Enlargement of the management team of IVC

Dr. Alexander Brunner (auditor and tax advisor) and David Kleine (auditor and CFA-Charterholder) become partner as of 1 January 2021. Both have successfully completed a variety of projects over the past eight years. In addition, both have expanded the client relationships and decisively advanced our IVC-Tools©. Congratulations – to many more years together!… more

Christmas greetings

IVC wishes you a merry Christmas and much health for the new year!… more

Lecture on company valuation at the University of Duisburg-Essen

On 12 January 2021, Dr. Alexander Brunner will give a lecture on company valuation at the University of Duisburg-Essen as part of the “Corporate Finance” master’s course by Professor Jacobs (Chair of Finance).… more

IVC advises Gigaset

IVC advised Gigaset on the closing of a licensing agreement with Atos Unify.… more

Further reinforcement of the IVC team: Fabian Joseph and Hans-Heiner Manhard

IVC welcomes two new consultants to its team: Fabian Joseph and Hans-Heiner Manhard. Fabian Joseph joins IVC after completing his Bachelor’s degree in Cologne and Master’s degree in Tilburg (Netherlands).   Hans-Heiner Manhard had already supported IVC as a research analyst during his studies at the Ruhr University in Bochum. We are pleased to be […]… more

Valuations of DREWAG and ENSO in accordance with IDW S 1 as amended in 2008

IVC carried out the company valuations of DREWAG – Stadtwerke Dresden GmbH and ENSO Energie Sachsen Ost AG in the course of the merger to form SachsenEnergie AG. The valuations were carried out in accordance with the principles of IDW S 1 as amended in 2008 and served to determine the share exchange ratio to […]… more

New edition of the IVC capital market study now available

The 6th edition of the IVC capital market study “Cost of Capital and Multiples for Company Valuation – Company and industry Analyses 2020/2021” is now available from IDW-Verlag. The book provides access to valuation-relevant data such as beta factors, borrowing costs and capital structures for the companies listed in the HDAX as well as corresponding […]… more

ifo business climate tool

In the “Tools” section you can now find our interactive ifo Business Climate Tool. The ifo Business Climate Tool visualizes the results of business surveys provided on the Internet by the ifo Institute. The ifo Business Climate Indicators reflect the mood among corporate leaders and are an important indicator of economic development in Germany and […]… more

Successful completion of a purchase price allocation (PPA) according to IFRS

IVC has successfully completed work for one of the world’s leading private equity investors. The objective was the preparation of a purchase price allocation for IFRS purposes for an internationally active chemical company. The volume of the transaction under consideration was in the single-digit billion range.… more

IVC acting as auditor of adequacy

The Annual General Meetings of BTS Finance Group AG, Eschborn, and Formaxx Aktiengesellschaft, Eschborn, each approved a profit and loss transfer agreement and a control agreement on 21 August 2020. IVC acted in each case as expert joint auditor within the meaning of Section 293c AktG.… more

New seminar dates and new edition of the IVC capital market study

The popular seminar “Valuation of SMEs in practice” with IVC board member Dr. Lars Franken will again be held as an attendance event. Registrations are possible on the IDW website. Participants can book a combination package when registering for the event and will receive the new sixth edition of the IVC capital market study “Cost […]… more

Appointment to the examination board

Alexander Brunner was appointed as a member of the examination board for public accountants and of the examination board for the aptitude test as public accountants for the period July 1, 2020 to December 31, 2023.… more

Case Study: Financial Modeling in busines valuation

On July 7th, 2020 we organized the seminar “Case Study: Financial Modeling in Business Valuation” in cooperation with the Technical University Bergakademie Freiberg.… more

IVC Economic forecasts tool and two new snippets

IVC expands its interactive tool landscape in the area of economic analysis and publishes two new snippets on the topics “Liquidation Preferences” and “Cost of Capital”.… more

IVC Interactive fee map

IVC Public Services provides the tool “interactive fee map”. With this tool, municipal decision-makers obtain a quick overview of the waste water charges in NRW for sewage water and rain water as well as impersonal tax rates (trade tax rate and real estate tax rates).… more

IVC in the IDW working group “Determination of the risk free rate for business valuations”

Alexander Brunner represents IVC in the IDW working group “Determination of the risk free rate for business valuations”, which was established by the Technical Committee for Business Valuation and Business Administration (FAUB) against the background of the current low interest rate environment.… more

