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Analysen aus der Praxis.

Bewertung, Rechnungslegung und Kapitalmarkt: Fachbeiträge und Veranstaltungen im Archiv. Sie wollen über neue Beiträge informiert werden? Eine E-Mail genügt.

Beiträge im Archiv

2026

  1. Ayvens: Twelve Months Are Not Enough! On Estimate-Driven Business Models and the Limits of Accrual Accounting

    How residual-value estimates affect Ayvens’ leasing profits, and why longer observation periods change the assessment of forecasting accuracy.

    Accounting
  2. IFRS15/ASC606 Driver Seat Accounting: Harmonized but lacking Economic Harmony? The CRO-Example

    Principal-versus-agent accounting and cost-to-cost revenue recognition: how pass-through site fees can shift a CRO’s reported revenue and margins.

    Accounting
  3. IFRS 20 Is Coming … to help National Grid and Iberdrola in UK?

    How regulatory assets and tax timing affect utility earnings, illustrated through Iberdrola and National Grid and the changes discussed under IFRS 20.

    Accounting
  4. Making Sense of a USD 1.77 Trillion Valuation? An Option-Style Approach to the SpaceX Myth-Premium

    An option-style approach to SpaceX’s valuation, exploring uncertainty, limited downside and the gap between a base-case estimate and expected equity value.

    Valuation
  5. Some Thoughts on the Accounting Criticism Raised in the Recent Grizzly Research Report on Ottobock

    An accounting assessment of the issues raised around Ottobock: EBITDA, Russian operations, capitalised development costs and useful lives.

    Accounting
  6. How better Economics can lead to lower Earnings: The interesting Accounting Behind Ethos Technologies’ Q1/26 numbers

    Why stronger business economics can coincide with lower reported earnings: an examination of commission revenue and accounting estimates at Ethos Technologies.

    Accounting
  7. Avis Short Squeeze Trigger: Not Financial Engineering but rather Merton-Model fragility

    Why operating and financial leverage can amplify a short squeeze: an option-based look at Avis and the asymmetric risk of its equity.

    Valuation
  8. Schrödinger: Caught in the (In)famous IFRS 15 / ASC 606 “Software Hole”

    Why Schrödinger’s move from perpetual licences to subscriptions can depress reported software revenue during the transition under IFRS 15 and ASC 606.

    Accounting
  9. Background on audit activities regarding leasing at Gerresheimer

    A closer look at Gerresheimer’s right-of-use assets, lease liabilities and disclosed interest rates, and the accounting questions their development raises.

    Accounting

2025

  1. When Standard Setters are too slow: The Case for Tesla’s 1.5 bn USD Bitcoin Accounting

    (Not only) in my opinion, the seminal and still most relevant paper about bitcoin accounting practice was written about three …

    English
  2. SNP’s Profit Warning and its Order Book: Oh Revenue, where Art Thou?

    Schneider-Neureither & Partner SE (SNP) is a German software company, mainly active in the field of data transformation solutions. The …

    English

2024

  1. Understanding ESOPs (2): How Ocado magically palmed 63.6 mio GBP of Expenses

    In one of our former blog posts we had a look at the accounting functioning of equity-settled stock option programs …

    English
  2. European Banks and the Q3/20 IFRS 9 Overlay: Fundamental vs. Technical Input to Accounting

    As a consequence of the experiences made during the great financial crisis 2008/09 the IASB changed financial instruments accounting away …

    English
  3. SBM Offshore’s “Directional Accounting”: Read-Across to IASB’s Disclosure Project (and to IFRS 10/11)

    In 2011, the International Accounting Standards Board (IASB) disclosed a whole package of new and revised standards that all addressed …

    English
  4. Is Proximus Tackling IFRS too Hard?: The Belgian Football Broadcasting Rights Accounting Dispute

    Belgian football is one of the most attractive in the world, even though the national first league is not so …

    English
  5. Understanding Stock Options: Basic Techniques

    Dealing with stock options (employee stock options ESOs or employee stock option programs ESOPs) in business valuation is not easy. …

    English
  6. Equinox’ Share Purchase Warrants: What a Difference an Issuing Motivation (and a Currency) makes!

