Unternehmens-
bewertung
The task of a company valuation is to determine a use value for a company as a whole or for individual strategic business units on a specific valuation date.
For this, both the company itself and its corporate environment must be analyzed and evaluated in order to be able to derive statements about the future development of the company as well as about opportunities and risks. With the help of mathematical procedures and the findings from the company and environment analysis, a value is then determined for the company under consideration. However, this value is always dependent on the objective of an assessment and on the selected assessment method.
Wann ist eine Ermittlung des Unternehmenswertes notwendig?
The question of the value of an asset arises for companies for various reasons. In detail, these can be among others:
Ausscheiden von Gesellschaftern
Aufnahme neuer Gesellschafter
Unternehmenszusammenschlüsse
Erwerb oder Veräußerung von Unternehmensanteilen
Verhandlungen mit Investoren
Börsennotierung
Bewertungsansätze
und -methoden
One of the central questions of every corporate transaction is the question of the appropriate value of the company to be considered. Factors influencing the determination of value form various factors and the clarity of how these influence the value of your company. The economic development of the company forms a decisive basis here. Basically, you have to differentiate between values and prices. In business administration, valuation and accounting practice, a large number of different terms are used in the context of the valuation of companies to denote the respective valuation result. A distinction must be made between the terms “value” and “price”. While a price is determined by the supply and demand in the corresponding markets, the value is based on the benefit of the valuation object for the valuation subject and is determined using a computational model. This calculation model is in turn dependent on the purpose of the evaluation and the available data or variables. Which of the methods for calculating the company value is used and which makes sense always depends on the objective, the reason for the valuation or the information available.
Discounted-Cash-Flow
weiterlesen
Im Rahmen der Discounted-Cash-Flow-Methode wird der Wert eines Unternehmens aus der Diskontierung der zukünftigen Cash-Flows errechnet. Man unterscheidet zwischen dem Entity-Ansatz, dem Equity-Ansatz und dem Adjusted-Present-Value (APV) drei Varianten der Berechnung. Die Verfahren unterscheiden sich grundsätzlich in der Art, wie sie die steuerlichen Unterschiede von Eigen- und Fremdkapital berücksichtigen, um den Wert des Eigenkapitals zu ermitteln. Vor dem Hintergrund, dass die Discounted-Cash-Flow-Methode international ein sehr hohes Maß an Anerkennung erfährt, hat diese auch in der Praxis eine entsprechend hohe Bedeutung.
Multiplikatorverfahren
weiterlesen
Unser beispielhaftes Vorgehen zur Ermittlung des Unternehmenswertes
01.
Review & validation of your financial indicators and planning data (optional: creation of a corporate financial plan).
02.
Implementation of the company valuation with the appropriate valuation method for the occasion.
03.
Creation and handover of the valuation report.
Ihre Ansprechpartner
Sebastian Mähler
Koenigstrasse 7 | 01097 Dresden
Tobias Kirchhoff
Koenigstrasse 7 | 01097 Dresden