TAILIEUCHUNG - EDUITY VALUATION USING MULTIPLES: AN EMPIRICAL STUDY ON PLANTATION SECTOR

Natural rubber is produced by Hevea brasiliensis, a tree native to the Amazon region of South America. In the late eighteenth century, rubber was introduced to the Far East, which is now the main rubber-producing region of the world. Currently, the major producers of natural rubber are Thailand, Indonesia, Malaysia, India, China, Viet Nam and Sri Lanka. In 2005, the world’s production of natural rubber amounted to 8 682 million tonnes whereby 7 466 million tonnes (approximately 86 percent) originated from these seven countries. In 2005, the world’s consumption was over 8 742 million tonnes of natural rubber. The natural rubber industry is a very important. | UNIVERSITY OF GOTHENBURG SCHOOL OF BUSINESS ECONOMICS AND LAW Equity Valuation Using Multiples An Empirical Study on Plantation Sector Goh Chin Fei Graduate School Master of Science in Finance Master Degree Project No. 2011 158 Supervisor Stefan Sjogren EQUITY VALUATION USING MULTIPLES AN EMPIRICAL STUDY ON PLANTATION SECTOR Goh Chin Fei May 2011 ABSTRACT Despite the fact the multiple valuation method is widely use in practice surprisingly there is few empirical research available. To my knowledge this study is probably the first empirical investigation on valuation performance of multiples in plantation sector and emerging market in Asia. I found that when selecting comparable firms either using plantation sector membership or adopting return of equity as control factor in plantation sector price-to-earnings multiple leads to best valuation performance. In contrast price-to-sales multiple yields the worst valuation performance in both selection methods. Moreover the method using return of equity as control factor in plantation sector outperforms the selection method based on plantation sector membership. JEL Classification G19 M19 Key words Corporate Valuation Multiple Relative Valuation Plantation i To my family for their patience and support in this and all my endeavours .

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