In this session, we started by looking at the mechanics of pricing and its allure to investors. We then looked at multiples as standardized prices and set up a four step process to assess pricing. In the first step, we asked definitional questions about whether a multiple is consistently defined and uniformly estimated. In the descriptional part, we looked at the distributional characteristics of multiples. In the analysis part, we evaluated ways of finding what drives multiples. In the application part, we looked at how to find comparable firms and control for differences.
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