Differentiated Estimates of Valuation Multipliers based on Price-to-Book Ratio for the Czech Brewing Industry

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62156489%3A43110%2F22%3A43921727" target="_blank" >RIV/62156489:43110/22:43921727 - isvavai.cz</a>

Výsledek na webu

<a href="https://doi.org/10.11118/actaun.2022.011" target="_blank" >https://doi.org/10.11118/actaun.2022.011</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.11118/actaun.2022.011" target="_blank" >10.11118/actaun.2022.011</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Differentiated Estimates of Valuation Multipliers based on Price-to-Book Ratio for the Czech Brewing Industry

Popis výsledku v původním jazyce

This article focuses on the differentiated estimations of industry multipliers in relation to Price-Book Value ratio (P/BV) with applying for the Czech brewing industry. Differentiation of estimates brings better approximation of these sector-wide multipliers to the defined groups companies within the given markets and thus increases the accuracy of the method of relative business valuation. Due to the absence of market data on privately held companies, the market value was assessed using the DCF method, while the book value was taken from the enterprise&apos;s accounts. The assumption of the linearity of the market-book value relationship for the subsequent calculations and differentiation of P/BV estimations was verified using regression analysis. The differentiation of P/BV ratio was made according to the size of entities, but mainly based on equality of market and book value, respectively according to the equality P/BV = 1. Then our results were supplemented by the calculation of industry P/BV ratio using P/EAT ratio and ROE decomposition. Using this additional method, the brewing industry was compared with other relevant industries in the Czech Republic.

Název v anglickém jazyce

Differentiated Estimates of Valuation Multipliers based on Price-to-Book Ratio for the Czech Brewing Industry

Popis výsledku anglicky

This article focuses on the differentiated estimations of industry multipliers in relation to Price-Book Value ratio (P/BV) with applying for the Czech brewing industry. Differentiation of estimates brings better approximation of these sector-wide multipliers to the defined groups companies within the given markets and thus increases the accuracy of the method of relative business valuation. Due to the absence of market data on privately held companies, the market value was assessed using the DCF method, while the book value was taken from the enterprise&apos;s accounts. The assumption of the linearity of the market-book value relationship for the subsequent calculations and differentiation of P/BV estimations was verified using regression analysis. The differentiation of P/BV ratio was made according to the size of entities, but mainly based on equality of market and book value, respectively according to the equality P/BV = 1. Then our results were supplemented by the calculation of industry P/BV ratio using P/EAT ratio and ROE decomposition. Using this additional method, the brewing industry was compared with other relevant industries in the Czech Republic.

Druh

J_SC - Článek v periodiku v databázi SCOPUS

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2022

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis

ISSN

1211-8516

e-ISSN

2464-8310

Svazek periodika

70

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

15

Strana od-do

131-145

Kód UT WoS článku

—

EID výsledku v databázi Scopus

2-s2.0-85134023059