The German Brewing Industry.

Name: The German Brewing Industry.
Brand: Verlag Wissenschaft & Praxis
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Dirk Schiereck Christoph Sigl-Grüb Christian Voigt(Herausgeber*in)

Verlag Wissenschaft & Praxis

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Erschienen am 6. Dezember 2020

XIV, 355 Seiten

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Inhalt

Intro
Preface
Overview of Content
Table of Content
Jochen Gast and Christian Johansson: A Case Study: The Acquisition of Holsten Brauerei AG by Carlsberg A/S
1 Introduction
2 The Main Characters
2.1 Facts and Figures
2.2 Holsten - Background and History
2.3 Carlsberg - Background and Growth Strategy
3 The Take-Over of Holsten
3.1 Reasons for the Take-Over of Holsten
3.2 The New Brand Structure
3.3 The Transaction
3.3.1 Course of Events
3.3.2 Financial Terms
3.4 Risks of the Acquisition
3.5 Reactions to the Announcement of the Acquisition
3.5.1 Analysts' Opinions
3.5.2 Market Reaction
4 Ex-Post Analysis
5 Conclusion
Appendix
References
? M&A-Activities in the German Brewing Industry
Mirko Jablonsky and Patrick Zenz-Spitzweg: I Descriptive Statistics - Merger Waves and Multiples
1. Introduction
1.1. Objective of the Study
1.2. Course of Analysis
2. Theoretical Background
2.1. Basic Considerations Regarding the German Beer Market
2.2. The Concept of Multiple Valuation
3. Merger Statistics
3.1. M&A Activity in the German Brewing Market
3.2. Selected Transactions in the German Market
3.3. German vs. International Transactions
4. Conclusion and Future Outlook
Appendix
References
Diana Diekmann and Heiko Weber: II Trading Multiples in the German Brewing Industry
1 Introduction
1.1 Objective of the Study
1.2 Course of Analysis
2 Conceptual Foundation of Valuation Methodologies
2.1 Definition of Trading Multiples
2.2 Equity Multiples
2.2.1 Cash Flow Multiple
2.2.2 Price/Earnings Ratio
2.3 Enterprise Multiples
2.3.1 Sales Multiple
2.3.2 EBIT Multiple
2.3.3 EBITDA Multiple
3 Analysis of Trading Multiples in the Brewing Industry
3.1 Description of the Data Sample and Multiple Calculation
3.2 Calculation and Analysis of Trading Multiples
3.2.1 Equity Multiples
3.2.1.1 Cash Flow Multiple
3.2.1.2 Price/Earnings Ratio
3.2.2 Enterprise Multiples
3.2.2.1 Sales Multiple
3.2.2.2 EBIT Multiple
3.2.2.3 EBITDA Multiple
4 Conclusion and Final Remarks
Appendix
References
Sarah Ali Khalil Ibrahim and Katharina von Bassewitz: III Transaction Multiple Valuation in the German Brewing Industry
1 Introduction
1.1 Objective of the Study
1.2 Course of Analysis
2 Multiple Valuation Foundation
2.1 Conceptual Basics of Multiple Valuation
2.2 Overview of the Most Commonly Applied Multiples
2.2.1 Sales Multiples
2.2.2 EBIT Multiple
2.2.3 EBITDA Multiple
2.3 Drivers of Variation in Multiples
3 Analysis of Transaction Multiples in the German Brewing Industry
3.1 Description of the Data Set
3.2 Initial Evaluation of the Assessed Transaction Multiples
3.2.1 Description of Sales Multiple Levels
3.2.2 Description of EBIT Multiple Levels
3.2.3 Description of EBITDA Multiple Levels
3.3 Evaluation of Multiple Levels with Value Drivers
3.3.1 Growth
3.3.2 Profitability
3.3.3 Size
3.3.4 Intensity of Investments
3.3.5 Transaction Advisor
3.3.6 Premium
4 Concluding Remarks and Outlook
Appendix
References
Sebastian Schels and Tim Knipps: C Case Study: The Acquisition of Würzburger Hofbräu AG by Kulmbacher Brauerei AG
1 Introduction
2 The Acquirer: Kulmbacher Brauerei AG
2.1 Company Background
2.2 Product Portfolio
2.3 Corporate Strategy
2.4 Shareholder and Holding Structure
2.5 Financial Data
3 The Target: Würzburger Hofbräu AG
3.1 Company Background
3.2 Product Portfolio
3.3 Corporate Strategy
3.4 Shareholder and Holding Structure
3.5 Financial Data
4 Strategic Rationale
4.1 Würzburger Hofbräu Under External Pressure
4.2 Kulmbacher Brauerei AG's Strategic Decision
4.3 Shareholders' Interests
5 The M&A Deal
5.1 The Transaction
5.2 Capital Market Reaction
6 Financial Rationale
6.1 Valuation of the Target
6.2 Analysis of Comparable Transactions
7 Conclusion
References
D Short and Long Term Performance of M&A Activities in the German Brewing Industry
Florian Geiger and Tobias Roediger: I M&A Announcement Effects on Bidders in the German Brewing Industry
1 Introduction
1.1 Objective of the Study
1.2 Course of Analysis
2 Review of Literature
3 Empirical Analysis
3.1 Derivation of Hypotheses
3.2 Event Study Approach
3.2.1 Methodology
3.2.2 Tests for Statistical Significance
3.3 Data Selection
3.3.1 Data Base Selection Criteria
