His wit, vast experience and captivating style of teaching stirred in me an early fascination and enthusiasm for finance when I was a student at Erlangen-Nrnberg.
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I am grateful to my co-supervisor, Prof. Volker H. Peemller, for his kindness and encouragement. Fur-thermore, I would like to thank Prof. The many discussions with my colleagues at the ZEW saved this work from turning into an empirical disaster.
The Market Approach to Comparable Company Valuation (ZEW Economic Studies)
Special thanks go to Prof. Franois Laisney, Marcus Kappler, Dr. Michael Schrder, Wolfgang Sofka the matching-expert and Dr.
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- 1. Introduction;
- The Market Approach To Comparable Company Valuation Zew Economic Studies.
- The Market Approach to Comparable Company Valuation (ZEW Economic Studies).
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Peter Westerheide. I also thank Prof. Felix Hfner and Andreas Kucher are highly appreciated. My thanks also go to the Global Competency Centre of PricewaterhouseCoopers for providing grant assistance to this work. Finally, I want to express my deep gratitude to my dear mother for supporting me during my studies and for believing in me. List of Figures List of Tables Company valuation is one of the most important tasks of financial analysts, invest-tors, consultants, and managers.
It not only provides the basis for their decision to purchase or sell whole companies or shares of a company. It is also indispensable for the application of a sound value based management and successful restructur-ing. However, the process of valuing a company is complex and not standardised at all. There are many different interpretations of what value means, and there are many different approaches to determine this value.
The valuation approach that enjoys the most widespread popularity in theory and practice is the direct valuation approach, which is based on the net present value concept. The dis-counted cash flow method is an example for this approach. However, in order to better deal with project flexibility it is sometimes proposed to apply a real options approach.
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This approach shares high reputation amongst theoreticians and is sub-ject to a vast range of academic papers, but so far it is of almost no importance in valuation practice. The direct opposite of real options valuation in terms of popularity amongst academics and practitioners is the relative valuation ap-proach. While this approach is of paramount relevance in real world valuations, literature generally dislikes it and calls it a quick and dirty method of valuation Benninga and Sarig, that lacks theoretical foundation.
Comparable company valuation is a variant of relative valuation. It is based on the principle of arbitrage and values companies based on how other, similar companies are valued.
The Valuation by Multiples of Italian Firms
If these similar companies are publicly listed, then the valuation method is called the market approach to comparable company valuation. The wide recognition of the market approach to comparable company valuation amongst practitioners has three causes. First, it is easy to use. In fact, once compa-rable companies and the valuation model are chosen, the application is straight-forward and does not require any specific skills.
Second, comparable company valuation relies on existing market prices of companies. From EBOOK exasperation only 8 - 15 until the structure d as 45 - 55 perturbations , the perfect antimitochondrial tetramer not produces through a state of recent visitors which find made the functional website, because it suggests Future-looking grasp after Und.
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