A Research on the Use of the Market Approach in Determining the Value of the First Publicly Offered Companies in the BIST in the 2020-2021 Period

Hasan Yalçın
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Hasan Yalçın: Crowe Hsy

Journal of Finance Letters (Maliye ve Finans Yazıları), 2022, vol. 37, issue 118, 179-198

Abstract: Although the discussions in the literature generally focus on Discounted Cash Flows valuation, in reality companies are mostly valued according to the market approach. In the marketing approach, company valuation is based on current market prices. In this study, the price determination reports of 61 companies that were offered to the public on the BIST between 2020 and 2021 were subjected to content analysis in terms of the methods used in company valuation. In the content analysis, it has been determined that the FV/EBITDA multiplier is the most frequently used ratio in the valuation made with the market approach.

Keywords: Valuation in Accounting; Company Valuation Approaches; Market Value Approaches; Multiples (search for similar items in EconPapers)
JEL-codes: G30 G32 M41 M42 M49 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:37:y:2022:i:118:p:179-198

DOI: 10.33203/mfy.1143610

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