{"id":5053,"date":"2021-12-02T12:23:18","date_gmt":"2021-12-02T11:23:18","guid":{"rendered":"https:\/\/research.leanval.investments\/stock-valuation\/absolute-rating\/"},"modified":"2022-07-06T10:50:34","modified_gmt":"2022-07-06T09:50:34","slug":"absolute-rating","status":"publish","type":"page","link":"https:\/\/research.leanval.investments\/en\/our-approach\/stock-valuation\/absolute-rating\/","title":{"rendered":"Absolute valuation"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"5053\" class=\"elementor elementor-5053 elementor-523\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ba4088 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"7ba4088\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div 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elementor-nav-menu__container elementor-nav-menu--layout-vertical e--pointer-none\">\n\t\t\t\t<ul id=\"menu-1-0b7b987\" class=\"elementor-nav-menu sm-vertical\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6522\"><a href=\"https:\/\/research.leanval.investments\/en\/research\/\" class=\"elementor-item\"><b>Home<\/b><\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6543\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-analysis\/\" class=\"elementor-item\"><b>Equity Analysis<\/b><\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8383\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-analysis\/performance-overview\/\" class=\"elementor-item\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Performance Overview<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8392\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-analysis\/share-snapshot\/\" class=\"elementor-item\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Equity Snapshot<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8393\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-analysis\/share-filter\/\" class=\"elementor-item\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Equity Filter<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6549\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-analysis\/stock-research\/\" class=\"elementor-item\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Equity Research<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6550\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies\/\" class=\"elementor-item\"><b>Equity Strategies<\/b><\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6553\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies\/quant-select-10\/\" class=\"elementor-item\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Quant-Select-10<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8484\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies\/leanval-strategies\/\" class=\"elementor-item\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0LeanVal Strategies<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8723\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies\/screener\/\" class=\"elementor-item\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Screener<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8724\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies\/my-strategies\/\" class=\"elementor-item\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0My Strategies<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6566\"><a href=\"https:\/\/research.leanval.investments\/en\/market-analyses\/\" class=\"elementor-item\"><b>Market Analysis<\/b><\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6567\"><a href=\"https:\/\/research.leanval.investments\/en\/market-analyses\/market-strategies\/\" class=\"elementor-item\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Market Strategies<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8772\"><a href=\"https:\/\/research.leanval.investments\/en\/market-analyses\/market-valuation\/\" class=\"elementor-item\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Market Valuation<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6568\"><a href=\"https:\/\/research.leanval.investments\/en\/global-economics\/\" class=\"elementor-item\"><b>Global Economics<\/b><\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-6530\"><a href=\"\/en\/global-economics\/#monthly_report\" class=\"elementor-item elementor-item-anchor\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Monthly Report<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-6569\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/\" class=\"elementor-item\"><b>Research Platform<\/b><\/a>\n<ul class=\"sub-menu elementor-nav-menu--dropdown\">\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6574\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/the-components\/\" class=\"elementor-sub-item\">The components<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6531\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/share-function-snapshot\/\" class=\"elementor-sub-item\">&#8211; Equity Snapshot<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6532\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/my-strategies-function\/\" class=\"elementor-sub-item\">&#8211; My Strategies<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6533\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/function-pattern-strategies\/\" class=\"elementor-sub-item\">&#8211; Model Strategies<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6534\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/function-screener\/\" class=\"elementor-sub-item\">&#8211; Screener<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6570\"><a href=\"https:\/\/research.leanval.investments\/en\/our-approach\/\" class=\"elementor-sub-item\">Our approach<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6571\"><a href=\"https:\/\/research.leanval.investments\/en\/our-approach\/global-economics\/\" class=\"elementor-sub-item\">&#8211; Global Economics<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6535\"><a href=\"https:\/\/research.leanval.investments\/en\/our-approach\/stock-valuation\/\" class=\"elementor-sub-item\">&#8211; Equity Valuation<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6536\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-selection\/\" class=\"elementor-sub-item\">&#8211; Equity Selection<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6588\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies-2\/\" class=\"elementor-sub-item\">&#8211; Equity Strategies<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6652\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/the-pricing-models\/\" class=\"elementor-sub-item\">The Pricing Models<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t\t\t<nav class=\"elementor-nav-menu--dropdown