Efficacia nelle valutazioni del metodo dei multipli di mercato. Una verifica empirica sul mercato Italiano

The purpose of this paper is twofold. First, test on a sample of companies listed on the Milan stock exchange, the effectiveness of the main multiples (price/earnings, price/book value, price/sales, enterprise value/sales, enterprise value/book value, enterprise value/EBIT, enterprise value/EBITDA, enterprise value/free cash flow) in determining of firm value. Secondly, analyze how factors such as sector, size and year bias this outcomes. The results show that the multiple based on cash flows are almost always significant; the multiple based on earnings are more significant in industrial sectors and in particular for small firms and with many intangible asset; the multiples on book value appear more effective for non-industrial firms.