to the German takeover code WpÜG and provides among others comprehensive information on relevant variables such as bid types, premia offered, market reaction of targets’ and (if available) on bidders’ stock prices.

ValueTrust released the 11th edition of the European Capital Market Study, which is released on a semi-annual basis.

In our study, we highlight the capital market developments over the second half of 2022 and further analyze the cost of capital of ten sectors for Europe using different methods.

Find our European Capital Market Study as download here.

ValueTrust released the 12th edition of the DACH Capital Market Study, which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing of the WU Vienna.

In our Study, we highlight the capital market developments over the second half of 2022 and further analyze the cost of capital of twelve sectors for the DACH region using different methods.

ValueTrust released the 11th edition of the European Capital Market Study, which is released on a semi-annual basis.

In our study, we highlight the capital market developments over the second half of 2022 and further analyze the cost of capital of ten sectors for Europe using different methods.

ValueTrust released the 12th edition of the DACH Capital Market Study, which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing of the WU Vienna.

In our Study, we highlight the capital market developments over the second half of 2022 and further analyze the cost of capital of twelve sectors for the DACH region using different methods.

ValueTrust acts as valuation expert to Exceet in context of the contribution in kind from APEX

exceet Group SCA, Luxemburg/Luxemburg acquired all shares in APEX Energy Teterow GmbH, Teterow/Germany in a purchase process with two parallel transaction steps. In the first step, Exceet acquired 20.8% of the shares in APEX for around EUR 25m in cash. In the second step, the remaining 79.2% of the shares were contributed to Exceet at a notional price of approx. EUR 95m against the issuance of 16.3m new shares. The existing APEX shareholders – companies associated with the Atlan Family Office as well as members of the management and other minority shareholders – became new shareholders of Exceet. ValueTrust served as an independent financial advisor and provided a valuation memorandum as to the equity value of APEX in the context of the transaction.

List of publications of Prof. Dr. Christian Aders

ParkView Partners, member of PVT Financial Advisors SE, acts as exclusive financial advisor to va-Q-tec AG ISIN: DE0006636681 / WKN: 663668, a company listed on the Prime Standard of the Frankfurt Stock Exchange, on its strategic partnership with and taking private by EQT Private Equity. The transaction will be implemented by way of a voluntary public takeover offer by EQT Private Equity. ParkView Partners has also provided a fairness opinion to the Management Board and Supervisory Board of VQT.

On 13 December 2022, VQT entered into a business combination agreement with EQT Private Equity in relation to a voluntary public takeover offer by EQT Private Equity and the terms and conditions of a strategic partnership. EQT Private Equity announced, with the support of co-investors Mubadala and Cinven, its intention to submit a voluntary public takeover offer to the shareholders of VQT at an offer price of EUR 26.00 per share, representing a premium of 98% in relation to the 3-month VWAP until 9 December 2022.

Subject to, inter alia, the review of the offer document still to be published by EQT Private Equity, VQT’s Management Board and Supervisory Board support the takeover offer.

Higher Regional Court of Düsseldorf entirely follows ValueTrust’s expert opinions rendered in the appraisal proceedings regarding the squeeze-out of minority shareholders of AXA Konzern AG.

In its decision dated June 20, 2022, the Higher Regional Court of Duesseldorf, Germany reversed the previous decision of the Regional Court of Cologne, Germany in the appraisal proceedings regarding the squeeze-out of minority shareholders of AXA Konzern AG. In its decision, HRC Duesseldorf cited ValueTrust’s expert opinions multiple times and ruled that an increase of the exit compensation was not required.

ValueTrust acts as valuation expert to ADTRAN Holdings and ADVA on the Domination and Profit or Loss Transfer Agreement

ADTRAN Holdings, Inc. and ADVA Optical Networking SE have concluded a domination and profit or loss transfer agreement (“DPLTA”) following the voluntary public takeover offer whereby ADTRAN Holdings acquired approx. 65% of ADVA’s shares.

ValueTrust acted as valuation expert to the executive boards of ADTRAN Holdings and ADVA as to determine the reasonable compensation and the reasonable recurring compensation payment according to sec. 305 and 304 of the German Stock Corporation Act (AktG).

Prof. Dr. Christian Aders (Senior Managing Director, ValueTrust) is co-editor of the “Yearbook of Company Valuation 2022“.

Please find further information here.

ParkView Partners, member of  PVT Financial Advisors SE, has assisted listed German Muehlhan AG (ISIN DE000A0KD0F7; WKN A0KD0F) (“Muehlhan”) on a complex transaction regarding the sale of its European and U.S. subsidiaries to private equity investor One Equity Partners.

On September 24, 2022, Muehlhan announced the sale of its companies in Germany, Denmark, France, Cyprus/Greece, Poland, Romania, Bulgaria, Norway, the Netherlands and the U.S., including their respective subsidiaries and branch offices. In total, these entities had a combined revenue of €191 million in 2021 with around 1,700 employees. Muehlhan will retain its subsidiaries in Russia, India, Canada, the Bahamas and the Middle East.

For further information: https://hubs.la/Q01nrX4t0

Our colleagues from ParkView Partners, has assisted listed German Muehlhan AG (“Muehlhan”) on a complex transaction regarding the sale of its European and U.S. subsidiaries to private equity investor One Equity Partners.

