АНАЛИЗ И ОЦЕНКА НА ФИРМЕНАТА СТОЙНОСТ ПРИ МЕНИДЖМЪНТА НА ЗАСТРАХОВАТЕЛНИТЕ БРОКЕРСКИ ФИРМИ
COMPANY ANALYSIS AND VALUATION IN THE MANAGEMENT OF INSURANCE BROKERAGE FIRMS

Summary/Abstract: The valuation of insurance brokerage firms is an important mechanism of their management or in the cases of mergers and acquisitions. The models for measuring firm value can be grouped in three categories: (1) asset-based approaches; (2) relative/market-based approaches; (3) income/cash flow-based approaches. The most widely used models from each group are respectively: (1) the net asset value; (2) the method of EBITDA multiples; (3) the discounted cash flow approach. As a result of the thorough analysis of specialized publications, a conclusion can be made that the EBITDA multiples and discounted cash flows approaches stand out as being more appropriate with the latter being the most precise and especially suitable for companies of the closed type. From the discounted cash flows approach the Free Cash Flow to Equity (FCFFE) is the recommended model.

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