An Analysis of EV/EBITDA and P/E Multiples in Borsa Istanbul

Hakkı Öztürk
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Hakkı Öztürk: Bahcesehir University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2017, vol. 32, issue 108, 87-103

Abstract: The objective of this study is to examine the relationship bet¬ween BIST100 stock returns and P/E, EV/EBITDA multiples over the period 2005-2016 by employing panel data analysis with random effects model. According to results, P/E multiple is statis¬tically insignificant with stock returns where the relationship bet¬ween EV/EBITDA multiple and stock returns is significant. EBITDA multiply is a strong determinant of stock returns and stocks with low EV/EBITDA multiples have higher returns for the next period.

Keywords: EV/EBITDA; P/E; Stock Returns; Multiples (search for similar items in EconPapers)
JEL-codes: G11 G19 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:32:y:2017:i:108:p:87-103

DOI: 10.33203/mfy.357668

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