Valuation & Financial Modeling

Reliable valuations and financial models are crucial for your success. Benefit from our comprehensive corporate finance expertise and services based on best practice.

Capabilities & Collaboration

We support you with our recognized corporate finance expertise, our many years of experience in valuation matters and our profound skills in financial modeling. This makes us your ideal partner to master the challenges associated with demanding corporate finance topics — regardless of industry and context. We value excellence and strive to exceed your expectations every step of the way. Because we apply the highest quality standards and current best practice to every valuation and financial model, you can be confident that you are making informed strategic decisions that maximize business value.

Financial Modeling

You gain efficiency and assurance by standardizing your operational investment processes and supporting them with our tailor-made management tools. Benefit from our expertise in the development of model solutions for a methodically sound and efficient assessment of your investment projects. By developing a financial business case, you create a solid basis for decision-making and ensure successful project implementation for transactions and transformations. You can also use our individually developed tools for business plans, budgeting and forecasting as well as investment controlling to significantly improve the quality of your decisions. We ensure that the analysis results are prepared in a way that is appropriate for the target group in order to provide you with a clear rationale for your decisions. Increase your efficiency and strengthen your decision-making with our solutions tailored to your value drivers.

Valuation Services

Our in-depth analysis of the business model and key value drivers provides you with a clear rationale for determining the company's value. With targeted sensitivity, scenario and benchmarking analyses, we minimize uncertainties and create a reliable basis for the valuation. Take advantage of our expertise to benefit from a precise company valuation and make strategic decisions at the highest level.

We are also pleased to prepare valuations on a case-by-case basis, e.g. for contractual clauses, intangible assets or for an economic damage assessment in the context of legal disputes.

Cost of Capital

Use a holistic cost of capital concept that ensures consistent handling of the key cost of capital parameters (including currencies, inflation, risk profile) in various areas of application.  The weighted average cost of capital (WACC) has a significant influence on the valuation of a company, the financial value measurement for a project, the measurement of the economic value creation of companies or the assessment of any need for impairment.

Purchase Price Allocation

Our wealth of experience in purchase price allocation (PPA) is based on a variety of projects and close cooperation with auditors. According to IFRS 3 “Business Combinations,” the price paid in the event of a takeover is to be allocated to the identifiable assets and liabilities. This results in positive or negative goodwill at the time of acquisition. The concrete implementation of the PPA is associated with various challenges.

We divide the entire process into four phases:

Defining the PPA Strategy

The amount of identified intangible assets and goodwill has a direct impact on a company's future performance record due to amortization options. In order to define an IFRS-compliant PPA strategy, the effects of the PPA must be estimated and assessed at an early stage.

Transaction Analysis

When analyzing a transaction, it is first and foremost important to determine the purchase price relevant to the PPA. We analyze the transaction in detail (including earn-out clauses, purchase and disposal rights) and determine the transaction price, taking into account the relevant IFRS regulations.

Carrying out the Purchase Price Allocation

The implementation of Purchase Price Allocation can generally be divided into the following steps:

- Revaluation of existing assets and liabilities (fair value determination)
- Identification of new intangible assets (according to the identification criteria under IAS 38)
- Valuation of the intangible assets (according to market value approach, income approach and cost approach)
- Identification and allocation of goodwill (residual purchase price for the target and fair value of all net assets)

Our report for decision makers includes a detailed, easy-to-understand presentation of the valuations and the resulting results for intangible assets and goodwill.

Disclosure

In connection with IFRS 3, the disclosure requirements must be observed so that entrepreneurial stakeholders (in particular investors and creditors) can assess the financial impact of a corporate transaction. We are familiar with both the minimum requirements and best practices.

Impairment Testing

The goodwill generated as a result of a transaction and all other intangible assets without a determinable useful life must be assessed annually in accordance with IAS 36 and if certain criteria are met (triggering events). In this context, we have been offering support for many years with:

Review of the Impairment Model used with Regard to IFRS Requirements and Current Best Practices

IFRS compliance of the impairment models and the quality and timeliness of the data used (in particular capital costs) should be reviewed periodically. With our standardized approach, we are able to efficiently assess impairment testing with regard to IFRS compliance and best corporate finance practice and identify any need to adjust processes, models and evaluation parameters.

Design and Implementation of Individual, IFRS-compliant Models that Enable a Standardized Approach

By establishing standardized processes and models for carrying out impairment tests, both efficient processing and a high level of security in operational implementation can be ensured.

Determining the Cost of Capital for Impairment Testing

Capital costs are of significant importance in the context of financial management. These should therefore be combined in a holistic capital cost concept for the various areas of application (including CAPEX, acquisitions, value management and IFRS). The WACC used in impairment testing must also comply with the requirements of IAS 36 and the corporate finance principles.

