Asset Valuations

SCI Verkehr is one of the globally leading providers in the assessment of current and future asset values of railway vehicles. The valuation methods that are tailored to the requirements of our clients comply with European and international standards and are widely appreciated in the industry.

Project examples

  • Asset valuation EMU Czech Republic

    Customer: International financing company

    On behalf of an international financing company, SCI Verkehr has conducted an asset valuation of electric multiple units EMU, to be operated in Czech regional rail under PSO by a private operator. The market valuation is based on the SCI Database.

  • Market and real estate valuation of a rail passenger transport workshop

    Customer: Workshop service provider 

    On behalf of a workshop service provider, SCI Verkehr, together with a partner, prepares a real estate valuation of a workshop for rail passenger transport and analyses the workshop´s offer as well as the market situation in the catchment area. In addition, a risk analysis is carried out in the event of a failure of the workshop service provider or its customer.

  • Asset valuation of double-deck EMUs

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr has assessed double deck electric multiple units (EMUs) following the IVS 2022 standard. The cost-based approach (RC) was applied.

  • Vehicle evaluation multi-system locomotives

    Customer: Investor

    SCI Verkehr supported an investor in the valuation of modern multi-system locomotives in various European freight markets. The valuation was carried out using the cost-based replacement cost method.

  • Asset valuation modern multi-system locomotives

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr determines the current and expected future market value for modern multi-system locomotives. SCI Verkehr conducts an extensive analysis of the locomotives and their supply and demand and also evaluates the service of such locomotives in various European countries.

  • BEMU market analysis

    Customer: European rolling stock lessor

    SCI Verkehr has conducted a market study on the topic of battery multiple units (BEMU) on behalf of a major European lessor. In particular, the supply and demand side as well as possible risk factors in the procurement of a BEMU fleet were examined. Part of the analysis is the consideration of re-deployment scenarios after 15 years as well as an explicit vehicle evaluation according to the IVS standard.

  • Valuation of overhead line construction machine

    Customer: Financial institute

    For a financial institution, SCI Verkehr evaluated the market-side performance of a catenary construction machine.

  • Locomotive valuation in the course of refinancing

    Customer: Leasing company

    In the course of a refinancing, SCI Verkehr valued a portfolio of modern shunting and universal locomotives on behalf of a European lessor. Both a cost-based and an income-based valuation (IVS 2022 valuation standards) were carried out.

  • Valuation of freight wagon fleet

    Customer: Investor

    On behalf of an investor, SCI Verkehr determined the current value of a fleet of newly built freight wagons of various types. The valuation was carried out using the cost-based RC as well as the income-based DCF valuation method according to IVS 2020 and takes into account the results of a supply and demand analysis of the wagons.

  • Vehicle evaluation locomotives and freight wagons

    Customer: Railway undertaking

    SCI Verkehr valued a fleet of locomotives and freight wagons according to the different valuation approaches market value and liquidation value using the cost-based valuation method.

  • Valuation of double-deck EMU according to IVS 2022

    Customer: Operator

    SCI Verkehr was commissioned by a large operator in the German regional rail market to carry out an RC valuation of new DD-EMU. The assessment was carried out according to IVS 2022. A price benchmark for DD-EMU was also part of the valuation report.

  • Fleet valuation of freight wagons and locomotives

    Customer: Rail transport company

    On behalf of a rail transport company, SCI Verkehr determined the current value of a rail freight fleet. The value assessment of these vehicles, which are operated on the Iberian peninsula, was based on the cost-based DRC approach, and considered the results of a supply and demand analysis for locomotives and freight wagons.

  • Asset valuation of a freight wagon fleet

    Customer: Investor

    On behalf of an investor, SCI Verkehr valued a fleet of modern used tank, intermodal and bulk wagons. The valuation of the wagons according to DCF and DRC methodology took into account the wagon-specific supply and demand situation.

  • Continuous evaluation of a rail vehicle portfolio

    Customer: Refinancing credit institution

    A credit institution commissioned SCI Verkehr for initial and subsequent valuations for an extensive rolling stock portfolio in Europe and North America. The results of the calculation were used internally at the client for the assessment of credit risks. In addition to the semi-annual portfolio valuation, SCI Verkehr supported the client at short notice with additional market analyses and expert discussions. A presentation on current and expected market trends was given at the end of the project.

  • Evaluation of an electric locomotive fleet

    Customer: Rail vehicle lessor

    SCI Verkehr prepared an annual fleet valuation for single, multi-system and dual-mode locomotives for a European locomotive lessor. An income-based valuation approach was chosen for the valuation.

  • Asset valuation locomotive portfolio

    Customer: Investment company

    On behalf of an investment company, SCI Verkehr carried out a valuation update for a portfolio of electric mainline locomotives and diesel shunting locomotives. In determining the value according to the capitalised earnings method, SCI Verkehr also relied on the expert results on the technical condition of the assets. These were determined in on-site analyses by a technical expert.

  • DCF asset valuation locomotive portfolio with market analysis

    Customer: Financier of rail vehicles

    On behalf of a financier of rail vehicles, SCI Verkehr determines current asset values of a locomotive portfolio. The valuation takes into account the income-based DCF valuation methodology and additionally includes an extensive market and fleet analysis in European core markets.

  • Investigation concerning the application of alternative financing models for the procurement of rail vehicles

    Customer:

    Analysis of existing models for financing rail vehicles amongst other in connection with the reorganisation of the RPST following the railway reform; economics and legal feasibility of new financing models.

  • Fleet strategy for electric rolling stock for regional transport

    Customer: Financial services company

    In order to achieve lasting financing conditions for rolling stock and select a suitable fleet structure, a detailed knowledge of transport market development is necessary. SCI Verkehr analysed the German electrical regional engine market for a financial services company and determined the market requirements for a fair fleet strategy. Analyses of outstanding tenders, dominating company-related and infrastructural parameters, and the existing vehicle fleets marked the starting points.

  • Economic evaluation of rolling stock

    Customer: Financial services company

    Since vehicles themselves can serve as assets in the financing of railway vehicles, thus making favourable financing options possible, ascertaining their economic value is extremely important. SCI Verkehr examined the worldwide market for rolling stock in order to determine the benefits, territorial possibilities, and costs related to recycling used railway vehicles. Rail-mounted vehicles of different categories were put to a general LCC/RAM analysis, added by verifying well-known used vehicle transactions. The results were based both on the evaluation of secondary sources and interviews with experts. The study?s objective was a standardized evaluation for assets.

  • Value stability of goods train locomotives

    Customer: Financial service provider

    Assessment of the potential risks a financial service provider is running in connection with the sale and financing of second-hand goods train locomotives to a Polish railway transport company. Determining the stability of the market value and required additional costs (registration, modernization, etc.) for the continued use of the second-hand vehicles in other areas.

  • Value analysis of modernized diesel locomotives

    Customer: Industry

    Comparative study of new and second-hand vehicles in relation to their rail service and value stability. Assessment of the potential use and sale of second-hand and modernised diesel locomotives as basis of a value analysis across their life cycle. Provision of the value so determined as asset security for financing.

  • Value appraisal TRAXX locomotives

    Customer: Leasing company

    SCI Verkehr evaluated the locomotive family TRAXX from Bombardier, with regard to its value stability, for a leasing company. The value appraisal focused on the chances to re-use the locomotives upon expiry of a 10-year leasing contract. By being aware of the demand development and value pattern of the locomotives, the entrepreneurial risk for the lessor can be estimated more accurately and marketable terms for the leasing contracts can be determined building upon these risks.

  • Value appraisal V100

    Customer: Financial services company

    When a rail construction company became insolvent, SCI Verkehr determined the asset value of a locomotive, and ascertained starting points for re-using the vehicle. Alongside the technical valuation of the vehicle, the study focused on the achievable sales revenue in the context of the market development.

  • Vehicle benchmark and determination of asset value for modern EMUs

    Customer: Private sector

    On behalf of a rail vehicle manufacturer, SCI Verkehr is appraising the asset value development of multiple units over their life-cycle within the scope of a vehicle benchmark. The asset value of vehicles in short-distance passenger transport is especially important in the event that further utilisation of the vehicles is necessary once a concession has expired. This has to be considered when the rail vehicle is first purchased. The examination used the ?Asset Value Tool? developed by SCI Verkehr and included both an analysis of the technical vehicle value as well as statements about the possible re-use of the multiple units in the case of further utilisation of the vehicles in Germany and abroad.

  • Asset value analysis of an insolvent railway transport company

    Customer: Financial services company

    Analysis of the asset values of an insolvent railway transport company by evaluating sales opportunities for used locomotives and wagons in Germany and abroad as well as their technical stable value for estimating the market value in the event of reuse.

  • Calculation of the asset value of motor coaches for their financing

    Customer: Financial service provider

    Under instruction of the financial service provider, SCI Verkehr prepares a value report for new motor coaches which will be funded under a foreign loan and whose asset values serve as security. Therefore, the terms of the loan depend essentially on the stability of the value of these vehicles, which is calculated by means of an "Asset Value Tool" developed by SCI Verkehr.

  • Value appraisal for diesel locomotives

    Customer: Financial services company

    Within the scope of diesel locomotive financing, SCI Verkehr determined the asset value of a vehicle fleet and ascertained starting points for their re-use upon expiry of the current transport contract. Alongside the technical valuation of the vehicle, the study focused in particular on the achievable sales revenue in the context of market development.

  • Asset value analysis for financing modern EMUs

    Customer: Financial credit institution

    On behalf of a financial credit institution, SCI Verkehr examined the asset value development of electrical multiple units over their entire life-cycle for operation in Eastern Europe. The investigation used "Asset Value Tools" developed by SCI Verkehr and included an analysis of the technical vehicle value as well as statements regarding possible re-usage of the EMUs in Germany and abroad. This took into account current and future Eastern European short-distance passenger transport organisation and operator structures.

  • Value analysis of a multiple unit family

    Customer: Financial services provider

    In view of an upcoming financing agreement, the assets of a multiple unit family were analysed with regards to their economic value taking into consideration various price levels, existing licenses and technical specifications of other multiple units.

  • Value analysis of a refurbished main-line diesel locomotive

    Customer: Financial services provider

    As a basis for a finance contract for a refurbished main-line diesel locomotive, the latter was analysed with regard to its economic value. The value analysis comprised the condition of the vehicle, the scope and quality of refurbishment work and a forecast of future demand for locomotives of this class.

  • Value analysis of additional equipment for passenger coaches

    Customer: International credit institute

    In the context of passenger coach procurement, an operator was often faced with additional costs due to the need to install additional equipment. On behalf of the credit institute financing this operator?s procurements, SCI Verkehr reviewed the sustainability of these conversion measures and their effects on a possible rise in the asset value.

  • Refinancing a leasing portfolio

    Customer: Major European bank

    On behalf of a major bank, SCI Verkehr analysed and evaluated the portfolio of a European leasing company and its future profit situation. This concerned refinancing an existing portfolio or a rolling stock portfolio under expansion which comprises locomotives, multiple units, passenger coaches and freight wagons.

  • Valuation and analysis of used passenger coaches

    Customer: International credit institute

    When financing rail vehicles, the asset value of the vehicle (as collateral security) over its entire useful life is very important. On behalf of a leasing company SCI Verkehr is therefore analysing the current asset value of used passenger coaches in long-distance travel after being refurbished up to the end of their serviceable life, taking into consideration usage possibilities in Europe. The value analysis serves as the basis for assessing transaction risks and for calculating credit terms.

  • Analysis of the secondary market for rolling stock in Europe and the CIS

    Customer: International credit institute

    On behalf of a credit institute, SCI Verkehr analysed the secondary market for rolling stock in Europe as well as the development of values within the scope of risk management. In its expert report SCI Verkehr carried out an assessment by country of the markets for passenger and freight transport in Europe and the CIS, in order to derive the probabilities for potential reuse. With the aid of this market analysis we calculated, analysed and provided the reasons for value reductions in the event of possible reuse.

  • Valuation of refurbished diesel locomotives

    Customer: Rolling stock refurbishing company

    SCI Verkehr compiled a value analysis for used diesel locomotives on behalf of a company which reworks and refurbishes rolling stock. The analysis considers both the vehicle-related conservation of value of the locomotives and the market-related prospects for their sale. As the competitive situation as well as the demand for vehicles of certain power classes are of particular importance for the value stability of assets in rail transport, a comparative consideration of new vehicles was carried out.

  • Entry into the European leasing market

    Customer: Financial investor

    On behalf of a financial investor, SCI Verkehr analysed the European rail transport market as well as options for entering the European leasing market. SCI Verkehr assisted the company in its market entry by analysing the value developments of potential assets as well as carrying out analyses of goods flows for a selection of suitable assets.

