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| Author: | Jimenez, L.G. Pascual, L.B. |
| Title: | Enterprise valuation with track-record ratios and rates of change |
| Journal: | European Journal of Finance
2010 : JAN/FEB, VOL. 16:1-2, p. 57-78 |
| Index terms: | companies valuation discounted cash flow forecasting telecommunications industry Europe models |
| Language: | eng |
| Abstract: | In this paper, a variant of the standard discounted cash-flow model for enterprise valuation is presented and tested. The cash-flow (C/F) stream to be discounted is set as the product of the sales and the free C/F to the enterprise (FCFE)-to-sales ratio and their resp. rates of change. The C/F timespan is split into three intervals. The proposed variant is tested for the four largest telecommunications companies in the continental Europe during a 2.5-year period. These results, together with those of the standard model, are then compared with enterprise market values to test relative performance etc. |
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