elementor-nav-menu__container\" aria-hidden=\"true\">\n\t\t\t\t<ul id=\"menu-2-0b7b987\" class=\"elementor-nav-menu sm-vertical\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6522\"><a href=\"https:\/\/research.leanval.investments\/en\/research\/\" class=\"elementor-item\" tabindex=\"-1\"><b>Home<\/b><\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6543\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-analysis\/\" class=\"elementor-item\" tabindex=\"-1\"><b>Equity Analysis<\/b><\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8383\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-analysis\/performance-overview\/\" class=\"elementor-item\" tabindex=\"-1\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Performance Overview<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8392\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-analysis\/share-snapshot\/\" class=\"elementor-item\" tabindex=\"-1\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Equity Snapshot<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8393\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-analysis\/share-filter\/\" class=\"elementor-item\" tabindex=\"-1\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Equity Filter<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6549\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-analysis\/stock-research\/\" class=\"elementor-item\" tabindex=\"-1\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Equity Research<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6550\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies\/\" class=\"elementor-item\" tabindex=\"-1\"><b>Equity Strategies<\/b><\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6553\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies\/quant-select-10\/\" class=\"elementor-item\" tabindex=\"-1\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Quant-Select-10<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8484\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies\/leanval-strategies\/\" class=\"elementor-item\" tabindex=\"-1\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0LeanVal Strategies<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8723\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies\/screener\/\" class=\"elementor-item\" tabindex=\"-1\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Screener<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8724\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies\/my-strategies\/\" class=\"elementor-item\" tabindex=\"-1\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0My Strategies<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6566\"><a href=\"https:\/\/research.leanval.investments\/en\/market-analyses\/\" class=\"elementor-item\" tabindex=\"-1\"><b>Market Analysis<\/b><\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6567\"><a href=\"https:\/\/research.leanval.investments\/en\/market-analyses\/market-strategies\/\" class=\"elementor-item\" tabindex=\"-1\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Market Strategies<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8772\"><a href=\"https:\/\/research.leanval.investments\/en\/market-analyses\/market-valuation\/\" class=\"elementor-item\" tabindex=\"-1\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Market Valuation<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6568\"><a href=\"https:\/\/research.leanval.investments\/en\/global-economics\/\" class=\"elementor-item\" tabindex=\"-1\"><b>Global Economics<\/b><\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-6530\"><a href=\"\/en\/global-economics\/#monthly_report\" class=\"elementor-item elementor-item-anchor\" tabindex=\"-1\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Monthly Report<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-6569\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/\" class=\"elementor-item\" tabindex=\"-1\"><b>Research Platform<\/b><\/a>\n<ul class=\"sub-menu elementor-nav-menu--dropdown\">\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6574\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/the-components\/\" class=\"elementor-sub-item\" tabindex=\"-1\">The components<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6531\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/share-function-snapshot\/\" class=\"elementor-sub-item\" tabindex=\"-1\">&#8211; Equity Snapshot<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6532\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/my-strategies-function\/\" class=\"elementor-sub-item\" tabindex=\"-1\">&#8211; My Strategies<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6533\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/function-pattern-strategies\/\" class=\"elementor-sub-item\" tabindex=\"-1\">&#8211; Model Strategies<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6534\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/function-screener\/\" class=\"elementor-sub-item\" tabindex=\"-1\">&#8211; Screener<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6570\"><a href=\"https:\/\/research.leanval.investments\/en\/our-approach\/\" class=\"elementor-sub-item\" tabindex=\"-1\">Our approach<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6571\"><a href=\"https:\/\/research.leanval.investments\/en\/our-approach\/global-economics\/\" class=\"elementor-sub-item\" tabindex=\"-1\">&#8211; Global Economics<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6535\"><a href=\"https:\/\/research.leanval.investments\/en\/our-approach\/stock-valuation\/\" class=\"elementor-sub-item\" tabindex=\"-1\">&#8211; Equity Valuation<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6536\"><a href=\"https:\/\/research.leanval.investments\/en\/stock-selection\/\" class=\"elementor-sub-item\" tabindex=\"-1\">&#8211; Equity Selection<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6588\"><a href=\"https:\/\/research.leanval.investments\/en\/equity-strategies-2\/\" class=\"elementor-sub-item\" tabindex=\"-1\">&#8211; Equity Strategies<\/a><\/li>\n\t<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6652\"><a href=\"https:\/\/research.leanval.investments\/en\/research-platform-2\/the-pricing-models\/\" class=\"elementor-sub-item\" tabindex=\"-1\">The Pricing Models<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e36513 elementor-widget elementor-widget-global elementor-global-823 elementor-widget-html\" data-id=\"7e36513\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<script>\n    jQuery(document).ready(function($){\n    \/\/   $(window).scroll(function(){\n    \/\/         var currentTop = $(this).scrollTop();\n    \/\/         var latest_id = \"\";\n    \/\/         $(\".elementor-menu-anchor\").each(function(){\n    \/\/             var section_pos = $(this).offset();\n    \/\/             if (currentTop > section_pos.top - 180){\n    \/\/                 latest_id = $(this).attr(\"id\");\n    \/\/             }\n    \/\/         });\n    \/\/         $(\".elementor-element-5c5833c 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scrollTop: target.offset().top\n        }, 1000, function () {\n          \/\/ Callback after animation\n          \/\/ Must change focus!