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Terminal Value in SMEs: Testing the Multiple EV/EBITDA Approach

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Terminal Value in SMEs: Testing the Multiple EV/EBITDA Approach

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dc.contributor.author Vidal Garcia, Raül es_ES
dc.contributor.author Ribal, Javier es_ES
dc.date.accessioned 2021-01-09T04:31:46Z
dc.date.available 2021-01-09T04:31:46Z
dc.date.issued 2019-03-26 es_ES
dc.identifier.uri http://hdl.handle.net/10251/158495
dc.description.abstract [EN] This study focuses on answering whether EV/EBITDA multiple of public companies in the food industry can be useful to obtain the Terminal Value (TV) in the valuation of unlisted small and medium-sized food companies. A case study into Spanish unlisted agribusinesses is designed for several samples and accounting years from 2010 to 2013. By means of a discounted cash flow (DCF) model combined with bootstrap techniques, the TV/EBITDA empirical distribution of the unlisted multiples is obtained for two different scenarios of free cash flow (FCF) growth, and then compared with the EV/EBITDA of the listed companies in the same industry. The results show that the stock market EV/EBITDA multiple may be used to determine the TV in the valuation process of unlisted small and medium-sized food companies that consistently obtain positive cash flows. es_ES
dc.language Inglés es_ES
dc.publisher De Gruyter es_ES
dc.relation.ispartof Journal of Business Valuation and Economic Loss Analysis (Online) es_ES
dc.rights Reserva de todos los derechos es_ES
dc.subject Terminal value es_ES
dc.subject Valuation multiples es_ES
dc.subject SMEs es_ES
dc.subject Food companies es_ES
dc.subject EV/EBITDA es_ES
dc.subject Bootstrap es_ES
dc.subject.classification ECONOMIA, SOCIOLOGIA Y POLITICA AGRARIA es_ES
dc.title Terminal Value in SMEs: Testing the Multiple EV/EBITDA Approach es_ES
dc.type Artículo es_ES
dc.identifier.doi 10.1515/jbvela-2018-0012 es_ES
dc.rights.accessRights Abierto es_ES
dc.contributor.affiliation Universitat Politècnica de València. Departamento de Economía y Ciencias Sociales - Departament d'Economia i Ciències Socials es_ES
dc.description.bibliographicCitation Vidal Garcia, R.; Ribal, J. (2019). Terminal Value in SMEs: Testing the Multiple EV/EBITDA Approach. Journal of Business Valuation and Economic Loss Analysis (Online). 14(1):1-11. https://doi.org/10.1515/jbvela-2018-0012 es_ES
dc.description.accrualMethod S es_ES
dc.relation.publisherversion https://doi.org/10.1515/jbvela-2018-0012 es_ES
dc.description.upvformatpinicio 1 es_ES
dc.description.upvformatpfin 11 es_ES
dc.type.version info:eu-repo/semantics/publishedVersion es_ES
dc.description.volume 14 es_ES
dc.description.issue 1 es_ES
dc.identifier.eissn 1932-9156 es_ES
dc.relation.pasarela S\381524 es_ES
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