On September 24, 2022, Muehlhan announced the sale of its companies in Germany, Denmark, France, Cyprus/Greece, Poland, Romania, Bulgaria, Norway, the Netherlands and the U.S., including their respective subsidiaries and branch offices. In total, these entities had a combined revenue of €191 million in 2021 with around 1,700 employees. Muehlhan will retain its subsidiaries in Russia, India, Canada, the Bahamas and the Middle East.

For further information:
https://hubs.la/Q01nrX4t0

ValueTrust brings 73 Strings’ digital valuation solution to Germany, Switzerland and Austria

Within the scope of collaboration with 73 Strings, ValueTrust will introduce 73 Strings’ digital valuation solution to clients in Germany, Switzerland and Austria.

The combination of 73 Strings‘ leading semi-automated valuation product QUBIT X and ValueTrust‘s financial expertise creates a one-stop shop for all valuation requirements, and our integrated approach to testing, onboarding, training and ongoing support ensures a highly efficient and sustainable valuation solution.

Find the entire announcement here.

ValueTrust released the tenth edition of the European Capital Market Study (as of June 30, 2022), which is released on a semi-annual basis. In our study, we analyze the relevant parameters to calculate cost of capital, determine implied as well as historical market and sector returns and derive the unlevered cost of equity based on 10 different sectors.

Find our European Capital Market Study as download here.

ValueTrust released the eleventh edition of the ValueTrust DACH Capital Market Study (as of June 30, 2022), which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing of the WU Vienna.

In our DACH Capital Market Study, we derive valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions. We present current valuation levels based on trading multiples and estimate cost of equity according to four different methodologies for twelve different sectors.

Find our DACH Capital Market Study as download here.

ValueTrust released the tenth edition of the European Capital Market Study (as of June 30, 2022), which is released on a semi-annual basis. In our study, we analyze the relevant parameters to calculate cost of capital, determine implied as well as historical market and sector returns and derive the unlevered cost of equity based on 10 different sectors.

ValueTrust released the eleventh edition of the ValueTrust DACH Capital Market Study (as of June 30, 2022), which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing of the WU Vienna.

In our DACH Capital Market Study, we derive valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions. We present current valuation levels based on trading multiples and estimate cost of equity according to four different methodologies for twelve different sectors.

In its decision dated June 22, 2022, the Regional Court Munich I dismissed the applications for the determination of a higher exit compensation in the appraisal proceedings regarding the squeeze-out of the minority shareholders of HypoVereinsbank AG by UniCredit S.p.A..

Prof. Dr. Christian Aders and Benno Jacke of ValueTrust as court-appointed experts were commissioned to render a valuation report and to testify as expert witnesses in court hearings in the context of the appraisal proceedings.

According to the ValueTrust database, the case of the squeeze-out of HVB’s minority shareholders represents the largest first-instance court decision on structural measures pursuant to the German Stock Corporation Act.

Find the entire announcement here.

The 25th Arab-German Business Forum will take place in Berlin from June 21-23, 2022.

Gobal leaders and high ranking panelists are adressing global challenges and perspectives in panel discussions, roundtables and workshops.

Prof. Dr. Christian Aders, Senior Managing Director at ValueTrust and ParkView Partners and board member of Ghorfa Arab-German Chamber of Commerce and Industry will be panelist in the discussion themed “Finance and Investment Possibilities: capital venture, FinTech and NFTs”.

For further information and registration to the event visit the Ghorfa Arab-German Chamber of Commerce and Industry e.V. website.

Yesterday, the 24th Münchner M&A Forum took place, whereby ValueTrust acted as sponsor. Dr. Cai Berg, Senior Managing Director at ParkView, explained the framework conditions for the influence of hedge funds on takeovers in his introductory lecture, followed by a lively panel discussion, chaired by Senior Managing Director Prof. Dr. Christian Aders.

Please find the video recording as well as a short presentation on the organiser’s website. We look forward to next time!

Yesterday, the 24th Münchner M&A Forum took place, whereby ValueTrust acted as sponsor. Dr. Cai Berg, Senior Managing Director at ParkView, explained the framework conditions for the influence of hedge funds on takeovers in his introductory lecture, followed by a lively panel discussion, chaired by Senior Managing Director Prof. Dr. Christian Aders.

Please find the video recording as well as a short presentation on the organiser’s website. We look forward to next time!

Wir freuen uns, den German Takeover Report 2022 (8. Ausgabe) vorstellen zu können, der in Zusammenarbeit mit ValueTrust und finexpert erstellt und veröffentlicht wurde.

Der Bericht deckt alle Übernahmeangebote und Delisting-Angebote des Jahres 2021 ab und liefert umfangreiche Informationen über relevante Variablen wie Angebotsarten, angebotene Prämien, Marktreaktionen des Targets und Aktienkurse des Bieters. Darüber hinaus ermöglicht unsere umfangreiche Datenbank den Vergleich der Vorjahreswerte dieser Variablen mit dem gleitenden Durchschnitt der vorangegangenen Jahre und damit die Darstellung von Trends und langfristigen Entwicklungen.