Share-based Payments

Share-based payments are used by numerous companies, particularly those listed. IFRS 2 provides clear guidelines for the accounting treatment of such compensation instruments. For example, the chosen settlement method (shares or cash) determines the valuation method and accounting treatment. Accordingly, when drafting employee participation programs in accordance with regulations, the implications for evaluation and accounting must be analyzed. We support our clients in designing variable compensation instruments and in evaluating them periodically.

Our Transaction Process — Your Benefits

graphic explaining the M&A processgraphic explaining the M&A process

Increasing value and success through Mergers & Acquisitions

IFBC develops your M&A strategy through dialog. Our M&A advisors accompany you as a sounding board, contributing proven methods, new ideas and an external perspective. Take advantage of our experience on the buyer and seller side as well as in Equity Capital Markets to strengthen your internal preparations and processes. You can deploy us flexibly to suit your situation — from the development of your M&A strategy to implementation of a purchase or sale transaction, transaction financing and accounting implementation.

Client Projects Valuation & Financial Modeling

4/4/2024

Fairness Opinion on the assessment of the financial adequacy of the public takeover offer by Constantia Flexibles GmbH for the publicly held shares of Aluflexpack AG

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Industrials
M&A
27/4/2023

Independent valuation of group companies in the context of a contribution in kind

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Industrials
Valuation & Financial Modeling
14/12/2023

Financial Advisor to Netcetera AG and the main shareholders of Braingroup AG on the takeover of the majority of Netcetera AG in Braingroup AG

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Technology
M&A
Valuation & Financial Modeling
11/12/2023

Financial advisor to Energie Ausserschwyz AG and its main shareholder, EW Höfe AG, on the integrated financing of the district heating grid of Energie Ausserschwyz AG

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Energy
Financing & Restructuring
Valuation & Financial Modeling
12/2/2022

Valuation of Immofonds Asset Management AG for Zuger Kantonalbank

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Energy
Valuation & Financial Modeling
13/1/2023

Valuation of employee stock options in accordance with IFRS 2

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Industrials
Valuation & Financial Modeling
13/1/2023

Valuation of selected group companies

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Industrials
Valuation & Financial Modeling
13/1/2023

Valuation of management participation programs in accordance with IFRS 2

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Industrials
Valuation & Financial Modeling
10/2/2023

Determination of the Impairment WACC and review of the existing impairment model

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Industrials
Valuation & Financial Modeling
13/1/2023

Development of a standardized impairment model

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Industrials
Valuation & Financial Modeling
13/1/2023

Implementation of the Purchase Price Allocation of Swissport in accordance with IFRS

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Industrials
Valuation & Financial Modeling
27/2/2023

Review of impairment model and impairment WACC

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Technology
Valuation & Financial Modeling
2/3/2023

Company valuations in connection with the Swiss tax reform (STAF)

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Industrials
Valuation & Financial Modeling
13/1/2023

Valuation of employee stock option in the context of the accounting and reporting standard transition to IFRS

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Healthcare
Valuation & Financial Modeling
4/5/2021

Determination of WACC for goodwill impairment testing

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Industrials
Valuation & Financial Modeling
4/5/2021

Determination of the impairment WACC and implementation of the impairment tests

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Industrials
Valuation & Financial Modeling
26/8/2021

Review of the cost of capital and the profitability tool for contracting business

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Energy
Valuation & Financial Modeling
4/6/2021

Financial Opinion zuhanden der Colosseum Dental Group

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Healthcare
Valuation & Financial Modeling
27/8/2021

Valuation of EW Goms for Groupe E

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Energy
Valuation & Financial Modeling
13/8/2021

Valuation of the investment in Laminoirs des Landes S.A.S..

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Industrials
Valuation & Financial Modeling
21/1/2022

Evaluation for the establishment of a holding company through contributions in kind.

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Industrials
Valuation & Financial Modeling
24/1/2022

Development of a business plan and a financial plan in the context of the potential spin-off of the Lehrmittelverlag Zürich

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Industrials
Valuation & Financial Modeling
4/2/2022

Valuation of the Talenthouse Group in the context of its IPO by means of a reverse takeover

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Industrials
Valuation & Financial Modeling
11/2/2022

Valuation of Basellandschaftliche Kantonalbank and assessment of scenarios of the institutional design of the bank for the attention of the Canton of Basel-Landschaft

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Financial Services
Valuation & Financial Modeling
11/2/2022

Implementation of a purchase price allocation and development of an impairment model

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Healthcare
Valuation & Financial Modeling
29/3/2022