  • Value analysis of electric locomotives

    Customer: International credit institute

    On behalf of a financing credit institution, SCI Verkehr is examining the asset value development of electric locomotives over their entire life-cycle. The investigation uses the ?Asset Value Tool? developed by SCI Verkehr and includes both an analysis of the technical vehicle value as well as statements about the possible re-use of the locomotives in the case of further utilisation of the vehicles. The impact of different maintenance levels on the value development of the vehicles was also taken into consideration.

  • Value analysis of double-deck multiple units

    Customer: Financial services provider

    On behalf of a financing credit institution, SCI Verkehr is examining the asset value development of electric double-deck multiple units over their entire life-cycle. The investigation uses the ?Asset Value Tool? developed by SCI Verkehr and includes both an analysis of the technical vehicle value as well as statements about the possible re-use of the multiple units in the case of further utilisation of the vehicles. The evaluation is carried out paying particular attention to competition from locomotive-hauled double-deck wagon trains.

  • Environmental risk assessment of rolling stock financing

    Customer: Allianz pro Schiene e.V.

    SCI Verkehr developed a method for considering environmental criteria when valuating rolling stock. This is especially important for credit providers for the purpose of performing risk assessments when financing rolling stock. The method was developed within the scope of a project of the Federal Ministry of the Environment for Allianz pro Schiene e.V. in cooperation with HSH Nordbank and IZT in Berlin.

  • Valuation system for rolling stock financing

    Customer: Specialised commercial bank

    SCI Verkehr supported a major European bank specialising in investments in rail transport in developing/modifying a valuation tool used for the valuation of assets as collateral security when granting loans. Both vehicle-related and market parameters were integrated in the valuation and a valuation tool developed in 2004 by SCI Verkehr was revised and improved.

  • Potential of the leasing business in the European rail transport market

    Customer: Asian conglomerate

    On behalf of an Asian conglomerate SCI Verkehr is analysing the development of the rail transport markets in Eastern and Western Europe. The project focuses on identifying market potential in the leasing business and developing a market-entry strategy.

  • Development of generally applicable value curves for rolling stock portfolio assessment

    Customer: International credit institute

    On behalf of an international credit institute, SCI Verkehr analysed the value development of rolling stock over their entire useful life. In the project we defined individual asset categories in the field of passenger vehicles and locomotives using an analysis of demand from the client, and building upon this we developed generally applicable value curves for an internal portfolio assessment. To do this we used an evaluation of future demand for rolling stock in Europe.

  • Assessment of business plan and portfolio of a leasing company

    Customer: International bank consortium

    On behalf of an international bank consortium, SCI Verkehr critically analysed the business plan of a leasing company. For this purpose we performed an extensive asset value analysis of the diesel locomotives in the portfolio. As well as a comprehensive analysis of the future demand, we also conducted an assessment of launching newly developed diesel locomotives.

  • Analysis and forecast of price development for passenger vehicles in Europe

    Customer: International leasing company

    On behalf of an international leasing company, SCI Verkehr identified, evaluated and verified by means of expert interviews the key factors (especially the manufacturer landscape) influencing the development of the price of rail passenger vehicles. We then forecast the price development for the period 2008?2012 and derived scenarios for the period 2012?2017. Using the results, SCI was able to provide the client with relevant recommendations for future action.

  • Consultancy support for an acquisition in the rolling stock leasing segment

    Customer: Asian conglomerate

    SCI Verkehr supported an Asian conglomerate in the acquisition of a suitable target in the European leasing business. For this purpose, SCI Verkehr analysed the development of the leasing and rail transport markets in Eastern and Western Europe, examined and evaluated selected companies with regard to their assets as well as market and competitive positioning and forecast the future business development to be expected for the individual targets. SCI Verkehr supported the company in the preparatory measures for a due diligence as well as in the due diligence itself.

  • Market and leasing rate forecast within the scope of the acquisition of a leasing company

    Customer: Financial investor

    To support an acquisition by a large European leasing company, SCI Verkehr forecast the future development of the leasing market in Europe and the leasing rates to be expected. The individual assets were evaluated with regard to their future positioning in the market. Furthermore, SCI Verkehr carried out a forecast of the general market development and competitive situation for rolling stock leasing in Europe. Using the tried-and-tested market and leasing rate forecasts from SCI Verkehr, the investor was able to estimate the portfolio of the leasing company and thus key elements of the target?s market value.

  • Market prospects and competitive situation in locomotive leasing

    Customer: International credit institute

    In order to broaden its service portfolio, SCI Verkehr analysed the competitive situation and market prospects in the European market for operate leasing of locomotives on behalf of an international leasing company. To determine the market demand SCI Verkehr examined national and international transport flows in rail freight transport, differentiated by important types of freight suited for transportation by railway. On this basis, SCI Verkehr derived the current and future demand for locomotives differentiated by type of traction, power systems and national packages. Taking into consideration the competitive environment, SCI Verkehr determined an optimum fleet structure for a leasing pool.

  • Value appraisal for new rail vehicles in the LRV and rail freight transport segments

    Customer: Financial services provider

    Within the scope of this project, SCI Verkehr analysed two different vehicle types (trams and car carrier wagons) as potential financing objects with regard to economic value and reuse potential. In the examination of the LRV vehicle SCI Verkehr focused on remarketing as a leasing object, whereas for car carrier wagons the assessment of the manufacturer and vehicle concept was at the forefront.

  • Discount cash flow (DCF) evaluation of the locomotive fleet of a leasing company

    Customer: Financial investor

    SCI Verkehr evaluated the portfolio of a leasing company on behalf of a potential investor. For this purpose, it compiled a forecast of the future leasing revenues of the locomotive fleet for the next 30 years on the basis of market expectations and, using a discount cash flow (DCF) evaluation, the value of the assets/leasing company was ascertained.

  • Market analysis of the European railway market

    Customer: International financing company

    In order to develop a strategy process for an international financing company, SCI Verkehr analysed the present and future of the European railway market. This extensive study focused on identifying demand potential for vehicle financing and rolling stock leasing in rail passenger and freight transport in the leading European markets. The report additionally includes up-to-date market information about transport markets, important transport and leasing companies and the vehicle industry.

  • Asset valuation of diesel locomotives

    Customer: Financing company

    For the issuing of a railway fund, SCI Verkehr analysed market prices, rental rates and asset values of a potential vehicle pool for new and used diesel locomotives on behalf of an international financing company. The analysis was made with the aid of a valuation approach which combines market and technical influence factors and in doing so takes into consideration the reutilisation of the vehicles.

  • Asset valuation EMUs

    Customer: National credit institute

    As a basis for the decision concerning the financing of rolling stock for operation in German regional rail transport, SCI Verkehr evaluated the value development of EMUs over their entire useful life. As well as an analysis of the technical vehicle value with the aid of the SCI Asset Value Tool, this expert report focused on identifying secondary markets for the vehicles beyond the year 2020. This was done with the aid of an analysis of planned tenders in regional rail transport in Germany and in other attractive secondary markets.

  • Evaluation of the leasing market for locomotives in Southern Europe

    Customer: Financial investor

    On behalf of a financial investor, SCI Verkehr analysed and evaluated the Southern European leasing market for locomotives. In addition to a fleet analysis and competitive situation, a forecast of future demands was carried out and used to derive a business recommendation for the portfolio organisation of a locomotive pool.

  • The Russian railway market

    Customer: Leasing company

    On behalf of an international leasing company, SCI Verkehr analysed the transport-related, legal and political conditions in the Russian railway market. The study focused on the positions and strategies of the Russian state railway RZD, its most important supplier Transmashholding and the providers active in the Russian market for rolling stock leasing.

  • Value analysis of modern electric locomotives for operation in Europe

    Customer: International leasing company

    On behalf of an international leasing company, SCI Verkehr assessed the asset value development of electric multi-system locomotives over their lifecycle. The examination used the ?Asset Value Tool? developed by SCI Verkehr and included both an analysis of the technical vehicle value as well as statements about the possible re-use of the locomotives in other countries. The expert appraisal was complemented by a detailed analysis of various types of vehicle with different power systems and country packages and a price benchmark for modern electric locomotives.

  • Value analysis of used DMUs

    Customer: International financing company

    For an international financing company SCI Verkehr analysed the current vehicle value and future value development of used DMUs. The examination was carried out using an analysis of future tenders in the German commuter transport market.

  • Value analysis for fully refurbished diesel shunting locomotives

    Customer: Leasing company

    On behalf of a leasing company already active in the rolling stock segment, SCI Verkehr performed a value analysis of diesel shunting locomotives. This concerned fully refurbished locomotives of various power classes.

  • Price and margin analysis of Eastern European locomotive manufacturers 1996?2008

    Customer: Slovakian industrial company

    For a potential court procedure the client required an expert appraisal to determine the profits lost from non-realised contractual relationships. For this purpose, SCI Verkehr identified and analysed the prices and margins of comparable products and projects. The objective was to make an estimate based on the researched data of the profits lost by the client under standard market conditions.

  • Value analysis of mainline diesel locomotives

    Customer: National credit institute

    For a national credit institute SCI Verkehr analysed the new vehicle development for internationally operable mainline diesel locomotives. This brief expert appraisal focused on assessing the current vehicle value by means of a price benchmark with competing products.

  • Value analysis of modern EMUs

    Customer: Financing institute

    On behalf of a vehicle leasing company, SCI Verkehr analysed the value development of modern EMUs over their lifecycle. The valuation was carried out with the aid of the asset value tool developed by SCI Verkehr, taking into account the reuse potential of the vehicles during and at the end of a commuter transport franchise in Germany and Europe.

  • Value analysis of a track laying machine

    Customer: Financing company

    On behalf of a leasing company, SCI Verkehr assessed the current value of a used track laying machine. The analysis took into consideration a vehicle benchmark of comparable new vehicles and an estimate of potential secondary markets in Germany and abroad.

  • Value appraisal for used rolling stock in passenger transport

    Customer: Investment company

    A European railway company intended to sell its surplus rolling stock to an investor. The rolling stock consisted of highly differentiated vehicle types for passenger transport of a wide range of ages. SCI Verkehr was commissioned by a potential investor to perform an estimate of the current market value of this fleet and its individual asset groups.

  • Method to determine the loss given default for financing rolling stock

    Customer: International bank

    In order to fulfil the Basel II criteria for financing rolling stock, determining the loss given default (LGD) is a key aspect. The LGD reflects the risk in the event of a loan default which is the result of the difference between the market value and the collateral security of an asset. In turn, this determines the necessary equity ratio that the financier has to pledge according to Basel II. In developing a method to determine the LGD, SCI Verkehr assists an international banking house and first of all carries out a prototypical application for one asset class within the scope of a feasibility study.

  • Current value appraisal for used freight transport locomotives

    Customer: International banking house

    On behalf of an international banking house, SCI Verkehr rendered an expert opinion for electric freight transport locomotives intended for operation in Germany and France and compiled a current value appraisal. In addition to a technical appraisal of the vehicles, SCI Verkehr analysed the maintenance concept and the definition of key figures to determine penalties in the event of excessive wear on the vehicles.

  • Price and leasing analysis for locomotives and multiple units

    Customer: International banking institute

    For an international banking institute, SCI Verkehr analysed the development of new prices and the leasing and rental rates for locomotives and multiple units over a period of ten years. The information was required within the scope of an internal rating tool. For the analysis, SCI Verkehr uses the SCI railway technology database with more than 20,000 rolling stock datasets. As the market for rolling stock leasing is only in the early stages and data is not always available, SCI Verkehr supplemented the figures with qualitative estimates.

  • Asset valuation of rolling stock portfolio of a leasing company

    Customer: International financial investor

    For the purpose of refinancing the rolling stock portfolio of a leasing company, SCI Verkehr assesses the future value development of the rolling stock against the background of the transport market development, the resulting possibilities for vehicle reutilisation and the leasing rates achievable in the market. As these are fungible standard vehicles, a discount cash flow (DCF) approach is applied, using a critical appraisal of the expected market conditions.

  • Method to determine the loss given default for financing rolling stock

    Customer: International bank

    In order to fulfil the Basel II criteria for financing rolling stock, determining the loss given default (LGD) was a key aspect. The LGD reflects the risk in the event of a loan default, which is the result of the difference between the market value and the collateral security of an asset. In turn, this determines the necessary equity ratio that the financier has to pledge according to Basel II. In developing a method to determine the LGD, SCI Verkehr supported an international banking house and first of all carried out a prototypical application for one asset class within the scope of a feasibility study.

  • Value analysis for fully refurbished diesel shunting locomotives

    Customer: Leasing company

    On behalf of a leasing company already active in the rolling stock segment, SCI Verkehr performed a value analysis of diesel shunting locomotives. Specifically, these were former locomotives of the German federal railway which were converted and fully refurbished at the Alstom plant in Stendal.

