Consulting - Valuation
Appraisal of Businesses

Specialists in sophisticated and complex company valuations

One of the founders of modern German business valuation theory, Adolf G. Moxter, characterized the statement: “Evaluating means comparing”. We feel particularly committed to this principle.

Whether as consultants or neutral experts, our valuation specialists carry out challenging and complex company valuations within the scope of transactions, restructurings or for corporate law or tax-related purposes. We also support you in determining value indications for companies and with an appraisal of transactional prices.

5.2 Valuation

Transactional valuations

Our service portfolio includes valuation services related to M&A transactions, such as purchase price determinations from both the buyer’s and the seller’s perspective, purchase price allocations for commercial and tax purposes as well as the valuation of tangible and intangible assets.

Impairment tests for financial purposes

Expertise in determining the fair values of investments and determination of related accounting consequences

We carry out impairment tests focusing on shares or corporate divisions in accordance with IFRS (IAS 36) and German local GAAP—HGB—(IDW RS HFA 10). In connection with the preparation of annual and consolidated financial statements, we estimate the fair value of investments by means of standard procedures for determining the present value of future profits.

Valuation based on approved valuation methods

We analyze qualitative and quantitative value drivers based on planning assumptions. We use this data to determine ranges of values by means of integrated planning models and use sensitivity and scenario analyses as well as simulation methods.

For the determination of company values, we apply established valuation methods that correspond to the current state of capital market and valuation theory.

Our methodologies comprise discounted cash flow (DCF) approaches, the capitalized earnings value method, the adjusted-present-value method (APV) and, in addition, multiples for value plausibility check.

Based on our vast expertise, our appraisals of individual assets, especially intangible assets that subsequently gain importance, are based on a wide range of methodologies from which the appropriate approach is chosen.

Regarding valuations of non-profit companies as well as companies in the healthcare sector, we can rely on special expertise from various relevant professional experience.

Valuations of non-profit institutions — especially charitable ventures

An appraisal of enterprises whose purpose is non-profit, charitable or which follow comparable not profit-oriented objectives requires a special valuation approach. In particular, tax aspects such as a non-profit status must be taken into account while estimating the value of such an undertaking.

We have gathered the necessary expertise in a large number of valuations, planning, due diligence projects for acquisitions as well as in the preparation of annual and consolidated financial statements of non-profit companies, especially in the health care industry.

Valuations of companies in the health care sector

In Germany, healthcare companies operate in a highly regulated market with many state-owned as well as semi-public actors and diverse sources of income. This includes institutions providing inpatient and outpatient medical care, as well as nursing care for the elderly and parenting. Furthermore, these companies are largely not income-oriented, but non-profit organizations.

In addition to the knowledge of different valuation techniques and special tax status due to the lack of commercial intentions, specific knowledge of the peculiarities of generating income and carrying out activities, also must be considered in detail.

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Contact us

Philipp von Thomsen

Chartered Accountant
Tax Advisor
Associate

T: +49 (89) 95 44 798-601
E: Philipp.von-Thomsen@aios.de

Matthias Giese

Chartered Accountant
Tax Advisor
Managing Director

T: +49 (30) 28 49 87-202
E: Matthias.Giese@aios.de