scholarly journals The valuation by multiples of Italian firms

2010 ◽  
Vol 7 (3) ◽  
pp. 228-241 ◽  
Author(s):  
Barbara Fidanza
Keyword(s):  
Small Firms ◽  
Stock Exchange ◽  
Cash Flows ◽  
Arithmetic Mean ◽  
Harmonic Mean ◽  
Industrial Firms ◽  
Book Value ◽  
Industrial Sectors ◽  
A Company ◽  
Selection Of

The purpose of this paper is twofold. First, the paper illustrates which comparables selection method provides the most accurate forecasts by using multiples. Firms listed on the Milan stock exchange from 2000 to 2006 were analyzed. Comparable firms were selected by activity sector, sector and size, sector and ROA, ROA and size, and were averaged with the arithmetic mean, median, and harmonic mean. Twelve multiple valuation methods were analyzed. The empirical results suggest that the selection of comparable firms on the basis of sector and ROA or sector and size are the most accurate criteria. Valuation improves when multiples are averaged using a median relative to arithmetic and harmonic mean. Moreover, in order to test which multiples are most effective to value a company, the main multiples were considered and I analyzed how factors such as sector, size and year bias these outcomes. The results show that the multiples based on cash flows are almost always significant; the multiples based on earnings are most significant in industrial sectors, in particular for small firms with many intangible assets; the multiples on book value appear most effective for non-industrial firms.

scholarly journals Analisis Perbandingan Financial Distress Pada Perusahaan Sub Sektor Rokok Periode 2015-2019

2021 ◽  
Vol 3 (3) ◽  
pp. 157-163
Author(s):  
Anang Makruf ◽  
Deni Ramdani
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Market Value ◽  
Sampling Technique ◽  
Z Score ◽  
Book Value ◽  
Purposive Sampling ◽  
Quantitative Models ◽  
A Company ◽  
Analyze Data

Abstract – The aim of the study was to analyze financial distress in cigarette companies list in Indonesia Stock Exchange in 2015-2019 using 3 methods, Altman Z-Score, Zmijewski, and Springate. Purposive sampling is used in this study to determine the sampling technique. The sample used in this study released 4 cigarette companies. Descriptive asalysis with quantitative models was used to analyze data in this research. Altman Z-Score, Zmijewski, and Springate in 2015-2019 PT. HM Sampoerna Tbk, PT. Gudang Garam Tbk, and PT. Wismilak Inti Makmur Tbk is related to safe, but it is needed a company that is estimated to be grey in the Altman Z-Score calculation in 2018, PT. Wismilak Inti Makmur Tbk. The Z-score is at the limit because the companie has a ratio with a lower value in market value of equity  to book value of liabilities   Abstrak – Penelitian ini memiliki bertujuan untuk menganalisis perbandingan kesulitan keuangan dalam perusahaan sun sektor rokok di Indonesia Stock Exchange periode 2015-2019 menggunakan tiga metode. Metode yang digunakan yaitu Altman Z-Score, Zmijewski, dan Springate. Purposive sampling digunakan dalam penelitian ini untuk menentukan teknik pengambilan sampel. Sampel yang digunakan berjumlah 4 perusahaan rokok. Analisis deskriptif dengan pendekatan kuantitatif digunakan sebagai teknik analisis data. Dalam penelitian ini menjelaskan financial distress yang dihitung menggunakan metode Altman Z-Score, Zmijewski , dan Springate pada tahun 2015-2019 PT. HM Sampoerna Tbk, PT. Gudang Garam Tbk, dan PT. Wismilak Inti Makmur Tbk mengalami dalam kondisi keuangan yang sehat, namun terdapat perusahaan yang diestimasi rawan kebangkrutan pada perhitungan Altman Z-Score pada  tahun 2018 yaitu PT. Wismilak Inti Makmur Tbk. hal ini dapat terjadi  karena nilai Z-Score PT. Wismilak Inti MakmurTbk  berada pada Z < 1,81 salah satu penyebabnya ialah rendahnya rasio market value of equity terhadap liabilities.

scholarly journals PENGARUH KINERJA KEUANGAN TERHADAP RETURN SAHAM PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2008-2010