    Equinox Gold Corp (EQX) is a Vancouver, Canada, -based mid-tier gold producing company with operations in the US, Mexico and …

    English
  7. Babcock’s strange JV Reporting: Catch-Up Effects, omitted Revenues and overshooting Margins

    London-based Babcock International Group Plc. is a multinational engineering support services company with a strong exposure to public clients. The …

    English

2023

  1. Coronavirus: Ryanair’s Unconventional “No Shows” Accounting

    It is not a big secret that coronavirus has hit the airline industry massively. Flight traffic down to super-lows and …

    English
  2. Grenke: More thoughts on Related Parties, Cash and the “Brink”-Problem

    In our most recent blog post we have already given some first comments on the Viceroy-Grenke-case HERE. We think some …

    English
  3. Viceroy’s Grenke-Cash Accusations: rather unlikely that they are true!

    Yesterday, short-seller Viceroy attacked MDax-listed leasing company Grenke AG (HERE). Today it raised some more allegations (HERE). One important point …

    English
  4. IASB’s Financial Presentation Project: The EV/Equity Value Financial Analysis Problem

    In 2019, the IASB issued an Exposure Draft: General Presentation and Disclosures in which the board laid out its proposals …

    English
  5. Was ich für mein kleines Kneipen-Business gelernt habe: The Wirecard Story so far (6)

    Vorwort: Dieser Text ist eine bewusst abstrakt gehaltene, vereinfachte Darstellung der jüngsten Nachrichten und Pressemitteilungen. Er deckt sich in wesentlichen …

    Allgemein
  6. Lessons from the Scandal: Three Weaknesses of IFRS: The Wirecard Story so far (5)

    The Wirecard case provides a lot of lessons for analysts and investors. However, one aspect has not been discussed a …

    English

2022

  1. Wirecard’s low Tax Rates as a Warning Sign? The Wirecard Story so far (4)

    This problem can really bring a dishonest manager’s decision making process to a breaking point: Overstating revenues (and hence earnings) …

    English
  2. Gross Revenue Accounting: Audit is not Audit is not Audit! The Wirecard Story so far (3)

    During the last days we got a lot of questions about what EY could have seen and what is beyond …

    English
  3. KPMG’s Special Investigation Report: The Wirecard-Story so far (2)

    There is an old saying in financial statement analysis: A good balance sheet is mostly even better, and a bad …

    English
  4. Wirecard’s Thrilla in Manila: The Story so far (1)

    Thursday, 18 June 2020, marked the preliminary peak of the story of Wirecard, the German DAX-listed payment processing company. That …

    English
  5. Coronavirus: Beware of the Hidden Fixed Costs in Inventory Accounting

    It is not a big secret that fixed costs are the real ugly thing for companies in crisis. While leading …

    English
  6. Coronavirus: How did Conti manage to pass Q1-Reporting without Goodwill Impairments?

    Continental AG (Conti) did not show any goodwill impairments in Q1/2020 (only some minor asset impairmets). However, in contrast to …

    English
  7. Coronavirus: Q1-Reporting: Wild Loss Reluctance but only mild Cookie Jarring

    Times of crisis always bring out two distinct kinds of bad accounting behavior (along with a lot of good accounting …

    English

2021

  1. The Equity Premium: a Coronavirus-Puzzle!

    Preface: I know that there are some readers who are mainly interested in accounting topics. And those will be served …

    English
  2. Coronavirus: Beware of the Overhedging Effect!

    No matter whether it is about currencies or commodities: operating hedging requires two big decisions. First decision: how much volume …

    English
  3. Coronavirus: Flexibility: The Forgotten Factor in Equity Valuation and Analysis!

    When Michael Jensen published his “Free Cash Flow Hypothesis” in 1986 (‘Agency Costs of Free Cash Flow’, Corporate Finance and …

    English
  4. Coronavirus: Adjustments to Rental Payments and IFRS 16

    On 10 April 2020, the IASB has issued a paper intended “to support the consistent application of requirements” in IFRS …

    English
  5. Coronavirus: Fasten your Seat-Belt for the Year of Pension-Madness!

    These days, investors and analysts have to devote plenty of effort in order to get a better understanding of how …

    English
  6. Coronavirus und Unternehmens­bewertung: Warum der FAUB nicht richtig liegt (Teil 2 der Kapitalkosten­diskussion)!

    Mit einer Empfehlung zur Anwendung von Unternehmensbewertungsmodellen in Zeiten der Corona-Krise (HIER) hat sich der Fachausschuss für Unternehmensbewertung und Betriebswirtschaft …

    Allgemein

2020

  1. Coronavirus: Some Thoughts on the Cost of Capital during the Crisis (Part 1: Equity Parameters)

    Crises are times of change and of uncertainty. For equity investors this requires some fresh thinking on fundamental analysis (see …

    English
  2. Coronavirus: Accounting Standard IFRS 9: Coronavirus Crisis is NOT Financial Crisis 2008!