  • Valuation of future leasing rates for rolling stock

    Customer: Leasing company

    On behalf of a leasing company already active in the rolling stock segment, SCI Verkehr performed a regular analysis of the leasing revenues expected for the entire vehicle portfolio. Depending on the fleet structure and the market demand expected, the leasing revenues and downtimes of the vehicles were assessed. These served as the foundation for the business plan.

  • Reviewing the assumptions of a valuation system for rolling stock

    Customer: International credit institute

    On behalf of an international credit institute, SCI Verkehr investigated the assumptions of an existing valuation system for rolling stock against the background of the regular "Basel 2" valuation. SCI Verkehr also assessed the potential effects of the financial crisis on the current and future asset values of the rolling stock.

  • Value development of a rolling stock portfolio

    Customer: International financing company

    On behalf of an international financing company, SCI Verkehr analysed the value development of a rolling stock portfolio within the last three years including a look ahead to the next three years. The results form the basis for a routine assessment of the assets based on the legal requirements in accordance with Basel II.

  • Valuation of DMUs

    Customer: Leasing and financing company

    In order to calculate an offer price for a rolling stock transaction, SCI Verkehr determined the value development of a DMU for operation in the German commuter rail segment. The expert report encompasses an analysis of the vehicle prices, a benchmark of competitor products and an overview of the future opportunities for reuse in Germany and Europe.

  • Support in developing a valuation system for rolling stock

    Customer: International credit institute

    On behalf of an internationally active credit institute, SCI Verkehr analysed the price development of new locomotives, multiple units and passenger coaches in the European market with the aid of the SCI railway technology database. In addition, SCI performed an analysis of the used vehicle market for these vehicle categories. The information was used by the client to calculate and validate internal value reductions within the scope of an asset valuation system.

  • Valuation of single- and double-deck EMUs

    Customer: Vehicle manufacturer

    On behalf of a rolling stock manufacturer, SCI Verkehr analysed one single-deck and one double-deck EMU from its portfolio with regard to their value development. SCI Verkehr evaluated the specific field of operation of the vehicles as well as potential secondary markets in Europe in the event of reuse.

  • Analysis of the European market for rolling stock leasing

    Customer: International leasing company

    For an internationally active leasing company, SCI Verkehr analysed the European market for rolling stock leasing in the freight transport segment. SCI Verkehr examined important national markets and the key European players in rail freight transport and the leasing market for locomotives and freight wagons. The analysis also included the effects of the current financial and economic crisis on the development of demand in the rail freight transport sector.

  • Value analysis of new DMUs and EMUs for operation in the German commuter rail market

    Customer: International credit institute

    On behalf of an international credit institute, SCI Verkehr assessed the value developments of DMUs and EMUs for operation in the German commuter rail market. SCI Verkehr analysed both technical aspects, such as maintenance condition and refurbishment costs, as well as the opportunities for reuse in the European market, in particular once the franchise expires.

  • Valuation of freight wagons

    Customer: Leasing company

    For a leasing company, SCI Verkehr analysed the asset value development of sliding wall freight wagons (Habbiins-16) and bulk freight wagons (Falns) over their entire lifecycle. In addition to the analysis of the technical vehicle values, the expert report also included statements concerning a possible reuse of the freight wagons.

  • Valuation of single-deck EMUs

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr assessed the value development of a new EMU in the German market. In particular, SCI Verkehr analysed future franchises for electrified commuter rail networks as potential second markets for reuse, as well as performing a comparative assessment of the asset value method and DCF method using the example of a current tender.

  • Valuation of a leasing company?s portfolio

    Customer: International credit institute

    As a consequence of the current financial and economic crisis, SCI Verkehr carried out a portfolio revaluation for a large leasing company for electric and diesel locomotives, multiple units and freight wagons. To do so, SCI Verkehr adapted an existing asset valuation to the current market situation and compiled a comprehensive accompanying market report. The results form the basis for the company?s future strategic direction.

  • Asset valuation of a diesel locomotive portfolio

    Customer: International financing company

    On behalf of an international financing company, SCI Verkehr analysed the current value of a diesel locomotive portfolio using the capitalised earnings method. SCI Verkehr analysed the current and expected lease rates and new vehicle prices, as well as costs for maintenance and general inspection.

  • Value analysis of track reconstruction trains

    Customer: Internationally active track construction company

    On behalf of an internationally active track construction company, SCI Verkehr assessed the value development of one new and one used track reconstruction train in the German market. The analysis took into consideration a vehicle benchmark of comparable new vehicles and an estimate of potential secondary markets in Germany and abroad.

  • Railway Technology 2009 - 2014

    Customer: International credit institute

    On behalf of an international credit institute, SCI Verkehr analysed an existing valuation model for rolling stock. The review took place with the aid of a general plausibility check of the input parameters as well as a calculation of the most important asset categories in the leasing company?s vehicle portfolio. The results of the valuation model were checked for plausibility using SCI?s internal valuation model and a number of potentials for improvement were identified.

  • Adjustment of assessment model for rolling stock

    Customer: International financing company

    On behalf of an international credit institute, SCI Verkehr investigated the assumptions of an existing valuation system for rolling stock against the background of the regular "Basel 2" valuation. The review concerned the current and future situation in freight and passenger transport, as well as an assessment of the effects on the rolling stock asset values.

  • Value appraisal for EMUs

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr assessed the value development of a new EMU in the German market. In addition to analysing the technical vehicle values, we also identified, analysed and rated potential reuse scenarios for the EMUs. The results were used to generate a market value curve.

  • Comparison of the value stability of commuter rail vehicles using an asset value analysis and cash flow analysis for financing the assets

    Customer: Rolling stock manufacturer

    Due to the various vehicle concepts and licenses, there are different opportunities for reuse for commuter rail vehicles. For the asset financing, SCI Verkehr analysed several vehicles with regard to their value stability. We analysed both single-deck and double-deck vehicles against the background of the expected tenders in the years 2022-2026 (once the first franchises expire). In addition to an asset value analysis, we also used a cash flow analysis for leasing the vehicles.

  • Value appraisal for low-floor wagons and accompanying coaches of a "rolling road"

    Customer: Rolling road operator

    On behalf of the operator of a "rolling road", SCI Verkehr performed two value appraisals prior to the procurement of new vehicles: for the financing of special-purpose low-floor wagons and accompanying coaches for the "rolling road", SCI Verkehr assessed their economic value and chances of reuse. While the low-floor wagons could be used on other rolling road routes as well, for the accompanying coaches the conversion to couchette coaches was one of the possible scenarios for reuse.

  • Value appraisal of refurbished diesel shunting locomotives

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr performed a value appraisal for refurbished diesel shunting locomotives. In doing so, we took into consideration the significant drop in rail freight transport as a result of the global economic and financial crisis as well as the current price development for second-hand rolling stock.

  • Asset analysis of DMUs

    Customer: International financing company

    On behalf of a globally active financing company for rolling stock, SCI Verkehr analysed the asset value development of modern DMUs for cross-border operation in Germany and the Netherlands. The report compiled served as the basis for risk assessment for vehicle financing and also took into consideration the agreed return terms for the vehicles.

  • Asset analysis of multisystem railcars

    Customer: Rolling stock manufacturer

    On behalf of an international rolling stock manufacturer, SCI Verkehr analysed the asset value development of modern multisystem railcars. The report compiled served as the basis for vehicle financing and included key statements concerning technical characteristics, service and maintenance and about the possible reuse of the EMUs.

  • Analysis of the potential of reusing double-deck coaches

    Customer: International leasing company

    On behalf of an international leasing company, SCI Verkehr evaluates the possible reuse of double-deck coaches in local rail transport in Germany and other European countries. This project includes an in-depth analysis of potential local rail transport tenders as well as the transport authorities? specific requirements in terms of operating used vehicles in future transport tenders.

  • Analysis of the potential of reusing heavy diesel locomotives

    Customer: International leasing company

    The project aims the support of an international leasing company in searching possibilities for the reuse of used six-axle diesel locomotives. SCI Verkehr developed a market overview on the distribution and the structure of the diesel locomotive fleet in Europe and identified possible interview partners for a direct sales approach in a second step.

  • Value analysis of six-axle mainline diesel locomotives

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr analysed six-axle diesel locomotives currently in operation with regard to their possible remaining value. For this purpose, SCI Verkehr considered the operation history of the locomotives and their maintenance and operational field and assessed the LCC and the required refurbishment expenditures following the third inspection.

  • Value analysis of local rail transport multiple units

    Customer: National credit institute

    On behalf of a regional credit institute, SCI Verkehr assessed the value developments of double-deck EMUs and DMUs for operation in the German local rail transport market. The main focus was on analysing the realistic valuation of the reuse of the rolling stock during and after the concession in Germany and Europe. The value developments were determined with the aid of the SCI Asset Value Tool for rolling stock.

  • Reassessment of a leasing portfolio

    Customer: International bank

    On behalf of an international bank, SCI Verkehr has reassessed a rail vehicle portfolio. For the processing of the project, SCI Verkehr reassessed the current market situation in European passenger and freight transport in as well as the prospects for the leasing of locomotives, freight wagons and passenger coaches. The profit expectations in the years to come have been included in the discounted cash flow analysis of the portfolio.

  • Revision and amendment of a valuation tool for rail vehicles

    Customer: International bank

    On behalf of an international bank, SCI Verkehr has revised an internal valuation tool for rail vehicles which is applicable around the world to determine a secure asset value. The focus has been on the integration and analysis of the current market situation and its impact on the asset value of the vehicles with the aid of a market factor. The value development determined has subsequently been verified with the current reference transactions. In addition, SCI performed an analysis of used vehicle transactions as well as insolvencies of railway operators.

  • Value appraisal of used trams

    Customer: Financial service provider

    Within the scope of this project, SCI Verkehr analysed used refurbished trams as potential financing objects with regard to economic value and re-use potential. In the examination of the LRV vehicles SCI Verkehr presented the value development over the course of time. SCI Verkehr also evaluated the results of the refurbishment measures taken and the (re-)marketing possibilities of the vehicles as well as the costs resulting from this.

  • Value appraisal of three-axle diesel shunting locomotives

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr analysed new three-axle diesel shunting locomotives with regard to their possible remaining value. For this purpose, the possible use of the locomotives and the advantages of the product in terms of LCC and emission values with regard to a possible reuse have been taken into consideration.

  • Value development of heavy shunting locomotives

    Customer: International financing company

    On behalf of an international financing company, SCI Verkehr has analysed the value development of heavy shunting locomotives. The analysis includes the current price development for new vehicles, the rental and leasing rate development as well as required reserves for heavy maintenance. The project results are the basis for a vehicle evaluation in relation to risk management.

  • Annual update for asset assessment of multi-system locomotives

    Customer: European banking company

    On behalf of financer, SCI Verkehr assesses new multi-system locomotives for cross-border transport in Europe by means of a cost-based DRC analysis in the context of an annual update.

  • Asset valuation of a diesel railcar fleet and two tram fleets

    Customer:

    On behalf of a commercial bank, SCI Verkehr carried out the valuation of a diesel railcar fleet and two tram fleets in Europe. The valuation is carried out using the DRC valuation methodology. To this end, price benchmarks were established to determine current vehicle prices. The markets in regional and light rail transport were analysed in order to derive future deployment scenarios.

  • Asset valuation of rolling stock leasing fleet

    Customer: Investment fund manager

    On behalf of a European fund manager, SCI Verkehr analysed rolling stock leasing fleets in terms of asset description, valuation and market background.

  • Asset valuation of electric locomotives for European rail freight transport

    Customer:

    On behalf of an investor, SCI Verkehr prepared a valuation report for electric mainline locomotives using the income-based DCF methodology and the cost-based DRC methodology. The evaluation was based on a detailed analysis of the supply and demand situation.

  • Portfolio evaluation for refinancing

    Customer:

    On behalf of a leading leasing company, SCI Verkehr prepared a comprehensive market and evaluation report on a large European rail vehicle fleet. The fleet, consisting of passenger vehicles, locomotives and freight wagons, was valued using a cash flow-based approach and the valuation methodology and results documented in a comprehensive report.

  • Asset valuation of new pressurised gas tank wagons

    Customer:

    On behalf of an investor, SCI Verkehr prepared an asset valuation of new pressurised gas tank freight wagons. SCI Verkehr evaluated the wagons using the income-based DCF and cost-based DRC methodology.

  • Remarketing evaluation procedure for a fleet of used freight wagons

    Customer:

    As part of the purchase of a fleet of used freight wagons, SCI Verkehr analysed and evaluated the remarketing of wagons after the expiry of rental agreements for an investor.

  • Asset valuation of double pocket cars

    Customer:

    On behalf of an investor, SCI Verkehr prepared an asset valuation of new double pocket cars. SCI Verkehr evaluated the wagons using the income-based DCF and cost-based DRC methodology.

  • Updated valuation of rail vehicle fleet

    Customer:

    On behalf of an international leasing company for rail vehicles, SCI Verkehr determined the value of a large fleet of locomotives and passenger vehicles. The valuation took into account the cost-based DRC valuation approach and the income-based DCF approach. SCI Verkehr also prepared a comprehensive supply and demand analysis.

