unverschuldet

English translation: unlevered [unleveraged] beta / asset beta

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:unverschuldeter Beta-Faktor [Beta-Faktor des unverschuldeten Unternehmens]
English translation:unlevered [unleveraged] beta / asset beta
Entered by: Steffen Walter

07:16 Jun 7, 2019
German to English translations [PRO]
Bus/Financial - Finance (general) / Unternehmensbewertung / Betafaktor
German term or phrase: unverschuldet
Es geht um Anmerkungen eines Wirtschaftsprüfers zu der Frage, wie das geprüfte Unternehmen im Rahmen der Werthaltigkeitsprüfung den Betafaktor ermittelt hat. Zugrunde gelegt wurde ein 5-Jahresdurchschnitt.
"Der 5-Jahres-Durchschnitt liegt unter dem *unverschuldeten* Betafaktor", der von XYZ verwendet wurde." XYZ = das geprüfte Unternehmen.
Kann jemand helfen?
Klaus Urban
Local time: 13:24
unlevered [unleveraged] beta / asset beta
Explanation:
Siehe z. B.
https://www.investopedia.com/terms/u/unleveredbeta.asp
https://corporatefinanceinstitute.com/resources/knowledge/va...
https://www.nasdaq.com/investing/glossary/u/unleveraged-beta
Selected response from:

Steffen Walter
Germany
Local time: 13:24
Grading comment
Danke, Steffen!
4 KudoZ points were awarded for this answer



Summary of answers provided
5debt-free
Cillie Swart
4unlevered β-factor
Adrian MM.
3unlevered [unleveraged] beta / asset beta
Steffen Walter
Summary of reference entries provided
Das ist WP-Kurzsprech ...
Steffen Walter

  

Answers


37 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
unverschuldeter Betafaktor
unlevered β-factor


Explanation:
nowt to do with blameless or 'through no fault of one's own', but rather - in Unternehmensbewertung > going-concern valuation - unindebted'/unlevered to indebted/levered in a-debt-to equity 'leverage' ratio and based on the Hamada (not a Middle Eastern culinary dish):

'The Formula for Hamada Equation is'

βL=βU[1+(1−T)(DE)]where:βL=Levered betaβU=Unlevered beta*T=Tax rateD/E=Debt to equity ratio




    Reference: http://www.investopedia.com/terms/h/hamadaequation.asp
    Reference: http://ww.controllerakademie.de/wp-content/uploads/2016/08/B...
Adrian MM.
Austria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 44
Notes to answerer
Asker: Thank you Adrian!

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37 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
unverschuldeter Betafaktor
unlevered [unleveraged] beta / asset beta


Explanation:
Siehe z. B.
https://www.investopedia.com/terms/u/unleveredbeta.asp
https://corporatefinanceinstitute.com/resources/knowledge/va...
https://www.nasdaq.com/investing/glossary/u/unleveraged-beta

Steffen Walter
Germany
Local time: 13:24
Specializes in field
Native speaker of: Native in GermanGerman
PRO pts in category: 400
Grading comment
Danke, Steffen!
Notes to answerer
Asker: Danke Steffen!

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6 hrs   confidence: Answerer confidence 5/5
debt-free


Explanation:
debt-free beta factor. What beta factor would be in the debt-free scenario.


    https://www.linguee.com/english-german/search?source=auto&query=unverschuldeten+Betafaktor
Cillie Swart
South Africa
Local time: 13:24
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Notes to answerer
Asker: Thank you, Cillie!


Peer comments on this answer (and responses from the answerer)
neutral  Steffen Walter: While this is also factually correct, the established term is "unlever(ag)ed beta" or "asset beta" - see above.
1 day 6 hrs

neutral  Susan Starling: Yes, "unlevered" would be the correct term here. Not sure who to agree with above so commenting here. :)
1 day 20 hrs
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Reference comments


34 mins
Reference: Das ist WP-Kurzsprech ...

Reference information:
... für "Beta-Faktor des unverschuldeten Unternehmens".

Siehe z. B. https://www.controllerakademie.de/news/controlling/der-beta-...
"Finanzierungsstruktur berücksichtigen

Wie bereits erwähnt spiegelt sich im Beta-Faktor neben dem Geschäftsrisiko auch das Finanzrisiko (Kapitalstrukturrisiko) wider. Um Betas der Wettbewerber zu erhal­ten, die nur das Geschäftsrisiko wiedergeben, muss der Einfluss des Finanzierung­srisikos eliminiert werden. Dadurch erhält man Beta-Faktoren bei hypothetischer 100%-Eigenfinanzierung („unlevered / ungehebeltes Beta“) mit

[Gleichung]

ßu = Beta des unverschuldeten Unternehmens
ßv = Beta des verschuldeten Unternehmens
t = Ertragsteuersatz des Unternehmens
verzinsliches FK/EK = verzinsliches Fremd- / Eigenkapital zu Marktwerten"

Steffen Walter
Germany
Specializes in field
Native speaker of: Native in GermanGerman
PRO pts in category: 400
Note to reference poster
Asker: Danke Steffen, jetzt verstehe ich! Klaus

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