Zusätzlich enthält dieser Bericht eine ausführliche Analyse der Fairness Opinions sowie des Managements und des Aufsichtsrats der Zielgesellschaft, was eine detaillierte Analyse der Beziehung zwischen diesen Faktoren und der Reaktion des Aktienkurses der Zielgesellschaft sowie der Erfolgsquote des Übernahmeangebots ermöglicht.

Laden Sie den Bericht herunter, indem Sie unten auf das blaue Symbol klicken.

We are pleased to announce the German Takeover Report 2022 (8th edition), which was created and published in cooperation with ValueTrust and finexpert.

The report covers all takeover offers and delisting tender offers of the year 2021 and provides extensive information on relevant variables like bid types, premia offered, market reaction of target’s and bidder’s stock prices. In addition, our extensive database allows to compare last year’s figures of these variables against the moving average of the preceding years and thus to highlight trends and long-term developments. Furthermore, this report contains an extensive analysis of fairness opinions and management and supervisory board of the target company, allowing for a detailed analysis of the relationship of these factors upon target stock price reaction and success rates of the takeover bid.

Dowload the report by clicking on the blue icon below.

We are pleased to announce the German Takeover Report 2022 (8th edition), which was created and published in cooperation with ValueTrust and finexpert.

The report covers all takeover offers and delisting tender offers of the year 2021 and provides extensive information on relevant variables like bid types, premia offered, market reaction of target’s and bidder’s stock prices. In addition, our extensive database allows to compare last year’s figures of these variables against the moving average of the preceding years and thus to highlight trends and long-term developments. Furthermore, this report contains an extensive analysis of fairness opinions and management and supervisory board of the target company, allowing for a detailed analysis of the relationship of these factors upon target stock price reaction and success rates of the takeover bid.

On October 26, 2021, CTP announced its intention to acquire Deutsche Industrie REIT-AG (today Deutsche Industrie Grundbesitz AG; “DIG“) through a public tender offer with a subsequent cross-border merger. The combined company will be one of the largest players in the European logistics real estate market. Until the end of the acceptance period, the offer was accepted for approx. 80% of DIG’s shares. Following this transaction, the Management Boards of CTP and DIG intend to merge DIG into CTP. The merger agreement needs the approval by extraordinary shareholder meetings of CTP and DIG to be hold in June 2022.

In this context, ValueTrust has been retained as Valuation Expert to determine the adequate exchange ratio between the DIG shares to be transferred to CTP against the issuance of new CTP shares according to Sec. 122c UmwG and the adequate cash compensation for DIG shareholders according to Sec. 122i UmwG. For this purpose ValueTrust provided a valuation of CTP and DIG in accordance with the valuation standard of the Institute of Public Auditors in Germany (IDW S1) as well as “Best Practice Recommendations Corporate Valuation” of the expert group “Corporate Transactions and Valuation” of the Society of Investment Professionals in Germany (DVFA e.V.).

Find the entire announcement here

On March 29, 2022 Formycon AG and ATHOS KG have agreed to merge their development activities in the area of biosimilars through a long-term strategic partnership.

This will involve Formycon in acquiring rights for two biosimilar candidates and the operational development unit Bioeq GmbH by way of contribution in kind. The total transaction value of the acquired assets cumulatively amounts to approx. EUR 650 million. The payment of the purchase prices is to be partly financed by newly issued Formycon shares at a notional value of EUR 83.41 per new Formycon share and partly with royalty payments to ATHOS. Formycon expects to create key enablers for further expanding its position as a company operating on the global stage in the growth market for biosimilars.

In the context of this transaction, ValueTrust provided a Fairness Opinion to the management board of Formycon in accordance with the valuation standard of the Institute of Public Auditors in Germany (IDW S8). ValueTrust assessed the appropriateness of the determined transaction prices for the objects of the contribution as well as the notional value of the new Formycon shares. As part of its work, ValueTrust performed business plan and KPI analyses, in-depth market analysis and performed a Monte Carlo simulation analysis. ValueTrust also performed a business valuation for Formycon to assess whether the value of the newly issued shares is fair from a financial point of view.

Find the entire announcement here

On May 10, 2022, the 24th Münchner M&A Forum will take place on the topic of “Influence of Hedge Funds on Public Takeovers”, which ValueTrust is supporting also this year as a sponsoring member of the Munich M&A Forum e.V. The Münchner M&A Forum offers a platform for lectures and discussions on current economic and legal developments and their impact on M&A transactions to managers of companies, law firms, consulting firms, civil courts and public administration.

Find all information about the event on the Website of the Münchner M&A Forum.

ValueTrust released the tenth edition of the ValueTrust DACH Capital Market Study (as of December 31, 2021), which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing of the WU Vienna.

In our DACH Capital Market Study, we derive valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions. We present current valuation levels based on trading multiples and estimate cost of equity according to four different methodologies for twelve different sectors.

Find our DACH Capital Market Study as download here.

ValueTrust released the ninth edition of the European Capital Market Study (as of December 31, 2021), which is released on a semi-annual basis. In our study, we analyze the relevant parameters to calculate cost of capital, determine implied as well as historical market and sector returns and derive the unlevered cost of equity based on 10 different sectors.

Find our European Capital Market Study as download here.

