- Bài trích
- Nhan đề: How do sell-side analysts obtain price-earnings multiples to value firms? /
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Tác giả CN
| Yuan, Yin. | |
Nhan đề
| How do sell-side analysts obtain price-earnings multiples to value firms? / Yuan Yin, Ken Peasnell, Herbert G. Hunt III. | |
Thông tin xuất bản
| 2016. | |
Mô tả vật lý
| p. 108-135. | |
Tóm tắt
| Previous studies of analysts’ valuation methods show that sell-side analysts often rely on multiples-based relative valuation methods in deriving target price forecasts, predominantly earnings-based multiples. However, little is known about how analysts actually arrive at the earnings multiples that they apply in their valuations. Based on extant valuation theory, we analyse three benchmarks/reference points that analysts use to select these multiples using U.S. data. By mimicking analysts’ relative valuation processes, we show that analysts tend to assign earnings multiple premiums (discounts) to those firms expected to have growth premiums (higher risk levels) relative to comparable firms. We provide evidence that analysts use firms’ historical earnings multiples as benchmarks, and assign firms that are expected to have more (less) attractive fundamentals than they have had in the past earnings multiples that are at a premium (discount) relative to the average historical earnings multiples at which they traded. The forward price-earnings multiple for the broad U.S. market index signals the market’s expectations about the growth prospects of the U.S. economy and future economic conditions and we also find that changes in this multiple affect analysts’ choices of firm-specific earnings multiples. | |
Thuật ngữ chủ đề
| Phương pháp đánh giá. | |
Thuật ngữ chủ đề
| Valuation method. | |
Từ khóa tự do
| Rủi ro | |
Từ khóa tự do
| Tăng trưởng | |
Từ khóa tự do
| Analyst target P/E multiple | |
Từ khóa tự do
| Deviation from long-run average | |
Từ khóa tự do
| Định giá tương đối | |
Từ khóa tự do
| Độ lệch | |
Từ khóa tự do
| Growth and risk premiums | |
Từ khóa tự do
| P/E multiple premium | |
Từ khóa tự do
| Relative valuation | |
Nguồn trích
| Accounting and Business Research - Vol.48, No.1 |
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| 245 | 10|aHow do sell-side analysts obtain price-earnings multiples to value firms? / |cYuan Yin, Ken Peasnell, Herbert G. Hunt III. |
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| 260 | |c2016. |
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| 300 | 10|ap. 108-135. |
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| 520 | |aPrevious studies of analysts’ valuation methods show that sell-side analysts often rely on multiples-based relative valuation methods in deriving target price forecasts, predominantly earnings-based multiples. However, little is known about how analysts actually arrive at the earnings multiples that they apply in their valuations. Based on extant valuation theory, we analyse three benchmarks/reference points that analysts use to select these multiples using U.S. data. By mimicking analysts’ relative valuation processes, we show that analysts tend to assign earnings multiple premiums (discounts) to those firms expected to have growth premiums (higher risk levels) relative to comparable firms. We provide evidence that analysts use firms’ historical earnings multiples as benchmarks, and assign firms that are expected to have more (less) attractive fundamentals than they have had in the past earnings multiples that are at a premium (discount) relative to the average historical earnings multiples at which they traded. The forward price-earnings multiple for the broad U.S. market index signals the market’s expectations about the growth prospects of the U.S. economy and future economic conditions and we also find that changes in this multiple affect analysts’ choices of firm-specific earnings multiples. |
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| 650 | 00|aPhương pháp đánh giá. |
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| 650 | 00|aValuation method. |
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| 653 | 0 |aRủi ro |
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| 653 | 0 |aTăng trưởng |
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| 653 | 0 |aAnalyst target P/E multiple |
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| 653 | 0 |aDeviation from long-run average |
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| 653 | 0 |aĐịnh giá tương đối |
|---|
| 653 | 0 |aĐộ lệch |
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| 653 | 0 |aGrowth and risk premiums |
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| 653 | 0 |aP/E multiple premium |
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| 653 | 0 |aRelative valuation |
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| 773 | |tAccounting and Business Research |gVol.48, No.1 |
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