- 1 Executive Summary
- 2 Fundamentals
- 2.1 Objective of the working paper
- 2.2 The European Embedded Value initiative of the CFO Forum
- 2.3 Basics of embedded value financing
- 3 The European Embedded Value
- 3.1 Components of the embedded value
- 3.2 Net asset value
- 3.3 The present value of future profits
- 3.4 Financial options and guarantees
- 3.5 Analysis of the European embedded value
- 4 Determining the bankable embedded value
- 4.1 Adjusting European Embedded Value figures
- 4.2 Accounting for modelling risk
- 5 Determining the maximum lending amount
- 5.1 Taking account of unexpected risks
- 5.2 Types of unexpected risks
- 5.3 Inclusion of capital requirements as floor
- 5.4 Maximum lending amount before residual risk
- 5.5 Accounting for residual risk
- 5.6 A comprehensive modelling framework
- 6 Conclusion
- REFERENCES
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