ValueTrust released the tenth edition of the ValueTrust DACH Capital Market Study (as of December 31, 2021), which is created and published semi-annually by ValueTrust in cooperation with finexpert and the Institute for Accounting and Auditing of the WU Vienna.

In our DACH Capital Market Study, we derive valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions. We present current valuation levels based on trading multiples and estimate cost of equity according to four different methodologies for twelve different sectors.

Find our DACH Capital Market Study as download here.

ValueTrust released the ninth edition of the European Capital Market Study (as of December 31, 2021), which is released on a semi-annual basis. In our study, we analyze the relevant parameters to calculate cost of capital, determine implied as well as historical market and sector returns and derive the unlevered cost of equity based on 10 different sectors.

Find our European Capital Market Study as download here.

The energy transition is a major challenge for the expansion of energy generation from renewable energy sources, the expansion of the power grid infrastructure, and the storage of energy, since energy generation from renewable sources is more fluctuating and decentralized than from conventional power plants.

In the January issue of CFOaktuell, Marion Swoboda-Brachvogel, Director of ValueTrust, elaborates on the role of cost of capital (CoC) in facilitating the energy transition.

Find the entire article as download here.

The energy transition is a major challenge for the expansion of energy generation from renewable energy sources, the expansion of the power grid infrastructure, and the storage of energy, since energy generation from renewable sources is more fluctuating and decentralized than from conventional power plants.

In the January issue of CFOaktuell, Marion Swoboda-Brachvogel, Director of ValueTrust, elaborates on the role of cost of capital (CoC) in facilitating the energy transition.

Find the entire article as download here.

List of publications of Prof. Dr. Christian Aders

On November 3, 2021 the extraordinary general meeting of RIB Software SE (“RIB”) resolved on the Squeeze Out of the remaining minority shareholders of RIB under sec. 327a of the German Stock Corporation Act (AktG). The cash compensation offered by Schneider Electric Investment AG (“Schneider Electric”) for the transfer of the remaining shares amounts to EUR 41.72 per share.

ValueTrust acted as valuation expert to Schneider Electric to determine the cash compensation according to sec. 327b AktG. In this context, ValueTrust reviewed and analyzed the RIB business plan and other material information and provided a valuation of RIB in accordance with the valuation standard of the Institute of Public Auditors in Germany (IDW S1) as well as “Best Practice Recommendations Corporate Valuation“ of the expert group “Corporate Transactions and Valuations” of the Society of Investment Professionals in Germany (DVFA). Additionally, ValueTrust determined the value of and the compensation for the outstanding options of the ongoing stock option plans of RIB.

On July 21, 2021 subsequently to the public takeover offer in 2018 and the delisting offer in 2019, Warwick Holding GmbH (“Warwick”) has requested a Squeeze Out under sec. 327a of the German Stock Corporation Act (AktG) as the final step of the taking private process of VTG AG (“VTG”).

In this context, ValueTrust acted as valuation expert to the executive board of Warwick as to determine the cash compensation according to sec. 327b AktG.

ValueTrust released the ninth edition of the ValueTrust DACH Capital Market Study (as of June 30, 2021), which is created and published semi-annually by ValueTrust in cooperation with the Institute for Accounting and Auditing of the WU Vienna and finexpert.

In our DACH Capital Market Study, we derive valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions. We present current valuation levels based on trading multiples and estimate cost of equity according to four different methodologies for twelve different sectors.

ValueTrust released the ninth edition of the ValueTrust DACH Capital Market Study (as of June 30, 2021), which is created and published semi-annually by ValueTrust in cooperation with the Institute for Accounting and Auditing of the WU Vienna and finexpert.

In our DACH Capital Market Study, we derive valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions. We present current valuation levels based on trading multiples and estimate cost of equity according to four different methodologies for twelve different sectors.

Prof. Dr. Christian Aders (Senior Managing Director, ValueTrust) is co-editor of Yearbook of Company Valuation 2021.
The past year 2020 has led to new and major challenges in the field of business valuation due to the Covid19 pandemic. The aim of the yearbook is to provide an overview of current topics in company valuation and to highlight important discussions of the past year 2020 in this context.

For more information, please visit Jahrbuch der Unternehmensbewertung 2021 (Buch) – Fachmedien Otto Schmidt KG

ValueTrust released the eighth edition of the European Capital Market Study (as of June 30, 2021), which is released on a semi-annual basis. In our study, we show cost of equity for ten different sectors according to four different methodologies as well as valuation levels for the former.

ValueTrust released the eighth edition of the European Capital Market Study (as of June 30, 2021), which is released on a semi-annual basis. In our study, we show cost of equity for ten different sectors according to four different methodologies as well as valuation levels for the former.

On July 14, BDEW (German Association of Energy and Water Industries) started the consultation with BNetzA (Bundesnetzagentur, federal regulator) regarding the future cost of equity for energy network operators in the 4th regulatory period.

In this context, ValueTrust prepared an expert opinion on the determination of an appropriate cost of equity. In the expert opinion, calculations are carried out on the basis of the traditional capital asset pricing model, but the results are also checked for plausibility on the basis of various alternative methods (in particular total shareholder returns, implicit costs of equity, cost of equity determined by other European regulatory authorities). All methods applied support the results and do not indicate a significant reduction of the cost of equity for the coming regulatory period.