3.3.2 Characteristics of the Data Sample
3.4 Discussion of Results
3.4.1 Cumulative Average Abnormal Returns
3.4.2 Comparison of Subsamples
3.4.3 Multivariate Regression
3.5 Implications
4 Summary and Conclusion
Appendix
References
Jörg Gerbig and Felix Zawadzky: II M&A Announcement Effects on Targets in the German Brewing Industry
1 Introduction
1.1 Objective of the Study
1.2 Course of Analysis
2 Review of Literature
3 Introduction of Hypothesis
4 Sample
4.1 Data Collection and Data Revision
4.2 Descriptive Statistics
5 Methodology
5.1 Determination of Event Windows
5.2 Examination and Aggregation of Abnormal Returns
5.3 Examination of Statistical Significance
5.4 Analysis of Influencing Factors
6 Results
6.1 Share Price Reactions
6.2 Influencing Factors on Share Price Reactions
7 Conclusion
Appendix
8 References
Jens Anderson and Jörg Homann: III Long-Term Performance in the German Brewing Industry - Acquirer versus Non-Acquirer
1 Introduction
1.1 Objective of the Study
1.2 Course of Analysis
2 Review of Literature and Formulation of Hypotheses
2.1 Review of Literature
2.2 Formulation of Hypotheses
3 Sample and Data Description
4 Methodology
4.1 Long-term Performance Study Methods
4.2 Methodology Selection
4.2.1 Estimation of Abnormal Returns
4.2.2 Test Statistic
5 Empirical Results
5.1 Long-term Results
5.2 Short-term Results
6 Summary and Concluding Remarks
Appendix
References
Claus Naarmann and Dominikus Priller: E Case Study: The Acquisition of Brau und Brunnen by RB Brauholding
1 Introduction
2 Profiles of the Involved Companies
2.1 The Bidder - RB Brauholding (Radeberger)
2.2 The Target - Brau und Brunnen AG
3 The Transaction
3.1 Course of the Transaction
3.2 Transaction Price and Valuation Issues
3.3 Reaction of the Share Price of Brau und Brunnen AG
4 Strategic Rationale behind the Transaction
5 Evaluation of the Transaction
6 Conclusion
Appendix
References
F The German Brewing Industry in an International Comparison
Ulf Dobberke and Florian Voigt: I Index for listed Breweries in Germany
1 Introduction
1.1 Objective of the Study
1.2 Course of Analysis
2 Foundations
2.1 Overview of the German Brewing Market
2.2 Index Basics
3 Description of the Data Sample
4 Index Calculation Methodology
4.1 Performance versus Price Index
4.2 Index Formula
4.3 Index Weighting and Free Float
4.4 Correction Factor
5 Performance Analysis
5.1 Holsten as the Key Driver of the BEX
5.2 BEX-Germany versus DAX, MD AX and EuroS toxx
6 Conclusion and Outlook
Appendix
References
Nils Steiner and Bastian Biesenbach: II Developing a European Brewing Industry Index
1 Introduction
1.1 Objective of the Study
1.2 Course of Analysis
2 Indexation for the European Brewing Industry
2.1 Overview on Index Types
2.2 Reasons for a European Brewery Index
2.3 The European Brewing Industry Index (EuroBEX)
3 Methodology and Sample
3.1 Methodology
3.1.1 Method of Index member selection
3.1.2 Calculation of the EuroBEX
3.1.3 Quarterly Index Adjustment
3.2 Sample
4 Results
4.1 Analysis of the EuroBEX
4.2 Analysis of the BEX in an M&A Context
5 Conclusion
References
Jens Tegelaers: III Performance Index UK versus Germany
1 Introduction
2 General Overview
3 Market Structure
3.1 German Brewers
3.2 UK Brewers
4 Setting up the Index
4.1 Sample
4.2 Index Method
4.3 Examination Period and Data
4.4 Weightening and Capping
5 Results and Observations
5.1 Currency Adjustment
5.2 Risk and Return
5.3 Problems and Constraints
5.4 Additional Remarks
6 Conclusion
References
Philip Janßen and Carsten Düber: IV A Consolidated View on Central and Eastern European Beer Markets Including Russia and China
1 Introduction
1.1 Objective of the Study
1.2 Course of Analysis
2 Comparative Analysis of Global Beer Markets
2.1 Mature Versus Emerging Markets
2.2 Macroeconomic Analysis
2.2.1 Drivers of Growth
2.2.2 Focal Point Emerging Markets
2.3 Microeconomic Analysis
3 Consolidation in the Global Beer Market
3.1 Long-Term Benefits for the Buyers
3.2 Contemporary Development
3.3 Long-Term Benefits for the Sellers
4 Market Environment and Related Strategies
4.1 Consumption Trends
4.2 Analysis of Beer Prices
4.3 Market Life Cycles
4.4 Developments in Eastern Europe Including Russia and China
4.5 Main Brewers
4.6 Strategic Considerations
4.6.1 Plausible Alternatives
4.6.2 The Influence of Scale and Market Fragmentation
4.6.3 Choices Depending on Market Maturity
5 Portraying Outperformers
5.1 Ukraine
5.2 Russia
5.3 The People's Republic of China
6 Conclusion
Appendix
References

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