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The risk-free base interest rate for valuation purposes is determined taking into account the yield curve in accordance with the recommendations of the IDW. The calculation of the yield curve is based on the estimated parameters of the Deutsche Bundesbank up to a term of 30 years. For years beyond this period, the zero bond interest rate for 30 years is used as an estimator. The base rate indicated is based on an assumed growth rate of 1.0%.
This capitalisation factor was previously calculated on the basis of the respective current base rate (determined from the long-term achievable yields of public bonds); added to this with a fixed surcharge of 4.5 %, this resulted in the capitalisation interest rate.
Since the capitalisation factor corresponded to the reciprocal of the capitalisation interest rate, the lower the base interest rate, the higher the capitalisation factor. Due to the continuing low-interest phase, the capitalisation factor for valuation dates in 2016 so far was 17.8571 and led to correspondingly high enterprise values. In response to the ongoing criticism that the simplified capitalised earnings method leads to excessive values, the capitalisation factor was fixed at 13.75 in the new law.
In future, the capitalisation factor will no longer depend on the base rate. If necessary, the capitalisation factor can be adjusted to the interest rate development by statutory order.
The Federal Supreme Court (Bundesgerichtshof, BGH) has ruled that for the estimation of the enterprise value in appraisal proceedings, calculation methods may also be used that were developed only after the structural measure giving rise to the valuation and the valuation date determined for it. The BGH thus confirms its previous case law, according to which it has already applied new valuation methods to past valuation dates in the past without any reservations (cf. BGH, judgement of 12 March 2001, file no. II ZB 15/00).