2019 ◽  
Vol 6 (2) ◽  
pp. 83
Author(s):  
Hermi Hermi ◽  
Ary Kurniawan
Keyword(s):  
Financial Performance ◽  
Stock Returns ◽  
Stock Return ◽  
Stock Exchange ◽  
Profit Margin ◽  
Manufacturing Companies ◽  
Book Value ◽  
Purposive Sampling ◽  
Net Profit ◽  
Selection Of

<p class="Style1"><em>This study aims to determine the effect of financial performance (return on the investments (ROI), Return on Equty (ROE), Net Profit Margin (NPM), Earning Per Share (EPS), Price to Book Value (PB V)) to return the shares either partial or simultaneously. The study focused on manufacturing comanies listed in Indonesia Stock Exchange (BEI) in the period 2008 to 2010. The selection of samples based on purposive sampling, so that the obtained sample of 56 manufacturing companies. The result of the sestudies show that partially only variable that has just EPS significantly influence on stock returns. While other variables, namely ROl, ROE, NPM, PBV had no signfficant effect on stock returns. In simultaneoualy free variabrl ROI,ROE, NPM, EPS, PBV has a significant effect on the stock Return.</em></p>

scholarly journals ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI STRUKTUR MODAL PERUSAHAAN AGRIBISNIS DI BURSA EFEK INDONESIA TAHUN 2007-2012

2013 ◽  
Vol 12 (2) ◽  
pp. 225-238
Author(s):  
Wahyu Handono
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Sampling Method ◽  
Stock Exchange ◽  
Research Result ◽  
Sales Growth ◽  
A Company ◽  
Simultaneous Growth ◽  
Selection Of ◽  
The Capital Structure

The purpose of this study is to determine the influence of factors of sales growth, tangibility of assets, profitability, liquidity and firm size of capital structure on agribusiness corporates listed on the Indonesia Stock Exchange during 2007-2012. The population used in this study is a company listed on the Indonesia Stock Exchange (BEI) in the period from 2007 to 2012 and is engaged in agribusiness (food crops, plantations, livestock, fisheries, and forestry). The selection of the sample used purposive sampling method. Based on the criteria, 11 companies samples are obtained in the period 2007-2012. The analysis used multiple regression analysis. This research assumed some variables that significantly influence the capital structure (DTA) are the tangibility of assets (FTA), liquidity (CR) and size of company (Size). While the growth in sales (GS) and profitability (NPM) variables had no significant effect on capital structure (DTA). The research result indicates that simultaneous growth in sales (GS), tangibilty of assets (FTA), profitability (NPM), liquidity (CR) and firm size (Size) significantly influence the capital structure (DTA) of the agribusiness company.Keywords: agribusiness companies, capital structure 

The Effect of the COVID-19 Pandemic on International Stock Exchanges

2022 ◽  
pp. 106-143
Author(s):  
Hakan Altin
Keyword(s):  
Supply And Demand ◽  
Cash Flows ◽  
Stock Exchanges ◽  
Fiscal Policies ◽  
Rehabilitation Process ◽  
The Future ◽  
Current Value ◽  
A Company ◽  
Actual Price ◽  
Selection Of

It is possible to define the concept of risk in various ways. Risk is the deviation possibility of the realized value from the expected value. It has two components, nonsystematic risk and systematic risk. Despite this, pandemics are risk factors that cannot be anticipated. They have deeply affected economies and financial markets under every condition. The importance of the detection of the COVID-19 pandemic comes from the selection of monetary and fiscal policies to be applied by governments during the rehabilitation process of economies. Equity share markets provide important information regarding the future of a company or economy. The reason for this is that the current value of an equity share is dependent on the deducted calculation of the cash flows of the equity share to be provided in the future. The actual price of the equity share is determined according to supply and demand under market conditions.