COVID-19 shakes up the world of company valuation – negative base rate according to IDW methodology for the first time

Stock markets, M&A transactions and other valuation events have already been affected by COVID-19 induced distortions. As a result of the dropping sales markets and the uncertainty of the future economic trend, particular difficulties arise in estimating future earnings and cash flows. These difficulties are already known from many crises. New with the COVID-19 crises […]… more

New interactive IVC tools

From now on you can use our interactive tools for the analysis of market risk premiums and incremental borrowing rates in the “Tools” section. Our Market Risk Premium Tool allows you to examine both historical and implied market risk premiums for each quarter (from 31 December 1997). Our Incremental Borrowing Rate Tool allows you to […]… more

Job advertisement “Data Analyst”

IVC is looking for interns / working students (m/f/d) as Data Analyst in Application Development. You will find our job offer here.… more

IVC Base interest rate tool

From now on you can use our interactive Base interest rate tool int the „Tool“ section. The base interest rates are based on the data of the Federal Bank of Germany and can be calculated on any key date as of 1997. They are calculated using the method of calculation recommended by the Fachausschuss für […]… more

IVC remains your reliable partner even in times of crisis

The corona virus and the associated political interventions in social and economic life present far-reaching challenges. We have ensured through our digitalized processes that we are continuously available and can offer our services in the usual high quality. Furthermore, we are at your disposal as a competent partner for all business management issues.… more

Reinforcement of the IVC team as of March 2020: Mrs. Mengyuan Zhou

IVC welcomes Mrs. Mengyuan Zhou to its team. Mengyuan first completed a bachelor’s degree in German Studies at Tongji University in Shanghai (People’s Republic of China) and then a double master’s degree in “Management” in cooperation with the Ruhr-Universität Bochum. IVC is pleased about the increasing diversity in its team and Mengyuan’s reasons for choosing […]… more

6th edition of the IVC cost of capital study

IVC has started to work on the 6th edition of the capital market study “Cost of capital and multiples for company valuation – Company and industry analyses 2020/2021”. This edition will again provide access to valuation-relevant data such as beta factors, borrowing costs and capital structures for the companies in the HDAX (as of December […]… more

Resolution of the Higher Regional Court Frankfurt regarding the mediation procedure of WELLA AG

In its order for reference of November 20, 2019, the Higher Regional Court of Frankfurt followed the comments in our expert opinion in the Wella AG mediation procedure. In particular, the Higher Regional Court endorsed the preferential use of own beta factors instead of beta factors derived from a peer group, the preference of liquidity […]… more

IVC M&A is on the look for interns / working students

IVC is on the look for interns / working students (m/f/d) in the field of Mergers & Acquisitions / Transactions. You will find our job offer here.… more

The focus remains on synergies!

At the EACVAs 13th Annual Business Valuation Conference (December 5 and 6, 2019 in Berlin) Dr. Jörn Schulte gave a lecture on the topic “Synergien”. Further information can be found directly at the EACVA web page: https://www.bewerterkonferenz.de/… more

Fairness Opinoin for GASAG

IVC supported GASAG in the acquisition of further shares in EMB Mark Brandenburg GmbH with a fairness opinion.… more

Updated Cost of Capital Recommendation by the FAUB

The Fachausschuss für Unternehmensbewertung und Betriebswirtschaft (FAUB) of the IDW has published an adjusted cost of capital recommendation. The update was necessary because the yield curve derived using the Svensson method (based on the Bundesbank methodology, German government bonds) results in negative yields for (almost) the entire term of 30 year. The estimated value for […]… more

IVC Snippets: Impact of IFRS 16 on the Goodwill Impairment Test

IVC is pleased to present the second issue of the IVC Snippets. In this Snippet, we analyse the impact of IFRS 16 for the goodwill impairment test in accordance with IAS 36. We present in a simplified example how the impairment test can be carried out properly in practice after the introduction of IFRS 16. […]… more

Fairness Opinoin for Allianz Global Investors

IVC prepares a Fairness Opinion for Allianz Global Investors regarding the financial fairness of the takeover offer by Bain Capital and the Carlyle Group to the shareholders of OSRAM Licht AG.… more

