4th EACVA symposium "Business valuation in case law"
On May 6, 2024, the 4th symposium "Business Valuation in Jurisprudence" was held by the EACVA (European Association of Certified Valuators and Analysts) in Frankfurt/Main. Klaus Rabel and I were able to welcome a large number of presiding judges as participants on the podium and in the audience.
Dr. Alexander Schumann, presiding judge of the 31st KfH at Stuttgart Regional Court, opened with an excellent overview of the development of case law on the stock exchange price. Afterwards we discussed with Christoph Kaserer , Dr. Frederik Ruthardt Prof. Christian Decher and Dr. Arnd Rölike discussed the requirements for a meaningful stock market price. There is still a consensus among all discussants that a determination of the capitalized earnings value is urgently required. This also applies if the stock market price is ultimately the decisive settlement value.
Prof. Dr. Felix Schindler and Dr. Alexander Schumann opened the panel discussion on special issues relating to valuation methods with two keynote speeches. Dr. Schumann was able to show that the new regulation of Section 255 AktG provides more questions than answers. His interpretation of the new legal regulation is that the legislator has deliberately codified an inconsistency of methods because otherwise the clear reference to the stock market price would make little sense. The extent to which this has an impact on structural measures under stock corporation law remains to be seen. Prof. Dr. Felix Schindler made it clear that the valuation of real estate companies is always based on the NAV and must be based on Section 168 KAGB.
Dr. Martin Müller, retired presiding judge of the 5th KfH at the Frankfurt am Main Regional Court, was able to present his "Lessons Learned: Further Developments, Need for Reform in the German Act on Appraisal Proceedings" after he was unfortunately unable to attend our 16th annual conference in Berlin due to illness.
Dirk Hachmeister Oliver Pade, presiding judge of the 102 KfH in Berlin, Miriam Roll and Klaus von der Linden then have with Klaus Rabel and I discussed the topic of "Defensibility and plausibility of assumptions in the area of conflict between questions of law and fact".
A highlight of the symposium was the controversial discussion on the adjustment of planning calculations. Dr. Sven Schieszl made it clear that the new version of IDW S 1 will include a further development in the consideration of synergies. There will be a further development in the consideration of synergies. According to the information provided, there will no longer be a division into genuine and non-genuine synergies. Dr. Dirk Wasmann strongly advises against such a new regulation, as otherwise IDW S 1 could lose its significance.
Matthias Meitner, CFA moderated the "Focus on capital costs". This was preceded by keynote speeches from Dr. Andreas Tschöpel and Santiago Ruiz de Vargas, who spoke out in favor of the Global CAPM. Dr. Andreas Tschöpel did not disagree with the approach from a theoretical point of view, but does not consider it practicable and, based on empirical evidence, also dispensable.
