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About us

A team of experienced professionals — competent, trustworthy and reliable
Our Team
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About us

Our promise
Our background
Why us?

Our promise

In companies, financial issues arise time and again, whose answers require a well-founded analysis of capital market data. We help you to formulate these issues precisely and prepare relevant capital market information in such a way that it serves as a reliable basis for well-founded decisions.

Our background

We combine academic depth with practical experience. As a team of financial economists and specialist advisors, we support you with our expertise in the areas of capital market research, financial reporting and company valuation.

Why us?

Based on many years of practical experience with the multiplex issues regarding companies’ concerns with the capital market, we develop individually tailored solutions. Our work is based on approved and accepted scientific methods, a deep understanding of regulatory requirements and many years of practical experience. Customers trust us because we prepare solutions for complex issues in an understandable way, act independently and transparently and always keep an eye on the specific added value for your company. Our combination of expertise, integrity and a clear focus on practical implementation makes us a reliable partner at your side.

Our expert team
for capital market analysis

Prof. Dr. Michael Meser

Co-Founder

Prof. Dr. Jan-Hendrik Meier

Co-Founder

Dr. Thilo Nolte

Co-Founder & CEO

Why you can trust us


With over 30 years of experience in valuation and accounting practice, we combine scientific expertise with practical know-how. Our methods are transparent, comprehensible and based on reliable data.

Many years of experience

A total of over 30 years of expertise in capital market-related valuation and IFRS accounting form the basis of our work. We know what challenges you are facing and show proven solutions.

Scientifically based

Our methods are based on recognized scientific methods and current research. In this way, we ensure that our analyses are not only precise but also theoretically validated.

Practical and solution-oriented

Our results are understandable, applicable and offer real added value for your accounting issues and investment and financing decisions.

Reliable and transparent

We value traceability. Our processes are clearly documented and our data sources are open — so you always know what your decisions are based on.

Get in touch.

Rely on scientifically proven analyses with practical added value.
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FAQ

Please feel free to contact us if you have any further questions.
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What are yield curves?
Yield curves illustrate the variation in interest rates based on maturity, reflecting the return the market demands for different terms. They serve as a critical tool for evaluating financial instruments and assessing market expectations concerning interest rates, inflation, and economic growth.
What are incremental borrowing rates for required under IFRS?
Under IFRS 16, incremental borrowing rates are required to recognize leases on the balance sheet from the lessee's perspective. Future lease payments must be discounted, using the interest rate inherent in the lease agreement. However, the lessee is typically unaware of this rate, as disclosing it could reveal the lessor's margin. If the implicit interest rate is unavailable, the lessee must instead determine its incremental borrowing rate — i.e., the rate at which the company could obtain financing in the market under similar conditions. The calculated interest rate directly affects the amount of lease obligations recorded on the balance sheet, as well as the corresponding right of use asset, thereby impacting key financial metrics, particularly EBIT, which serves as a central performance and management indicator for many businesses.
How are yield curves or incremental borrowing rates determined?
Yield curves and incremental borrowing rates are estimated using established financial methodologies. These estimates are typically based on capital market data, including risk-free interest rates (e.g., swap rates) and credit risk premiums.

For yield curves, continuous curves are modeled from observable market interest rates across various maturities, using techniques such as regression analysis, splines, or bootstrapping. These curves serve as a foundation for deriving interest rates that reflect both term and creditworthiness-specific factors.

Incremental borrowing rates, in accordance with IFRS 16, are then derived from the yield curve, incorporating company-specific factors such as credit rating, currency, maturity, and collateralization. The goal is to estimate the interest rate at which the company could secure comparable financing in the market.
Why is it important to determine the cost of capital?
Capital costs are a critical tool for evaluating the profitability and risk of investments in relation to alternative investment opportunities. They play a fundamental role in optimizing a company's capital structure and serve as a key benchmark in investment decision-making processes. Additionally, capital costs remain significant in subsequent stages, such as when assessing the value of an existing investment in the context of purchase price allocation or conducting impairment tests. Therefore, the accurate calculation of capital costs is essential for various aspects of business management.
How can I get in touch with GKA?
You can reach us via the contact page on our website. Alternatively, we are available by phone or email to answer your questions and provide further information.

Capital market expertise meets practice - for well-founded decisions.

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