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| Author: | Glaum, M. Friedrich, N. |
| Title: | After the "Bubble": Valuation of telecommunications companies by financial analysts |
| Journal: | Journal of international financial management & accounting
2006 : SUMMER, VOL. 17:2, p. 160-174 |
| Index terms: | stock markets financial analysis high technology telecommunications industry companies Europe |
| Language: | eng |
| Abstract: | This article presents the results of a series of interviews given by financial analysts (hereafter as: fin-anls.) specializing in the telecommunications industry of Europe. It is aimed to gain an insight into fin-anls.' approaches to analysis and valuation, considering also whether their approaches have changed since the "high-tech bubble". It is found that today fin-anals. rely much more on the discounted cash flow analysis method than at the end of the 1990s, when valuation was largely based on multiples. Fin-anals. have changed their focus from revenue-oriented measures towards an assessment of profitability and cash flow generation. |
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