Please find the expert opinion as download (only in German available)

ValueTrust was engaged by EQT to serve as an independent financial advisor and to provide a strategic value analysis of Anticimex.

Marion Swoboda-Brachvogel, Director of ValueTrust, has published the article „Implication of Business Judgement Rule in context of company acquisitions“ in the journal CFOaktuell (05/2021).

The Business Judgement Rule, which has long been known in the USA as a liability-limiting regulation, has been enshrined in law in Germany and Austria for some years now. However, in the case of major business decisions, especially company acquisitions, the amount of information and analysis required to exempt the board from liability is much more extensive than is usually assumed.

Please find the full article as download.

Marion Swoboda-Brachvogel, Director of ValueTrust, has published the article „Implication of Business Judgement Rule in context of company acquisitions“ in the journal CFOaktuell (05/2021).

The Business Judgement Rule, which has long been known in the USA as a liability-limiting regulation, has been enshrined in law in Germany and Austria for some years now. However, in the case of major business decisions, especially company acquisitions, the amount of information and analysis required to exempt the board from liability is much more extensive than is usually assumed.

Please find the full article as download.

ValueTrust article in the latest edition of the business magazine SOUQ 1/2021: “New opportunities in the context of Foreign Direct Investment (FDI) regulations”.

CORPORATE FINANCE 01-02/2021: Article by Prof. Dr. Christian Aders (ValueTrust), Prof. Dr. Schwetzler (HHL Leipzig) and Renata Lavrova (ValueTrust) on the topic “Taking Private in Deutschland: Total Cost of Acquisition (TCA)”.

CORPORATE FINANCE 01-02/2021: Article by Prof. Dr. Christian Aders (ValueTrust), Prof. Dr. Schwetzler (HHL Leipzig) and Renata Lavrova (ValueTrust) on the topic “Taking Private in Deutschland: Total Cost of Acquisition (TCA)”.

On March 24, 2021 the Webinar “(Direct) Private Investments in Public Companies (PIPE) in Germany” took place, which was organized in cooperation with Ghorfa and was part of the virtual M&A sessions by

On December 9, 2020, Unzer GmbH (“Unzer”), a German fintech company founded as Heidelpay GmbH and backed by Kohlberg Kravis Roberts & Co. L.P. (“KKR”), announced the acquisition of Lavego AG (“Lavego”), an electronic-cash network provider based in Munich, Germany. The purchase price for Lavego is going to be settled by way of a cash payment and a share swap.

ValueTrust was engaged by KKR and Unzer to serve as an independent financial advisor, by providing a fairness opinion on the adequacy of the exchange ratio offered for Lavego shares. Subject to customary regulatory approval, the deal is expected to be completed in the second quarter of 2021.

ValueTrust was engaged by Leoni AG to provide an independent valuation opinion on the financial fairness of the price offered by a consortium of buyers for Leoni Schweiz AG, Switzerland. Leoni Schweiz AG is the holding company of Leoni Studer AG, a specialist in high-quality cables and wires for complex applications in the industrial and infrastructure sectors.

finexpert and ValueTrust present the seventh edition of the German Takeover Report. It covers all takeover offers and delisting tender offers of the year 2020 according to the German takeover code WpÜG and provides extensive information on relevant variables like bid types, premia offered, market reaction of target’s and (if available) on bidder’s stock prices.

This report contains a detailed description of the takeover of ISRA Vision by Atlas Copco. ValueTrust has provided a fairness opinion to the management board and the supervisory board of ISRA Vision. ParkView Partners has acted as financial advisor to the management board of ISRA during the entire takeover process.

finexpert and ValueTrust present the seventh edition of the German Takeover Report. It covers all takeover offers and delisting tender offers of the year 2020 according to the German takeover code WpÜG and provides extensive information on relevant variables like bid types, premia offered, market reaction of target’s and (if available) on bidder’s stock prices.

This report contains a detailed description of the takeover of ISRA Vision by Atlas Copco. ValueTrust has provided a fairness opinion to the management board and the supervisory board of ISRA Vision. ParkView Partners has acted as financial advisor to the management board of ISRA during the entire takeover process.

On March 24, 2021, the webinar “(Direct) Private Investments in Public Companies (PIPE) in Germany” will take place, which is part of the virtual M&A sessions by White & Case. Prof. Dr. Christian Aders, Senior Managing Director at ValueTrust and ParkView, and Christopher Buhlmann, Director at ParkView, will lead the session together with Dr. Murad M. Daghles, Partner at White & Case.

To attend, please register at the following link: https://news.whitecase.com

ValueTrust released the eighth edition of the ValueTrust DACH Capital Market Study (as of December 31, 2020), which is created and published semi-annually by ValueTrust in cooperation with the Institute for Accounting and Auditing of the WU Vienna and finexpert.

In our DACH Capital Market Study, we derive valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions, which is paramount in the current uncertain economic environment. We present current valuation levels based on trading multiples and estimate cost of equity according to four different methodologies for twelve different sectors.

ValueTrust released the eighth edition of the ValueTrust DACH Capital Market Study (as of December 31, 2020), which is created and published semi-annually by ValueTrust in cooperation with the Institute for Accounting and Auditing of the WU Vienna and finexpert.