Valuation of stock options and convertible notes in the context of the reverse takeover of Polyphor AG

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Healthcare
Valuation & Financial Modeling
11/2/2022

Bank-specific training for Swiss Post

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Industrials
Valuation & Financial Modeling
11/2/2022

Implementation of the Purchase Price Allocation for the acquisition of Swissport by a group of financial investors

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Industrials
Valuation & Financial Modeling
5/6/2020

Update of WACC for goodwill impairment testing

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Healthcare
Valuation & Financial Modeling
5/6/2020

Strategic analysis of the existing business case and of the optimal ownership structure

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Financial Services
Technology
Valuation & Financial Modeling
5/6/2020

Analysis of the effects of IFRS 16 on the goodwill impairment test

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Healthcare
Industrials
Valuation & Financial Modeling
4/6/2020

Implementation of a purchase price allocation and development of an impairment model

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Industrials
Valuation & Financial Modeling
5/6/2020

Valuation of trademark rights

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Industrials
Valuation & Financial Modeling
5/6/2020

Development of a business plan incl. financial modelling of a business plan

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Industrials
Valuation & Financial Modeling
14/9/2020

Valuation of a Chinese participation for Schindler

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Industrials
Valuation & Financial Modeling
20/10/2020

Valuation in connection with the Swiss tax reform STAF

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Healthcare
Valuation & Financial Modeling
21/9/2020

Development of a standardized model for the valuation of customer bases

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Industrials
Valuation & Financial Modeling
5/6/2020

Valuation in connection with the Swiss tax reform STAF

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Industrials
Valuation & Financial Modeling
23/2/2021

Valuation of hybrid convertible bonds

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Healthcare
Valuation & Financial Modeling
9/3/2021

Review of impairment model for Valora

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Industrials
Valuation & Financial Modeling
3/5/2021

Valuation of selected intangible assets in the context of a strategic realignment

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Technology
Valuation & Financial Modeling
7/5/2021

Support in the valuation of subsidiaries within the context of STAF

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Healthcare
Industrials
Valuation & Financial Modeling
1/2/2019

Valuation of Aargauische Kantonalbank

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Financial Services
Valuation & Financial Modeling
18/2/2019

Determination of country risk premium within the impairment test

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Technology
Valuation & Financial Modeling
27/8/2019

Development of a new Impairment Model

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Industrials
Valuation & Financial Modeling
27/8/2019

Valuation of Weidplas South Africa Ltd

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Industrials
Valuation & Financial Modeling
27/8/2019

Determination of the Country Risk Premium

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Technology
Valuation & Financial Modeling
10/9/2019

Determination of fair value of SCOR Switzerland AG

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Financial Services
Valuation & Financial Modeling
17/12/2019

Development of a standardized tool for the implementation of Purchase Price Allocations

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Industrials
Valuation & Financial Modeling
10/9/2019

Preparation of the fairness opinion relating to the offer made by Swiss Combi AG for a minority stake in SBB Cargo AG

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Industrials
Real Estate
Valuation & Financial Modeling
20/12/2019

Company valuation and goodwill determination

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Industrials
Valuation & Financial Modeling
3/5/2018

Valuation of Weidplas Germany GmbH

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Industrials
Valuation & Financial Modeling
3/5/2018

Impairment Test of intangible assets according to Swiss GAAP FER

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Industrials
Valuation & Financial Modeling
3/5/2018

Valuation of Intellectual Property

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Industrials
Valuation & Financial Modeling
4/12/2018

Preparation of Purchase Price Allocation for the Acquisition of Breitling by CVC Capital Partners

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Industrials
Valuation & Financial Modeling
11/6/2018

Implementation of the purchase price allocation for the acquisition of the fintech start-up Contovista

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Financial Services
Valuation & Financial Modeling
31/1/2018

Conducting a workshop on investment appraisal

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Industrials
Valuation & Financial Modeling
6/8/2018

Development of an integrated cost of capital concept

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Industrials
Real Estate
Valuation & Financial Modeling
2/1/2018

Conduction a workshop on capital budgeting

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Industrials
Valuation & Financial Modeling
12/7/2018

Development of a fair value valuation tool for debt instruments

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Industrials
Valuation & Financial Modeling
6/8/2018

Determination of the cost of capital for the support systems for electricity generation from hydropower, biomass and geothermics

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Energy
Valuation & Financial Modeling
2/8/2018

Development of a group-wide cost of capital concept for AEW Energie AG

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Energy
Valuation & Financial Modeling
3/8/2018

Development of an integrated cost of capital concept for Repower

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Energy
Valuation & Financial Modeling
1/12/2018

