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Munich Personal RePEc Archive

Indirect Firm Valuation and Earnings Stability

Janda, Karel and Kaszas, Micha (2017): Indirect Firm Valuation and Earnings Stability.

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Abstract

This paper investigates statistical significance of earnings stability in the within-company indirect valuation method. We empirically establish superiority of a within-company earnings multiple valuation technique for the relatively most stable companies. Favourable empirical results are robust against different means of operationalization of the stability construct and valuation multiples. Results of this paper indicate that the indirect within-company price-to-earnings valuation yields the most precise and the most accurate value estimates.

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