Equity Valuation Using Multiples: An Empirical Investigation

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List of figures 1Figure 1.1: <strong>Valuation</strong> models employed in analysts’ reports ..............................2Figure 1.2: Outline of the book..........................................................................12Figure 3.1: Intrinsic multiples derived from fundamental valuation models ....38Figure 3.2: Categorization of multiples .............................................................39Figure 4.1: Open issues of the standard multiples method................................53Figure 4.2: Strengths and weaknesses of the standard multiples method..........56Figure 4.3: List of criteria for the selection of value relevant measures ...........68Figure 4.4: List of criteria for the identification of comparable firms...............74Figure 6.1: Performance of equity value versus entity value multiples ..........103Figure 6.2: Performance of forward-looking versus trailing multiples ...........109Figure 6.3: Performance of multiples depending on the industry fineness .....112Figure 6.4: Time stability of calibrated absolute valuation errors in Europe..1251 List excludes figures in the Appendices.
List of tables 2Table 5.1: Sample characteristics and descriptive statistics.............................. 95Table 5.2: <strong>Equity</strong> value multiples summary statistics....................................... 97Table 6.1: Absolute valuation accuracy of equity value multiples ................. 100Table 6.2: Performance of equity value versus entity value multiples ........... 102Table 6.3: Performance of knowledge-related versus traditional multiples.... 106Table 6.4: Performance of forward-looking versus trailing multiples ............ 108Table 6.5: Performance of multiples depending on the industry fineness ...... 111Table 6.6: Dow Jones STOXX 600 industry weights ..................................... 113Table 6.7: Industry-preferred multiples in European key industries............... 115Table 6.8: Correlations among selected value drivers .................................... 118Table 6.9: Factors and weights of the two-factor multiples valuation modelin European key industries ............................................................. 119Table 6.10: Performance of single versus combined multiples in selectedEuropean key industries ................................................................. 121Table 6.11: Comparison of absolute valuation accuracy in European andU.S. equity markets ........................................................................ 1222 List excludes tables in the Appendices.
Page 1 and 2: Equity Valuation Using Multiples:An
Page 4 and 5: IVForewordframework. Schreiner demo
Page 6 and 7: VIPrefacement from my friends, whic
Page 8 and 9: Brief contents1 Introduction ......
Page 10 and 11: ContentsForeword...................
Page 12 and 13: XIIContents4.5 Actual valuation....
Page 16 and 17: Notations and abbreviationsPrice an
Page 18 and 19: XVIIINotations and abbreviationsM&A
Page 20 and 21: 2 Introductiongroup multiples must
Page 22 and 23: 4 Introductionexpenditures, amortiz
Page 24 and 25: 6 Introductiontion, therefore, aims
Page 26 and 27: 8 Introduction• Research question
Page 28 and 29: 10 Introductionscope of the solutio
Page 30 and 31: 12 IntroductionFigure 1.2: Outline
Page 32 and 33: 14 Literature reviewto earnings gro
Page 34 and 35: 16 Literature reviewserved market v
Page 36 and 37: 18 Literature reviewmultiple for ea
Page 38 and 39: 20 Literature reviewthe other. Chen
Page 40 and 41: 3 Theoretical foundationsShareholde
Page 42 and 43: 24 Theoretical foundationsferred to
Page 44 and 45: 26 Theoretical foundationswherev is
Page 46 and 47: 28 Theoretical foundationsholders a
Page 48 and 49: 30 Theoretical foundationsOhlson (2
Page 50 and 51: 32 Theoretical foundationsget firm'
Page 52 and 53: 34 Theoretical foundationsIn order
Page 54 and 55: 36 Theoretical foundationsRI D Bequ
Page 56 and 57: 38 Theoretical foundationsFigure 3.
Page 58 and 59: 40 Theoretical foundationsThe loose
Page 60 and 61: 42 Theoretical foundationscomings,
Page 62 and 63: 44 Theoretical foundationsability c
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46 Theoretical foundationsposure to
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4 Comprehensive multiples valuation
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50 Comprehensive multiples valuatio
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5 Design of the empirical studyThe
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86 Design of the empirical studytio
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88 Design of the empirical studypir
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90 Design of the empirical study5.3
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92 Design of the empirical studyCha
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94 Design of the empirical studyand
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96 Design of the empirical studyass
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6 Empirical resultsThe following ch
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100 Empirical resultsous multiples
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102 Empirical resultsvalue multiple
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104 Empirical results6.1.3 Knowledg
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106 Empirical resultsknowledge-rela
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108 Empirical resultsTable 6.4: Per
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110 Empirical results6.1.5 The effe
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112 Empirical resultsThe second tes
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114 Empirical results6.2.1 Industry
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116 Empirical resultsExamination of
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118 Empirical resultscoefficients a
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120 Empirical results• The simple
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122 Empirical resultsTable 6.11: Co
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124 Empirical resultshowever, lapse
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126 Empirical resultsoped equity ma
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128 Conclusionmultiples, in particu
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130 Conclusion7.3 Research outlookE
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132 Appendix A: ICB industry classi
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134 Appendix A: ICB industry classi
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136 Appendix B: U.S. evidenceEquity
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138 Appendix B: U.S. evidencePerfor
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146 Appendix B: U.S. evidenceIndust
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148 Appendix B: U.S. evidenceFactor
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150 Appendix B: U.S. evidenceTime s
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152 Appendix C: Definition of varia
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ReferencesAboody, D., 2006. Financi
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156 ReferencesBernard, V.L., Thomas
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158 ReferencesDamodaran, A., 2001.
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160 ReferencesFama, E.F., 1976. Fou
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162 ReferencesGuo, R.-J., Lev, B.,
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164 ReferencesLev, B., Nissim, D.,
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166 ReferencesO’Hanlon, J., Peasn
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168 ReferencesRoss, S.A., Westerfie
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Curriculum VitaeName:Born:Andreas S
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Equity Valuation Using Multiples: An Empirical Investigation

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