Aktuelles
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 this, the big German automobile supplier popped-up top of our…
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 behavior, of course) – one of them is obvious, the other one rather not so. The…
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 by this post, too, as the equity premium is also a very hot topic in accounting…
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 do we want to hedge? This starts with the most straightforward…
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 Takeovers, in: American Economic Review, 76, pp. 323-339) it was widely…
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 16 Leases: “IFRS 16 and covid-19 – Accounting for covid-19-related rent…
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 revenues and earnings of companies develop in the near-, medium- and long-term in the…
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 des IDW (FAUB) vor…
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 HERE and HERE) but also some fresh approaches to the determination…
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 the adoption of the new accounting standard for financial instruments, IFRS 9:…