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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 from IFRS measures. In some cases this choice of measure is due to the idea of…
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 Tech Companies“. Den ersten Vortrag habe ich…
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 Joe (Tony Curtis) manages to make Sugar (Marilyn Monroe) believe that he is…
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 accounting which basically brings all lease commitments of the lessee onto the balance sheet…
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 rechtliche Unternehmenswertkategorien…
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 of its most unloved subsidiaries. “It is satisfying that we are able to announce an…
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! Alles gestandene Unternehmensbewertungsprofessionals!…
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 earnings components the whole comprehensive income (i.e. the…
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 debt burdens, a lot of tension with franchisees who require a bigger share of…
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, who is profoundly dealing with practical business…