In our DACH Capital Market Study, we derive valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions, which is paramount in the current uncertain economic environment. We present current valuation levels based on trading multiples and estimate cost of equity according to four different methodologies for twelve different sectors.

On December 21, 2020 Kublai GmbH, an affiliate of funds managed and advised by Morgan Stanley Infrastructure Inc. and part of Morgan Stanley’s global private infrastructure investment platform, Morgan Stanley Infrastructure Partners, announced its decision to submit a voluntary public takeover offer at EUR 3.25 per Tele Columbus share. The corresponding offer document has been published on February 1, 2021.

ValueTrust released the seventh edition of the European Capital Market Study (as of December 31, 2020), which is publicated on a semi-annual basis. In our European Capital Market study, we show cost of equity for ten different sectors according to four different methodologies.

ValueTrust released the seventh edition of the European Capital Market Study (as of December 31, 2020), which is publicated on a semi-annual basis. In our European Capital Market study, we show cost of equity for ten different sectors according to four different methodologies.

We are excited to announce that ValueTrust has established a subsidiary in Switzerland to further develop our Swiss market operations from Zurich.

Prof. Dr. Christian Aders, Senior Managing Director: “The foundation of ValueTrust Financial Advisors Switzerland AG marks an important milestone of our growth strategy in the DACH region. With successful projects such as the public fairness opinion for Sunrise Communications Group in connection with the acquisition by Liberty Global, Switzerland has always been an important market for our Valuation and Financial Advisory Services. Creating a local footprint will allow us to work even more closely with existing and new clients in the future.”

The Zurich office is ValueTrust’s fourth location after Munich, Frankfurt and Vienna. It is headed by Benedikt Brambs, who has extensive international expertise in Strategic & Financial Advisory.

Benedikt Brambs, Director: “We see great potential for independent and high-quality financial advisory services, driven by an emerging public discussion about conflicts of interest of established consultants as well as directors’ and officers’ liability risks. ValueTrust is an attractive alternative in the consulting market, and we look forward to offering our services locally in Switzerland.

List of publications Prof. Dr. Christian Aders

ValueTrust has been engaged by the Regional Court of Cologne to act as a court appointed valuation expert in the appraisal proceeding (“Spruchverfahren”) in context of the conclusion of the domination and profit/loss transfer agreement (“DPLTA”) between Deutsche Bank and Postbank in 2012.

In its decision of November 11, 2020 the Regional Court of Cologne based the compensation and guaranteed dividend on the fair market value determined by ValueTrust and fully approved the valuation results.

On December 7, 2020 the Webinar “FDI regulations – The impact of the pandemic on deal-making” took place, which was organized in cooperation with Ghorfa – the Arab-German Chamber of Commerce and Industry e.V. and was part of the virtual M&A sessions by White & Case.

Prof. Dr. Christian Aders, Senior Managing Director at ValueTrust and ParkView, and Christopher Buhlmann, Director at ParkView, were part of the webinar, discussing new opportunities for Arabic investors in the context of Foreign Direct Investment Regulations.

More information about ValueTrust´s and ParkView´s contribution can be found in the presentation for download.

While the second wave of the Covid-19 pandemic is causing the German economy to hold its breath, a new restructuring law is expected to come into effect on January 1, 2021, otherwise known as the “The Further Development of the Restructuring and Insolvency Law“. The draft bill contains various new regulations, which are intended to enable the reorganization of companies outside the insolvency process, particularly in the event of an impending insolvency.

In this context, ValueTrust supports with independent Fairness Opinions and full scope Valuation Reports according to the recommendations of the IDW or DVFA.

For further information on the new regulations of the restructuring law and the services that ValueTrust provides, please download our flyer.

ValueTrust is Sponsor of the 23nd Arab-German Business Forum which is organized by the Arab-German Chamber of Commerce and Industry e.V., together with high-profile partners, from October 26 to 28, 2020 in Berlin.

Many global leaders and high-ranking panelists will address the challenges the pandemic has brought about and discuss how economic cooperation can overcome them. The event will provide a unique stage to initiate promising business perspectives and intensify existing economic ties between Germany and the Arab world.

Prof. Dr. Christian Aders, Senior Managing Director at ValueTrust, will give an overview of the topic “Post Covid19 investment opportunities and challenges in Germany” within the panel Finance, Investment and Know-How Transfer.

Find more information about the Arab-German Business Forum at https://business.ghorfa.de/

ValueTrust released the seventh edition of the DACH Capital Market Study (Version: June 30, 2020), which was created and published by ValueTrust in cooperation with the Institute of Auditing and Sustainability Accounting of the JKU Linz and finexpert.

In our DACH Capital Market Study valuation parameters and cost of equity are derived in a comprehensive manner to provide a sound basis for investment decisions, even more relevant than usual in the current volatile economic environment.

ValueTrust provided IPO and exit readiness advice to KKR-backed HENSOLDT AG on its successful IPO.

On September 25, HENSOLDT AG shares began trading on the regulated market of the Frankfurt Stock Exchange. With the tailwinds from the successful IPO, KKR-backed HENSOLDT will make a big step to further strengthen its position as Europe’s leading, platform-independent provider of defence and security sensor solutions with global reach.

