Equity Valuation Using Multiples

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In spite of the widespread usage of multiples in practice, relevant research related to the multiples valuation method is lacking. While valuing firms using multiples seems straightforward at first glance, it actually implies several complications and open issues. To close this gap, Andreas Schreiner examines the role of multiples in equity valuation. He transforms the standard multiples valuation method into a comprehensive framework for using multiples in valuation practice, which corresponds to economic theory and is consistent with the results of a broad empirical study of European and U.S. equity markets.