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Basf wintershall dea divestment: valuation & exit analysis in a geopolitically challenging environment - a portfolio approach to understanding environmental dynamics in the oil and gas sector
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This paper investigates both the theoretical framework and real-world applications of valuing a
private company, particularly in the context of divesting. The research examines Wintershall
DEA, a privately owned oil and gas company. It gains relevance in light of BASF's intention to
divest its stake in Wintershall DEA. For establishing a fair purchase price, the paper employs
both intrinsic and relative valuation methods to establish a valuation range. Key findings are:
(1) Industry-specific variations influence intrinsic valuation approaches, (2) Peer comparison
in E&P is subject to increased complexity, (3) Macroeconomic and geopolitical instabilities
increase corporate valuation volatility, (4) Strategic exit options are influenced by market
conditions and timing.
Besides, companies achieving high environmental scores, like Wintershall DEA, are perceived
as less risky and show better portfolio performance, potentially leading to higher valuations and
investor appeal.
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M&A Valuation Oil and gas Corporate finance