Valuation

Valuation plays a fundamental role in many business activities of strategic importance, including mergers and acquisitions, impairment tests, tax rulings, or disputes. We provide valuation services to support you in all of these, using methods from modern Corporate Finance and Econometrics.

DCF analysis. We use discounted cashflow analysis to estimate the value of companies, individual assets or asset portfolios.

Cost of capital and optimal leverage assessment. We estimate your company’s cost of capital considering leverage, exposure to demand and cost risks, interest rates, and other relevant factors.

Regulatory finance. We use methods from regulatory finance to create robust tariff and revenue as well as profit forecasts.

Financeability assessments. We stress test liquidity ratio targets and debt service abilities based on business plan cashflow forecasts.

Regulatory due diligence. We apply our know-how in regulatory economics and regulatory finance to test the fundamentals and outlook of your regulated target acquisitions.

Asset valuation in the context of tax rulings. We give expert opinions that can be fed into proceedings with tax authorities on the valuation of employee shares, non-monetary benefits to staff and other tax-relevant transactions.

 

Swiss Economics is collaborating with Andersen Global in Switzerland. Your contact person is Dr. Marco Salvi.

Contact

Nina Schnyder is a Senior Economist with Swiss Economics.

Bastian Seiler is a Senior Economist with Swiss Economics.

Marco Salvi is a Managing Economist with Swiss Economics.

Matthias Hafner is a Principal with Swiss Economics.

Selected Projects

How can processes of fund management be optimised?

What is the extent of regional value creation generated by an alpine solar installation?

How can the peer group for the calculation of the regulatory beta be determined?

What incentives do noise charges create for airlines?

 

What is the appropriate cost of capital for Swiss electricity grids and renewables for 2026?

How is the market for data centers developing? How should a provider's existing business model be evaluated? What recommendations can be derived for business development?

How have venture capital investments developed in Switzerland?

What is the investment need for a Swiss connection to the European hydrogen network? How could funding mechanisms look like? How can investments be secured?

Swiss Economics supported on the quantum case of an international arbitration

Does a damaged asset have to be written off?

How can intellectual property be valued?

How has the Swiss electricity market developed in recent years?

What are the critical points of the ordinances on the overarching decree?

What is the impact of debt structure and repayment schedule on cash flows, dividends and profit?

How does the regulatory framework of an airport affect its exposure to market risk?

How high should the financing cost rate for electricity grids and renewables be in future?

How has venture capital developed in Switzerland?

How would longer operating lifetimes affect the valuation of nuclear power plants?

Should the future market area manager in the Swiss gas market take on tasks related to supply security? If yes, how should the market area manager be capitalized, and how should the governance be structured?

How expensive are the basic supply requirements today and in ten years?

Should a canton react in the event of persistently high energy prices? If so, how and when?

What are appropriate bids for the hydropower reserve?

How can the cost of capital be set in a project- or company-specific manner in a pragmatic but coherent way?

What measures are being discussed at EU and Swiss level to combat high energy prices? Which of these are relevant for Switzerland? What measures could Switzerland take?

How can decentralized futures contracts be implemented on Synthetix' DeFI protocol?

How to organize a decentralized exchange for cryptocurrencies? What are the pros and cons of different automated market-makers?

How should the weighted average cost of capital (WACC) of Swiss power grids be determined?

What are the net costs of the postal universal service obligation (USO) today and in ten years?

Swiss Economics advised the Irish Commission for Aviation Regulation on the appropriate return on capital in the context of its 2019 Determination of price caps for passenger tariffs at Dublin Airport    

Can the burden of the net cost of the universal service obligation in the Irish telecoms market be borne by the provider?

What is the value of an asset in the telecommunications sector?

Can regulatory benchmarking contribute to "Better Regulation"?

How will the Swiss railways infrastructure fund (BIF) evolve until 2050?

Publications

Is there a need for adjustment in the methodology for determining the WACC (Weighted Average Cost of Capital) for Swiss grid operators? How should the WACC for renewables be set?

Zentrum für Schweizerisches und Internationales Steuerrecht (zsis), 2/2023, S. 41-53

Wolfram ChainScience Conference Proceedings [forthcoming]

The Journal of the British Blockchain Association, 6(1)

What were the financial implications of the Corona pandemic for Swiss hospitals in 2020? What was the role of the Federal Council's ban on non-urgent interventions from March 16 to April 27, 2020?

Expert report on behalf of Zurich Airport

Expert report on behalf of the Austrian Economic Chamber (WKÖ)

Study for CEER (Council of European Energy Regulators)

Expert report for the Austrian Economic Chamber (WKÖ)

Der Schweizer Treuhänder 3/4-2015

In: Postal and Delivery Innovation in the Digital Economy. Edited by M. Crew and T. Brennan, Springer, pp. 155-168

Study for Schweizerische Treuhandkammer

In: The Role Of The Postal And Delivery Sector In A Digital Age. Edited by M. Crew and T. Brennan, Edward Elgar, pp. 204-213

In: Studien zur Freizeit- und Tourismusforschung. Hrsg: S. Kübelböck and F. Thiele, MetaGIS-Fachbuch, pp. 155-170

Review of Law and Economics 9(1), pp. 125-150

In: Reforming the Postal Sector in the Face of Electronic Competition. Edited by M. Crew and P.R. Kleindorfer, Edward Elgar, pp. 294-305

In: GSTF Journal on Business Review, Vol. 2, No. 2, p. 219 - 224

Competition and Regulation in Network Industries, 12(2), 108-129

Journal of Regulatory Economics 39(1), 89-110