By Stephanie Gross, Prof. Dr. Andreas Hackethal
Within the German banking region, administration is consistently expanding its concentrate on shareholder pursuits. this is visible within the bold profitability ambitions set through administration during this quarter. a few municipalities also are placing expanding strain on Landesbanks and saving banks, as individuals of the biggest German banking team, to create higher monetary worth.
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Additional info for Bank and Shareholder Value: An Overview of Bank Valuation and Empirical Evidence on Shareholder Value for Banks
Vt7,v \on-hanks Liuhililies (^ shareholders' cciuily Hanks Non-hanks Banks Property, plant and equipment ZS^o \% Equity capital and reserves 18% Investments \yo 2% Provisions 20% 1% Inventories 23°o na Liabilities 62% 91% Receivables from customers 4% 33°o 74% Trade payables 12% n/a IS'-o 49% Liabilities to financial institutions 20% 29% from credit institutions na 25% Liabilities to non-banks n/a 38% Other receivables i8°o ~ O^'o Securitised loans n/a 23% Investment securities 3°o 19% Other liabilities 31% 5% Cash and cash equivalents 4'''o 1% 100%, 100%.
326; Merkle (2001), p. 73. Another widely used approach to measure the value of a company is the comparison of realizable transaction prices. This approach provides useful backup in the case of an M&A decision, but is not appropriate for shareholder value measurement and management since these multiples are typically biased by acquisition premiums. See Dombret and Bender (2001), p. 328; Koch (2002), p. 40. '^ See Vettiger (1996), p. 158; Koch (2002), p. 40. 30 How to measure the shareholder value of banks?
Nevertheless, multiples have an important auxiliary function and support the fundamental valuation methods as an early indicator, control methodology and negotiation tool. ^^ In negotiations, multiples limit the number of variables and thus facilitate communication. See Liebich (1995), p. 22. An overview of firm-specific factors for which adjustments might be required due to a lack of comparability is given by Mercer (1992), pp. 254-255, and Rezaee (2001), pp. 181-182. ^' See Merkle (2001), p. 74; Kunowski (2002), p.
Bank and Shareholder Value: An Overview of Bank Valuation and Empirical Evidence on Shareholder Value for Banks by Stephanie Gross, Prof. Dr. Andreas Hackethal