    On page 1 of its Commission Regulation (EU) 2016/2067, 22 November 2016, the European Union commented in the context of …

    English
  3. Coronavirus: A brief Fundamental Analysis Manual for Equity Investors (Part 2)

    As an add-on to our first part of the Covid-10 Fundamental Company Analysis Manual (HERE) we today provide the second …

    English
  4. What is Debt??? Or: In Defence of the Fitch Approach on how to treat Leasing Liabilities

    In a very interesting article about the analytical state of the new lease accounting under US-GAAP and IFRS, the always …

    English
  5. Coronavirus: A brief Fundamental Analysis Manual for Equity Investors

    The new Coronavirus (Covid-19) is roiling the stock markets. The virus changes the fundamental outlook for many business models and …

    English
  6. Little Swindles in the Dark? How Earnings per Share are calculated in Practice

    It is reporting season these weeks! Best time for a little numbers game (for another recent numbers game see our …

    English
  7. Northgate’s Depreciation Game: The “Fixed Assets become Inventories” Financial Analysis Problem

    Northgate Group Plc. is UK’s biggest provider of light commercial vehicle rental services, with operations in UK, Spain and Ireland. …

    English
  8. Diageo’s Liquor Business: The Maturing Inventory Financial Analysis Problem

    Sometimes inventory is a pure pass-through, such as for typical trade businesses. Sometimes it is developed and transformed via work …

    English
  9. Continental’s Mix Effects: Another Segment Reporting Financial Analysis Problem

    In the past, we already shed some light on the problems of reading the appropriate information from segment reportings of …

    English
  10. Telefonica DE’s OIBDA growth rates: Another Non-GAAP Financial Analysis Problem

    Telefonica Deutschland (TEF DE) is a German based telecommunication company and network operator. It serves roughly 50 mio customers, most …

    English
  11. NMC Health: Demystifying Reverse Factoring: The “Three-is-a-Crowd” Financial Analysis Problem

    Abengoa S.A. (now bust) applied this technique heavily, Carrillion plc (now bust, see LINK to our former blog post [only …

    English
  12. Cyan’s I-New acquisition: The Badwill Financial Analysis Problem

    In 2018, Cyan AG, a provider of network-integrated security solutions, acquired 100% of I-New Unified Solutions AG from Austrian gambling …

    English
  13. Stepping Up and Down the Value Ladder: The “Pars-pro-Toto” Financial Analysis Problem

    In one of his latest posts, Aswath Damodaran put his fingers on a quite interesting side-effect of the well-known Softbank/WeWork …

    English

2019

  1. Better Information or Wiping-out Traces?: The Re-Segmentation Financial Analysis Problem

    Change is part of doing business. Today more than ever. And where there is change in the business there is …

    English
  2. When Remuneration Targets meet Impairment Assumptions: The Weak-but-Strong Financial Analysis Problem

    We know a couple of investors who once scratched their heads about the Chemring Group Plc. 2011 annual report (reporting …

    English
  3. Grifols’ Parking Game: The “Related-Party/Control” Financial Analysis Problem

    In this blog we recently discussed some cases where the concept of control (HERE) or the existence of related-party transactions …

    Allgemein
  4. PG&E’s Wildfire Insolvency: The On/Twilight/Off Financial Analysis Problem

    (English version of the VALUESQUE German blog post, 14 February 2019) As a starting point today, we do a little …

    Allgemein
  5. Shadowfall’s Attack on Eurofins: The “Related Party”-Financial Analysis Problem (Background)

    On 16 October 2019, short seller Shadowfall issued a report on Eurofins, a Luxembourg-based laboratory services provider, raising several concerns …

    Allgemein
  6. DS Smith’s Exceptional Charges: The “in-P&L-Presentation”-Financial Analysis Problem

    IFRS is quite clear on what should be reported in the income statement for determining operating profit measures: Everything that …

    English
  7. Unilever’s Argentina-Accounting Treatment: The Hyperinflation Financial Analysis Problem

    Unilever has just announced a couple of days ago that they have changed the way of how to tackle hyperinflationary …

    Allgemein
  8. Schaltbau’s Securitization Program: The Financing/Operating/Investing Financial Analysis Problem

