goodbye true corporate value bridge

Measuring corporate value is taking on a whole new meaning….. Is it time to say good bye to market multiples and DCFs?

Everyone’s at it – KKR, EQT, Coller Capital. But at what? Looking at corporate value in a new and different way, of course.

Companies have always created value in the course of doing business. They provide people with the goods and services they need. They contribute taxes to the economy. They create jobs and wealth, and by doing so they have played a significant part in helping to lift hundreds of millions out of poverty.


Why the PE industry started thinking about Brand Management

Trouble hiring? Having problems with fundraising? Think twice before running to the HR manager or fundraiser in your company. Risk, projects and portfolios are not the only things that require management at PE firms. Brand Management might be more important than you think.

At a time of increased competition, PE firms are looking for ways to differentiate themselves and branding is core to this. Some might wonder what place branding has in the facts and figures world of Private Equity, however it is far from a wooly, imprecise concept. Academics now speak of “brand equity” – the value of having a well-known brand name – and even go so far as to calculate the dollar value of a brand. Coca Cola often tops the table of brands, despite the fact that Pepsi can beat it in taste tests. What does this tell us? Brand matters and affects the bottom line. Market research conducted in the past has concluded that brands are one of the most valuable assets a company has, as brand equity is one of the factors which can increase the financial value of a brand to the brand owner.


AIFMD for non-EU asset managers: what we see in practice

This week I’m off and away in the Cayman Islands with Chrystelle Veeckmans. Not to contemplate the beaches and the crocodiles, but rather to attend the Cayman Alternative Investment Summit on February 12 and 13, 2015.

Here, I will be speaking to non-EU Managers looking to sell their non-EU Alternative Investment funds (AIFs) to professional investors in Europe. We’ll principally be talking about what we see in practice when it comes to selling these funds. Luckily, we have some success stories to share that we have already seen when registering alternative funds in Europe.


“How Circular Economy came, saw and is beginning to conquer Luxembourg”

It’s been a few months since I first gave an introduction to the circular economy – and what busy months they have been. The concept has gone from just a small seed of an idea to a project with a growing number of stakeholders and ever more ambitious goals. These six points – a mixture of status update, FAQs and case study – will bring you up-to-date on the speedy progress of this rising trend …


Responsible Investing – the 3rd pillar of the Luxembourg fund market

On 4 February at ALFI’s seminar “Navigate your way through Responsible Investing” 120 registrants met to hear about ALFI’s strategy and learn more about RI.

Anouk Agnes, ALFI’s Deputy Director General, explained how RI is the third pillar of Luxembourg’s fund industry alongside UCITS and Alternative funds and how this third pillar is developing in Luxembourg.

Participants heard how ESG funds, microfinance and impact funds are contributing to keeping Luxembourg at the forefront of European RI.


Die Sache mit den deutschen Fonds und der Quellensteuer

Auch im nunmehr sechzehnten Jahr des 21. Jahrhunderts gibt es leider bei eigentlich sehr etablierten Konzepten steuerlicher Natur – wie der Quellensteuer („withholding tax“), die bei Ausschüttungen von Kapitalgesellschaften einbehalten wird – noch Interpretationsspielraum. Konkret führt Artikel 10 des neuen Abkommens zur Vermeidung der Doppelbesteuerung zwischen Luxemburg und Deutschland („DBA“) zu interessanten Auswüchse im Falle der Ausschüttung Luxemburger Gesellschaften an deutsche Fonds („Sondervermögen“ i.S.d. Kapitalanlagegesetzbuches, „KAGB“).


0%, 5% or 15%? Withholding tax on Luxembourg dividend distributions to German investment funds

A new non-double tax treaty between Luxembourg and Germany has led to uncertainty for German Investment funds using Luxembourg as a platform for outbound investments. The treaty has given rise to diverging views on the withholding tax to be applied to dividends distributed to a German pool of assets, or Sondervermögen. The tax can come to 0%, 5% or 15%, depending on how the calculation is made.


Luxembourg corporate tax landscape for 2015: 6 key tax focus areas

Traditionally, the beginning of each tax year brings a certain number of new tax rules which are important for corporate taxpayers to keep in mind. 2015 is no different and business executives will thus need to keep a close eye on a number of important corporate tax developments that could affect their company operations in 2015, in particular for multinational groups engaged in cross-border transactions.


Divergence is what we see: IFRS compared to US GAAP 2014

In May 2014, the IASB (International Accounting Standards Board) and the FASB (Federal Accounting Standards Board) published a joint standard on revenue from contracts with customers. Having a fully converged standard in an area of accounting that affects virtually every company is in itself a major achievement. For other major joint projects, however, it appears that full convergence will not be achieved – e.g. with respect to loan loss impairment, insurance contracts and, as it currently stands, leases.

ELTIF: The birth of a new innovative fund product

Its name is ELTIF or European Long Term Investment Fund.
Its purpose is to boost European long-term investments in the real economy, especially infrastructure.
It will come into effect 6 months after the publication in the EU Official Journal, expected for the beginning of the year.
Why is it an innovative product? What are its main characteristics? What are the market opportunities?