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Finance - Business Valuation

 
Equity Valuation Using Multiples: An Empirical Investigation  In spite of their prevalent usage in practice, not so much theoretical background is provided to guide the practical application of multiples. The literature on corporate valuation gives only sparse evidence on how to apply multiples or on why individual multiples or comparable firms should be selected in a particular context. The present book by Andreas Schreiner develops a comprehensive multiples valuation framework, which overcomes many of these problems. It gives answers to many questions, which have not been clarified so far, and which must be addressed in order to come up with sound and convincing valuations in practice. After an introduction and a review of the literature, Schreiner outlines the theoretical foundations of equity valuation using multiples. He derives intrinsic multiples from fundamental equity valuation models and explains why some firms deserve higher or lower multiples than its peers. Based on the weaknesses of the standard multiples valuation method, Schreiner systematically develops a list of criteria for the selection of relevant multiples and the identification of comparable firms.

pdf 2007

   

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Status: 03. September 2013