Industriklassificeringens roll som urvalskriterium vid multipelvärdering
Sammanfattning: This thesis aims to investigate if peer-groups based on industry classification perform as well as, or better than, peer-groups based on other measures that represent factors affecting the price-to-earnings multiple. In contrast with previous empirical studies, a solid theoretical approach is used in defining which factors, according to valuation theory, affect the P/E-ratio. The factors identified as explanatory are accounting measures, risk and growth. Furthermore, we have recognized several measures that represent these factors. These measures are tested for accuracy of prediction in terms of the P/E-ratio for peer-groups based on these measures relative to an industry classified peer-group. The thesis differs from similar studies insofar as all methods are tested for both trailing and future P/E, which further substantiates the results. The tests indicate that, in general, the effects from accounting measures, risk and growth are explained for within an industry classification when creating peer-groups for multiple valuations. Also, our results indicate that a peer-group based on industry may be improved through adjustments in respect to growth.
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