Valuation News - September 2023

In the September issue of Valuation News, we present the main topics of the forthcoming Cost of Capital Study 2023 and give a thesis-like overview of our expectations regarding the development of macroeconomic uncertainties and the effects. 

In this article, we then delve into the interrelationships between interest rate developments, inflation and the reactions of the capital markets, before concluding with an outlook on the development of the cost of capital and market risk premiums in particular, which are decisive for valuation purposes. The second article deals with the tax CAPM, an extension of the standard CAPM, and answers the question of whether a valuation "with/without shareholder taxes" corresponds to a valuation "before/after shareholder taxes". Finally, we discuss individual issues in connection with the determination of consideration transferred when accounting for an acquisition in the consolidated financial statements according to IFRS 3 using the example of earn-out clauses.