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| Author: | Keiber, K. Kronimus, A. Rudolf, M. |
| Title: | Bewertung von Wachstumsunternehmen am Neuen Markt |
| Journal: | Zeitschrift für Betriebswirtschaft
2002 : JUL, VOL. 72:7, p. 735-764 |
| Index terms: | EMPIRICAL RESEARCH VALUATION COMPANY GROWTH GERMANY |
| Language: | ger |
| Abstract: | This article presents the first empirical study on the valuation of growth companies on the German Neuer Markt. The characteristics of these firms (high, but erratic growth rates, negative cash flows in the start-up stage, etc.) yet question the application of traditional valuation paradigms. Therefore this article describes and extends an alternative model for the valuation of growth companies. Based on a simulation study, the model is then applied to the valuation of 46 companies listed in the NEMAX 50. Despite already significant drops in share prices as of December 2000 compared to the market's all-time high in March 2000, the authors compute an existing overvaluation of the market segment of 16% as of December 31, 2000 (original in German). |
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