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Valuation of Slovene Publicly Traded Companies with a Valuation Model Based on Expected Earnings and Growth Opportunities

  • Igor Stubelj

    (University of Primorska, Slovenia)

Registered author(s):

    The article sheds light on valuating Slovene publicly traded companies. The research aim is to solve the problems about company valuation in an emerging market, such as the Slovene market certainly is. The critical point is how to evaluate the variables to put in the valuation model. The chosen methodology deals with these problems, and minimizes the analyst’s subjective judgment and the bias the analyst puts into the valuation. Twenty Slovene publicly traded companies are valuated with a valuation model based on expected earnings and growth opportunities. The research provides the assessment and the usefulness of valuation with the model and the conclusions from the valuation results.

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    File URL: http://www.fm-kp.si/zalozba/ISSN/1581-6311/8_023-047.pdf
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    Article provided by University of Primorska, Faculty of Management Koper in its journal Managing Global Transitions.

    Volume (Year): 8 (2010)
    Issue (Month): 1 ()
    Pages: 023-047

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    Handle: RePEc:mgt:youmgt:v:8:y:2010:i:1:p:023-047
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    1. Jerman Mateja & Manzin Massimo, 2008. "Accounting Treatment of Goodwill in IFRS and US GAAP," Organizacija, De Gruyter Open, vol. 41(6), pages 218-225, November.
    2. Fama, Eugene F & French, Kenneth R, 2000. "Forecasting Profitability and Earnings," The Journal of Business, University of Chicago Press, vol. 73(2), pages 161-75, April.
    3. Black, Fischer, 1972. "Capital Market Equilibrium with Restricted Borrowing," The Journal of Business, University of Chicago Press, vol. 45(3), pages 444-55, July.
    4. Matjaz Novak, 2003. "Analysis of the Nature of Economic Growth of Slovenian Economy," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 1(2), pages 153-167.
    5. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411.
    6. Mishra, Dev R. & O'Brien, Thomas J., 2005. "Risk and ex ante cost of equity estimates of emerging market firms," Emerging Markets Review, Elsevier, vol. 6(2), pages 107-120, June.
    7. James A. Ohlson, 2003. "Positive (Zero) NPV Projects and the Behavior of Residual Earnings," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(1-2), pages 7-16.
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