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Comparison of equity valuation methods based on the German software sector

  • While corporate valuation is among the most applied tools in today's corporate finance, there are several approaches and methods to valuation, which differ regarding structure, value drivers and their need for supplementing data. In this paper, four valuation methods for public-traded companies are examined. The aim is to determine, if it is possible to achieve superior valuation results when the choice of the valuation method is based on recommendations made in literature and the analysis of the target companies characteristics, profile and fundamentals. For a selected set of six public-traded German software companies the four valuation methods are applied in order to test the assumptions. Based on the analysis, the results suggest that superior valuation outcomes can be obtained by choosing the valuation method in accordance with the recommendations made in literature and the target company's profile and financials. Furthermore, implied multiples and DCF stand out as valuation methods that worked best for the majority of the six German software companies.

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Author:Jan Manuel Schmidgall
Advisor:Marc P. Radke
Document Type:Bachelor Thesis
Year of Completion:2020
Granting Institution:Hochschule Furtwangen
Date of final exam:2020/08/31
Release Date:2020/09/15
Tag:Corporate Valuation; Equities; Financial Markets; Investing; Software Companies
Degree Program:IBW - Internationale Betriebswirtschaft
Functional area:Finance & Accounting
Licence (German):License LogoEs gilt das UrhG