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An Analysis of EV/EBITDA and P/E Multiples in Borsa Istanbul

Author

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  • Hakkı Öztürk

    (Bahcesehir University)

Abstract

The objective of this study is to examine the relationship bet¬ween BIST100 stock returns and P/E, EV/EBITDA multiples over the period 2005-2016 by employing panel data analysis with random effects model. According to results, P/E multiple is statis¬tically insignificant with stock returns where the relationship bet¬ween EV/EBITDA multiple and stock returns is significant. EBITDA multiply is a strong determinant of stock returns and stocks with low EV/EBITDA multiples have higher returns for the next period.

Suggested Citation

  • Hakkı Öztürk, 2017. "An Analysis of EV/EBITDA and P/E Multiples in Borsa Istanbul," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 32(108), pages 87-103, October.
    • Handle: RePEc:acc:malfin:v:32:y:2017:i:108:p:87-103
    DOI: https://doi.org/10.33203/mfy.357668
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    References listed on IDEAS

    as
    1. Edouard Chastenet & Alain Marion, 2015. "Valuation Using Industry Multiples: How to Choose the Most Relevant Multiples," Post-Print hal-01279438, HAL.
    2. Sandip Mukherji & Manjeet S. Dhatt & Yong H. Kim, 1997. "A Fundamental Analysis of Korean Stock Returns," Financial Analysts Journal, Taylor & Francis Journals, vol. 53(3), pages 75-80, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    EV/EBITDA; P/E; Stock Returns; Multiples;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G19 - Financial Economics - - General Financial Markets - - - Other

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