Vertailuarvostusmenetelmät

Vertailuarvostusmenetelmät, known in English as comparable company analysis or market multiples, is a valuation method used in finance and accounting. This technique determines the value of a company by comparing it to similar publicly traded companies. The core idea is that companies operating in the same industry and with similar business models should have similar valuation multiples.

The process involves identifying a set of comparable public companies, also known as "guideline companies" or "peers." These companies are chosen based on factors such as industry, business size, growth rate, profitability, and risk profile. Once a set of comparable companies is established, relevant financial metrics are extracted from their financial statements. These metrics typically include revenue, earnings before interest, taxes, depreciation, and amortization (EBITDA), and net income.

Valuation multiples are then calculated for these comparable companies. Common multiples include the enterprise value to revenue (EV/Revenue), enterprise value to EBITDA (EV/EBITDA), and price to earnings (P/E) ratio. These multiples represent the relationship between a company's market value and its financial performance.

Finally, the calculated multiples from the comparable companies are applied to the financial metrics of the target company to estimate its value. For example, if the average EV/EBITDA multiple of comparable companies is 10x, and the target company has an EBITDA of $1 million, its estimated enterprise value would be $10 million. Vertailuarvostusmenetelmät is widely used in mergers and acquisitions, investment banking, and financial analysis due to its relative simplicity and reliance on market data. However, its accuracy depends heavily on the selection of truly comparable companies and the appropriate application of multiples.