\n          var jQuerytarget = jQuery(target);\n          jQuerytarget.focus();\n          if (jQuerytarget.is(\":focus\")) { \/\/ Checking if the target was focused\n            return false;\n          } else {\n            jQuerytarget.attr('tabindex', '-1'); \/\/ Adding tabindex for elements not focusable\n            jQuerytarget.focus(); \/\/ Set focus again\n          };\n        });\n      }\n    }\n  });\n\n\n    });\n    \n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-69a3383\" data-id=\"69a3383\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-d7da476 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d7da476\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-0cdb500\" data-id=\"0cdb500\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-762ce34 elementor-widget elementor-widget-heading\" data-id=\"762ce34\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Absolute stock market valuation - ROIC approach<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11420e2 elementor-widget elementor-widget-spacer\" data-id=\"11420e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-09d3eda elementor-widget elementor-widget-heading\" data-id=\"09d3eda\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Absolute ROIC \/ DCF valuation<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b4ab82 elementor-widget elementor-widget-text-editor\" data-id=\"0b4ab82\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Discounted cash flow models (DCF) are used in particular to determine the value of a company. The advantages of scenario analysis and the consideration of future business developments can be mentioned in particular. A significant disadvantage, however, is the high dependency of the company value on the so-called terminal value. Even small errors in the assumptions lead to high distortions in pricing.<\/p><p>The Return on Invested Capital method (ROIC) uses the advantages of the DCF method, but does not have their weaknesses. By including the already existing invested capital, the focus is shifted to the balance sheet analysis. This allows a much more pronounced risk assessment of the respective business model and promotes an understanding of the underlying value drivers. By including the invested capital, the dependency of the company value on the perpetual annuity is also significantly reduced.<\/p><p> <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-088453f elementor-widget elementor-widget-heading\" data-id=\"088453f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Calculation of the fair value for stocks<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9982567 elementor-widget elementor-widget-spacer\" data-id=\"9982567\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-302df4c elementor-widget elementor-widget-text-editor\" data-id=\"302df4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Commercial regulations allow a high degree of accounting policy and design measures. As accounting specialists, we recognize, adjust and evaluate these with regard to the actual quality of the underlying business model. This allows us an undisguised view of the future earnings potential and the determination of the intrinsic value of a company. Based on the differences to the actual value of equity (market capitalization), we create specific instructions (long, long \/ short, bonds).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ce6888 elementor-widget elementor-widget-spacer\" data-id=\"5ce6888\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d5988a elementor-widget elementor-widget-image\" data-id=\"6d5988a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"598\" src=\"https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/05\/LeanVal_Philosophie_Bewertung_2-1024x766.png\" class=\"attachment-large size-large wp-image-4447\" alt=\"\" srcset=\"https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/05\/LeanVal_Philosophie_Bewertung_2-1024x766.png 1024w, https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/05\/LeanVal_Philosophie_Bewertung_2-300x224.png 300w, https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/05\/LeanVal_Philosophie_Bewertung_2-768x574.png 768w, https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/05\/LeanVal_Philosophie_Bewertung_2-1536x1148.png 1536w, https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/05\/LeanVal_Philosophie_Bewertung_2-2048x1531.png 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4baf624 elementor-widget elementor-widget-spacer\" data-id=\"4baf624\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79095d4 elementor-widget elementor-widget-heading\" data-id=\"79095d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Company valuation based on the \"Return on Invested Capital\" (ROIC)<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-b2e2d9d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b2e2d9d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-d1e3a9b\" data-id=\"d1e3a9b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-035a05d elementor-widget elementor-widget-image\" data-id=\"035a05d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"529\" height=\"302\" src=\"https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/01\/Berechnung_2.jpg\" class=\"attachment-large size-large wp-image-4352\" alt=\"\" srcset=\"https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/01\/Berechnung_2.jpg 529w, https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/01\/Berechnung_2-300x171.jpg 300w\" sizes=\"(max-width: 529px) 100vw, 529px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-f1baae4\" data-id=\"f1baae4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c3117a6 elementor-widget elementor-widget-text-editor\" data-id=\"c3117a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>ROIC is the abbreviation for Return on Invested Capital. The ROIC (total return on capital employed) is a profit-based profitability indicator that relates the profit before interest on borrowed capital after adjusted taxes (Net Operating Profit after Tax, NOPAT) to the invested capital. In the simplest sense, this metric reflects the company&#8217;s