The value of a company plays an important role in transactions such as company acquisitions or sales, structural measures under company law, share valuations or inheritance settlements.
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Our expertise in determining company values includes not only the business fundamentals of cost and performance accounting, controlling, investment and financing, but above all a specific understanding of the industry and the market environment.
Whether in the valuation of the company in transactions, in the context of squeeze-outs and mergers or in the safeguarding of decisions through fairness opinions: our valuation experts support you efficiently in the realisation of your entrepreneurial goals. We take our role as valuers in the valuation situation seriously. A neutral expert is involved in the valuation to determine objective company values. In court and out-of-court disputes, the valuer takes on the role of arbitrator. In transactions, we are your reliable advisors for the assessment of values to support your decisions.
For us, business valuation does not mean modelling figures, but understanding and evaluating the opportunities and risks of the future, sustainable development of a company with our expertise.
Ralf Niggemeier, Associate Partner PKF Fasselt
Our services for valuations
Impairment test
The impairment test is carried out at least once a year. The test focuses on goodwill - recognised in the consolidated balance sheet as part of the purchase price allocation following a company acquisition - and certain identified and measured intangible assets.
Impairment testing requires specialised know-how, which our specialists provide you with in a competent and committed manner.
The consulting services of our valuation experts
- Implementation of the impairment test process
- Carrying out the annual impairment test by determining the relevant valuation parameters such as cost of capital
- Scenario analyses in the event of changes to key parameters
- Plausibility check of the financial planning on which the impairment test is based
Purchase price allocation
International and national accounting standards require the purchase price for acquisitions and mergers of companies to be allocated to the acquired assets and liabilities. This allocation is due at the time of initial inclusion in the consolidated financial statements.
Intangible assets in particular, such as customer relationships, patents, brands, etc., can have a significant impact on the value of the acquired company. Identifying these previously unrecognised assets and measuring them at fair value is a challenge.
The values and parameters determined as part of the purchase price allocation (PPA), e.g. useful life and residual goodwill, can also have a significant impact on the future net assets and results of operations of the company preparing the balance sheet.
In this regard, you can rely on our comprehensive expertise, many years of experience and our specialised knowledge.
Our experts will support you with
- Carrying out the purchase price allocation and documenting it with an expert opinion
- Analysing the financial impact on the company preparing the balance sheet prior to the acquisition
- Discussing the results of the PPA with the auditor
- PPA accounting (push-down)
Fairness opinion
In a complex economic and legal environment, the liability risks associated with entrepreneurial decisions also increase. Management and members of supervisory bodies are obliged to make their business decisions based on appropriate information for the benefit of the company (Business Judgement Rule, Section 93 (1) AktG).
However, decision-makers require sufficient information to assess financial appropriateness. This gap can be closed by the fairness opinion of an independent expert, which also avoids the impression of a decision guided by subjective interests.
A fairness opinion in accordance with the professional standard "Principles for the Preparation of Fairness Opinions" (IDW S 8) forms an essential component with regard to the required documentation of the decision-making process.
Our corporate finance specialists support you in all areas of application of the fairness opinion
- Public acquisition and takeover bids
- Purchases and sales of companies/parts of companies
- Disposal of significant assets (e.g. patents)
- Significant operational investments
- Transfer of assets between funds (e.g. private equity funds)
- Generally for transactions between related parties