{"id":2176,"date":"2024-08-26T09:13:04","date_gmt":"2024-08-26T05:13:04","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=2176"},"modified":"2024-08-26T09:13:04","modified_gmt":"2024-08-26T05:13:04","slug":"choose-right-peer-group","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/08\/26\/choose-right-peer-group\/","title":{"rendered":"Choose Right Peer Group"},"content":{"rendered":"\n

When evaluating organizations with multiples valuation, it is crucial to consider comparable companies. Here, the main components of creating the fundamental formula for valuation are:<\/p>\n\n\n\n

EV\/EBITA = (1-T) *(1-g\/ROIC) \/ (WACC-g)<\/p>\n\n\n\n

or<\/p>\n\n\n\n

EV\/NOPAT = (1-g\/ROIC) \/ (WACC-g)<\/p>\n\n\n\n

These formulas imply that for accurate valuation of multiples, we require comparable organizations that have WACC, ROIC, and g data available for comparative analysis. WACC, being more stable across industries as a benchmark, warrants more attention to ROIC and g.”<\/p>\n\n\n\n

The diagram illustrates the arrangement of companies in three categories within the same industry – high, average, and low performers. It is evident from here which companies’ multiples usage leads us to the correct valuation.<\/p>\n\n\n\n

#VALUATION<\/a> \u2013 Measuring and Managing the Value of Companies, 7th Edition
McKinsey & Company,
Tim Koller, Marc Goedhart, David Wessels<\/p>\n\n\n\n

\"\"\/<\/p>\n\n\n\n

——————————————————————————————————————<\/p>\n\n\n\n

\u10e8\u10d4\u10d0\u10e0\u10e9\u10d8\u10d4\u10d7 \u10e8\u10d4\u10e1\u10d0\u10e2\u10e7\u10d5\u10d8\u10e1\u10d8 \u10ef\u10d2\u10e3\u10e4\u10d8<\/h2>\n\n\n\n

\u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10d7 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10e8\u10d4\u10e1\u10d0\u10e0\u10e9\u10d4\u10d5\u10d8\u10d0 \u10e8\u10d4\u10e1\u10d0\u10e2\u10e7\u10d5\u10d8\u10e1\u10d8 \u10e8\u10d4\u10e1\u10d0\u10d3\u10d0\u10e0\u10d4\u10d1\u10d4\u10da\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8. \u10d0\u10e5 \u10d9\u10d8 \u10db\u10d7\u10d0\u10d5\u10d0\u10e0\u10d8 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e5\u10db\u10dc\u10d8\u10e1 \u10e4\u10e3\u10dc\u10d3\u10d0\u10db\u10d4\u10dc\u10e2\u10e3\u10e0\u10d8 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10e1 \u10e8\u10d4\u10db\u10d0\u10d3\u10d2\u10d4\u10dc\u10da\u10d4\u10d1\u10d8\u10d0:<\/p>\n\n\n\n

EV\/EBITA = (1-T) *(1-g\/ROIC) \/ (WACC-g) <\/p>\n\n\n\n

\u10d0\u10dc<\/p>\n\n\n\n

EV\/NOPAT = (1-g\/ROIC) \/ (WACC-g)<\/p>\n\n\n\n

\u10d0\u10db \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc \u10e9\u10d0\u10dc\u10e1, \u10e0\u10dd\u10db \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10ec\u10dd\u10e0\u10d8 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e9\u10d5\u10d4\u10dc \u10d2\u10d5\u10ed\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10d8\u10e1\u10d4\u10d7\u10d8 \u10e8\u10d4\u10e1\u10d0\u10d3\u10d0\u10e0\u10d4\u10d1\u10d4\u10da\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8 \u10e0\u10dd\u10db\u10da\u10d4\u10d1\u10e1\u10d0\u10ea WACC, ROIC \u10d3\u10d0 g, \u10e8\u10d4\u10e1\u10d0\u10e2\u10e7\u10d5\u10d8\u10e1 \u10e1\u10d8\u10de\u10e0\u10e2\u10e7\u10d4\u10d6\u10d4 \u10d0\u10e5\u10d5\u10d7 \u10d2\u10d0\u10dc\u10d7\u10d0\u10d5\u10e1\u10d4\u10d1\u10e3\u10da\u10d8. WACC \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10ec\u10d4\u10e1\u10d8 \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10d0\u10e8\u10d8 \u10e3\u10e4\u10e0\u10dd \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10d8 \u10d0\u10e0\u10d8\u10e1 \u10ee\u10dd\u10da\u10db\u10d4 \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10e3\u10e4\u10e0\u10dd \u10db\u10d4\u10e2 \u10e7\u10e3\u10e0\u10d0\u10d3\u10e6\u10d4\u10d1\u10d0\u10e1 ROIC-\u10e1 \u10d3\u10d0 g-\u10e1 \u10e3\u10d7\u10db\u10dd\u10d1\u10d4\u10dc.<\/p>\n\n\n\n

\u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d0\u10d6\u10d4 \u10dc\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d8\u10d0 \u10d4\u10e0\u10d7\u10d8\u10d3\u10d0\u10d8\u10d2\u10d8\u10d5\u10d4 \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10d8\u10e1 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10da\u10d0\u10d2\u10d4\u10d1\u10d0 \u10e1\u10d0\u10db \u10d9\u10d0\u10e2\u10d4\u10d2\u10dd\u10e0\u10d8\u10d0\u10e8\u10d8, – \u10db\u10d0\u10e6\u10d0\u10da\u10d8, \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10d3\u10d0 \u10d3\u10d0\u10d1\u10d0\u10da\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10d7. \u10d0\u10e5 \u10dc\u10d0\u10d7\u10da\u10d0\u10d3 \u10e9\u10d0\u10dc\u10e1 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e0\u10dd\u10db\u10d4\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0 \u10db\u10d8\u10d2\u10d5\u10d8\u10e7\u10d5\u10d0\u10dc\u10e1 \u10e1\u10ec\u10dd\u10e0 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0\u10db\u10d3\u10d4<\/p>\n\n\n\n

\"\"\/<\/p>\n\n\n\n

#VALUATION<\/a> \u2013 Measuring and Managing the Value of Companies, 7th Edition
McKinsey & Company,
Tim Koller, Marc Goedhart, David Wessels<\/p>\n","protected":false},"excerpt":{"rendered":"

When evaluating organizations with multiples valuation, it is crucial to consider comparable companies. Here, the main components of creating the fundamental formula for valuation are:<\/p>\n","protected":false},"author":12998525,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[15122,774675935,326945227],"tags":[4269,6635,123039,8589],"class_list":["post-2176","post","type-post","status-publish","format-standard","hentry","category-sources","category-valuation-measuring-and-managing-the-value-of-companies-by-mck-co-t-koller-m-goedhart-d-wessels","category-market-multiples","tag-finance","tag-investing","tag-multiples","tag-stocks","has-post-thumbnail","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-z6","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/2176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=2176"}],"version-history":[{"count":14,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/2176\/revisions"}],"predecessor-version":[{"id":4086,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/2176\/revisions\/4086"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=2176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=2176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=2176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}