    The German transportation-focussed engineering company Schaltbau Holding AG went through a deep performance valley during the last years. With ca. …

    English
  9. ProSiebenSat1 and the Programming Write-Down: the Kitchen Sinking Financial Analysis Problem

    (English version of the VALUESQUE German blog post, 4 February 2019) Impairments and what investors can read from them is …

    English
  10. Deep Dive into the General Electric-Markopolos Case: Here: The Baker Hughes Accounting

    On 15 August 2019, General Electric (GE) has been hit by a research report written by former Bernie-Madoff-whistleblower Harry Markopolos …

    English
  11. Are News on CEO-blames-it-to-Employees a good trigger for building up a Short Position?

    It is summertime, not too busy, and hence a good opportunity to have a look at some topics which are …

    Allgemein
  12. How Renault manages its Accounting R&D-Treatment: The Asset/Expense Financial Analysis Problem

    On 26 July 2019 Renault S.A. published its half-year figures. Many investors and analysts were surprised by the relatively high …

    English
  13. How IFF will build-up a huge Accounting ORIGINAL Goodwill: The Umbrella-Category Financial Analysis Problem

    The IASB and the FASB have one important red line when it comes to intangibles accounting: With a couple of …

    Allgemein
  14. Judging Steinhoff by Benford’s Law (and its big limits!!): The Digits-Frequency Financial Analysis Problem

    In my recent articles on financial analysis (see https://valuesque.com/aktuelles/) I mainly focussed on some fundamental analyses that should show whether …

    Allgemein
  15. How to sell the same product several times?: The Customer-as-a-Partner Financial Analysis Problem (1)

    What can companies do if the end-customer market is simply too small for their ambitious revenue goals? They can simply …

    Allgemein
  16. Can Tongaat turn Sugar into Gold? The IAS 41 Biological Assets Financial Analysis Problem

    While Tongaat Hulett LTD was standing close to the top of our accounting watch-list for a long time (and we …

    Allgemein
  17. Joint DRSC and IFRS Foundation Event: ‘Relevance of financial reporting in today’s global environment’

    In the beautiful BMW Group Classic location in Munich the Accounting Standards Committee of Germany (Deutsches Rechnungslegungs Standards Committee, DRSC) …

    English
  18. Earn-Outs as Hidden Personnel Expenses: The M&A-Camouflage Financial Analysis Problem

    M&A accounting is certainly one of the trickiest playing fields in accounting for a couple of reasons: 1) It is …

    English
  19. KBC’s and KBC Ancora’s Relative Pricing: Lessons learned for Distressed Equity Valuation

    On 13 and 14 June 2019, the IVSC-WAVO Global Valuation Conference 2019 took place in Frankfurt in front of a …

    English
  20. Jahresforum UB: Podiumsdiskussion zu „Unternehmens­bewertung in unsicheren Zeiten“

    Das 17. Jahresforum Unternehmensbewertung von Handelsblatt-Fachmedien und dem Institut der Wirtschaftsprüfer (IDW) fand am 6. Juni 2019 in Frankfurt statt. …

    Veranstaltungen
  21. Amadeus’ Magic FCF Improvement: The IFRS-16-Financial Analysis Problem (Part 3)

    As we all know, companies often provide their own view on performance measures which not rarely differ quite a lot …

    English
  22. Kleine Vortragstournee zu Digital / Technology Start-Up Valuation

    Zwei Vorträge in den letzten Tagen zu jeweils ähnlichen, hochaktuellen Themen: „Bewertung von digitalen Geschäftsmodellen“ und „The Valuation of Young …

    Allgemein
  23. Shell’s Skyrocketing Discount Rates: The IFRS-16-Financial Analysis Problem (Part 2)

    In the famous 1959 Billy Wilder movie “Some like it hot” the former Saxophone player and notorious impostor and gambler …

    English
  24. Deutsche Post: More Debt: Same Equity Value: The IFRS-16-Financial Analysis Problem (Part 1)

    Sometimes stories are better told short. But not so when it is about IFRS 16, the new standard on lease …

    English
  25. Rechtliche Unternehmens­bewertung: Königsdisziplin! … Oder doch nur bunte Show?

