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Multiples modification in assessment of M&A processes

Author

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  • Andrzej Rutkowski

Abstract

Mnożniki PE oraz EBITDA należą do najpopularniejszych mnożników wykorzystywanych w wycenach przedsiębiorstw. Jak wskazują badania empiryczne przeprowadzone na GPW w Warszawie, mnożniki te przyjmują różne wartości w zależności od wielkości spółki oraz branży. W artykule zaproponowano modyfikacje mnożników PE oraz EBITDA. W modyfikacjach uwzględniono istotne dla procesów przejęć zmiany w zakresie struktury finansowania, wielkości ponoszonych wydatków inwestycyjnych oraz tempa wzrostu wyników finansowych.

Suggested Citation

  • Andrzej Rutkowski, 2008. "Multiples modification in assessment of M&A processes," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 18(3), pages 71-87.
    • Handle: RePEc:wut:journl:v:3:y:2008:p:71-87
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    References listed on IDEAS

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