Méthode des multiples. Contribution à l'évaluation des entreprises

Pierre Astolfi, Édouard Chastenet, Alain Marion and Arnaud Thauvron

Revue française de gestion, 2014, vol. N° 242, issue 5, 83-101

Abstract: The multiples-based business valuation method is probably one of the most commonly used approaches by practitioners. However, considering its limitations, the method raises certain questions when it comes to be implemented. In this context, we propose, based on the use of the valuation Scaled Absolute Error, a procedure allowing to improve the relevance of the method. Especially, the results of our study lead to favor the use of multiples based on prospective earnings (namely Ebitda and Ebit). On the other hand, we show that the process of selecting the most comparable companies can be improved by using performance ratios, such as the expected growth rate of earnings.

Date: 2014
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