Since the last three-and-a-half years ValueTrust is a trusted financial advisor to HENSOLDT providing IPO and exit readiness advice to the CFO and management in offering hands-on, on-site support throughout all IPO phases and performing a comprehensive financial planning process review including a KPI steering analysis. In addition, we constantly provide financial advisory and valuation advice to HENSOLDT, e.g. in supporting the annual impairment test, performing purchase price allocations, and providing company valuations for manifold purposes.

Further information on the IPO can be found here.

Marion Swoboda-Brachvogel, Director of ValueTrust, has published the article „European cost of capital and valuation levels in the Covid 19 crisis as a basis for substantiated investment decisions“ in the journal M&A Review (10/2020).

As a result of the Covid 19 crisis, the prime rate fell almost continuously in the first half of 2020, reaching a historic low of 0.06%. At the same time, the capital markets – despite a significant recovery since the beginning of the crisis – remain highly volatile, which also leads to strong movements in terms of implicit cost of capital and market risk premium.

Especially in volatile times, as we currently find them, it makes sense to substantiate investment decisions by applying several valuation methods. Due to the volatility on the capital markets, the use of longer-term averages (e.g. for implied cost of capital, the market risk premium or multipliers) represents a possible alternative to reporting date values.

Please find the full article here or as download.

Marion Swoboda-Brachvogel, Director of ValueTrust, has published the article „European cost of capital and valuation levels in the Covid 19 crisis as a basis for substantiated investment decisions“ in the journal M&A Review (10/2020).

As a result of the Covid 19 crisis, the prime rate fell almost continuously in the first half of 2020, reaching a historic low of 0.06%. At the same time, the capital markets – despite a significant recovery since the beginning of the crisis – remain highly volatile, which also leads to strong movements in terms of implicit cost of capital and market risk premium.

Especially in volatile times, as we currently find them, it makes sense to substantiate investment decisions by applying several valuation methods. Due to the volatility on the capital markets, the use of longer-term averages (e.g. for implied cost of capital, the market risk premium or multipliers) represents a possible alternative to reporting date values.

Please find the full article here or as download.

ValueTrust supports a fund-raising campaign initiated by the Healthcare Federation of Ghana (HFG) in the context of the COVID-19 pandemic.

The HFG, which aims at ensuring improved access to quality healthcare in Ghana, through private sector involvement, has initiated a fund-raising campaign to get a COVID-19 LIS (Lab Information System) for the public testing labs in Ghana. The number of recorded infections in Ghana is doubling every month and is the third highest in Africa. The LIS by HFG will have a tremendous multiplier effect by providing 30 million people with sustainable capacity to manage the COVID-19 pandemic, by processing and managing the huge volume of testing and contact-tracing undertaken by Ghana Health Services.

ValueTrust is proud to be a part of this fantastic project by the Healthcare Federation of Ghana.

More information about the Healthcare Federation of Ghana and their impressive work can be found here.

ValueTrust released the sixth edition of the European Capital Market Study (Version: June 30, 2020), which uniquely analyzes the relevant cost of capital parameters and multiples for the European capital market on an aggregated level.

ValueTrust released the sixth edition of the European Capital Market Study (Version: June 30, 2020), which uniquely analyzes the relevant cost of capital parameters and multiples for the European capital market on an aggregated level.

ValueTrust acts as independent Fairness Opinion provider to Sunrise Communications Group AG on the voluntary public takeover offer of UPC Schweiz GmbH.

ValueTrust was engaged to provide an independent public Fairness Opinion to the Board of Directors of Sunrise in accordance with the requirements of the Swiss Takeover Board (Übernahmekommission).

ValueTrust released the seventh edition of the DACH Capital Market Study (Version: June 30, 2020), which was created and published by ValueTrust in cooperation with the Institute of Auditing and Sustainability Accounting of the JKU Linz and finexpert.

In our DACH Capital Market Study valuation parameters and cost of equity are derived in a comprehensive manner to provide a sound basis for investment decisions, even more relevant than usual in the current volatile economic environment.

ValueTrust acts as valuation expert to the executive board of Nidda Healthcare GmbH in context of the squeeze-out of STADA Arzneimittel AG.

ValueTrust was engaged to provide an expert opinion to determine the company value of STADA Arzneimittel AG and the reasonable bandwidths of the cash compensation for the minority shareholders.

Marion Swoboda-Brachvogel, Director of ValueTrust, has published the article „Impact of the COVID-19 crisis on cost of capital and valuation levels in Europe“ in the journal CFOaktuell (05/2020).

The COVID 19 crisis does not only have significant influence on human interaction, but also on the economic situation. The massive distortions on the stock markets have led to lower valuation levels and hence to a change in implicit cost of capital and valuation parameters across Europe. Decision-makers should take these new conditions into account when performing – now increasingly necessary – goodwill impairment tests and also include them in the assessment of investment opportunities in order to make well-founded investment decisions.

Please find the full article as download.

Marion Swoboda-Brachvogel, Director of ValueTrust, has published the article „Impact of the COVID-19 crisis on cost of capital and valuation levels in Europe“ in the journal CFOaktuell (05/2020).

The COVID 19 crisis does not only have significant influence on human interaction, but also on the economic situation. The massive distortions on the stock markets have led to lower valuation levels and hence to a change in implicit cost of capital and valuation parameters across Europe. Decision-makers should take these new conditions into account when performing – now increasingly necessary – goodwill impairment tests and also include them in the assessment of investment opportunities in order to make well-founded investment decisions.

