Analiza skuteczności mnożników stosowanych w wycenie metodą porównawczą
Analysis of effectiveness of multiples applied in relative valuation

Summary/Abstract: Purpose – The objective of the research presented in this paper is to verify a research hypothesis according to which there are multipliers applied in relative valuation and make it possible to appraise companies more accurately than other multipliers. Design/Methodology/approach – The author of the research, taking advantage of linear regression models, has checked which of the financial measures (revenue from sales (S), earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation and amortization (EBITDA), profit after tax (E), book value (BV) are best correlated with company value. The analysis was based on financial data from the period of 2006–2015, concerning twenty three companies operating in the food industry and listed on the Warsaw Stock Exchange. Findings – The results obtained make it possible to believe that earnings before interest, taxes, depreciation and amortization (EBITDA) and book value (BV) provide a better presentation of company value than other financial categories analysed in the research. Therefore we may assume that comparable approach based on V/EBITDA and P/BV multipliers offer more reliable valuation results than those obtained based on other measures used in comparable valuation. Originality/value – Published sources discussing comparable methods of company valuation are quite rare compared to the number of publications devoted to income based methods of valuation. Moreover, the analysis of effectiveness and accuracy of valuation performed using various types of multipliers does not produce consistent results. It therefore appears that the outcomes of the presented research are significant from both theoretical and practical point of view.

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