    Wenn es um rechtliche Unternehmensbewertung geht, sind drei Aspekte für mich relativ klar: Die angemessene Abfindung für Minderheitsaktionäre und ähnliche …

    Allgemein
  26. Telia’s Net Debt / EBITDA Communication: The Restricted-Cash Financial Analysis Problem

    End of 2018 it was finally done. The Swedish telecoms operator Telia Company AB managed to get rid of one …

    English
  27. Das EACVA-Seminar „Start-Up-Valuation“: Antworten auf „Push-Backs“

    Das Ganztages-Seminar Start-Up-Valuation in Zusammenarbeit mit der EACVA fand neulich in Wien zum dritten Mal statt. Volles Haus! 16 Teilnehmer! …

    Allgemein
  28. Santander’s Inflated Earnings: The “When-OCI-is-Core-Business” Financial Analysis Problem

    The idea of the Standard Setters was straightforward. In order to allow investors a focus on recurring, business-related and controllable …

    English
  29. DOM’s “Underlying Earnings” Definition: The Profit-before-Cost Financial Analysis Problem

    No, business is not developing in a great way for Domino’s Pizza Group Plc (DOM). A weak Scandinavian business, high …

    English
  30. GE’s 23 bn USD Goodwill Impairment: The Non-/Soft-/Hard-Cash Financial Analysis Problem

    (English version of the VALUESQUE German blog post, 29 January 2019) Properly understanding financial statements is highly important for everybody, …

    English
  31. Actuarial? Accounting? Repair?: The ”Pension Valuation” Conundrum

    The last months have seen a couple of new kids in “pension valuation” town (in terms of ideas, not of …

    English
  32. Sasol’s climate spoof: The „useful life“ financial analysis problem

    There is an old rule of thumb in financial analysis: The end of the cycle is near when companies start …

    English
  33. Barclays‘ Own Credit Gains: Das Fake-Eisberg-Bilanzanalyse-Problem

    2015 lief es ganz gut für die britische Bank Barclays Plc. Ein Vorsteuergewinn in Höhe von 2,1 Mrd GBP stand …

    Allgemein
  34. Die Atom­rückstellungen von E.On und RWE: Das Ausfallrisiko-Bilanzanalyse-Problem

    In wenigen Tagen werden die beiden großen deutschen Energieversorger mit Atom-Exposure, die RWE AG und die E.On SE, …

    Allgemein
  35. PG&E’s Waldbrand-Insolvenz: Das On/Twilight/Off-Bilanzanalyse-Problem

    Zu Beginn eine kleine Rechenübung: Wie hoch ist der Erwartungswert eines Zahlungsstroms von 100 Euro, der mit 80% Wahrscheinlichkeit realisiert …

    Allgemein
  36. ProSiebenSat1 und der Programming Write-Down: Das Kitchen Sinking-Bilanzanalyse-Problem

    Bilanzanalyse gehört für jeden, der sich intensiver mit Unternehmensbewertung auseinandersetzt, zum notwendigen Rüstzeug. Ob es um Investment-Entscheidungen, Fairness Opinions oder …

    Allgemein
  37. GE’s 23 Mrd. USD Goodwill Impairment: Das Non-/Soft-/Hard-Cash Bilanzanalyse-Problem

    Bilanzanalyse gehört für jeden, der sich intensiver mit Unternehmensbewertung auseinandersetzt, zum notwendigen Rüstzeug. Ob es um Investment-Entscheidungen, Fairness Opinions, oder …

    Allgemein
  38. 1 Jahr Carillion-Pleite: Das Recurring-/Non-Recurring Bilanzanalyse-Problem

    Bilanzanalyse gehört für jeden, der sich intensiver mit Unternehmensbewertung auseinandersetzt, zum notwendigen Rüstzeug. Ob es um Investment-Entscheidungen, Fairness Opinions, oder …

    Allgemein
  39. Akademische Welt trifft praktische Unternehmens­bewertung

    Gerade wenn es um Fragen der Investment- oder Unternehmensbewertung geht, ist eine starke Verankerung in der akademischen Welt durchaus hilfreich. …

    Allgemein
  40. Vier interessante Erkenntnisse zur Unternehmens­bewertung (gesammelt am Rande der EACVA-Konferenz vom 22./23. November 2018)

    Die alljährliche EACVA-Konferenz zur Unternehmensbewertung (www.bewerterkonferenz.de) ist im deutschsprachigen Raum die klar führende Plattform zum Austausch von frischen Erkenntnissen zur …

    Allgemein
  41. Vortrag Matthias Meitner auf der 12. Jahreskonferenz der EACVA

    Am 22./23. November 2018 fand in Düsseldorf die alljährliche EACVA-Unternehmensbewerter-Konferenz (www.bewerterkonferenz.de ) statt. Das ist DER Branchentreff für alle, die mit …