Successor planning for IT 4.0 company successfully concluded at the end of July 2019

IVC M&A developed a customized sales concept concerning the successor planning for the tmp GmbH automation & engineering. In addition, IVC M&A provided the tmp shareholders with comprehensive consultancy and support throughout the sales process. You can find the press release concerning the sale of the company to SCIO Automation GmbH (VESCON-/SCHILLER-Group) here. The new […]… more

IVC consulted STRÖHER minority shareholders regarding the sale of the remaining shares to STO SE

IVC M&A supported the minority shareholders of STRÖHER, the facade, outdoor and residential ceramics producer, with the sale of the remaining shares (49.9 %) to STO SE, a global leader in facade coating. Already in 2015 IVC was the exclusive M&A consultant for the STRÖHER shareholders for the sale of the first 50.1 % to STO SE. […]… more

Sale of an exhibition construction company to an MBI candidate completed

In May 2019, the sale of an exhibtion construction company, located in NRW, was completed as part of an early succession planning to a Management buy-in candidate. IVC M&A drew up and carried out the complete sales process for the sell side.… more

IVC-contribution in the legal handbook of company valuation

The second edition of the “Rechtshandbuch Unternehmensbewertung “(issued by Fleischer/Hüttemann) is expected to be released by the end of August 2019. This unique legal handbook provides the user with reliable access to all legally binding questions of business valuation. In the second edition, Franken / Schulte contributed with their expertise to the chapters regarding Determination […]… more

IVC Financial Quick Check for Startups

Analysis and valuation of startups and innovative business models poses a particular challenge for investors. Restricted availability of historical financial statement data as well as uncertain future prospects heavily complicate the prediction of future earnings potentials. Thus, such an investment regularly implies high risks on the one hand, but on the other hand offers enormous […]… more

IVC at the corporate run in Essen

The IVC team has started for the 3rd time highly motivated at the corporate run in Essen. We ran under the mission “reaching the finish line together”, which we successfully accomplished. Our motto for the run as well as in our professional working life is: Fast. Individual. Personal. One thing is for sure: next year […]… more

Seminar “Financial Modeling”

We organized, in collaboration with the faculty of business administration, in particular controlling of the Ruhr-Universität Bochum, a seminar on the topic of “financial modeling” between the 23rd – 24th  of May, 2019. During the seminar we covered the following topics: Integrated corporate planning (analysis and plausibility check), Valuation methods (discounted cash flow and multiple-method), […]… more

IVC Snippets: IFRS 16

IVC is pleased to present the first issue of the IVC Snippets. In the course of our project work we are constantly faced with new challenges and complex professional questions, for which we work out innovative and finely tuned solutions. Against this background we developed the idea to provide extracts of our work to the […]… more

An article published in the IDW LIFE on the subject of “ Enterprise value > market price? – or vice versa?”

Our executive committee members Dr. Lars Franken and Dr. Jörn Schulte have published an article in the IDW LIFE on the subject of “ Enterprise value > market price? – or vice versa?”. The authors deal with the question to what extent disruptive technologies and global effects affect the validity of the classic valuation models […]… more

Lecture on „assessment of business plans“ at the University Duisburg-Essen

On may 9th, 2019 Dr. Alexander Brunner gave a lecture on „assessment of business plans“ at the University Duisburg-Essen. As part of the Master class „Unternehmensbewertung“ by Professor Mochty (Chair for Auditing, Accounting and Controlling) he provided practical insight into this topic to approximately 40 students.… more

Taxation of inflation-related value growth

IVC has provided its expert opinion on Taxation of Inflation-related Value Growth for Objectified Business Valuation Purposes (german „Besteuerung der inflationsbedingten Wertsteigerungen bei der Ermittlung objektivierter Unternehmenswerte“) for the appraisal proceeding HOMAG, Sky and Dyckerhoff. While some authors recommend this kind of taxation in the Auditors Manual (german “WP Handbuch”) Edition on Business Valuation and […]… more

“Financial Modeling” Workshop

On May 23 and 24, 2019, we are holding a Financial Modeling workshop at our site in Essen, prepared in cooperation with the Department of Business Administration, in particular controlling, the Ruhr-University Bochum. Contact Person: Sebastian Rieling… more

