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Foto: Tobias Klingel, M.Sc.

Tobias Klingel, M.Sc.

Certified Public Accountant, Tax Advisor, Certified Valuation Analyst (CVA), Managing Partner

Mr. Klingel studied Business Administration at Saarland University, specializing in Finance and Accounting, Business Taxation, and Auditing.

He joined Dornbach GmbH in 2017. Since January 2021, Mr. Klingel has been a Prokurist (authorized signatory) of Dornbach GmbH. Since January 2026, he has been Managing Partner of DORNBACH GmbH.

In addition, he has been a lecturer for several years in Corporate Valuation as well as Financial Reporting under German GAAP (HGB) and IFRS at the Chair of Business Administration, in particular Accounting and Finance, at Saarland University.

His professional focus is on strategic and objective corporate valuations (in accordance with IDW S 1) as well as valuations for financial reporting purposes (including impairment testing and the valuation of earn-out arrangements). Furthermore, Mr. Klingel’s advisory activities include the accounting assessment and valuation of share-based payment programs (under IFRS 2) as well as structured financial instruments (Quantitative Advisory Services).

He advises mid-sized family-owned enterprises, start-ups, and publicly listed companies.

Mr. Klingel is a (co-)author of numerous professional publications in the field of corporate valuation.

Selected Publications:

  • Methods for the Valuation of Earn-Outs – Practical Challenges, Typical Sources of Error and Case Studies, BewertungsPraktiker 2025, pp. 98–107 (with Armin Hagel and Matthias Meitner)

  • Earn-Out Clauses as Contingent Purchase Price Components in Business Combinations, KoR IFRS 2025, pp. 181–186 (with Armin Hagel and Matthias Meitner)

  • Taxation of Capital Gains and Objective Valuation of Partnerships in Accordance with IDW S 1 (2008 version), WPg 2023, pp. 592–598 (with Christoph Hell and Thomas Tesche)

  • The Valuation of Partnerships Using the DCF Method, BewertungsPraktiker 2022, pp. 66–74 (with Christoph Hell)

  • Case Study on the Valuation of Partnerships Using the DCF Method, BewertungsPraktiker 2022, pp. 116–121 (with Christoph Hell)

  • Tax Effects of Debt Financing in Corporations and Their Treatment in DCF Valuation, Yearbook of Corporate Valuation 2017, pp. 165–180 (with Christoph Hell and Thomas Tesche)

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