Metody porównawcze w wycenach przedsiębiorstw na przykładzie spółek notowanych na GPW w Warszawie

Abstract

Relative valuation methods are commonly used for the valuation of companies listed on the public capital markets, e.g. in Poland on the Warsaw Stock Exchange (WSE). The aim of this article is to assess the possibilities of justified use of multiples to determine the value of companies. In the empirical part of the article the multiples determined on the basis of data obtained from the WSE and the financial statements of companies were analysed. The study covered 429 non-financial companies listed on the WSE in 2004–2013. Analysing the results of companies in the consecutive years, very large variability of multipliers within industries was observed. At the same time in the consecutive years various sectors scored different positions in the rankings of the value of a specific multiple. It should be emphasized that according to the logic of comparative approach, it is assumed that the parameters (e.g. multiples) in the valuation formulas are characterized by a relatively stable level. The result is that the comparative method should be used with very great care, paying attention to the proper selection of comparable units. It is also important to determine the legitimacy of the use of certain valuation multiples for companies in different industries. Incautious use of multipliers incompatible with the specifics of the company’s activities, not taking into consideration the form of efficiency of the capital market, may lead to valuation which will differ significantly from the intrinsic value of the company (calculated on the basis of DCF method) and the current market value.

Keywords

• company valuation
• relative company valuation
• capital market
• warsaw stock exchange