IFBC prepared a Fairness Opinion to the Board of Directors of the Swiss Federal Railways SBB to assess the offer for the 35% minority stake in SBB Cargo AG by Swiss Combi AG from a financial perspective.
The Swiss Federal Railways SBB is the national railway company of Switzerland organized in tree divisions: Passenger Traffic, Infrastructure & Real Estate and Cargo (SBB Cargo AG).
IFBC was engaged as an independent valuation expert by the SCOR Group to determine the fair value of SCOR Switzerland AG as part of a restructuring process.
The SCOR Group is the fifth largest reinsurer in the world, offering insurance companies a diversified range of risk control and management solutions and services. The head office of the listed company is in Paris.
IFBC was mandated by the Management of Weidplas to perform an enterprise valuation of the South African legal entity. The mandate included the benchmarking of the business plan as well as a company valuation based on the DCF-approach and multiples.
Weidplas is a leading global producer of highly engineered and technically complex plastic components including precision automotive components and modules, advanced lighting applications, and mechatronic and decorative solutions based on advanced plastic manufacturing technology.
Under IAS 36, Swisscom is required to regularly test the goodwill of its Italian subsidiary Fastweb for impairment. Within the regular impairment test it has become best practice to consider country risk premiums in the cost of capital of cash-generating units. IFBC was mandated by Swisscom to develop a method for determining Fastweb’s Country Risk Premium and to calculate the current value. The reason for Swisscom to award the contract to IFBC was among others the developments on the financial markets during the financial crisis in general and of the yields and credit spreads of Italian government bonds in particular.
Swisscom is the leading telecom-provider in Switzerland.
IFBC exclusively acted as financial advisor to Erdgas Ostschweiz AG on the sale of its minority stake in SET Swiss Energy Trading AG as well as on the termination of existing contractual obligations with SET Swiss Energy Trading AG.
Erdgas Ostschweiz AG is one of five regional natural gas supply companies in Switzerland and has about 65 employees. The transport is environmentally friendly, mostly underground through the approximately 630 km long high-pressure natural gas network.
IFBC has advised BERNEXPO GROUPE as an exclusive financial advisor on the acquisition of Together AG and Talendo AG. As part of the transaction process, IFBC performed the valuation and the financial due diligence of the two companies, structured the whole transaction and assisted BERNEXPO GROUPE in the negotiations.
BERNEXPO GROUPE is a live marketing company that holds around 30 in-house and guest exhibitions a year, as well as more than 200 congresses and guest events.
In order to finance approved capital expenditures related to the regional passenger transport, BLS AG successfully placed two long-term debut bonds worth CHF 100 million each on the Swiss capital market in the fourth quarter 2018. IFBC supported the company as a financial advisor during the entire financing process from the development of the financing concept to the subsequent implementation via the two debt capital market financings.
Through an integrated public transport network on rails, roads and water, BLS connects the greater Bern area with six other cantons. Today, BLS is Switzerland’s strongest independent private railway.
IFBC developed a group-wide cost of capital concept covering different areas of financial management (value based management, investment assessment and acquisitions). Under consideration of various business risks on the basis of capital market data and on a risk assessment the cost of capital for the different business segments and the international activities were determined.
Groupe E is a Swiss energy company, which supplies electricity to around 400’000 residents of the cantons of Fribourg, Neuchâtel, Vaud and Berne as well as to numerous business customers.
IFBC was mandated by SBB to further develop the existing model for the assessment of real estate projects. The new model will enable SBB to assess real estate projects of various types (including station facilities used by the public, railway real estate as well as development and yield projects) in a standardised manner based on specific value and cost drivers. The model is not only used for project assessment, but also for planning and reporting purposes. For these alternative applications, interface and consolidation functions as well as various evaluation options were developed.
SBB is the largest Swiss transport company and one of the largest real estate companies in Switzerland.
IFBC supported MCH Group AG as its exclusive financial advisor and accompanied the company throughout its financing process. On the one hand, a listed debut bond of CHF 100 million with a term of five years was issued. On the other hand, bilateral credit lines were signed with the most important partner banks of the MCH Group AG.
MCH Group AG headquartered in Basel is a globally leading live marketing company with a comprehensive services network spanning the entire exhibition and event market.
IFBC was mandated by Sequana as an independent advisor to determine the value of the employee stock options for recognition in the financial statements. The challenge was in particular to correctly take into account the share classes and liquidity preferences that existed due to several financing rounds.
Sequana AG is a commercial stage medical device company focused on innovative treatment solutions for liver disease, heart failure, malignant ascites and other fluid imbalance disorders.
IFBC developed an integrated cost of capital concept for Flughafen Zurich AG covering different areas of financial management (investment assessments, acquisitions and value based management). Core elements of the concept are the definition of sustainable input-parameters and the consideration of different business areas.
Flughafen Zurich AG operates various airports.