There are various occasions for a corporate evaluation: purchase, sale, privatization, IPO, evaluation of growth options, preparation of business restructurings and much more.
This work’s occasion is to determine the corporate value of Fielmann AG from a buyer’s point of view. Somebody wants to invest in Fielmann AG to optimize his own portfolio.
The first part of this assignment describes the framework of a corporate evaluation. After this introducing part, the common methods and approaches of a corporate evaluation, emphasizing the respective advantages and disadvantages, is discussed. The second part applies selected methods to the evaluation of Fielmann AG in practice: The discounted cash flow methods (entity and equity approach) and the multiplier method.
The date of evaluation is December 31st 2011, all data are accessible to the public (mostly via Bloomberg) or based on own assumptions. The applied discounted cash flow methods of corporate evaluation result in a valuation range between 2,923.941 and 2,999.810 million EUR. The multiplier method determines range for the corporate value from 1,429.049 million up to 1,547,258 million EUR. Therefore, for an investor it is fair to pay a price between 34.02 and 71.42 EUR per share.
It is hard to find an adequate peer group for Fielmann AG because there is no other optician listed which is comparable to Fielmann AG. Therefore, the authors recommend the DCF-results an adequate value. The DCF approaches deliver a final result between 2,923 up to 3,000 million EUR (69.62 up to 71.42 € per share) on 31st December 2011 for Fielmann AG.
Table of Contents
Executive Summary
Table of Contents
List of Abbreviations
Introduction
Problem Definition and Objective
Scope of Work
Framework of a Corporate Evaluation
The Corporate Valuation Theses
Net Asset Value Methods
Liquidation Value
Reproductive Value
Discounted Cash Flow Methods
Entity Approach
Equity Approach
Multiplier Approach
Comparative Company Approach
Multiplier Design in the Comparative Company Approach
Evaluation of Fielmann AG
Company Profile of Fielmann
Discounted Cash Flow (DCF) Methods
Forecast of Future Cash Flows
Cost of Capital
Entity Approach
Equity Approach
Multiplier Method
Analysis of the Valuated Company
Building up the Peer Group
Calculations and Aggregations
Result Comparison and Conclusion
Literature
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