    Veranstaltungen

2018

  1. Wenn Werte leben und sich entwickeln: Warum ein sinnvoller Prozess zur Unternehmens­nachfolge so wichtig ist (Teil 2)

    Bis Ende 2022 werden in Deutschland mehr als 350.000 Unternehmensnachfolgen erwartet. Von klein bis groß. An …

    Allgemein
  2. Wenn Werte leben und sich entwickeln: Warum ein sinnvoller Prozess zur Unternehmens­nachfolge so wichtig ist (Teil 1)

    Die Unternehmensnachfolge ist ein hochsensibler Prozess. Egal ob es sich um einen Management Buy-Out, einen Verkauf an Externe oder eine …

    Allgemein
  3. Wer im Beteiligungs­management, als Aktieninvestor oder anderweitig mit der Unternehmens­bewertung von börsengelisteten Unternehmen zu tun hat, der hat sich sicher schon einmal gewundert

    Das, was die Unternehmen in ihren Geschäftsberichten im Abschnitt „Value-Based Management“ (Wertmanagement) kommunizieren, hat häufig nicht viel mit dem eigentlichen …

    Allgemein
  4. „Nach dem Spiel ist vor dem Spiel“, sagt der Fußball-Volksmund. „Nach der Krise ist vor der Krise“ haben Investoren daraus schon vor einiger Zeit gemacht

    Im Jahr Zehn nach dem Zusammenbruch der Bank Lehman Brothers und dem Aufflammen einer gigantischen Finanzkrise kehrt die Angst vor …

    Allgemein
  5. Das von den Vereinten Nationen unterstützte „Principles for Responsible Investment“-Network (UN-PRI) hat bei der CFA Society Germany in Frankfurt Halt gemacht

    Für Investoren, Analysten und anderen Fachleuten für Unternehmensbewertung aus der Society wurden Workshops und Vorträge zum Thema Nachhaltigkeit, ESG und …

    Allgemein

2017

  1. Die jüngste Performance von aktiv verwalteten Aktienfonds ist wirklich schlecht

    In den letzten Jahren ist man im Durchschnitt doch deutlich besser gefahren, wenn man auf ein passiv verwaltetes Produkt, wie …

    Allgemein
  2. Die Allianz und das Steuerabteilungs-Outsourcing

    Outsourcing ist grundsätzlich etwas Sinnvolles, wenn man so die Leistungen besser, schneller, günstiger, etc. einkaufen kann. Aber man sollte immer …

    Was wirklich zählt
  3. Unternehmens­reputation ist kein Blabla, sondern BWL in Reinform: Erträge, Kosten, Bewertung!

    Wer heute im Geschäftsleben von Reputation und Werten spricht, der sollte zunächst mal die harten Zahlen im Kopf haben. Und …

    Publikationen
  4. Tief rein in das, was wirklich zählt: Post-Graduate Ausbildung “Socially Responsible Investments (SRI)”

    Socially Responsible Investing, ESG-Einbezug, Impact Investing: Das sind nun wirklich keine reinen Modethemen. Das ist vielmehr ein Zug, der stetig …

    Veranstaltungen
  5. Was CFOs von Donald Trump lernen müssen

    Donald Trump, der Top-Manager? Er hat sicher seine Qualitäten. Aber es gibt eigentlich nicht viel, was man nicht woanders auch …

    Publikationen
  6. ESG-Investments sind kein Selbstläufer

    Ganz so einfach funktioniert die Welt leider nicht. Nur weil Unternehmen Gutes tun, müssen sie als Aktie noch lange keine Rakete …

    Publikationen
  7. Extra-Financials in der Unternehmens­bewertung

    Zahlungsströme nehmen, diskontieren, und fertig ist die Bewertung. So einfach ist es leider nur selten. Häufig wird der Wert von …

    Publikationen
  8. Warum VW eine Riesenchance vertan hat

    Die Volkswagen AG ist ja gerne vorne mit dabei, wenn es um Corporate Governance-Skandale, -Skandälchen oder, Ineffizienzen geht. Einer der …

    Publikationen
  9. Bewertungen von innovativen Geschäftsideen

    Es vergeht kaum eine Woche, in der nicht ein Student zu mir kommt und mir von einer neuen Start-Up Idee …

    Veranstaltungen

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