Please find the full article as download.

Prof. Dr. Christian Aders (Senior Managing Director, ValueTrust and ParkView) is co-editor of the Yearbook of Company Valuation 2020.
To ensure that company values can be determined reliably and with legal certainty, the Yearbook of Company Valuation 2020 provides relevant expert publications and valuation figures from 2019, a compact overview of the current focal points of company valuation and a comprehensive insight into the discussions between theoretical research and valuation practice.

For more information, please visit https://bit.ly/3hRYv40

Prof. Dr. Christian Aders (Senior Managing Director, ValueTrust and ParkView) is co-editor of the Yearbook of Company Valuation 2020.
To ensure that company values can be determined reliably and with legal certainty, the Yearbook of Company Valuation 2020 provides relevant expert publications and valuation figures from 2019, a compact overview of the current focal points of company valuation and a comprehensive insight into the discussions between theoretical research and valuation practice.

For more information, please visit https://bit.ly/3hRYv40

ValueTrust was engaged by the Executive and Supervisory Board of ISARIA Wohnbau AG as an independent Valuation Expert to provide a fairness opinion on the fairness of the consideration offered by Deutsche Wohnen SE from a financial point of view. The Fairness Opinion included an Opinion Letter according to DVFA Standards.

Given the current COVID-19 crisis ValueTrust released the fifth edition of the European Capital Market Study (Version: March 31, 2020) in order to give decision-makers guidelines with regard to current valuation parameters.

Given the current COVID-19 crisis ValueTrust released the fifth edition of the European Capital Market Study (Version: March 31, 2020) in order to give decision-makers guidelines with regard to current valuation parameters.

Scenario analysis and simulation-based corporate planning as a solid basis for business decisions.

In face of the global SARS-CoV-2 outbreak, companies in Germany can apply for state-backed liquidity funding with their existing lenders and/or the KfW. We support our mandates during this process with an “Independent Business Review” (IBR).

More details can be found in our IBR presentation.

ValueTrust provides a public Fairness Opinion to the Management Board and the Supervisory Board of ISRA VISION AG in the context of the voluntary public takeover offer to all ISRA VISION shareholders by Atlas Copco AB.

The joint statement of the management and supervisory board of by ISRA VISION and Atlas Copco is available as download.

ValueTrust, finexpert and the Institute of Auditing and Sustainability Accounting of the Johannes Kepler University Linz released the sixth edition of the ValueTrust DACH Capital Market Study.

ValueTrust released the fourth edition of the ValueTrust European Capital Market Study, which uniquely analyzes the relevant parameters for the European capital market on an aggregated level.

ValueTrust, finexpert and the Institute of Auditing and Sustainability Accounting of the Johannes Kepler University Linz released the sixth edition of the ValueTrust DACH Capital Market Study.

ValueTrust released the fourth edition of the ValueTrust European Capital Market Study, which uniquely analyzes the relevant parameters for the European capital market on an aggregated level.

finexpert and ValueTrust present the sixth edition of the German Takeover Report. The report covers all takeover offers and delisting tender offers of the year 2019 according to the German takeover code WpÜG and provides extensive information on relevant variables like bid types, premia offered, market reaction of target’s and (if available) on bidder’s stock prices.

finexpert and ValueTrust present the sixth edition of the German Takeover Report. The report covers all takeover offers and delisting tender offers of the year 2019 according to the German takeover code WpÜG and provides extensive information on relevant variables like bid types, premia offered, market reaction of target’s and (if available) on bidder’s stock prices.

ParkView Partners, a member of ValueTrust, acts as sole financial advisor to ISRA VISION AG on its strategic partnership with Atlas Copco AB via a EUR 1.1 bn public tender offer by Atlas Copco AB.

For more information, please download the press release.

“Corporate M&A: Key success factors of acquisitions” was the overarching theme of the 5th annual New Year’s Reception hosted by ValueTrust on February 6, 2020.

The event brought together over 100 business executives and financial, strategic and legal advisors to enjoy a pleasant networking event at the Hotel Bayerischer Hof in Munich. The participants had a good opportunity to meet excellent speakers like Prof. Dr. Michael Wolff, Dr. Günter von Au, Bernhard Meising, Dr. Eric Fellhauer and Dr. Cai Berg, to expand their network and exchange views on current industry developments.

Get more Information about the event at www.value-trust.com/newyearsreception 

Prof. Dr. Christian Aders (Senior Managing Director, ValueTrust and ParkView Partners) hielt an der Ludwig-Maximilians-Universität München im Rahmen der Vorlesung “Financial Statement Analysis and Valuation” einen Gastvortrag zum Thema “Pay for performance – Was ist Performance?”.

Prof. Dr. Christian Aders (Senior Managing Director, ValueTrust and ParkView Partners) hielt an der Ludwig-Maximilians-Universität München im Rahmen der Vorlesung “Financial Statement Analysis and Valuation” einen Gastvortrag zum Thema “Pay for performance – Was ist Performance?”.

List of publications Prof. Dr. Christian

List of publications 2020 of Prof. Dr. Christian Aders (Senior Managing Director, ValueTrust).