Betafaktoren Branchenbetas Branchenmultiples Basiszinsrechner

Glossary

Adjusted beta

“Adjusted beta” is a beta factor adjusted on the basis of “raw beta”. The rationale for the adjustment is the assumption that the accurate, future beta of a security over the long term will trend in the direction of the market average (1.0). Low beta …

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Total beta

One of the core presumptions of CAPM is complete diversification of investors who, in this manner, may eliminate non-systemic risks of an investment. However, non-systemic risk cannot generally be eliminated precisely in the case of a limited group of shareholders or a lack of or …

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Personal taxes

As part of the Tax-CAPM process, the base interest rate is reduced by income taxes imposed on the owner, whereby the withholding tax plus solidarity surcharge at the current rate of 26.375% is used in accordance with the pronouncements of the IDW. The market risk …

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Cost of capital

Cost of capital represent the return of an alternative investment which is equivalent to an investment in the enterprise to be valued in terms of duration, risk and taxation of the cash flows. This is described as the discount rate.Raw beta: In practice, the historical …

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Base interest rate

For purposes of determining the base interest rate, which is often described in practice as the risk-free rate or base rate, the yield curve as referred to in IDW S1 (IDW: Institute of Public Auditors in Germany) is often relied upon for practical purposes and …

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Market risk premium

Following the introduction of the tax on price gains (Kursgewinnbesteuerung) effective 1 January 2009, the FAUB (IDW Expert committee on enterprise valuation and business management) recommends a range of market risk premiums based on personal tax rates of 4.0% to 5.0% (mean 4.5%) for purposes …

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