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Document from the year 2012 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, University of Applied Sciences Essen, language: English, abstract: 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.
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- PublisherGRIN Verlag
- Publication date2012
- ISBN 10 3656280649
- ISBN 13 9783656280644
- BindingPaperback
- Number of pages52
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Corporate Evaluation of Fielmann AG
Published by
GRIN Verlag Nov 2012
(2012)
ISBN 10: 3656280649
ISBN 13: 9783656280644
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Book Description Taschenbuch. Condition: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Dokument aus dem Jahr 2012 im Fachbereich BWL - Unternehmensführung, Management, Organisation, Note: 1,3, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule, Sprache: Deutsch, Anmerkungen: Unternehmensbewertung der Fielmann AG zum 31.12.2011 nach Multiplikator- und DCF-Verfahren basierend auf Daten aus Bloomberg. , Abstract: 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. 52 pp. Englisch. Seller Inventory # 9783656280644
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Corporate Evaluation of Fielmann AG
Published by
GRIN Verlag
(2012)
ISBN 10: 3656280649
ISBN 13: 9783656280644
New
Taschenbuch
Quantity: 1
Seller:
Rating
Book Description Taschenbuch. Condition: Neu. Druck auf Anfrage Neuware - Printed after ordering - Dokument aus dem Jahr 2012 im Fachbereich BWL - Unternehmensführung, Management, Organisation, Note: 1,3, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule, Sprache: Deutsch, Anmerkungen: Unternehmensbewertung der Fielmann AG zum 31.12.2011 nach Multiplikator- und DCF-Verfahren basierend auf Daten aus Bloomberg. , Abstract: 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. Seller Inventory # 9783656280644
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