Speech on „Current issues in business valuation” in Leipzig

Our Executive Board member, Dr. Lars Franken, is going to be holding speech during a lecture event prepared by the IDW national committee of Saxony/Saxony-Anhalt/Thuringia in Leipzig on September 9, 2019. He will be holding speech on “Current issues in business valuation”.… more

Speech on „Current issues in business valuation”

Our Executive Board member, Dr. Lars Franken, is going to be holding speech during a lecture event prepared by the IDW national committee of the North Rhine-Westphalia in Dortmund on July 2, 2019. He will be holding speech on “Current issues in business valuation”.… more

IVC PS: Seminar Event in Bonn

The IVC PS seminar regarding the “ Legal elicitation of wastewater charges and updating of assessment surfaces for the rainwater charge” for municipalities and wastewater companies was well attended. Over forty participants of municipal companies found their way to the federal city of Bonn on the 14th of March 2019. During the event, the fiscal […]… more

IVC M&A is on the look for interns / working students

IVC is on the look for interns / working students (m/f/d) in the field of Mergers & Acquisitions / Transactions. You will find our job offer here.… more

EACVAs 12th Annual Business Valuation Conference – IVC presents

At the EACVAs 12th Annual Business Valuation Conference held on November 22-23, 2018 in Düsseldorf/Neuss, Dr. Franken hold lecture on the topic “Business valuation in 2030 – Small Humans and Big Data”. Dr. Schulte hold lecture together with Mr. Hanses from the tax authority of NRW (Finanzverwaltung NRW) on the topic “Transferable earning power – […]… more

IVC M&A presented a M&A case study at ESMT (Berlin/Schloss Gracht) practitioners’ seminar „Mergers and Acquisitions“

In 2017 and 2018 Dr. Peter A. Frankenberg presented and discussed a SME M&A case study with the participants of European School of Management and Technology (ESMT) practitioners’ seminar “Mergers and Acquisitions: Strategy, Business Evaluation, Financing, Integration. …. more.… more

2018 Public Auditors meeting in Baden-Baden

At the IDW 60th workshop in Baden-Baden on November 14-16, 2018. Dr. Lars Franken and Dr. Jörn Schulte led a roundtable discussion on the topic “Current issues in business valuation”.… more

2018 IVC Cost of Capital study, 5th edition

The new 5th edition of our capital markets study Cost of capital and multipliers for business valuation – company and industry analysis 2018/2019 (Kapitalkosten und Multiplikatoren für die Unternehmensbewertung – Unternehmens- und Branchenanalysen 2018/2019) has just been released. The capital markets study has been very well received already in its previous editions not only for […]… more

2nd edition of the lawyer’s business valuation handbook

The 1st edition of the lawyer’s business valuation handbook (Rechtshandbuch der Unternehmensbewertung) was published by Dr. Otto Schmidt KG in 2015. The IVC authors dealt thereby with the topics “Determination of future earnings”, “Derivation of the capitalization interest rate” and “Alternative valuation procedures”. Revision of the corresponding articles for the 2nd edition of the lawyer’s […]… more

Capital market-oriented business valuation handbook

Franken/Schulte/Brunner from IVC published an article on the topic “Debt capital and costs of debt – proper consideration in business valuation” in the capital market-oriented business valuation handbook (Handbuch Kapitalmarktorientierte Unternehmensbewertung) (published by Schäffer-Poeschel). This article addresses current discussions on valuation of debt for the purpose of business valuation and provides assistance in the capital […]… more

IVC PS: Higher Administrative Court NRW

Higher Administrative Court NRW puts the approach of depreciations according to replacement values regarding the calculation of charges to the test. In the course of the 17th waste water symposium in Münster the presiding judge oft he 9th senate of HAC, Dr. Annette Kleinschnittger, has announced that the HAC wants to examine the previous practice […]… more

IVC M&A: Purchase and sale of (medium-sized) interests

On the 20th of February 2018 IVC M&A made a workshop on the subject “Purchase and sale of (medium-sized) interests” at the IHK Essen/Mülheim/Oberhausen.… more

IVC M&A: „Private Equity meets M&A” SpeedDating

IVC M&A again participated in the “Private Equity meets M&A“ SpeedDating hosted by the Bundesverband M&A (German M&A Association) and the Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (German Private Equity Association) on 10 July 2018 in Frankfurt.… more