ability to effectively use money invested or capital borrowed to generate profits. ROIC can be a useful tool in comparing the relative profitability of one company with another, but it can also be a useful tool for assessing how one company&#8217;s profitability has evolved over time. If a company improves its ROIC from 10% in the first year to 12% in the second year, this means that for every 100 euros invested capital, a profit of 10 euros in the first year and 12 euros in the second year was generated. The ROIC can also be an indication that a company has a strong market and competitive position or has a sustainable competitive advantage in its industry. Companies that are very profitable over a longer period of time and achieve a ROIC of over 15% often have a market and competitive advantage<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-a34d82c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a34d82c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-d1fb8f4\" data-id=\"d1fb8f4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c3beb4c elementor-widget elementor-widget-heading\" data-id=\"c3beb4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Valuation models for banks and insurance companies<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ac5654c elementor-widget elementor-widget-text-editor\" data-id=\"ac5654c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The valuation of financial institutions poses a particular challenge for analysts. Due to the interaction of the inadequate distinction between own and borrowed funds in the cash flow and in the balance sheet, the increasingly complex regulatory requirements for capitalization, special accounting requirements and the existing options, the same valuation models are used as for industry and trade &#8211; and service companies not possible. This effect is reinforced by the combination of different business areas and the associated earnings structures in the universal banks primarily listed on the Stoxx Europe 600. The analysts of the LeanVal Group meet this challenge with their own valuation model, based on the dividend discount model in combination with the factor model. In this way, a high-quality statement can be made about the corporate values of the banks \/ insurance companies, which corresponds to the meaningfulness of the proven ROIC approach for non-financial institutions.&nbsp;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0f6c91 elementor-widget elementor-widget-spacer\" data-id=\"e0f6c91\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-934d15f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"934d15f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-42e9f43\" data-id=\"42e9f43\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d16da85 elementor-widget elementor-widget-spacer\" data-id=\"d16da85\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-157f3fc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"157f3fc\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-1e33176\" data-id=\"1e33176\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7b9734e elementor-widget-divider--view-line_text elementor-widget-divider--element-align-center elementor-widget elementor-widget-divider\" data-id=\"7b9734e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t\t<span class=\"elementor-divider__text elementor-divider__element\">\n\t\t\t\tExample assessment corporates \t\t\t\t<\/span>\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bbc947b elementor-widget elementor-widget-spacer\" data-id=\"bbc947b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0f8e639 elementor-widget elementor-widget-image\" data-id=\"0f8e639\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/03\/LeanVal-Research-Valuation.png\" data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-title=\"LeanVal Research Valuation\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NDQwNSwidXJsIjoiaHR0cHM6XC9cL3Jlc2VhcmNoLmxlYW52YWwuaW52ZXN0bWVudHNcL3dwLWNvbnRlbnRcL3VwbG9hZHNcLzIwMjBcLzAzXC9MZWFuVmFsLVJlc2VhcmNoLVZhbHVhdGlvbi5wbmcifQ%3D%3D\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"569\" src=\"https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/03\/LeanVal-Research-Valuation-1024x728.png\" class=\"attachment-large size-large wp-image-4405\" alt=\"\" srcset=\"https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/03\/LeanVal-Research-Valuation-1024x728.png 1024w, https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/03\/LeanVal-Research-Valuation-300x213.png 300w, https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/03\/LeanVal-Research-Valuation-768x546.png 768w, https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/03\/LeanVal-Research-Valuation-1536x1091.png 1536w, https:\/\/research.leanval.investments\/wp-content\/uploads\/2020\/03\/LeanVal-Research-Valuation-2048x1455.png 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\"><\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f599948 elementor-widget elementor-widget-spacer\" data-id=\"f599948\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d774c1 elementor-widget elementor-widget-spacer\" data-id=\"4d774c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Weitere Menu Absolute stock market valuation &#8211; ROIC approach Absolute ROIC \/ DCF valuation Discounted cash flow models (DCF) are used in particular to determine the value of a company. The advantages of scenario analysis and the consideration of future business developments can be mentioned in particular. A significant disadvantage, however, is the high dependency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":5025,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-5053","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/research.leanval.investments\/en\/wp-json\/wp\/v2\/pages\/5053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/research.leanval.investments\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/research.leanval.investments\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/research.leanval.investments\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/research.leanval.investments\/en\/wp-json\/wp\/v2\/comments?post=5053"}],"version-history":[{"count":7,"href":"https:\/\/research.leanval.investments\/en\/wp-json\/wp\/v2\/pages\/5053\/revisions"}],"predecessor-version":[{"id":7287,"href":"https:\/\/research.leanval.investments\/en\/wp-json\/wp\/v2\/pages\/5053\/revisions\/7287"}],"up":[{"embeddable":true,"href":"https:\/\/research.leanval.investments\/en\/wp-json\/wp\/v2\/pages\/5025"}],"wp:attachment":[{"href":"https:\/\/research.leanval.investments\/en\/wp-json\/wp\/v2\/media?parent=5053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}