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Contribution Details
| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | Use and Accuracy of Multiple Valuation in Swiss Fairness Opinions |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 40 |
| Date | 2020 |
| Abstract Text | This thesis assesses the use and performance of multiple valuation on a sample of 79 Swiss fairness opinions. Results indicate that trading multiples are more popular than transaction multiples, with EBITDA being the best practice ratio, independent of size, industry, or approach employed. For relatively small companies, or companies with unique product portfolios or business models, applying multiples is problematic. Both approaches produce results significantly below the offering and close to market prices. Analysis suggests the development of macroeconomic conditions to have a severe influence on transaction multiples. Evaluation of relative performances proves DCF as more reliable than multiple valuation. |
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