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Multiples: An Overview

Corporate Valuation, 2016, p.295-331

ISBN: 1119003334 ;ISBN: 9781119003335 ;EISBN: 1119261678 ;EISBN: 9781119261674 ;DOI: 10.1002/9781119261674.ch12

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  • Title:
    Multiples: An Overview
  • Author: Gianfrate, Gianfranco ; Zanetti, Laura ; Massari, Mario
  • Subjects: EBIT ; enterprise value ; financial leverage ; growth rate ; multiples method ; PEG ratio ; price/earnings ratio ; stock market ; unlevered multiples
  • Is Part Of: Corporate Valuation, 2016, p.295-331
  • Description: The multiples method seeks to develop a relationship between the actual price of shares of comparable listed companies and an accounting metric. Multiples can refer to values taken from two different market contexts: the stock market, and market for corporate control. These two types of multiples usually lead to the estimation of different values. The chapter explores the choice of particular type of multiple such as price/earnings ratio (P/E), and enterprise value (EV)/EBIT changes the perspective taken by the valuator and the analysis that has to be performed while the factors responsible for the generation of value remain the same. The chapter outlines that the financial leverage ratio influences the value of the company's multiples. It discusses the relationship between multiples and the growth rate. The objective is to provide instruments to explain differences between multiples of the companies within the selected group.
  • Publisher: Hoboken, NJ, USA: John Wiley & Sons, Inc
  • Language: English
  • Identifier: ISBN: 1119003334
    ISBN: 9781119003335
    EISBN: 1119261678
    EISBN: 9781119261674
    DOI: 10.1002/9781119261674.ch12
  • Source: Ebook Central Academic Complete
    ScholarVox International
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