  • Asset valuation passenger coaches

    Customer: Lessor

    SCI Verkehr determines the future market values of a passenger coaches fleet in the European market for a lessor. A particular focus is on the analysis of expected useful lives and redeployment possibilities, especially in open access transport.

  • Asset evaluation of used tank wagons

    Customer:

    On behalf of an investor, SCI Verkehr evaluated a fleet of used tank wagons. The evaluation of the wagons according to DCF and DRC methodology took into account the wagon-specific supply and demand situation.

  • Portfolio valuation of a leasing locomotive fleet

    Customer:

    On behalf of a refinancing credit institution, SCI Verkehr carried out a follow-up valuation for a leasing locomotive portfolio in Europe.

  • Annual update on the asset valuation of hybrid locomotives

    Customer:

    On behalf of a financier, SCI Verkehr valued new shunting locomotives with hybrid drive using a cost-based DRC analysis as an annual update.

  • Assessment of a rail car portfolio

    Customer: Leasing company

    On behalf of an investor already active in rail vehicle leasing, SCI Verkehr carried out a regular analysis of the expected leasing income of the entire vehicle portfolio. Depending on the fleet structure and the expected market demand, leasing income and downtimes of the vehicles were evaluated, which served as the basis for evaluating earnings opportunities and preparing a business plan.

  • Asset valuation of electric locomotives

    Customer: European railway company

    SCI Verkehr evaluated new electric locomotives for use in continental Europe. The valuation was carried out using the Depreciated Replacement Cost (DRC) method. SCI Verkehr examined the supply and demand situation of the assets in their respective markets with a focus on the open-access market.

  • Valuation of a freight wagon portfolio in Eastern Europe

    Customer: Freight wagon lessor

    For a leasing company, SCI Verkehr GmbH evaluated a freight wagon portfolio and provided an analysis of the freight market and freight wagon fleet development in Eastern Europe.

  • VDD Support Rolling Stock Lessor

    Customer:

    SCI Verkehr supported the sales process of a rail vehicle leasing company, and prepared a comprehensive market and valuation report. For this purpose, SCI Verkehr forecasted the development of future transport markets and the demand for rail vehicle leasing. In addition, the DCF valuation method was applied.

  • Valuation of a locomotive portfolio

    Customer:

    SCI Verkehr prepared a valuation of a locomotive portfolio consisting of used and new vehicles for a global asset and investment manager. For this, SCI Verkehr used both the income-based DCF method and the cost-based DRC valuation methodology. A presentation of the results, in which SCI Verkehr also evaluated current developments within the rail vehicle industry, took place as part of a management meeting.

  • Update assessment of tank wagons, flat and container wagons

    Customer: Investor

    On behalf of a European leasing company, SCI Verkehr prepares an assessment update of a fleet of new and used tank, flat, and container wagons. Assessment is conducted by means of the DCF and DRC methods and takes into consideration the wagon-specific supply and demand situation.

  • Evaluation procedure for rail vehicles

    Customer:

    On behalf of a major rail vehicle financier, SCI Verkehr developed a detailed valuation model to determine the fair market value. The cost-based method took particular account of the functional differences between the assets to be valued and the corresponding new vehicles and also included specific revision cycles and modernisation projects.

  • Assessment update steel-carrier wagons

    Customer: Investor

    On behalf of an investor, SCI Verkehr prepares a valuation update for steel-carrier wagons. SCI Verkehr assesses the steel-carrier wagons by means of the income-based DCF and cost-based DRC method.

  • Asset assessment railcar fleet

    Customer: Vehicle owner

    On behalf of a rolling stock owner, SCI Verkehr determines fair value and future value over time of a railcar fleet. Assessment is conducted by means of the cost-based DRC method.

  • DRC evaluation electric railcar fleet

    Customer:

    On behalf of an asset financier, SCI Verkehr determines the fair market value and future value-over-time for a new electric multiple unit (EMU) fleet. Value determination is conducted by means of the DRC method. Special focus is put on possibilities of reuse after 15 and 30 years. Results are summarised in a report.

  • Asset assessment modernised railcar fleet

    Customer: National credit institute

    On behalf of a credit institute, SCI Verkehr determines fair value and future value-over-time of a railcar fleet in Germany. Valuation is conducted by means of the cost-based DRC method. An essential aspect of valuation is the effect of refurbishment measures on the vehicle value.

  • Asset evaluation EMU

    Customer: Rolling stock owner

    On behalf of a rolling stock owner and associated investors, SCI Verkehr determines the fair value and the future value-over-time of a EMU fleet in Germany. Assessment is conducted according to the cost-based DRC method. A significant aspect of assessment is the influence of refurbishment measures on the vehicle value.

  • Asset valuation of tank wagons and container wagons

    Customer: Investor

    On behalf of a European leasing company, SCI Verkehr evaluates a fleet of new and used tank and container wagons. Valuation is conducted by means of DCF and DRC methods and considers the wagon-specific supply and demand situation.

  • Assessment of diesel mainline locomotives

    Customer:

    On behalf of an investor, SCI Verkehr prepares a valuation report for diesel mainline locomotives by means of the income-based DCF method as well as cost-based DRC method. A detailed analysis of the supply and demand situation forms the basis of the valuation.

  • Portfolio assessment regional and commuter rail transport

    Customer: Leasing company

    On behalf of an international leasing company, SCI Verkehr assesses the value-over-time of railcars and locomotives. SCI Verkehr conducts a cash flow assessment of the vehicles and detailed analyses of respective possibilities of re-use.

  • Asset assessment of tank wagons

    Customer: Investor

    On behalf of a European leasing company, SCI Verkehr assesses a fleet of new tank wagons. Assessment of the wagons by means of the DCF and DRC method considers the wagon-specific supply- and demand situation.

  • Rolling stock assessment of modern intercity wagons

    Customer: European railway company

    On behalf of a European railways, SCI Verkehr assesses modern passenger coaches to be operated in cross-border intercity traffic. Assessment is based on the cost-based DRC method and includes a detailed supply- and demand analysis.

  • Asset assessment of modern short-distance passenger rail transport railcars

    Customer: Leasing

    SCI Verkehr determines the current and future market value of electric and diesel multiple units to be operated in the German short-distance passenger rail transport market. Special focus is put on analysing the expected useful life and long-term options for re-use.

  • Asset valuation of multi-system locomotives

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr assesses new multi-system locomotives for European cross-border traffic via the alps by means of the cost-based DRC analysis.

  • Portfolio assessment for refinancing

    Customer: European leasing company

    In the course of refinancing a European locomotive portfolio SCI Verkehr prepares a portfolio assessment by means of the cost-based DRC assessment method. Assets, input parameters and results as well as a detailed market analysis are documented in an assessment report.

  • Determining current market value electric multiple units (EMUs)

    Customer: Financial services provider

    On behalf of a financial services provider, SCI Verkehr determines the current market value of an EMU fleet, in the context of a short-term sale. The fleet was evaluated by means of the cost-based DRC method.

  • Asset assessment container wagons

    Customer: Investor

    On behalf of a European leasing company, SCI Verkehr assesses a fleet of container wagons and pocket wagons. Assessment of the wagons is conducted according to the DCF and DRC methods considering the wagon-specific supply and demand situation.

  • Valuation tool locomotives and infrastructure vehicles

    Customer: Rolling stock financier

    On behalf of an international rolling stock financier, SCI Verkehr prepares a cost-based valuation methodology for locomotives and infrastructure vehicles. Maintenance cycles and refurbishment, amongst other things, are included in the value-over-time considerations.

  • Asset evaluation of car-carrier wagons

    Customer: Investor

    On behalf of a European leasing company, SCI Verkehr evaluates a fleet of special car-carrier wagons. Assessment of the wagons by means of the DCF and DRC method takes into consideration the wagon-specific supply and demand situation.

  • Determining fair value of an EMU fleet

    Customer: European railway undertaking

    On behalf of a European railway undertaking, SCI Verkehr determines the current market value of used electric multiple units (EMUs). Based on its regional rail transport and vehicle databases, SCI Verkehr analyses the future secondary market for EMUs in particular and with a special focus on open access transport operations.

  • Continuous assessment of a rolling stock portfolio

    Customer: Refinancing credit institution

    On behalf of a refinancing credit institution, SCI Verkehr conducts initial and subsequent assessments of a large portfolio comprising passenger vehicles, locomotives, and freight wagons in Europe and North America. Results are utilized internally at the customer with regard to assessing credit risks.

  • Due Diligence locomotive fleet

    Customer: International logistics company

    SCI Verkehr supports an international logistics company in the context of a due diligence project involving the evaluation of a rolling stock fleet which is to be taken over in the course of a transaction. Valuation is conducted considering the cost-based DRC evaluation approach.

  • Valuation report EMU Eastern Europe

    Customer: Operator Eastern Europe

    On behalf of a railway operator, SCI Verkehr prepared a valuation report of a railcar fleet operated in Eastern Europe. Special focus was put on potential redeployment options, e.g. open access.

  • Assessment of steel transport wagons in continental Europe

    Customer: Investor

    On behalf of a European leasing company, SCI Verkehr assesses a fleet of steel transport wagons. Assessment of the wagons according to the DCF and DRC methods considers the wagon-specific supply and demand situation.

  • Dual mode locomotive valuation

    Customer: Project financier

    On behalf of a financier, SCI Verkehr determines the current and future market value of dual mode locomotives. SCI Verkehr differentiates between different utilisation scenarios, which consider the state of maintenance and the expected market situation.

  • Vehicle assessment rail freight fleet

    Customer: International bank

    On behalf of a refinancing bank, SCI Verkehr determines the current vehicle value of a rail freight fleet. Value assessment of these vehicles operated on the Iberian Peninsula is built on the cost-based DRC assessment approach and considers results of a supply and demand analysis of locomotives and freight wagons.

  • Rolling stock assessment: Electric locomotives

    Customer: Locomotive lessor

    On behalf of a locomotive lessor, SCI Verkehr assesses current and future market value of electric single and multi-system locomotives. Income-based as well as cost-based valuation methods are applied.

  • Assessment of a freight wagon portfolio

    Customer: Freight wagon investor

    On behalf of an investor, SCI Verkehr assesses a freight wagon portfolio by means of the DCF and DRC methods, i.e. income-based as well as based on replacement costs of the fleet.

  • Market value assessment of a European freight wagon fleet

    Customer: European rail freight transport operator

    On behalf of a European rail freight company, SCI determines the market value of a larger fleet of freight wagons. For this purpose, SCI Verkehr analyses the supply and demand situation of these wagons and carries out a cost-based DRC valuation in order to determine the market value.

  • Determining fair value of diesel multiple units

    Customer: Railway transport company

    In the context of a railway transport company’s refinancing, SCI Verkehr determines the current market value of used diesel multiple units. For this purpose, SCI Verkehr particularly analyses the future secondary market for diesel-powered regional railcars based on its regional and commuter rail transport and rolling stock databases.

  • Acquisition support used multi-system locomotives

    Customer: Infrastructure fund

    SCI Verkehr supports an infrastructure fund with regards to the acquisition of used electric multi-system locomotives. For this purpose, SCI Verkehr prepares a report comprising market analyses as well as detailed assessment including sensitivity analysis of the most important input parameters.

  • Valuation of a fleet of steel wagons

    Customer: International rail freight operator

    On behalf of a Central European rail freight operator, SCI Verkehr assesses the current market value of the freight wagon fleet. SCI Verkehr uses a cost-based DRC approach to determine the fair market value. The project includes a comprehensive report which deals with the asset valuation and the current market situation in detail.

  • Update fleet evaluation leasing company

    Customer: Rolling stock lessor

    On behalf of a vehicle leasing company active throughout Europe, SCI Verkehr prepares a valuation update. The large fleet comprising locomotives, passenger trains and freight wagons is assessed by means of the DCF valuation method.

  • Continuous bus portfolio evaluation

    Customer: Credit institution

    On behalf of a refinancing credit institution, SCI Verkehr conducts initial and subsequent evaluations of an extensive portfolio of commercial vehicles. The results of this calculation are utilised internally by the customer in order to assess credit risks.

  • Leasing fleet valuation update

    Customer: European locomotives lessor

    On behalf of a European leasing company, SCI Verkehr assesses the entire locomotive fleet comprising diesel and electric mainline locomotives as well as shunting locomotives. Valuation is conducted by means of the cost-based DRC approach and by taking into account the current market situation of the locomotives.

  • Rolling stock valuation tool

    Customer: Rolling stock financing company

    On behalf of a large rolling stock financing company, SCI Verkehr develops a cost-based valuation tool for different rolling stock types. SCI Verkehr determines different value progressions and input parameters and develops a special value determination method, which considers individual revision cycles.

