Equity Valuation Using Multiples: An Empirical Investigation (Schriften zum europäischen Management) - Softcover
Book 1 of 6: Schriften zum europäischen Management
Synopsis
Accounting-based market multiples are the most common technique in equity valuation. Multiples are used in research reports and stock recommendations ofboth buy-side and sell-side analysts, in fairness opinions and pitch books of investment bankers, or at road shows offirms seeking an IPO. Even in cases where the value of a corporation is primarily determined with discounted cash flow, multiples such as PIE or market-to-book play the important role of providing a second opinion. Mul tiples thus form an important basis of investment and transaction decisions of vari ous types of investors including corporate executives, hedge funds, institutional in vestors, private equity firms, and also private investors. In spite of their prevalent usage in practice, not so much theoretical back ground 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.
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About the Author
Dr. Andreas Schreiner promovierte bei Professor Dr. Klaus Spremann am Schweizerischen Institut für Banken und Finanzen der Universität St.Gallen (HSG).
From the Back Cover
In spite of the widespread usage of multiples in practice, relevant research related to the multiples valuation method is lacking. While valuing firms using multiples seems straightforward at first glance, it actually implies several complications and open issues.
To close this gap, Andreas Schreiner examines the role of multiples in equity valuation. He transforms the standard multiples valuation method into a comprehensive framework for using multiples in valuation practice, which corresponds to economic theory and is consistent with the results of a broad empirical study of European and U.S. equity markets.
"About this title" may belong to another edition of this title.
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Equity Valuation Using Multiples: An Empirical Investigation
Published by
Deutscher Universitäts-Verlag, 2007
ISBN 10: 3835006967
ISBN 13: 9783835006966
Used
Soft cover
First Edition
Seller: killarneybooks, Inagh, CLARE, Ireland
Seller rating 5 out of 5 stars
Soft cover. Condition: Good. 1st Edition. Paperback, xxv + 170 pages, NOT ex-library. Limited green highlighting on five pages (p.33 & p.35 & pp 37-38 & p.117), else interior is very good: clean and bright with tight binding, free of inscriptions and stamps. Cover shows gentle shelfwear, a bit of rubbing to edges. --- This book is motivated by the apparent gap between the widespread usage of multiples in valuation practice and the deficiency of relevant research related to multiples. While valuing firms using multiples seems straightforward on the surface, it actually invokes several complications and open issues. To close this gap, the book examines the role of multiples in equity valuation and transforms the standard multiples valuation method into a comprehensive framework for using multiples in equity valuation. --- Contents: 1 Introduction: - Motivation - Research idea (Research questions for the theoretical part; Research questions for the empirical part; Research design of the empirical study) - Outline of the book; 2 Literature review: - Coverage in standard literature - Empirical research (Valuation accuracy of the multiples valuation method; Selection of value relevant measures; Identification of comparable firms; Industry-preferred multiples; Combination of multiples) - Contribution to prior research; 3 Theoretical foundations: - Theoretical concept of fundamental equity valuation models (Dividend discount model; Discounted cash flow model; Residual income valuation model; Abnormal earnings growth model) - Derivation of intrinsic multiples (Intrinsic P/E multiple derived from the DDM; Intrinsic EV/EBIT multiple derived from the DCF model; Intrinsic P/B multiple derived from the RIV model) - Market multiples (Definition and categorization of market multiples; Common equity value and entity value multiples; Alternative multiples; Trailing and forward-looking multiples); 4 Comprehensive multiples valuation: - Standard multiples valuation method and its criticism (Concept of the multiples valuation method; Four step valuation process; Strengths and weaknesses of the standard multiples method) - Selection of value relevant measures (Equity value versus entity value multiples; Industry specific multiples; Time reference of value drivers; Criteria for the selection of value relevant measures) - Identification of comparable firms (Industry classification systems; Assessment of comparability; Size of the peer group; Criteria for the identification of comparable firms) - Estimation of synthetic peer group multiples - Actual valuation (Ratio analysis; Adjustment factor) - Two-factor multiples valuation model (Decision relevant multiples and hedging multiples; Combination of two decision relevant multiples); 5 Design of the empirical study: - Concept of value relevance (Definition, interpretation, implementation; Link between value relevance and market efficiency) - Research hypotheses - Research methodology (Methodology using single & combined multiples) - Data and sample; 6 Empirical results: Cross-sectional analysis (Absolute valuation accuracy; Equity value versus entity value multiples; Knowledge-related versus traditional multiples; Forward-looking versus trailing multiples; Effect of industry fineness) - Industry analysis (Industry-preferred multiples; Single versus combined multiples) - Evaluation of empirical results (Validation using US data; Limitations); 7 Conclusion: - Summary of findings - Implications for practice - Research outlook; Appendix A: ICB industry classification structure; Appendix B: U.S. evidence; Appendix C: Definition of variables. Seller Inventory # 004062
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Equity Valuation Using Multiples: An Empirical Investigation (Schriften zum europäischen Management)
Published by
Deutscher Universitätsverlag, 2007
ISBN 10: 3835006967
ISBN 13: 9783835006966
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Equity Valuation Using Multiples: An Empirical Investigation (Schriften zum europäischen Management)
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Deutscher Universitätsverlag, 2007
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Equity Valuation Using Multiples: An Empirical Investigation (Schriften zum europ�ischen Management)
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Equity Valuation Using Multiples
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Taschenbuch. Condition: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -In spite of the widespread usage of multiples in practice, relevant research related to the multiples valuation method is lacking. While valuing firms using multiples seems straightforward at first glance, it actually implies several complications and open issues.To close this gap, Andreas Schreiner examines the role of multiples in equity valuation. He transforms the standard multiples valuation method into a comprehensive framework for using multiples in valuation practice, which corresponds to economic theory and is consistent with the results of a broad empirical study of European and U.S. equity markets. 200 pp. Englisch. Seller Inventory # 9783835006966
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Equity Valuation Using Multiples: An Empirical Investigation (Schriften zum europ?ischen Management)
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Equity Valuation Using Multiples: An Empirical Investigation (Schriften zum europäischen Management)
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Deutscher Universitätsverlag, 2007
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ISBN 13: 9783835006966
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Equity Valuation Using Multiples: An Empirical Investigation (Schriften zum europ?ischen Management)
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Equity Valuation Using Multiples: An Empirical Investigation (Schriften zum europ?ischen Management)
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Westdeutscher Verlag GmbH, 2007
ISBN 10: 3835006967
ISBN 13: 9783835006966
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Equity Valuation Using Multiples
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Condition: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. Dr. Andreas Schreiner promovierte bei Professor Dr. Klaus Spremann am Schweizerischen Institut fuer Banken und Finanzen der Universitaet St.Gallen (HSG).Andreas Schreiner examines the role of multiples in equity valuation. He transforms the standa. Seller Inventory # 5383117
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