Integration of the Different Breakdown Approaches

The process of goodwill breakdown has been developed through the following breakdown schemes:

1. estimation of tax shield’s value (Chapter 2); 2. evaluation of real goodwill and terminal goodwill (Chapter 2); 3. assessment of current and growth goodwill (Chapter 2); 4. valuation of business goodwill, corporate goodwill and risk compen-

sation effect (Chapter 3); 5. within business goodwill, determination of system goodwill

and positional goodwill (with income effect and risk effect) (Chapter 4);

6. determination of distinctive capabilities’ value (Chapter 4); 7. assessment of autonomously evaluable intangible assets and evalua-

tion of reduced goodwill (Chapter 5).