  • Valuation of a freight wagon portfolio in Eastern Europe

    Customer: Freight wagon lessor

    For a leasing company, SCI Verkehr GmbH evaluated a freight wagon portfolio. Fokus for the report is an analysis of freight (wagon) markets in Eastern Europe, including the effects of the COVID-19 pandemic.

  • Asset valuation Electric Multiple Units (EMU)

    Customer: Investment Bank

    On behalf of a financing bank, SCI Verkehr assessed the fair value for a fleet of electric multiple units (EMU). The valuation based on the Depreciated Replacement Cost (DRC) method. In this context, long-term possibilities for reuse of the multiple units in Europe were also considered. A particular focus of the evaluation was the assessment of the impact of the COVID 19 pandemic on the market environment in rail passenger transport.

  • Value development of EMUs

    Customer: Private operator

    SCI Verkehr analysed the value development for electric multiple units (EMU) for a rail operator. This also included an evaluation of long-term possibilities for the deployment of multiple units.

  • Market value appraisal of used electric multiple units (EMU)

    Customer: Public transport authority

    SCI Verkehr determined the current market value of used electric railcars for local public transport on behalf of a special purpose company. For this purpose, existing technical documents as well as the current state of maintenance were checked and an estimation of the possible recycling possibilities of the multiple units was made.

  • Asset valuation freight train locomotives

    Customer: Private Investor

    On behalf of an investor, SCI Verkehr evaluated the performance of new freight locomotives over their life cycle. The impact of planned maintenance and repair work and the corresponding provisions on the value development were analysed in detail.

  • Due diligence to support rolling stock lessor

    Customer: Leasing company

    SCI Verkehr supported a European lessor of rail vehicles in the acquisition of a rail vehicle portfolio. The project included an evaluation using cost-based and income-based valuation methods as well as a supply and demand analysis of assets in rail freight and rail passenger transport.

  • Asset valuation of modern electric multiple units for German regional passenger rail services

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr evaluated modern electric multiple units (EMU) to be operated on German regional passenger rail services. The project included a valuation in accordance with the DRC approach as well as an analysis of possibilities for re-use of the vehicles.

  • Asset valuation of new and used mineral oil tank and container wagons

    Customer: Investor

    On behalf of an investor, SCI Verkehr prepared an asset valuation of new and used mineral oil tank and container wagons. SCI Verkehr valued the wagons using the income-based DCF and cost-based DRC methodology.

  • Vehicle assessment for rail freight fleet

    Customer: Rolling stock owner

    On behalf of a rolling stock owner, SCI Verkehr determined the current value of a rail freight fleet. The value assessment of these vehicles, which are operated on the Iberian peninsula, was based on the cost-based DRC approach, and considered the results of a supply and demand analysis for locomotives and freight wagons.

  • Fleet evaluation and analysis on the European leasing market

    Customer: Investment company

    SCI Verkehr supported an international investment company as part of a due diligence project involving the valuation of a rolling stock leasing fleet. Valuation was conducted using the DCF approach. The report included a current portfolio overview as well as an outlook on the European multiple unit and locomotive leasing market.

  • Asset valuation of new chemical tank wagons

    Customer:

    On behalf of an investor, SCI Verkehr prepared an asset valuation of new chemical tank wagons. SCI Verkehr valued the wagons using the income-based DCF and cost-based DRC methodology.

  • Asset valuation of EMU fleet

    Customer: Investment Bank

    On behalf of a bank, SCI Verkehr assessed the value development of a fleet of electric multiple units (EMU) using the cost-based DRC methodology. The analysis focused on market developments in German regional passenger rail transport, financing instruments of the awarding authority and long-term deployment prospects for the fleet.

  • Value development of EMUs

    Customer: Private operator

    SCI Verkehr analysed the value development for electric multiple units (EMU) for a rail operator. This also included an evaluation of long-term possibilities for the deployment of multiple units.

  • Asset valuation of new wagons for steel transport

    Customer:

    On behalf of an investor, SCI Verkehr prepared an asset valuation of new steel transport wagons. SCI Verkehr valued the wagons using the income-based DCF and cost-based DRC methodology.

  • Vehicle assessment for rail freight fleet

    Customer: International bank

    On behalf of a refinancing bank, SCI Verkehr determined the current value of a rail freight fleet. The value assessment of these vehicles, which are operated on the Iberian peninsula, was based on the cost-based DRC assessment approach, and considered the results of a supply and demand analysis for locomotives and freight wagons.

  • Valuation of dual-mode locomotive fleet

    Customer:

    On behalf of a leasing company, SCI Verkehr evaluated the market environment and the possible applications for dual-mode locomotives. Both flexible application possibilities due to the dual-mode drive (electric or diesel engine) and the respective application advantages of four and six-axle locomotives were examined in more detail.

  • Valuation of a freight wagon fleet

    Customer: International rail freight operator

    On behalf of a Central European rail freight operator, SCI Verkehr assessed the current market value of a freight wagon fleet. SCI Verkehr used a cost-based DRC approach to determine the fair market value. The project included a comprehensive report dealing in detail with the asset valuation and the current market situation.

  • Market value assessment of modern electric locomotives

    Customer:

    SCI Verkehr calculated the current and expected future market values for a modern locomotive fleet using an income-based and a cost-based valuation method, which is used by SCI Verkehr in many vehicle valuations.

  • Vehicle valuation for multi-system locomotives

    Customer:

    On behalf of a leading financier, SCI Verkehr completed a valuation for a fleet of used multi-system locomotives, which are used on many European transport corridors.

  • Asset valuation for freight wagon portfolio

    Customer:

    As part of a financial transaction, SCI Verkehr calculated the current and future market values of various types of freight wagons in Europe. SCI Verkehr prepared a comprehensive valuation report with important background information on the supply and demand of freight wagons.

  • Valuation of a locomotive portfolio and market description

    Customer: Infrastructure investment fond

    SCI appraised a locomotive portfolio and delivered a description of the market with a focus on international transport.

  • Asset valuation of a modern used freight wagon fleet

    Customer:

    On behalf of an investor, SCI Verkehr valued a fleet of modern used tank, intermodal and bulk wagons. The valuation of the wagons according to DCF and DRC methodology took into account the wagon-specific supply and demand situation.

  • Continuous valuation of a rail vehicle portfolio

    Customer:

    On behalf of a refinancing bank, SCI Verkehr carried out initial and subsequent valuations for an extensive portfolio of passenger vehicles, locomotives and freight wagons in Europe and North America. The results of the calculation were used internally by the customer to assess credit risks. These are reviewed every six months.

  • Market study on freight wagon leasing

    Customer:

    SCI Verkehr supported a newly-founded leasing company by preparing a market study and analysing standard market input parameters for a business plan.

  • Update to valuation of freight and passenger vehicle fleet

    Customer:

    As part of an annual portfolio update, SCI Verkehr completed a valuation of a large fleet of locomotives, freight wagons, multiple units and passenger coaches that are used in Europe. The valuation using the income-based DCF method included an extensive market analysis.

  • Asset valuation of diesel multiple unit

    Customer: Railway operator

    SCI Verkehr calculated the fair value of a diesel multiple unit (DMU) on behalf of a transport operator. The value was determined using the cost approach for tangible assets (DRC method). For this purpose, a benchmark was carried out to determine a current replacement value and an analysis of market potential for DMU.

  • Annual valuation update for locomotive portfolio

    Customer: European locomotive lessor

    On behalf of a major European locomotive lessor, SCI Verkehr evaluated the company 's current fleet using the income-based DCF method and the cost-based DRC method. The focus of the valuation was on analysing the long-term development of supply and demand in national transport markets and on international corridors.

  • Annual fleet valuation of a freight wagon portfolio for an investor

    Customer:

    On behalf of an investor, SCI Verkehr carried out follow-up valuations for an extensive portfolio of freight wagons in Europe. This included a comprehensive supply and demand analysis of the European freight wagon market. The valuation was carried out in accordance with DCF and DRC methodology.

  • Determining the current value of diesel railcars and trams

    Customer:

    SCI Verkehr valued three asset types on behalf of an internationally active commercial bank. The fair values of diesel railcars and trams in the Dutch and French markets were determined.

  • Valuation of used electric mainline locomotives

    Customer:

    On behalf of an operator, SCI Verkehr evaluated a fleet of used mainline locomotives with electric drive. The value of the locomotives was determined by means of a net asset value method, whereby revisions and the replacement of components that have already taken place were also included in the valuation.

  • Continuous evaluation of a rail vehicle portfolio

    Customer: Refinancing credit institution

    In a framework agreement, a refinancing credit institution commissioned SCI Verkehr to carry out initial and follow-up valuations for an extensive portfolio of passenger vehicles, locomotives and freight wagons in Europe and North America. The results of the calculation were used internally by the customer for the assessment of credit risks. These are reviewed every six months.

  • Valuation of second-hand locomotive fleet

    Customer: Rail freight operator

    SCI Verkehr estimates the valuation of a second-hand locomotive fleet in the Iberian market. The report supports the internal decision-making of the company as well as the financing process for the acquisition of the locomotives.

  • Valuation of passenger rail vehicles

    Customer: Rolling stock financing company

    For one of the leading European financial services providers for rail vehicles, SCI Verkehr evaluated a fleet of locomotives, passenger vehicles and high-speed trains. For this purpose, SCI Verkehr used a specially developed valuation model that takes into account various performance parameters of the vehicles.

  • Evaluation of a freight wagon fleet

    Customer:

    SCI Verkehr evaluated the portfolio of new intermodal wagons of a European freight wagon leasing company, using the DRC and DCF methods. Supply and demand differentiated according to container and trailer transport was examined as the basis for the evaluation.

  • Valuation of a locomotive portfolio

    Customer: Infrastructure investment fond

    For an infrastructure fund, SCI Verkehr provided a valuation update for a fleet of multi-system locomotives against the background of the COVID-19 pandemic.

  • Asset re-valuation of a freight wagon portfolio

    Customer: European Lessor

    SCI Verkehr verified the current values of the vehicles as part of a regular asset evaluation of a freight wagon portfolio. This was done against the background of a volatile market situation in the wake of the COVID-19 pandemic, with a special focus on refinancing dates.

  • Asset valuation Electric Multiple Units (EMU)

    Customer: Railway operator

    SCI Verkehr calculated the fair value of various types of new electric multiple units (EMUs) for an operator in regional rail transport using the DRC method. The focus of the analysis was to evaluate the advantages and disadvantages of the new vehicle concepts of various manufacturers. In addition, SCI Verkehr analysed market developments in German regional rail transport and long-term deployment perspectives for the fleet.

  • Annual update on asset valuation of multi-system locomotives

    Customer:

    On behalf of a financier, SCI Verkehr is evaluating new multi-system locomotives for transalpine transit traffic using a cost-based DRC evaluation methodology.

  • Fleet evaluation freight car portfolio

    Customer:

    On behalf of a leasing company, SCI Verkehr evaluated a fleet of freight cars, consisting of open wagons, intermodal wagons, chemical and mineral oil tank cars and car transport cars. In addition to the current vehicle values, SCI Verkehr also analysed the respective underlying industries and assessed the impact of the corona pandemic on the current market value.

  • Portfolio evaluation European rail vehicle fleet

    Customer: Rolling stock lessor

    SCI Verkehr evaluated a portfolio of locomotives and passenger vehicles in Continental Europe and the UK for a leading leasing company. The valuation was carried out according to a cost-based and an income-based valuation methodology and was documented in a comprehensive valuation report.

  • Business plan review and evaluation freight wagon portfolio

    Customer:

    SCI Verkehr checked the plausibility of relevant assumptions of the business plan of a leasing company for a leading European infrastructure investor. Based on this, SCI Verkehr prepared an independent assessment of relevant parameters as well as a fleet valuation of the freight wagons contained in the portfolio.

  • Portfolio evaluation rail vehicle portfolio

    Customer:

    On behalf of a rail vehicle leasing company, SCI Verkehr evaluated its rail vehicle fleet consisting of passenger and freight vehicles. SCI Verkehr prepared an update of the existing DCF valuation with a special focus on the effects of the COVID-19 crisis on rail transport and the leasing business.

  • Asset valuation Electric Multiple Units (EMU)

    Customer: Railway operator

    SCI Verkehr assessed the fair value of a fleet of electric multiple units (EMU) for a passenger transport operator using the DRC method. The analysis focused on market developments in German local passenger rail transport, long-term deployment opportunities for the fleet and the effects of the COVID-19 crisis on the transport markets and companies.

  • DRC valuation electric multiple units (EMU)

    Customer: Financing bank

    On behalf of a financing bank, SCI Verkehr determined the fair value for a fleet of electric multiple units (EMU). The valuation was made using the Depreciated Replacement Cost (DRC) method. One focus of the analysis was on long-term possibilities for the redeployment of the multiple units. In particular, the European open access market was analysed.

