• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Yaroslav Aleksandrov
Estimation of Company Valuation Accuracy Using Comparable Approach in the Emerging Markets
Corporate Finance
(Master’s programme)
8
2017
The main agenda of this research is to find out the most appropriate multiples and select groups of comparable firms for estimation company value in main industries of the following emerging countries: Brazil, Russia, India and China.

In this research we examine sample for each country for the period since 2009 to 2013. The following multiples are tested: P/S, P/E, P/B, EV/EBITDA, EV/EBIT, EV/TA, EV/Sales. In addition, we consider the accuracy of using combinations of the most precise multiples.

In conclusion, we shall find the best multiples and relevant sets of comparable firms, which demonstrate the most precise estimations of firm values.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses