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Fairness Opinions

Fairness opinions are opinions as to the reasonableness of a price in connection with the purchase or sale of an enterprise. The goal is to protect the management bodies acting on the buyer or seller side and to document the basis for reaching a decision. The subject of the valuation is the client.

In addition, fairness opinions are used in cases where the Management Board and Supervisory Board of the target company are required to provide a response to a public offer pursuant to § 27 German Securities Acquisition and Takeovers Act (WpÜG). The subject of the valuation are the shareholders of the target company in this situation. From a technical standpoint, the valuation is made using the capitalized earnings or discounted cash flow method along with multipliers in the broadest sense, i.e. based on extensive use of transaction data available on the capital markets.

Fairness opinions must routinely be submitted subject to time constraints and based on limited information and accordingly must be distinguished from a standard company valuation pursuant to IDW S1.

... Tax-based company valuations

Our services

  • Business analyses in all relevant segments (finance, taxes, etc.) in the form of financial due diligence, tax due diligence, etc.
  • Preparation of sector analyses, competitive analyses and market studies.
  • Development of integrated scenario-based business plans (e.g. best case planning, worst case planning)
  • Company valuation using all common valuation methods
  • Development of purchase price financing models and sustainability analyses
  • Preparation of valuation reports for credit applications

Your benefits

  • Calculation of a realistic sales price
  • Acceleration of credit applications through professional preparation
  • Avoidance of costly misjudgements
  • Preparation of detailed bases for valuation for purposes of purchase price guarantees