PENGARUH UKURAN PERUSAHAAN, PRICE EARNING RATIO DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN (Studi Empiris Pada Perusahaan Aneka Industri yang Terdaftar di Bursa Efek Indonesia tahun 2011 - 2015)

Equity ◽  
2017 ◽  
Vol 20 (1) ◽  
pp. 25
Author(s):  
Galih Henriansyah ◽  
Lita Dharmayuni
Keyword(s):  
Firm Size ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Complete Data ◽  
Purposive Sampling ◽  
A Company ◽  
Selection Of

The purpose of this study is to know the influence ofFirm Size, Price Earning Ratio, and Profitability to Firm’s Value in various industry companies listed in Indonesia Stock Exchange 2011-2015. The data in this research is secondary data obtained through the company's annual financial statements for the financial period ended 2011-2015. This study used 7 samples of various industry companies listed on the Indonesia Stock Exchange. Each company is a company that has published its financial statements and complete data regarding the variables that will be examined during the period 2011-2015. The sample is taken by using purposive sampling, that the selection of members of the sample based on certain criteria. The results showed that the influence of Firm Size and Price Earning Ratio are positive and not significant to the Firm’s Value, and the influence of Profitability are positive and significant to on the Firm’s Value.

scholarly journals Accounting rules and value relevance: A new perspective from the Italian market

2019 ◽  
Vol 17 (1) ◽  
pp. 255-263
Author(s):  
Marco Rotili ◽  
Alessandro Giosi ◽  
Giacomo Ceccobelli
Keyword(s):  
Value Relevance ◽  
Stock Exchange ◽  
Anglo Saxon ◽  
Accounting Standard ◽  
Book Value ◽  
Conservative Accounting ◽  
Italian Market ◽  
Accounting Rules ◽  
New Perspective ◽  
A Company

The purpose of this study is to question the basic assumption of the higher value relevance (meaning its superior ability to represent the value of assets and liabilities) of the International Accounting Standard (IAS-IFRS), as compared to Italian accounting practices. Value relevance refers to the vast literature which investigates if and how financial data includes useful information for investors; in other words, if it represents a robust basis for their investment decisions. Analyzing both Anglo-Saxon and other European countries, the literature shows a heterogeneous scenario and divergent results. Unlike previous studies, this study links market and book values by means of the price to book value ratio, considering a sample of Italian listed companies on the Mercato Telematico Azionario, the main segment of the Italian Stock Exchange. Moreover, to strengthen the empirical results the research takes into account a longer period (1996-2015), bearing in mind the change in Italian accounting practices occurring in 2005 as a result of the adoption of IAS-IFRS. The study is consistent with that part of the literature which argues that the accounting discipline underlying IAS-IFRS shows a discrepancy between its theoretical purpose of expressing the current value of a company and its applicable accounting standards. In this respect, the results obtained are somewhat different from the mainstream view, suggesting that the introduction of the IAS-IFRS does not contribute to reducing the gap between the stock market capitalization and the respective book value of a company. Therefore, the Italian national accounting discipline, based on conservative accounting, quite surprisingly appears more value relevant; in other words, it seems to be more able to capture the business value assumed by investors.

scholarly journals PENGARUH PRICE EARNING RATIO, PRICE TO BOOK VALUE, DAN INFLASI TERHADAP HARGA SAHAM YANG TERINDEKS IDX 30

2019 ◽  
Vol 3 (02) ◽  
Author(s):  
Niki Nony Mutiarani ◽  
Riana R Dewi ◽  
Suhendro Suhendro
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Sampling Method ◽  
Price Index ◽  
Stock Exchange ◽  
Share Price ◽  
Financial Reports ◽  
Book Value ◽  
A Company ◽  
Research Period

This study aims to determine how the effect of Price Earning Ratio, Price to Book Value Ratio and Inflation on Indexed Stock Prices Idx 30 in the period 2016-2018. The object in the 2016-2018 research period was a company whose share price was IDX30 Teindeks on the Indonesia Stock Exchange. The population used in this study is 30 company shares and is based on a purposive sampling method that produces a sample of 11 companies. The dependent variable is represented by the stock price index, while the independent variables in this study are Price Earning Ratio, Price to Book Value Ratio and inflation. The research method used is a quantitative method that takes into account the company's market ratios of financial reports obtained from the IDX website and the level of inflation in Indonesia Partially the results of this study indicate that during the 2016-2018 period Price Earning Ratio, Price to Book Value Ratio and inflation do not affect IDX indexed stock prices 30. Keywords: Stock Prices, Price Earning Ratio, Price To Book Value, Inflation

scholarly journals The Effect of Leverage, Profitability, Liquidity, and Asset Growth on Corporate Value of Consumption Goods Sectors Listed in Idonesia Stock Exchange in 2015-2018

