Estimation of Company Valuation Accuracy Using Comparable Approach in the Emerging Markets

Student: Aleksandrov Yaroslav

Educational Programme: Corporate Finance (Master)

Final Grade: 8

Year of Graduation: 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.

Full text (added May 13, 2017)

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