Provide an appropriate model of corporate valuation
Quarterly Journal of Securities Exchange

Quarterly Journal of Securities Exchange

Provide an appropriate model of corporate valuation

Document Type : Original Article

Authors
1 Associate Professor, Department of Accounting, Tehran University. Tehran, Iran
2 Ph.D. Student, Department of Accounting, Tehran University, Kish International Campus, Tehran, Iran.
Abstract
Valuation of assets, including securities and real assets, is one of the pillars influencing investment decisions. Optimal and principled valuation leads to optimal allocation of capital resources, and optimal allocation of capital in the economy plays an irreplaceable role in economic growth and development. At present, the lack of a clear and concise framework that can explain the exact estimation of value has become doubly important. Therefore, it is important to provide a framework that can be used scientifically and reasonably, regardless of personal judgments and different tastes, to provide a suitable model for valuing companies.

In this study, we will first select the appropriate model for stock valuation in 14 different types of companies using interviews with experts, so that first the weight of criteria is calculated using the network analysis process and based on experts' opinions, and finally a comprehensive model for valuing types. Various companies have been offered. Finally, a comprehensive pathology of the valuation environment is presented.
Criteria used in this research in 4 categories of past profitability approach (including average EBIT, profit at past price), asset-based approach (including nominal value, book value, replacement value, net asset value and liquidation value), discount Cash flow approach (including fcff, fcfe, apv, eva and ddm) and based on market approach (p/s, p/nav, p/e except,ev/ebit, p/c, ev/s, p/b, p/cf and p/dps).
Keywords

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