The textbook introduces all relevant approaches to business valuation that are discussed in theory and practice. Starting from the various legally or economically motivated reasons for a business valuation, as well as the presentation of the historical development of doctrines in Germany, the business valuation is grounded in investment theory. The forecasting problem and the capitalization problem are considered separately. In the section on cash flow forecasts, various methods are presented to achieve a consistent and plausible forecast. In the section on the capitalization problem, the classical earnings value method and, in particular, the modern variants of DCF methods under different tax regimes are introduced, and the relevant valuation formulas are developed. Special aspects are also addressed.