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Publication
Accès libre

New insights into equity valuation using multiples

2016, Kang, Jian, Starica, Catalin

The thesis focuses on the equity valuation using multiples. Based on the notion of stochastic dominance, a relative valuation framework for comparing accuracy is developed and employed in the thesis.
In the first paper, we investigate the feasibility of a relative valuation framework for tracking developments of value relevance of earnings and book values across time.
The second paper focuses on the performance of EV/EBITDA, a multiple that gained in popularity with practitioners during the last decade, relative to that of the traditional multiple P/E.
The last paper explores the possibility of applying non-linear methods to improve the precision of multiple valuation.