„Understand the business.“ This should go without saying. But it does not.

In transaction services you have to deal with various enterprises and requirements. Without a sound understanding of the business of the target, successful consulting is impossible. More than that: in addition you need to understand the business of the investor and the financing banks. The experience of more than 500 transactions has led us to know exactly what investors and banks need for their investment decision.

We place the business model of the target company at the center of our analysis and proceed quickly and precisely. For the due diligence of the business models we use efficient analysis tools that we have developed with the experience of numerous transactions. The result is a clear opinion and an honest recommendation.

Due Diligence (Vendor/Buyer)

• Financial due diligence
• Tax Due Diligence
• Analysis of risks and opportunities arising from the view of the purchaser and possible weaknesses from the view the of the seller
• Identification of relevant assessment (=> purchase price) or contract-related matters (=> Warranties, representations)
• Obtaining information on value drivers and potential synergies
• (Preliminary) transformation of the financial statements from HGB to IFRS

Analysis of the effects of an acquisition

• Accretion / Dilution Analysis (impact on financial statements of the acquirer), taking account of
  – How to finance the purchase price
  – Tax Structure of the acquisition
  – Allocation of the purchase price (intangible, tangible assets, pension accruals, latent taxes, goodwill)
  – IFRS – impact assessment, i.e., updating the deviations GAAP / IFRS
• performance indicators and rating analysis
  – Representation of the effects of the acquisition on key rating-relevant metrics e.g. Debt, ROI / ROCE, Debt and Interest Cover Ratios

Advice on the structuring of the acquisition

• Fiscal and economic optimization of the acquisition process
• Ensuring the influence of the acquirer, corporate governance issues
• Participate in contract negotiations

Business Valuation

• DCF valuation (WACC or APV approach)
  – Sensitivity to key value drivers, sensitivity analysis, scenario analysis
  – On request, separate presentation and evaluation of individual business segments
• Capitalized income value method

Multiple-comparison-based methods, e.g. EBIT / EBITDA, etc. from comparable transactions, PER or EBIT / EBITDA valuation of listed companies