  • Benchmark analysis of diesel shunting locomotives with focus on environmental compatibility

    Customer:

    SCI Verkehr accompanied an internationally operating investment company in the financing of modern diesel shunting locomotives as part of a follow-up project. In addition to an extensive asset benchmark market, SCI Verkehr analysed the environmental compatibility of the modern assets with regard to the existing fleet to be replaced. This included interviews with experts.

  • Asset valuation of modernised electric locomotives

    Customer:

    On behalf of a leading European leasing company, SCI Verkehr assessed the current market value and expected future value development of modernised electric locomotives for the Eastern European market. SCI Verkehr cooperated with a technical consultant to review the relevant documents and approvals.

  • Asset valuation of used diesel locomotives

    Customer:

    On behalf of a leading European rail freight company, SCI Verkehr prepared an asset valuation of heavy shunting locomotives. The valuation of the locomotives in operation was carried out using the cost-based DRC method, taking into account the political and ecological framework conditions as well as possible reuse in other countries.

  • Vehicle assessment for rail freight fleet

    Customer: International bank

    On behalf of a refinancing bank, SCI Verkehr determined the current value of a rail freight fleet. The value assessment of these vehicles, which are operated on the Iberian peninsula, was based on the cost-based DRC assessment approach, and considered the results of a supply and demand analysis for locomotives and freight wagons.

  • DRC valuation updates electric multiple units (EMU)

    Customer: Financing bank

    On behalf of a financing bank, SCI Verkehr determined the fair value of a fleet of electric multiple units (EMUs) and subsequently reviewed it regularly over a period of 5 years. The valuation was carried out according to the Depreciated Replacement Cost (DRC) method. One focus of the analysis was on long-term possibilities for the redeployment of the multiple units. In particular, the European open access market was analysed.

  • Determining the current value of the locomotive fleet in Eastern Europe

    Customer: Financing service provider

    SCI Verkehr valued a fleet of used electric and diesel locomotives in Eastern Europe on behalf of an international financing service provider. To determine the value of the fleet, SCI Verkehr also took into account specific transactions or tenders for used locomotives.

  • Asset valuation locomotive portfolio

    Customer:

    On behalf of an investment company, SCI Verkehr valued a portfolio of electric mainline locomotives and shunting locomotives. In addition to the results of an asset benchmark analysis and the investigation of the market environment of the locomotives, SCI Verkehr also relied on the expert results on the technical condition of the assets when determining the value according to the income-based capitalised earnings method. These were determined in on-site analyses by an technical expert.

  • Fleet evaluation passenger and freight transport assets

    Customer: Rolling stock leasing company

    On behalf of a leading leasing company, SCI Verkehr evaluated the current and future expected asset values of rail vehicles in continental Europe and the UK. Together with the income-based valuation, a comprehensive valuation and market report was prepared for the investors involved.

  • Vehicle assessment for rail freight fleet

    Customer: Rolling stock owner

    On behalf of a rolling stock owner, SCI Verkehr determined the current value of a rail freight fleet. The value assessment of these vehicles, which are operated on the Iberian peninsula, was based on the cost-based DRC approach, and considered the results of a supply and demand analysis for locomotives and freight wagons.

  • Commercial Due Diligence Freight Car and Container Leasing

    Customer: Private Equity Investor

    SCI Verkehr supported a leading infrastructure investor in a commercial due diligence process in the area of freight wagon and container leasing. In addition, a complete valuation of the fleet was carried out according to cost and income-based valuation methods.

  • Valuation of modular freight wagons

    Customer: Financial service provider

    On behalf of a financier, SCI Verkehr conducted a short assessment of innovative freight wagons. Focus of assessment according to the DRC and DCF methods was put on the deployment concept and possible reutilisation of the wagons.

  • Asset valuation Diesel Multiple Units (DMU)

    Customer: Private operator

    On behalf of a private operator, SCI Verkehr is appraising the value of a fleet of diesel multiple units (DMUs) using DRC methodology. The focus of the analyses is a critical review of the existing assets as well as the assessment of long-term deployment options against the background of increasing substitution of diesel drives by alternative drives.

  • Valuation of freight wagons in the UK

    Customer: International financing company

    On behalf of a financing company SCI Verkehr evaluated intermodal wagons and powder wagons for rail freight transport in the UK. The project is an update of a valuation exercised in 2015 and included an evaluation by means of a DRC and DCF approach as well as an analysis of possibilities for re-using in Europe.

  • Asset evaluation of a heavy diesel locomotive

    Customer:

    In the course of a financing procedure, SCI Verkehr valued a used 6-axle diesel mainline locomotive using the DRC valuation approach on behalf of a European leasing company. The appraisal looked in particular at the possibilities of a secondary marketing. In determining the value, SCI Verkehr used the expert findings on the technical condition of the asset. This was determined in an on-site analysis by a technical expert.

  • Annual fleet valuation of a freight wagon portfolio for an investor

    Customer:

    On behalf of an investor, SCI Verkehr carried out follow-up valuations for an extensive portfolio of freight wagons in Europe. This included an extensive supply and demand analysis of the European freight wagon market. The valuation was carried out according to DCF and DRC methodology.

  • Valuation of tank wagons in continental Europe

    Customer: Investor

    On behalf of a European leasing company, SCI Verkehr assessed a fleet of tank wagons. Assessment of the wagons by means of the DCF and DRC method considered the wagon-specific supply- and demand situation.

  • Asset valuation of modern mainline locomotives

    Customer: International private equity investment company

    SCI Verkehr supported an international investment company in the financing of modern mainline locomotives. Based on a market analysis and an extensive asset benchmark, SCI Verkehr valued the assets using the DRC valuation approach.

  • Asset valuation of electric multiple units for German regional passenger rail transport

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr evaluated modern electric multiple units (EMU) to be operated on German regional passenger rail services. The project included a valuation in accordance with the DRC approach as well as an analysis of possibilities for re-use of the vehicles. In addition, the normal service life of electric railcars is assessed on the basis of technical and economic indicators.

  • Valuation of freight wagons

    Customer: Investor

    On behalf of an investor, SCI Verkehr prepared an asset valuation of new tank and container wagons. SCI Verkehr valued the wagons using the income-based DCF and cost-based DRC methodology.

  • Asset valuation of different types of locomotives

    Customer: Vehicle financiers

    For a financing decision, SCI Verkehr evaluates the asset values of different locomotive types. The valuation takes into account the cost-based valuation approach with a detailed analysis of the expected recycling scenarios as well as the associated costs.

  • Evaluation of used diesel-electric mainline locomotives

    Customer: Railway Operator

    On behalf of an operator, SCI Verkehr evaluates a fleet of used mainline locomotives with diesel drive. The value of the locomotives is determined with the help of a net asset value method, whereby a distinction is made between three variants and different country approvals are also included in the valuation.

  • Due Diligence-Support Portfolio Passenger Trains

    Customer: Investment fonds

    SCI Verkehr supported an investment fund in the acquisition of a passenger rail vehicle portfolio by preparing a value analysis for the assets concerned. In doing so, SCI Verkehr analysed the development of the transport and rail vehicle markets. The support in the due diligence process included the review of the vendor model and the inputs in the data room. In addition, SCI Verkehr determined the current and future market value of the assets using the DRC and DCF methods.

  • Annual evaluation of 500 tank wagons (10 years)

    Customer: Internationally operating commercial bank, chemical group

    SCI Verkehr evaluates (annually over a period of 10 years) on behalf of a financing commercial bank 500 tank wagons (delivery 2020-2022) in service with a European chemical group. The valuation (DRC and DCF) is performed according to the IVS standard (2020). The completeness of the documentation of the ECM is also checked).

  • Seminar Evaluation Rail Vehicles

    Customer:

    SCI Verkehr is conducting a seminar for the valuation of rail vehicles. The focus is on a description of the important market participants and an explanation of the most important valuation methods used for the valuation of rail vehicles.

  • Asset valuation of dual-mode locomotives

    Customer: International banking institution

    On behalf of an investor, SCI Verkehr prepared an asset valuation of new dual-mode locomotives. SCI Verkehr valued the locomotives using the cost-based DRC methodology.

  • Asset valuation of used shunting locomotives

    Customer: Rail vehicle manufacturer

    On behalf of a rail vehicle manufacturer, SCI Verkehr prepared an update of an asset valuation of used shunting locomotives. The locomotives were valued using the cost-based DRC method. One focus was on the changes in the market environment, in particular price increases and product shortages.

  • Assessment of a rolling stock portfolio

    Customer: Leasing company

    On behalf of an investor, already active in rail vehicle leasing, SCI Verkehr carried out a regular analysis of the expected leasing income of the entire vehicle portfolio. Depending on the fleet structure and the expected market demand, leasing income and downtimes of the vehicles were evaluated, which served as the basis for evaluating earnings opportunities and preparing a business plan.

  • Valuation of dual-mode locomotive fleet

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr evaluated the market environment for dual-mode locomotives. Both flexible application possibilities due to the dual-mode drive (electric or diesel engine) and the respective application advantages of four and six-axle locomotives were examined in more detail. Both a cost-based and an income-based valuation following international standards completed the analysis.

  • Evaluation of used electric mainline locomotives for France

    Customer: Railway undertaking

    On behalf of an operator, SCI Verkehr evaluated a fleet of used mainline locomotives with electric traction for France. The value of the locomotives was determined using the cost-based DRC methodology.

  • Marketing analysis electric locomotives

    Customer: European Railway Operator

    SCI Verkehr analysed potential remarketing scenarios for a fleet of locomotives with a focus on Central and Eastern Europe. In doing so, SCI Verkehr identified potential buyers for the locomotives in passenger and freight transport and derived a possible price willingness for the used vehicles.

  • DRC assessment of modern electric locomotives

    Customer: Vehicle financiers

    SCI Verkehr evaluated modern electric locomotives for the Eastern European market for a vehicle financier on the basis of the cost-oriented DRC approach. One focus was on maintenance and its influence on the value progression.

  • Valuation of used shunting locomotives

    Customer: Rail transport company

    On behalf of an operator, SCI Verkehr evaluated a fleet of shunting locomotives for France. The value assessment of these vehicles was based on the cost-based DRC assessment approach, and considered the results of a supply and demand analysis.

  • Valuation of freight wagons

    Customer: Investor

    On behalf of an investor, SCI Verkehr prepared an asset valuation of new freight wagons. SCI Verkehr valued the wagons using the income-based DCF and cost-based DRC methodology.

  • Update (2) within the framework of an annual assessment of 500 tank wagons (10 years)

    Customer: Internationally operating commercial bank, chemical group

    SCI Verkehr is valuing (annually over a period of 10 years) 500 tank wagons (delivery 2020-2022) used by a European chemical company on behalf of a financing commercial bank. The valuation (DRC and DCF) is carried out according to the IVS standard (2020). The completeness of the documentation of the ECM is also checked.

  • DRC valuation Intercity coaches

    Customer: European state railway

    SCI Verkehr provides a value appraisal on new intercity passenger coaches on behalf of a state railway. The asset valuation is carried out according to the cost-based DRC approach. To evaluate remarketing options, SCI Verkehr analyses the European passenger transport markets with a focus on open access.  Furthermore, the manufacturer´s maintenance plan is analysed and evaluated.

  • Asset valuation diesel multiple units

    Customer: Transport operator

    SCI Verkehr was commissioned by a rail transport operator to value a fleet of used diesel multiple units (DMUs) using the income-based DCF methodology. The basis of the valuation is a detailed analysis of the supply and demand situation for passenger vehicles in Central and Eastern Europe.

  • Evaluation of a tank wagon fleet

    Customer: Vehicle financiers

    On behalf of a vehicle financier, SCI Verkehr determines the current value of a freight transport fleet in the tank wagon sector. The valuation is carried out using the cost-based DRC as well as the income-based DCF valuation method and takes into account the results of a supply and demand analysis of the freight wagons.

  • Locomotive portfolio valuation

    Customer: Infrastructure investor

    On behalf of an international investor, SCI Verkehr assessed the market value of a fleet of diesel locomotives. The market value is determined using both an income-based and cost-based valuation method and also takes into account the current and expected future environmental policy framework.

  • Valuation of used shunting locomotives

    Customer: Leasing company

    For a leasing company, SCI Verkehr valued a fleet of used shunting locomotives to be included in the leasing portfolio. SCI Verkehr valued the locomotives using the income-based DCF methodology.

  • Valuation of a freight wagon portfolio

    Customer: Freight wagon lessor

    For a leasing company, SCI Verkehr GmbH evaluated a freight wagon portfolio. Focus for the report is an analysis of freight and freight wagon markets in Eastern Europe, including the effects of the COVID-19 pandemic on asset values.

