Dr. Matthias Meitner, CFA, Investment Manager Public Equities – Allianz Group
Date: Thursday, March 1sr, 2012 starting at 19.00 s.t.
A good command of enterprise value techniques and the proper treatment of net debt is essential in modern equity valuation. Whether it is about unlevering/relevering of betas, using multiples or applying entity valuation methods such as the weighted average cost of capital (wacc) approach: Valuation professionals always need to know how to treat financial positions that are not outright “equity”.
Unfortunately, this is not an easy task. Even handling straight financial debt is sometimes problematic (how risky are future debt payments? What is the right cost of debt?). But things get a lot more complicated if we turn to leases, pension liabilities, cross shareholdings or put options to minorities. And do not forget the asset side: How should we properly account for cash?
Dr. Matthias Meitner is a CFA-Charterholder, Member of our Society and Investment Manager for Public Equities at Allianz Group. Before joining Allianz Matthias served as a researcher at the Centre for European Economic Research (ZEW) in Mannheim, with a focus on corporate finance and valuation.