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Les dessous de l’évaluation des entreprises high tech

Author

Listed:
  • Dubreuille S.

    (NEOMA - Neoma Business School)

  • Mchawrab S.
  • Albouy M. M.
  • Kergoat M.

Abstract

(VF)Évaluer une entreprise « classique » dont les activités sont bien connues ainsi que ses marchés est déjà une tâche délicate, mais s’agissant d’entreprises high tech la difficulté est décuplée. Cette recherche analyse les apports et les limites des trois méthodes de valorisation (Multiples, DCF, Schwartz et Moon). Elle permet de souligner d’une part l’incapacité de ces méthodes à justifier la valeur boursière de ces entreprises. D’autre part, elle met en évidence la complémentarité entre ses méthodes et la nécessité d’une démarche multi méthodes afin d’avoir une meilleure compréhension des déterminants clés de la valeur.(VA)Valuing companies has always been a complex task, but with high tech firms it becomes more difficult. In this paper, we aim to highlight the advantages and the limits of firm valuation methods (Multiples, DCF, Schwartz and Moon) in the context of high tech firms. Our results show that none of the three considered valuation methods is capable of justifying market value. Nonetheless, we argue that a form of complementarity does exist between these methods. We advocate a multi method valuation process in order to have a better understanding of firm’s key value drivers.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Dubreuille S. & Mchawrab S. & Albouy M. M. & Kergoat M., 2015. "Les dessous de l’évaluation des entreprises high tech," Post-Print hal-01220721, HAL.
    • Handle: RePEc:hal:journl:hal-01220721
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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