  • Assessment of a rail car portfolio

    Customer: Leasing company

    On behalf of an investor already active in rail vehicle leasing, SCI Verkehr carried out a regular analysis of the expected leasing income of the entire vehicle portfolio. Depending on the fleet structure and the expected market demand, leasing income and downtimes of the vehicles were evaluated, which served as the basis for evaluating earnings opportunities and preparing a business plan.

  • Asset valuation of double-deck multiple units

    Customer: Rail operator

    SCI Verkehr is performing a valuation of new double-deck electric multiple units on behalf of a rail operator. The replacement cost approach based on the valuation hierarchy of IVS 2020 is applied. In addition to the analysis of the assets and competitive products, the focus of the valuation is on the definition of possible long-term redeployment options.

  • Valuation of dual-mode locomotive fleet

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr evaluated the market environment and the possible applications for dual-mode locomotives. Both flexible application possibilities due to the dual-mode drive (electric or diesel engine) and the respective application advantages of four and six-axle locomotives were examined in more detail.

  • Assessment of a rail car portfolio

    Customer: Leasing company

    On behalf of an investor, already active in rail vehicle leasing, SCI Verkehr carried out a regular analysis of the expected leasing income of the entire vehicle portfolio. Depending on the fleet structure and the expected market demand, leasing income and downtimes of the vehicles were evaluated, which served as the basis for evaluating earnings opportunities and preparing a business plan.

  • Updated valuation of rail vehicle portfolio

    Customer: International leasing company

    On behalf of a leasing company, SCI Verkehr is valuing its rail vehicle portfolio, consisting of passenger vehicles and freight locomotives. SCI Verkehr is preparing an update of the existing DCF valuation with a particular focus on the impact of the COVID 19 crisis on rail transport.

  • Evaluation of two freight wagons in the run-up to procurement

    Customer: Freight car leasing company

    SCI Verkehr evaluated two types of freight wagons on the basis of theoretical inputs as part of its support for a freight wagon leasing company in the procurement of freight wagons.

  • Asset valuation of tank wagons

    Customer: Investor

    On behalf of an investor, SCI Verkehr prepared an asset valuation of tank wagons. SCI Verkehr valued the wagons using the income-based DCF and cost-based DRC methodology.

  • Asset valuation of diesel multiple units (DMU)

    Customer: Railway operator

    On behalf of a German railway operator in the regional passenger rail transport , SCI Verkehr performed a asset valuation of diesel multiple units (DMU). The assessment was carried out according to the new valuation standard IVS 2020. Part of the assessment was also a detailed analysis of the German regional passenger rail transport market in the light of the Covid19 pandemic.

  • Market and asset valuation Open Access transport

    Customer: Private railway operator

    SCI Verkehr was commissioned by a private rail transport operator to assess the future potential for Open Access transport in various European markets. For this purpose, transport market and infrastructure development, the competitive situation and regulation were analysed. In addition, SCI Verkehr assessed the market value of passenger coaches according to the cost approach based on IVS 2020.

  • Asset valuation electric multiple unit (EMU)

    Customer: Private railway company

    SCI Verkehr was commissioned by a private railway company to evaluate a fleet of electric multiple units (EMUs) in German regional passenger transport. The replacement cost approach was applied in accordance with IVS 2020. In addition to the analysis of supply and demand for EMUs, the project focused on the determination of a maintenance reserve.

  • Asset valuation of used shunting locomotives

    Customer: Manufacturer

    On behalf of rolling stock manufacturer, SCI Verkehr prepared an asset valuation of used heavy shunting locomotives. The valuation of the locomotives was carried out using the cost-based DRC method. In the process, technical and operational aspects (eg. LCC) as well as market environment and competitive situation have been examined. A focus was put on current modernisation and revision costs.

  • Valuation of passenger rail vehicles

    Customer: Rolling stock financing company

    For one of the leading European financial services providers for rail vehicles, SCI Verkehr evaluated a fleet of locomotives and passenger vehicles. For this purpose, SCI Verkehr used a specially developed valuation model that takes into account various performance parameters of the vehicles.

  • Annual assessment freight wagon fleet

    Customer: European freight wagon lessor

    SCI Verkehr carried out an annual assessment update for a European freight wagon fleet (intermodal wagons). It was assessed on the basis of the IVS 2020 standards.

  • Asset valuation locomotive portfolio

    Customer: Investment company

    On behalf of an investment company, SCI Verkehr carried out a valuation update for a portfolio of electric mainline locomotives and shunting locomotives. In determining the value according to the income-based capitalised earnings method, SCI Verkehr also relied on the expert results on the technical condition of the assets. These were determined in on-site analyses by a technical expert.

  • Leasing fleet valuation update

    Customer: European leasing company

    On behalf of a European leasing company, SCI Verkehr assessed the entire fleet comprising diesel and electric mainline locomotives as well as shunting locomotives and multiple units. The valuation was conducted by means of IVS 2020 (International Valuation Standards) the cost-based DRC approach and the income-based DCF approach taking into account the current market situation.

  • DRC assessment of modern electric locomotives

    Customer: Operator

    SCI Verkehr evaluated modern electric locomotives for the Eastern European market for an operator on the basis of the cost-oriented DRC approach. One focus was on maintenance and its influence on the value progression.

  • Evaluation of a track-laying machine

    Customer: Financier for rail vehicles

    SCI Verkehr supported a financier of rail vehicles in the evaluation of a modern track maintenance machine. SCI Verkehr has been available as an expert in the context of interviews.

  • Asset valuation of a freight wagon fleet

    Customer: Investor

    On behalf of an investor, SCI Verkehr valued a fleet of modern used tank, intermodal and bulk wagons. The valuation of the wagons according to DCF and DRC methodology took into account the wagon-specific supply and demand situation.

  • Valuation of a European rail vehicle portfolio

    Customer: leasing company

    On behalf of a European leasing company, SCI Verkehr valued an extensive portfolio of freight transport and passenger transport vehicles. The DCF valuation was carried out according to the IVS standard (2020). SCI Verkehr presented the valuation results to the client´s management during an on-site meeting.

  • Vehicle evaluation E-locomotives

    Customer: Rail vehicle financier

    SCI Verkehr evaluated a fleet of electric locomotives under tender with various approval packages on behalf of a rail vehicle financier. A replacement procedure was used for the valuation. The value progression curves were presented as a result.

  • Fleet valuation

    Customer: Rail transport company

    On behalf of a rail transport company, SCI Verkehr determined the current value of a rail freight fleet. The value assessment of these vehicles, which are operated on the Iberian peninsula, was based on the cost-based DRC approach, and considered the results of a supply and demand analysis for locomotives and freight wagons.

  • Preparation of basic principles for vehicle financing in rail transport

    Customer:  Financier

    SCI Verkehr supported an internationally active financier in setting up a branch for the financing of rail vehicles. Valuation methodologies, realisation risks and reuse scenarios were prepared for the areas of locomotives, traction units and freight wagons.

  • DRC assessment of modern electric locomotives

    Customer: International banking institution

    For a financing decision, SCI Verkehr evaluates the two most common types of electric locomotives in Europe. The valuation is carried out on the basis of a market analysis as well as an extensive asset benchmark using the DRC valuation approach.

  • Expert assessment of the market situation for locomotives

    Customer:  Financier 

    SCI Verkehr supports a financier in the bidding process for vehicle financing through expert discussions on e-locomotives. The focus is on market values, supply and demand development and deployment risks.

  • Vehicle assessment diesel locomotives in Germany

    Customer: Private investor

    SCI Verkehr supports a private investor with the valuation of modern diesel locomotives in the German market. The valuation is carried out using the replacement value method.

  • Asset valuation electric multiple units (EMU)

    Customer: Regional passenger transport operator

    SCI Verkehr evaluated a fleet of double-deck electric railcars on behalf of an operator in regional passenger transport. The replacement cost (RC) method based on the IVS 2020 standard was applied.

  • Value appraisal intermodal wagons

    Customer: Investor

    On behalf of a freight wagon investor, SCI Verkehr evaluates intermodal wagons. The wagons are to be procured for the UK market.

  • Valuation update intercity coaches

    Customer: European rail incumbent

    On behalf of a European rail incumbent SCI Verkehr has conducted a valuation of new intercity coaches last year with the DRC method according to IVS 2020. The previous calculations and reports were updated.

  • Continuous evaluation of a rail vehicle portfolio

    Customer: Refinancing credit institution

    A refinancing credit institution commissioned SCI Verkehr for initial and subsequent valuations for an extensive rolling stock portfolio in Europe and North America. The results of the calculation were used internally at the client for the assessment of credit risks. In addition to the semi-annual portfolio valuation according to IVS 2020, SCI Verkehr supported the client at regular intervals at short notice with additional market analyses and expert discussions.

  • Valuation of an electric locomotive fleet

    Customer: Rail vehicle lessor

    On behalf of a locomotive lessor, SCI Verkehr assesses the current and future market values of electric single and multi-system locomotives. An Income-based valuation methods is applied.

  • Asset valuation LRV

    Customer: European bank

    SCI Verkehr will perform an asset valuation of a fleet of LRV vehicles from Western Europe. The valuation will be prepared accoding to IVS 2020. SCI Verkehr has also analysed secondary markets for LRV in Europe.

  • Update of a theoretical value trend analysis for freight wagons

    Customer: Freight wagon leasing company

    On behalf of a freight wagon leasing company, SCI Verkehr prepared regular updates of a theoretical value trend analysis for new freight wagons. In this update, the short- and medium-term effects of the Russian war in Ukraine were included for the first time.

  • Valuation of tank wagon fleet

    Customer: International vehicle financier

    On behalf of a vehicle financier, SCI Verkehr determined the current value of a fleet of tank wagons. The valuation was carried out using the cost-based RC as well as the income-based DCF valuation method according to IVS 2020 and takes into account the results of a supply and demand analysis of the wagons with special consideration of the effects of the Russian war in Ukraine.

  • Valuation bi-mode multiple units fleet in France

    Customer: European investment bank

    On behalf of a prominent European investment bank, SCI Verkehr has conducted a valuation of a French bi-mode multiple units fleet. The replacement cost methodology has been employed in line with IVS 2020.

  • Vehicle evaluation of dual-mode locomotives

    Customer: Global asset and investment manager

    On behalf of a financing bank, SCI Verkehr determines the current vehicle value of dual-mode locomotives. The value of the locomotives used in Continental Europe is determined using the cost-based DRC valuation approach and takes into account the results of a supply and demand analysis of the locomotives.

  • Assessment of a rolling stock portfolio

    Customer: Leasing company

    On behalf of an investor, already active in rail vehicle leasing, SCI Verkehr carried out a regular analysis of the expected leasing income of the entire vehicle portfolio. Depending on the fleet structure and the expected market demand, leasing income and downtimes of the vehicles were evaluated, which served as the basis for evaluating earnings opportunities and preparing a business plan.

  • Valuation of new locomotives and passenger vehicles

    Customer: International leasing company

    For a leasing company, SCI Verkehr valued new locomotives and multiple units for Europe using the DCF method. The valuation of the new rolling stock was integrated into the existing valuation of the existing fleet. One focus was on the impact of the Ukraine war on rail transport.

  • Cash flow model for a leasing company

    Customer: Financial institution

    SCI Verkehr developed a cash flow model for a financial institution for a European leasing company. The model calculates the companys expected profits until 2030 under market-realistic assumptions. It also calculates ratios such as loan-to-value and debt service coverage ratio based on a valuation of the fleet.

  • Valuation update of a locomotive portfolio

    Customer: Leasing company

    On behalf of a European leasing company, SCI Verkehr valued a portfolio of modern shunting and universal locomotives. Both a DCF as well as a RC valuation was carried out according to the IVS 2020 standard. 

  • Annual valuation update of a rolling stock portfolio

    Customer: International leasing company

    On behalf of a leasing company, SCI Verkehr valued a rail vehicle portfolio consisting of passenger vehicles and freight locomotives. SCI Verkehr prepared an update of the existing DCF valuation according to IFRS 13 to IVS 2020 with a special focus on the impact of the Ukraine war on rail transport.

  • Valuation of a freight wagon portfolio

    Customer: Freight wagon lessor

    For a leasing company, SCI Verkehr GmbH evaluated a freight wagon portfolio. Focus for the report is an analysis of freight and freight wagon markets in Eastern Europe.

  • Update of a due diligence report due to macroeconomic changes

    Customer: Transport company

    SCI Transport updated a Commercial Due Diligence report from January 2022 due to macroeconomic changes in Europe. New assumptions for a new business plan are being reviewed.

  • Update (3) within the framework contract of an annual assessment of 500 tank wagons over 10 years

    Customer: Internationally operating commercial bank, chemicals group

    On behalf of a financing commercial bank, SCI Verkehr is estimating the market value (annually over a period of 10 years) of a fleet of 500 tank wagons (delivery 2020-2022). The wagons are in use at a European chemical company . The valuation (RC and DCF) is carried out according to the IVS standard (2020). The completeness of the documentation of the ECM is also checked.

