Betafaktoren Branchenbetas Branchenmultiples Basiszinsrechner

Glossary

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 of valuation cut-off dates. This recommendation is based on a study by Prof. Stehle who investigated risk premiums in the German capital markets between 1955 and 2003. In light of the crisis in the financial markets, the FAUB, in papers dated 10 Jan. 2012 and 19 Sept. 2012, recommends a range of 5.0% to 6.0% based on personal tax rates (mean 5.5%) for purposes of determining the capitalisation rate associated with an enterprise valuation. For purposes of determining our sector betas, we have been using both the mean of the current FAUB recommendation (5.5%) and the mean of the previous FAUB recommendation (4.5%) since January 2013.