Valuation. Market Essentials Switzerland. as of 30 June 2016

Transcription

1 Valuation Market Essentials Switzerland as of 30 June 2016

2 Valuation and Business Modeling Services We offer a great variety of services and customized solutions for different occasions: Transactional business valuations Standard Excel models for day2day use* Tax valuations Integrated planning, forecasting and consolidation Fairness opinions/ regulatory valuations Liquidity and cash flow planning Expert valuations/ second opinions CARVEx (tool for carve out financials) Disputes and arbitration ProjeX (tool for group tax planning) Financial reporting valuations* Financing and LBO modeling Start-up valuations Financial model review and trainings Valuation Business Modeling * Purchase price allocations, goodwill impairment tests, employee stock (option) valuations

3 Trading multiples Revenue multiples Distribution as per EBITDA multiples Distribution as per EBIT multiples Distribution as per

4 Cost of capital components Risk-free rate Implied yield on 10-year governmanet bonds, monthly development over five years Implied yield on 10-year governmanet bonds, monthly average over five years 4.0 % 3.0 % 3.5 % High: 3.1 % High: 3.0 % 3.0 % 2.5 % 2.4 % 2.3 % 2.3 % 2.5 % 2.2 % 2.1 % 2.0 % 2.1 % 2.0 % 2.0 % Low: 1.5 % 1.8 % 1.5 % High: 1.4 % 1.5 % 1.7 % 1.5 % 1.0 % 1.0 % 0.5 % Low: 0.6 % 0.9 % 0.8 % 0.0 % 0.7 % 0.5 % 0.6 % 0.5 % 0.5 % Low: 0.1 % 1.0 % 0.0 % USD risk free 10 years EUR risk free 10 years CHF risk free 10 years Unlevered beta Current market risk premium: 6.0% Distribution as per Debt/total capital Distribution as per 60 % 15.5 % 50 % 10.0 % 40 % 45.4 % 9.2 % 30 % 2.1 % 20 % 0 % 15.5 % 13.3 % 10.0 % 9.2 % 2.1 % 13.3 % 45.4 % 0 % 20 % 30 % 40 % 50 % 60 % 70 % 80 %

5 Credit spread Credit Spread Barclays Europe Aggregate, monthly development over five years LIBOR 3 months LIBOR, monthly development over five years 5.0 % 4.0 % 4.5 % 3.5 % 4.0 % 3.0 % 3.5 % 2.5 % 3.0 % 2.0 % 2.5 % 1.5 % 2.0 % 1.0 % 1.8 % 1.5 % 1.3 % 0.5 % 1.0 % 0.9 % 0.0 % 0.5 % 0.7 % 0.5 % High: 1.6 % High: 0.7 % Low: 0.2 % High: 0.2 % 0.0 % 1.0 % Low: 0.9 % Low: 0.3 % AAA AA A BBB CHF Libor 3m USD Libor 3m EUR Libor 3m Macro-economic data CPI Inflation* in % Nominal GDP growth in %, based on local currency Switzerland 1.1 % Switzerland 2.4 % Germany 1.7 % Germany 3.0 % United States 2.1 % United States 4.1 % World 4.3 % World 8.4 % Emerging Markets 4.4 % Emerging Markets 9.7 % * excluding Venezuela 0.0 % 1.0 % 2.0 % 3.0 % 4.0 % 5.0 % 0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10.0 % CPI inflation (geom. mean ) GDP growth, nominal (geom. mean ) Sectors: Margin development LTM EBITDA margin Margin (median) LTM EBIT margin Margin (median) 30 % 30 % 25 % 25 % 23.0 % 20 % 20 % 15 % 16.6 % 12.5 % 15 % 10.2 % 10.1 % 8.5 % 5 % 5 % 14.6 % 12.5 % 9.2 % 7.4 % 6.4 % 5.3 % 0 % 0 %

6 Your contacts in Switzerland Louis Siegrist Partner Valuation & Business Modeling EY Zurich Phone Hannes Schobinger, CFA Executive Director Business Modeling EY Zurich Phone Marc Filleux, CFA Senior Manager Valuation EY Zurich Phone Stéphanie Chaumier Senior Manager Valuation EY Geneva Phone About this brochure EY s Valuation Market Essentials Switzerland brochure summarizes relevant market data that is regularly used in valuations. It is aimed at finance professionals that regularly deal with valuations and corporate finance related topics. The analysis is based on the constituents of the Swiss All Share Index (excluding banks, insurance companies and real estate companies) and data from S&P Capital IQ/Business Monitor Online. For this edition, all data was downloaded as per date of this brochure (see cover page). Therefore, values may deviate when compared with values of previous brochure editions. EY Assurance Tax Transactions Advisory 2016 Ernst & Young Ltd All Rights Reserved. GSA Agency BKL ED None This publication contains information in summary form and is therefore intended for general guidance only. Although prepared with utmost care this publication is not intended to be a substitute for detailed research or professional advice. Therefore, by reading this publication, you agree that no liability for correctness, completeness and/or currentness will be assumed. It is solely the responsibility of the readers to decide whether and in what form the information made available is relevant for their purposes. Neither Ernst & Young Ltd nor any other member of the global EY organization accepts any responsibility. On any specific matter, reference should be made to the appropriate advisor. BKL ED None