Μέθοδοι αποτίμησης επιχειρήσεων : μελέτη περίπτωσης στην ναυτιλία
Θεοδώρου, Ελευθερία Λ.
This dissertation studies the issue of company valuation. Through a review of the literature, it is attempted to approach, present and analyse the major valuation methods used by analysts in the market globally. The study focuses on categorising the valuation methods according to the study of Professor Pablo Fernández (2013, Company Valuation Methods). Within this framework, the four main method approaches are presented a) balance sheet based, b) income statement based methods, c) cash flow statement based methods and d) goodwill based methods. The weaknesses and the advantages of each method are highlighted and the complications that arise as well as the common errors of analysts when valuating a company are discussed. The main corpus of the dissertation, where the theoretical framework is presented, is followed by a case study. The shipping company Tsakos Energy Navigation Ltd, a listed shipping company on the NYSE, has been selected as the case of study. Drawing information from the published financial statements of the company, the main valuation methods that have been previously analysed are applied. A comparative presentation of the results of each method follows, in order to draw some conclusions and make some comments on each method and finally in order to judge the effectiveness of each method in the shipping industry.