2020 ◽  
Vol 5 (8) ◽  
pp. 626-634
Author(s):  
Naelly . ◽  
Matrodji Mustafa
Keyword(s):  
Consumer Goods ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Financial Statements ◽  
Book Value ◽  
Company Value ◽  
Panel Data Regression ◽  
Equity Ratio ◽  
Asset Growth ◽  
A Company

The value of companies in the consumer goods sector listed on the IDX in the 2015-2018 period tends to fluctuate. Company value can reflect the prosperity of a company. The value of the company is also a consideration for investors to invest. One indicator used to measure the high and low values of a company is to look at the company's Price to Book Value (PBV). By analyzing a company's financial statements, it can be seen whether the company has a high or low investment value. The financial ratios reflected in the financial statements are thought to affect the value of the company. This study intends to examine the effect of Debt Equity Ratio (DER), Return on Assets (ROA), Current Ratio (CR), and Asset Growth on Price to Book Value (PBV). The sampling technique used purposive sampling and obtained a sample of 20 consumer goods sector companies listed on the Indonesia Stock Exchange in the 2015-2018 period. The research method uses panel data regression analysis. From the results of the study concluded that DER, ROA, and Asset Growth had a positive and significant effect on PBV, whereas CR had a negative and not significant effect on PBV.

scholarly journals PENGARUH CURRENT RATIO, RETURN ON EQUITY DAN DEBT TO ASSET RATIO TERHADAP PRICE BOOK VALUE PERUSAHAAN ADVERTISING, PRINTING DAN MEDIA YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2014-2017

2020 ◽  
Vol 9 (2) ◽  
pp. 131
Author(s):  
Bayu Nur Batin ◽  
Deny Ismanto
Keyword(s):  
Hypothesis Testing ◽  
Quantitative Data ◽  
Stock Exchange ◽  
Current Ratio ◽  
Return On Equity ◽  
Book Value ◽  
Media Companies ◽  
Media Services ◽  
A Company ◽  
Research Period

This  research was conducted with the aim of partially  testing  the influence of Current Ratio, Return On Equity, and Debt to Asset Ratio on Price Book Value to Advertising, Printing and Media companies listed on the Indonesia Stock  Exchange  (IDX).  Factors  that  influence  price  book  value  (PBV)  include liquidity that is proxied by current ratio or current ratio (CR), profitability projected with return on equity (ROE), and Debt to asset ratio (DAR). The research period was  carried out for 4 (four)  years,  namely  2014-2017. This  type  of  research  is Quantitative data, namely data in the form of numbers, or Quantitative data that are sent in a queue. The population in this study is a company engaged in the services of Advertising,  Printing, and Media services listed on the IDX, namely 15 companies. The sample in this study was obtained by purposive sampling method. Based on existing criteria, 15 companies were obtained. Hypothesis testing is done by Multiple  regression  analysis,  but  before testing  hypotheses  first  testing  the classical assumptions.  The results of hypothesis testing are carried out partially, namely the t test shows that CR has no effect and is not significant on PBV. ROE has a partial and significant effect on PBV. DAR partially has no effect and is  not significant for PBV.

scholarly journals Effects of Financial Determinants on Dividend Payout: Evidence from Nepalese Retail Banks

The Batuk ◽  
2021 ◽  
Vol 7 (1) ◽  
pp. 24-37
Author(s):  
Makshindra Thapa
Keyword(s):  
Stock Exchange ◽  
Secondary Data ◽  
Cash Flows ◽  
Dividend Payout ◽  
Book Value ◽  
Net Profit ◽  
Negative Effect ◽  
Retail Banks ◽  
The Impact ◽  
Positive Effect

This paper aims to examine the impact of five commonly used dividend determinants as; net profit, cash flow, size, market to book value, and slack on the dividend payout ratio of 19 Nepalese commercial banks. This study uses secondary data collected from annual financial statements of the banks listed on the Nepal Stock Exchange. A total of 95 observations of the variables five fiscal years are considered. The method used casual comparative research design and regression analysis is conducted. The results showed a positive and significant effect of two variables; market to book value and slack on dividend payout ratio. The result also showed the positive effect of size on the dividend payout ratio. However, the results indicated a negative effect of profitability and cash flows on the dividend payout ratio of the banks.

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