By Svend Reuse, Prof. Dr. Eric Frère und Prof. Dr. Burghard Hermeier
Particularly small cooperative banks and rate reductions banks are faced with adverse takeovers, loss of luck within the retail industry, an damaging fee source of revenue ratio, and the ensuing demanding situations. Angainst this heritage, company overview is of accelerating value for German banks. Svend Reuse's research of the theoretical establishment of company assessment within the German banking region exhibits that in basic terms the profits price strategy, the fairness method and the multiplier strategy are precious during this context.
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218. Cf. Bellinger/Vahl (1992), pp. 145. Cf. Fischer (1989), p. 93 and Beisel/Klumpp (1991), p. 33. Cf. Mandl/Rabel (1997), p. 113. Cf. Ballwieser (2004), p. 13 and IDW (2005), p. 1306. Cf. Drukarczyk (1996), pp. 210. Cf. Kuhner/Maltry (2006), p. 49. For a detailed analysis of this problem cf. Bretzke (1975). Cf. Göppl (1980), p. 238; Jung (1983), p. 495 and Korth (1992), p. 14. Ballwieser combines the first two aspects. Cf. Ballwieser (2004), p. 14. Cf. Coenenberg/Sautter (1988), p. 703. Cf. Jung (1983), p.
EBIT, sales and EBITDA are normally used for evaluating the enterprise value376, because these basic variables are independent of the debt ratio377. EBT378 and net profit are used to determine the value of the equity379. The multiple is evaluated by generating an average or a median380. However, in addition, the standard deviation of the multiple is considered as well381. Otherwise, the resulting value would lead to a false conclusion. The empirical evaluation of the quality of possible multiples can be summarized as Liu/Nissim/Thomas did: “Second, we confirm that forward earnings contain considerably more value-relevant information than historical data, and they should be used as long as fore- 369 370 371 372 373 374 375 376 377 378 379 380 381 Abbreviation for Comparable Company Analysis.
137. Cf. Ballwieser (2004), p. 193. Abbreviation for Earnings Before Taxes. Cf. Löhnert/Böckmann (2002), pp. 410 – 411 and Nestler/Kraus (2003), p. 3. The usual multiples are discussed here. Cf. Kuhner/Maltry (2006), p. 266. Cf. Ballwieser (2004), p. 195. 36 2 Theoretical Status Quo of Corporate Evaluation casted earnings are available. 382” Advantages of the multiplier methods can be stated as follows: First, they are quite simple in their usage383. Soffer/Soffer stated concretely: “The main reason analysts use the multiples approach for evaluation is it is much quicker than discounted cash flow techniques384”.