Model Risk in the Valuation of Shares by the Multiplier Method

Модельный риск при оценке акций методом мультипликаторов

Vigen Minasyan () and Ivko, Daria (Ивко, Дарья) ()
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Ivko, Daria (Ивко, Дарья): Russian Presidential Academy of National Economy and Public Administration (RANEPA)

Working Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: This paper considers the problem of applying the method of market multipliers in assessing the value of companies in eight major industries of the Russian Federation, possibility and correctness of application of multipliers of analogical companies, advantages and disadvantages of the method. The volatility of price multipliers (P/E, P/B) is estimated. The existence of a link between the volatility of stock prices and the volatility of price multipliers (P / E, P / B) is revealed, the strength and direction of these links are analyzed. Based on the results of the study, the possibility and correctness of using multiples of analogical companies in estimating the value of Russian companies is given.

Pages: 36 pages
Date: 2018-05
New Economics Papers: this item is included in nep-cis
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