Development of a group-wide cost of capital concept

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Energy
Valuation & Financial Modeling
29/1/2019

Valuation of a mortgage portfolio

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Financial Services
Valuation & Financial Modeling
19/2/2019

Implementation of the Purchase Price Allocation for the acquisition of Aerocare

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Industrials
Valuation & Financial Modeling
1/10/2018

Valuation of employee stock options

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Healthcare
Valuation & Financial Modeling
9/1/2017

Developing Impairment Model

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Industrials
Valuation & Financial Modeling
20/2/2017

Implementation of the purchase price allocation for the acquisitions of Sheppard and Dolomite

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Industrials
Valuation & Financial Modeling
11/9/2017

Development of an impairment tool

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Industrials
Valuation & Financial Modeling
11/9/2017

Implementation of the Purchase Price Allocation for the acquisition of Swissport by HNA Group

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Industrials
Valuation & Financial Modeling
29/3/2018

Valuation of Clientis Biene Bank im Rheintal as basis for the determination of the issue price within their increase in capital

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Financial Services
Valuation & Financial Modeling
22/12/2016

Development of an impairment tool

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Industrials
Valuation & Financial Modeling
22/12/2016

Determination of the impairment WACC and impairment testing

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Industrials
Valuation & Financial Modeling
22/12/2016

Valuation of employee stock options

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Industrials
Valuation & Financial Modeling
22/12/2016

Support in the Purchase Price Allocation for various acquisitions

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Industrials
Valuation & Financial Modeling
19/12/2016

Bank valuation for the purpose of a capital increase

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Financial Services
Valuation & Financial Modeling
22/12/2016

Review of the impairment model and determination of WACC

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Healthcare
Industrials
Valuation & Financial Modeling
22/12/2016

Implementation of Purchase Price Allocation of several acquisitions

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Industrials
Valuation & Financial Modeling
22/12/2016

Review of the impairment model and development of a cost of capital concept

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Industrials
Valuation & Financial Modeling
22/12/2016

Review of the impairment model

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Industrials
Valuation & Financial Modeling
22/12/2016

Valuation and Purchase Price Allocation for the acquisition of topjobs.ch

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Industrials
Valuation & Financial Modeling
22/12/2016

Implementation of Purchase Price Allocation for the acquisition of Maribo Seed Int.

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Industrials
Valuation & Financial Modeling
22/12/2016

Implementation of Purchase Price Allocation for the acquisition of Wah Yuet Group

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Industrials
Valuation & Financial Modeling
22/12/2016

Development of an impairment tool

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Healthcare
Industrials
Valuation & Financial Modeling
22/12/2016

Definition of Cash Generating Units for impairment testing

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Healthcare
Industrials
Valuation & Financial Modeling
22/12/2016

Valuation of employee stock options according to IFRS 2

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Industrials
Valuation & Financial Modeling
22/12/2016

Implementation of Purchase Price Allocations for various acquisitions

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Industrials
Valuation & Financial Modeling
22/12/2016

Implementation of Purchase Price Allocation for the acquisition of Gulliver Travel Associates

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Industrials
Valuation & Financial Modeling
22/12/2016

Development of a standardised impairment model

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Energy
Valuation & Financial Modeling
22/12/2016

Development of an impairment tool

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Industrials
Valuation & Financial Modeling
22/12/2016

Determination of impairment WACC

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Technology
Valuation & Financial Modeling
22/12/2016

Implementation of Purchase Price Allocation for the acquisition of Swissport by PAI Partners

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Industrials
Valuation & Financial Modeling
22/12/2016

Determination of fair value of employee stock options

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Financial Services
Valuation & Financial Modeling
22/12/2016

Review of the Purchase Price Allocation for the acquisition of Media Logic acc. to Swiss GAAP FER

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Industrials
Valuation & Financial Modeling
19/12/2016

Sum-of-parts valuation of the group in order to support investor communication

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Technology
Value-based Management
Valuation & Financial Modeling
19/12/2016

Bank valuation

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Financial Services
Valuation & Financial Modeling
15/12/2016

Development of the valuation concept for the transfer of the grid companies to Swissgrid and implementation of valuations

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Energy
Valuation & Financial Modeling
15/12/2016

Development of valuation models to assess acquisitions and investment projects

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Industrials
Valuation & Financial Modeling
19/12/2016

Development of a valuation model to assess investment projects in the energy sector

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Energy
Valuation & Financial Modeling
19/12/2016

Enterprise valuation of a Private Equity investment advisor within a MBO

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Healthcare
M&A
Valuation & Financial Modeling

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Manuel Berger
Partner
Christian Hirzel
Partner
Jan Hunziker
Manager
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