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How do sell-side analysts obtain price-earnings multiples to value firms?

How do sell-side analysts obtain price-earnings multiples to value firms?

 Yuan, Yin.
 2016.
 p. 108-135. English
Phương pháp đánh giá.Valuation method.Rủi roTăng trưởngAnalyst target P/E multipleDeviation from long-run averageĐịnh giá tương đốiĐộ lệch+ 3 từ khóa
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
MARC
Hiển thị đầy đủ trường & trường con
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245[1 0] |a How do sell-side analysts obtain price-earnings multiples to value firms? / |c Yuan Yin, Ken Peasnell, Herbert G. Hunt III.
260[ ] |c 2016.
300[1 0] |a p. 108-135.
520[ ] |a 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.
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653[0 ] |a Growth and risk premiums
653[0 ] |a P/E multiple premium
653[0 ] |a Relative valuation
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