Oceňování 2021, 14(4):3-17 | DOI: 10.18267/j.ocenovani.267

EV / EBITDA Multiple: EBTIDA Quantification

Lukáš Hruboň
Ing. Lukáš Hruboň, Ph.D., ACCA, znalec ve specializaci Oceňování podniků

This article analyses selected factors affecting EBITDA margins with focus on effects of: (i) outsourcing, (ii) rentals and leases utilization, (iii) specific accounting policies, (iv) transactions with related parties. Further, the author warns against "blind" application of the uniform sectorial EV / EBITDA multiple on each company fulfilling the same service provided / customer base criteria. A valuation expert attempting the market approach shall maximally double-check consistency between the valued company and its sectorial "peers" in: a) accounting policies affecting P&L and EBITDA calculation formula, b) application of the same fiscal year basis in the multiple's computation, c) growth potential, risk profile and investment requirements of each of the companies in question.

Keywords: Market based valuation; EV, EBITDA multiple; EBITDA margin; IFRS16
JEL classification: G30

Published: April 20, 2022  Show citation

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Hruboň, L. (2021). EV / EBITDA Multiple: EBTIDA Quantification. Oceňování, 14(4), 3-17. doi: 10.18267/j.ocenovani.267
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    References

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