In this study I investigate the potential improvement in multiple-based valuations from using composite valuations based on price to earnings and price to book ratios against their respective individual ratios and actual price in terms of their predictive accuracy against future price. It is motivated by the popularity of accounting-based market multiples used by practitioners in valuation activities with little published research documenting the absolute and relative performance of composite multiples and its vulnerability to manipulation by biased analysts. First, I generate benchmark multiples using a multiple regression approach and in turn these benchmark multiples are used in the generation of composite valuations. Second, I incorporate firm characteristics such as anticipated growth and financial positions in the development of these composite valuations. Third, I investigate any further improvement in predictive accuracy from enterprise value to sales ratio which is less subjective to accounting policy choices and conservative accounting. The main results support the hypothesis that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating the potential growth rate and financial condition in the composite benchmark multiples. In particular, the three ratio regression-based composite multiples with the growth and the financial condition factor has the smallest mean and median absolute valuation errors. Findings remain unchanged when the analysis is based on December fiscal year end firms and using a parsimonious model in the estimation regression. However, the analysis of mispricing reveals that the valuation model might be useful in settings where market price is not available, such as initial public offerings and court valuation of private firms where a valuation is needed due to strong evidence that high positive pricing errors identify subsequent high returns.

In this study I investigate the potential improvement in multiple-based valuations from using composite valuations based on price to earnings and price to book ratios against their respective individual ratios and actual price in terms of their predictive accuracy against future price. It is motivated by the popularity of accounting-based market multiples used by practitioners in valuation activities with little published research documenting the absolute and relative performance of composite multiples and its vulnerability to manipulation by biased analysts. First, I generate benchmark multiples using a multiple regression approach and in turn these benchmark multiples are used in the generation of composite valuations. Second, I incorporate firm characteristics such as anticipated growth and financial positions in the development of these composite valuations. Third, I investigate any further improvement in predictive accuracy from enterprise value to sales ratio which is less subjective to accounting policy choices and conservative accounting. The main results support the hypothesis that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating the potential growth rate and financial condition in the composite benchmark multiples. In particular, the three ratio regression-based composite multiples with the growth and the financial condition factor has the smallest mean and median absolute valuation errors. Findings remain unchanged when the analysis is based on December fiscal year end firms and using a parsimonious model in the estimation regression. However, the analysis of mispricing reveals that the valuation model might be useful in settings where market price is not available, such as initial public offerings and court valuation of private firms where a valuation is needed due to strong evidence that high positive pricing errors identify subsequent high returns.

The aim of this thesis is evaluation of the public company as a whole as well as on a one share basis (intrinsic value)and comparison of these values with the values based on a market price. Cash flow methods and market multiples were used in a valuation. Autor is trying, apart from the valuation itself, to analyse impact of the global economic crisis on the value of the company.

nÃo hà / Em 2008, desencadeou-se nos Estados Unidos a crise que foi considerada a maior desde 1929, com a quebra da bolsa de Nova York. Este evento afetou substancialmente todo o cenÃrio econÃmico mundial, pois provocou falta de liquidez no mercado. Conhecida como a crise do sub-prime, comeÃou inicialmente no mercado imobiliÃrio, passou pelos bancos, bolsa de valores atà atingir a economia dos paÃses. O Brasil sentiu os impactos da crise mundial, refletida no seu PIB. Pesquisas apontaram que o mercado financeiro foi o segundo maior atingido e os bancos foram afetados, uma vez que os crÃditos externos foram restringidos. Neste cenÃrio, analistas e investidores buscaram ferramentas que pudessem oferecer uma visÃo analÃtica do desempenho das empresas afetadas. A avaliaÃÃo de empresas atravÃs dos mÃltiplos contÃbeis à utilizada por ser de simples abordagem e por permitir o uso padronizado de variÃveis comuns Ãs empresas comparÃveis. O presente trabalho pretende avaliar comparativamente, atravÃs de anÃlise de demonstrativos contÃbeis, o desempenho de instituiÃÃes bancÃrias brasileiras no perÃodo de 2007 a 2010, analisando os efeitos da crise financeira de 2008 sobre as aÃÃes dos mesmos. O estudo evidencia forte impacto da crise nas instituiÃÃes estudadas, afetando de sobremaneira seu lucro lÃquido. / In 2007, it unleashes in the United States the crisis that has to be considered the largest since 1929, with the broke of the New York stock exchange. This event affected substantially the whole world economic scenario, because it caused lack of liquidity in the financial market. Known as the crisis in the sub-prime, it began originally in the real estate market, going to the banks, stock exchange until it reaches the economy of the countries.Brazil has felt the impact of global crisis, reflected in its PIB. Research indicates that the financial market was the second biggest hit and the banks have been affected since the foreign credits were restricted. In this scenario, analysts and investors are looking for tools that provide an analytical overview of the performance of affected companies. The valuation of companies through multiple accounting is used because of its simple approach and allows the use of standardized variables common to comparable companies. This work intends to comparatively evaluate, through analysis of financial statements, the performance of Brazilian banks in the period 2007 to 2010, analyzing the effects of the 2008 financial crisis on its assets.

The aim of this thesis is to determine the market value of the company Kiekert-CS, s.r.o. as of 1 April 2013. Strategic analysis is the first part of this thesis, which has a crucial role throughout the valuation, because there is identified the market development potential, business potential of Kiekert-CS, s.r.o. and the means, which the company owns. Several studies of leading consulting companies are used for determination of market potential. Subsequently, there is prepared financial analysis and value drivers forecast, which underlines the financial plan. DCF equity method serves as an essential method within the process of valuation, method of market multiples is used as a complementary one. The final market value of the company Kiekert-CS, s.r.o. is set in the range of 2,9 billion CZK and 3,4 billion CZK, with the most likely market value considered by the author 3,38 billion CZK.

Objective of the thesis is determination of Volkswagen Group's equity intrinsic value. Basic starting point of the analysis is seggregation of consolidated financial statements into financial and production division, which are valuated separately. The production division is valuated using both enterprise discounted cashflow and discounted economic profit analysis. Equity cashflow valuation is used to derive value of the financial division. Results of valuation implied by income approach are then compared with market multiples valuation.

The aim of this thesis was to comprehensively describe the valuation process, emphasize the significance of each part and point out possible pitfalls. The methodological valuation theory is not regulated in the Czech Republic, with a few exceptions, thus the credibility of the final value depends on the economic quality of applied process. Before the valuation methodology itself is applied, there has to be carried out both strategic and financial analysis providing the inputs for the applied models. Strategic analysis examines both general macroeconomic conditions, which could affect future performance of the company, and relevant market the company operates on within the competitive landscape. Strategic analysis provides the inputs into subsequent financial plan, primarily based on historical financial performance of the company, and serve as its corrective. In this thesis there were analyzed yield-based and market multiples methods, complemented by asset-based approach. Yield-based methods, i.e. DCF and EVA, are based on discounted future value which will the company generate. That implicates the suitability of its application for the companies with predictable financial plan. That means mostly companies with stable financial history, in case of young innovative startup the usage of such a method...

The objective of the thesis is to estimate the value of 2K Czech, s.r.o., as of 31th December 2011. The thesis is structured into two parts. The theoretical part describes applied methods and valuation approach. Application includes strategic and financial analysis, prognosis of value drivers, financial plan and final valuation using discounted cash-flow method and market comparison method.