  • Vehicle evaluation for modernisation measures of a DD-EMU fleet in Germany

    Customer: German regional rail operator

    On behalf of a German operator in regional passenger rail transport, SCI Verkehr carried out an update of a valuation report in the context of modernisation measures of an existing electric multiple uni (EMU) fleet. The valuation standard according to IVS 2020 was applied.

  • Annual valuation of freight wagon fleet incl. demand supply analysis

    Customer: European freight wagon lessor

    SCI Verkehr carried out an annual valuation update for a European freight wagon fleet (intermodal wagons). The market value of the fleet was estimated based on the cost and income approach according to IVS 2020. In addition, SCI Verkehr prepared an extensive demand supply analysis for the market for intermodal wagons in Continental Europe.

  • Value appraisal for regional multiple units

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr evaluated a fleet of electric multiple units (EMU) according to the IVS 2020 standard. For this purpose, supply and demand in the German regional transport market were analysed and different redeployment scenarios were considered.

  • Valuation of freight wagon fleet

    Customer: Rolling stock investor

    On behalf of an investor, SCI Verkehr determined the current value of a freight wagon fleet comprising various UIC types. The valuation was carried out using the cost-based RC method according to IVS 2020 and takes into account the results of a supply and demand analysis of each wagon type.

  • Update valuation model

    Customer: Rail vehicle financier

    SCI Verkehr has developed a valuation model for a leading European rail vehicle financier that takes into account various vehicle performance parameters. This model is adapted to market conditions and input parameters are updated on a regular basis.

  • Asset valuation of new dual-mode locomotives

    Customer: Financier of rail vehicles

    In the context of a procurement of new locomotives, SCI Verkehr prepared an asset valuation using the cost-based RC method, taking into account the expected price development as well as supply and demand in the relevant market.

  • Fleet evaluation of used diesel locomotives and service vehicles

    Customer: Railway undertaking

    SCI Verkehr prepared a cost-based asset valuation of a portfolio of used diesel locomotives and service vehicles for rail infrastructure on behalf of a potential buyer. The appraisal serves as a benchmark for a transaction price and also contains a market review and method description according to IVS 2022.

  • Asset valuation of multiple units in German regional rail transport

    Customer: Leasing company

    On behalf of a leasing company, SCI Verkehr has assessed single and double deck electric multiple units (EMUs) following the IVS 2020 standard. The cost-based approach (RC) was applied. For this purpose, supply and demand in the German regional transport market were analysed.

  • Asset valuation EMU and LRV in France

    Customer: Investment bank

    SCI Verkehr was commissioned by an investor to appraise various fleets of Electric Multiple units (EMUs) and Light Rail vehicles (LRVs) using the replacement cost method according to IVS 2020. A particular focus was on the analysis of redeployment of the fleets.

  • Annual valuation update of multi-system locomotives

    Customer: European bank

    On behalf of a financier, SCI Verkehr valued a portfolio of new multi-system locomotives for transalpine transit traffic using the cost-based RC evaluation methodology according to IVS 2020.

  • Vehicle evaluation: diesel locomotives in the German market

    Customer: Investor

    SCI Verkehr supported a private investor with the valuation of modern diesel locomotives in the German market. The valuation was carried out using the replacement costs method.

  • Update of a leasing fleet evaluation

    Customer:

    For a leasing company active in Europe, SCI Verkehr valued the entire fleet consisting of diesel and electric mainline locomotives, shunting locomotives and railcars. The valuation was carried out analogously to IVS 2020 (International Valuation Standards) on the cost-based DRC valuation approach and the income-based DCF valuation approach, taking into account the current market situation.

  • Vehicle evaluation: dual-mode locomotives in Germany

    Customer:

    SCI Verkehr supported a private investor with the valuation of modern dual-mode locomotives in the German market. The valuation was carried out using the replacement costs method.

  • Fleet valuation for refinancing

    Customer: Leasing Company

    As part of a leasing companies refinancing process, SCI Verkehr determines the current and future market value of the fleet of locomotives and passenger vehicles. The valuation is carried out using an income-based and a cost-based valuation procedure and is supplemented by an extensive supply and demand analysis.

  • Market valuation of locomotives and freight wagons

    Customer: Freight rail

    On behalf of a European rail freight operator, SCI Verkehr determines the market value of the company's own fleet of locomotives and freight wagons. The market value is determined taking into account a special accounting standard with a cost-based valuation approach including the current supply and demand situation for the corresponding assets.

  • Valuation of a European rail vehicle portfolio

    Customer: Leasing company

    On behalf of a European leasing company, SCI Verkehr valued an extensive portfolio of freight transport and passenger transport vehicles. A DCF valuation of the both used and newly acquired vehicles was carried out according to the IVS standard (2020).

  • Asset valuation of single-deck EMUs

    Customer: Local bank consortium

    On behalf of a consortium of local banks, SCI Verkehr has assessed single deck electric multiple units (EMUs) following the IVS 2022 standard. A focus of the valuation are the redeployment options of the fleet outside the current network. The cost-based approach (RC) was applied.

  • Further development of the valuation methodology of a bank

    Customer: Internationally active financial services provider

    SCI Verkehr supported an internationally active bank in the field of rail vehicle financing to further develop its internal valuation logics and methodology and to adapt them to the latest standards. Several workshops were conducted to review and further develop the situation.

  • Valuation of freight wagon fleet

    Customer: International vehicle financier

    On behalf of a vehicle financier, SCI Verkehr determined the current value of a fleet of modern freight wagons. In addition to open wagons, the portfolio includes tank and flat wagons. The valuation was carried out using the cost-based RC as well as the income-based DCF valuation method and takes into account the results of a supply and demand analysis of the individual freight wagon types.

  • Asset valuation of single deck EMU and LRV in France

    Customer: International bank

    On behalf of an international bank, SCI Verkehr has assessed  electric multiple units (EMU) and light rail vehicles (LRV) for the deployment in the French passenger rail market following the IVS 2022 standards. The replacement cost method has been applied.

  • Updates of the asset valuation of single deck electrical multiple units

    Customer: Train operating company for regional passenger rail transport

    On behalf of a train operating company, SCI Verkehr has assessed single deck electric multiple units (EMUs) based on the IVS 2022 standard regularly on a 2-years term and an asset and price benchmark following. The cost-based approach (RC) will be applied applied.

  • Updates of the asset valuation of single deck electrical multiple units

    Customer: Train operating company for regional passenger rail transport

    On behalf of a train operating company, SCI Verkehr has assessed single deck electric multiple units (EMUs) based on  the IVS 2022 standard regularly on a 2-years term and an asset and price benchmark following. The cost-based approach (RC) will be applied applied.

  • Valuation of a freight wagon portfolio

    Customer: Freight wagon lessor

    For a leasing company, SCI Verkehr GmbH evaluated a freight wagon portfolio. Focus for the report is an analysis of freight and freight wagon markets in Eastern Europe.

  • Valuation of used electric mainline locomotives

    Customer: Railway undertaking

    SCI Verkehr was commissioned by an operator to value a fleet of used mainline locomotives with electric drive. The value of the locomotives was determined using the cost-based DRC methodology, whereby revisions and the replacement of components that had already taken place were also included in the valuation.

  • Annual valuation update of a rolling stock portfolio

    Customer: International leasing company

    On behalf of a leasing company, SCI Verkehr valued a rail vehicle portfolio consisting of passenger vehicles and freight locomotives. SCI Verkehr prepared an update of the existing DCF valuation according to IVS 2022, focusing on changes in the financial structure and their impact on purchase prices and lease rates.

  • Asset valuation battery multiple units

    Customer: European leasing company

    On behalf of a European leasing company, SCI Verkehr evaluated a fleet of new battery multiple units (BEMU). The cost-based and income-based approach was applied following IVS 2022. One key focus of the project was the definition of the life cycle assumptions of the installed batteries.

  • Valuation of used diesel multiple units

    Customer: Financier

    On behalf of a financier, SCI Verkehr assesses the current and future expected vehicle value of used diesel railcars. The valuation is carried out taking into account the cost-based RC valuation approach as well as including known used vehicle transactions and an analysis of the secondary market.

  • Evaluation of a portfolio of passenger transport vehicles

    Customer: Railway company

    SCI Verkehr evaluated an extensive portfolio of passenger transport vehicles using the cost-based RC valuation method. The project included a valuation that took into account the technical condition of the assets as well as the current market demand.

  • Evaluation of modern electric locomotives

    Customer: Investor

    On behalf of an investor, SCI Verkehr evaluates a fleet of new electric locomotives using the cost-based RC method. The appraisal is completed by an asset assessment, a market analysis and a value progression taking into account maintenance expenses.

  • Vehicle assessment modern single and multi-system locomotives

    Customer: Leasing company rolling stock

    On behalf of a leading rail vehicle lessor, SCI Verkehr values heavy electric single and multi-system locomotives by analysing the value stability of the assets as well as supply and demand in the relevant country markets. The valuation is carried out using the income-based DCF methodology.

  • Annual update on asset valuation of multi-system locomotives

    Customer: European bank company

    On behalf of a financier, SCI Verkehr evaluated an existing fleet of multi-system locomotives for transalpine transit traffic using a cost-based RC evaluation methodology (IVS 2022).

  • Annual freight wagon fleet valuation

    Customer: European freight wagon lessor

    On behalf of a European leasing company, SCI Verkehr carried out an annual valuation update for a fleet of freight wagons. The market value of the fleet was determined by using the cost-based RC and income-based DCF valuation methods in accordance with IVS 2022 and takes into account the results of a supply and demand analysis of the freight wagons.

  • Analysing the price development of rail vehicles on the asset value

    Customer: Financier

    On behalf of a financier of rail vehicles, SCI Verkehr is analysing the impact of the rising prices of new vehicles on the asset value of used vehicles. In this context, SCI Verkehr also defines new comparative assets of locomotives, railcars, passenger vehicles and infrastructure vehicles for a valuation according to the cost-based RC valuation approach.

  • Valuation of a European rail vehicle portfolio

    Customer: Leasing company

    On behalf of a European leasing company, SCI Verkehr valued an extensive portfolio of rail freight transport and passenger transport vehicles according to the IVS standard 2022 (DCF valuation). SCI Verkehr presented the valuation results to the client´s management during an on-site meeting.

  • Vehicle evaluation: electric locomotives in Germany

    Customer:

    SCI Verkehr supported a private investor with the valuation of modern electric locomotives in the German market. The valuation was carried out using the replacement costs method.

  • Vehicle evaluation: dual-mode locomotives in Germany

    Customer:

    SCI Verkehr supported a private investor with the valuation of modern dual-mode locomotives in the German market. The valuation was carried out using the replacement costs method.

  • Asset valuation of modern diesel locomotives

    Customer: Asset financier

    On behalf of an investor, SCI Verkehr is preparing a valuation of modern diesel-powered universal locomotives, taking into account the cost-based RC valuation method. The necessary maintenance provisions for these locomotives are also analysed.

  • Useful life of infrastructure vehicles

    Customer: Bank

    On behalf of a financing bank, SCI Verkehr analysed the economic and technical useful life of self-propelled vehicles in the \\\"yellow fleet\\\". A brief statement was prepared.

  • Continuous evaluation of a rail vehicle portfolio

    Customer: Refinancing credit institution

    A credit institution commissioned SCI Verkehr for the assessment of credit risks for initial and subsequent valuations for an extensive rolling stock portfolio containing assets from various continents. SCI Verkehr accounted for ESG-risks in its valuation in case related information were available. In addition, SCI Verkehr supported the client at short notice with expert discussions as well as with a presentation on current market trends at the end of the project.

  • Annual evaluation of an electric locomotive fleet

    Customer: Rail vehicle lessor

    SCI Verkehr is preparing a fleet valuation for single, multi-system and dual-mode locomotives for a European locomotive lessor. An income-based valuation approach is chosen for the valuation. This year, the focus is on analysing the development of leasing rates in recent years.

  • Freight wagon fleet valuation in intermodal transport

    Customer: European leasing company

    On behalf of a European leasing company, SCI Verkehr determined the current value of a modern fleet of intermodal wagons of various types. The valuation was carried out using the cost-based RC and income-based DCF valuation method and takes into account the results of a supply and demand analysis. Special focus was placed on the impact of the current crisis in the intermodal market.

  • Price analysis of locomotives on the basis of indexing

    Customer: Lessor

    SCI Verkehr has analyzed the development of locomotive prices from order to delivery. In particular, existing contractual provisions on the indexation of purchase prices were taken into account.

  • Update of a leasing fleet evaluation

    Customer: European leasing company

    SCI Verkehr valued the entire fleet consisting of diesel and electric mainline locomotives, shunting locomotives and railcars for a European leasing company. The valuation was carried out in accordance with current valuation standards IVS 2022 (International Valuation Standards) using the cost-based RC method and the income-based DCF method, taking into account the current market situation.