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A Research on the Use of the Market Approach in Determining the Value of the First Publicly Offered Companies in the BIST in the 2020-2021 Period

Author

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  • Hasan Yalçın

    (Crowe Hsy)

Abstract

Although the discussions in the literature generally focus on Discounted Cash Flows valuation, in reality companies are mostly valued according to the market approach. In the marketing approach, company valuation is based on current market prices. In this study, the price determination reports of 61 companies that were offered to the public on the BIST between 2020 and 2021 were subjected to content analysis in terms of the methods used in company valuation. In the content analysis, it has been determined that the FV/EBITDA multiplier is the most frequently used ratio in the valuation made with the market approach.

Suggested Citation

  • Hasan Yalçın, 2022. "A Research on the Use of the Market Approach in Determining the Value of the First Publicly Offered Companies in the BIST in the 2020-2021 Period," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 37(118), pages 179-198, October.
    • Handle: RePEc:acc:malfin:v:37:y:2022:i:118:p:179-198
    DOI: https://doi.org/10.33203/mfy.1143610
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    More about this item

    Keywords

    Valuation in Accounting; Company Valuation Approaches; Market Value Approaches; Multiples;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other

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