Η λογιστική των δεδουλευμένων και το μοντέλο αποτίμησης επιχειρήσεων βάσει των κερδών τους
Accrual accounting and valuation: pricing earnings
KeywordsΑποτίμηση ; Επιχειρήσεις ; Κέρδη ; Μερίσματα ; Δεδουλευμένα ; Αποδόσεις ; Σχετικά μοντέλα ; Απόλυτα μοντέλα ; Χαρτοφυλάκια ; Ανάπτυξη
The main objective of this thesis is to examine the validity and efficiency of the “Abnormal Earnings Growth” business valuation model based on the abnormal earnings of a company. The process by which this goal is pursued unfolds in two stages. The first step is to evaluate 20 companies listed on the London Stock Exchange. After being valued, the shares were divided into overpriced and undervalued according to the model price and followed the second stage of creating two portfolios. The first portfolio included underrated stocks with a long position and the second included overpriced stocks with a short position. The goal of constructing portfolios is to examine the returns that will occur over a five-year horizon. The yields were significantly positive compared to market returns as concerns the portfolio with the long position and slightly lower than the market returns in the portfolio with the short position. Therefore, the model is generally successful but at the same time generates questions and useful conclusions, which are discussed in Chapter 4. The remaining chapters analyze the distinction between cash accounting and accrual accounting, explaining the reason that the accruals boxing value is significant for valuations. Finally, a comparative walk through the most important valuation methods used today is attempted.