What has changed in business valuations since 1 July 2026 – and why it matters for contracts, disputes and court proceedings.
A new standard has applied since 1 July 2026
The professional opinion KFS/BW 1 (the Austrian professional standard for business valuation) of 6 November 2025 replaces the 2014 version. It must be applied to all engagements accepted after 30 June 2026.
In addition, Recommendations E 1 to E 9 were updated in the first half of 2026 – from minority discounts to the bases of value for court valuations.
Anyone commissioning an expert opinion today will receive it under the new rules. Do you know them?
Four bases of value instead of three
- Objectivised enterprise value: Remains the benchmark for equal treatment – now more closely aligned with the market view of a typified investor.
- Market value – new: Estimate of the potential price on a sale. Takes real market conditions into account, including premiums and discounts.
- Typified subjective value – new: Verifiable value in use from the perspective of a specific owner, for example with synergies or a holding strategy.
The arbitration value (Schiedswert) as a balancing of interests remains unchanged.
Shareholdings: when are discounts applied?
- Objectivised value: no discounts: Shareholdings are valued pro rata – without a minority discount and without a majority premium. This remains unchanged.
- Market value: discounts possible: Minority discount (DLOC, discount for lack of control) under E 1 regularly 0–13%, marketability discount (DLOM, discount for lack of marketability) for minority shareholdings 15–45%.
- Multiplicative, not additive: The discounts are combined: (1 – DLOC) × (1 – DLOM). Their amount depends on rights, blocking minorities and restrictions on transfer.
Ranges in accordance with KFS/BW 1 E 1 (revised version of 17 June 2026); deviations in individual cases possible.
Often overlooked: law and SMEs
Bridge to the law (E 9)
Every legal concept of value is assigned a business-economics benchmark: the common value under § 10 BewG (Austrian Valuation Act) follows market value, compensation payments for corporations follow objectivised value.
SMEs: transferable earning power
If success depends on the owner or a key person, only what passes to a successor counts. For the remainder, the professional opinion provides for a phase-out model.
Rule of thumb: The legal occasion determines the basis of value – not the calculation method.
Worked example from the professional opinion: 20% shareholding in a GmbH (Austrian limited liability company) – what is it worth?
Equity value of the entire company: €10.0 million. The question is the market value of a 20% minority shareholding without a blocking minority.
- Pro rata value of the shareholding (20%): €2,000k
- Minority discount DLOC 10%: – €200k
- Marketability discount DLOM 35%: – €630k
Market value of the shareholding: €1,170k – around 41.5% below the pro rata value. With objectivised value, it would remain €2,000k.
Simplified example based on KFS/BW 1 E 1. Discounts must be justified in each individual case on the basis of the rights attached to the shareholding.
Valuation under KFS/BW 1 – under the new standard from the start.
Whether shareholder dispute, compensation, succession or court expert opinion: we first clarify the right basis of value – and then we value.