Application Of Multiple-Based Methods In Valuation Of Real Estate Development Companies

Żelazowski, Konrad

doi:10.1515/remav-2015-0022

Cited by 3 publications

(2 citation statements)

References 8 publications

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“…According to Zelazowski [19] multiples of P/E ratio can be used to properly reflect the main factors determining the value of the enterprise. As Pandey and Sehgal [20] study carried out that multiple P/E is the best approach for equity valuation.…”

Section: B Valuationmentioning

confidence: 99%

“…As Pandey and Sehgal [20] study carried out that multiple P/E is the best approach for equity valuation. Zelazowski [19] study also carried out that when dealing with different structures of business financing, the application of EV/EBITDA is recommended. Enterprise multiple is determined by the tax rate, depreciation, and amortization, reinvestment requirements, cost of capital, and expected growth [21].…”

Section: B Valuationmentioning

confidence: 99%

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Stock Valuation of Indonesia Pharmaceutical Company with COVID-19 Vaccination Development Prospects Amidst Pandemic Situation (Case Study of PT. Kalbe Farma, Tbk.)

Setiawan

Sumirat

2021

EJBMR

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As one of the world’s most populous countries with a fast-growing economy, Indonesia's market for pharmaceuticals has become very promising. COVID-19 pandemic that outbroken since early 2020 has brought a huge impact on the overall country condition while at the same time stimulate the growth of the pharmaceutical market as it is forecasted to grow at a CAGR of 6.3% between 2016 and 2021 according to IQVIA. This situation creates a reaction in the stock market especially of pharmaceutical companies that experienced an average increase of 67% since last year with its key driver of news regarding the distribution of Sinovac vaccine by some state-owned pharma companies as part of the national vaccination program. PT. Kalbe Farma, Tbk as one of the largest pharma companies in Indonesia is also accounting a positive growth over the years while also presented with bright prospects as a result of its strategic initiatives to collaborate with South Korea in developing COVID-19 vaccine and medication, named Genexine which is planned to be completed in Q3 2021. The possibility of success in this project might affect the company’s stock performance since it would result in bigger profitability for the company. In order to help investors to make a decision in this situation, the intrinsic value of the company stock is required. Therefore, conducting absolute and relative valuation are believed to be important in order to find the intrinsic value. This study examined absolute valuation using FCFF model and relative valuation using P/E and EV/EBITDA for KLBF. Result of the valuation suggested that the current stock price of IDR 1,445 is overvalued. The intrinsic value calculated from FCFF model is IDR 1,397 and based on the relative valuation models are IDR 1,330 and IDR 1,233 for EV/EBITDA and P/E ratio, respectively.

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Section: B Valuationmentioning

confidence: 99%

Section: B Valuationmentioning

confidence: 99%

Stock Valuation of Indonesia Pharmaceutical Company with COVID-19 Vaccination Development Prospects Amidst Pandemic Situation (Case Study of PT. Kalbe Farma, Tbk.)

Setiawan

Sumirat

2021

EJBMR

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Rates of Return on Shares of Real Estate Development Companies in Poland in the Years 2001-2015. A Comparative Analysis

Dittmann

2016

Real Estate Management and Valuation

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The paper presents an analysis of the diversity of real estate development companies listed on the Warsaw Stock Exchange based on the rates of return on their shares which were attained in 2001-2015. The study included 10 real estate development companies. The analysis was conducted for different investment horizons (from 1 year to 10 years), and based on the quartiles of the empirical distributions of the rates of return on the shares of individual companies. The empirical distributions were obtained using a rolling window of observation based on daily share quotation. The diversity of the funds was examined by formulating six hypotheses concerning: the diversity of the quartiles of the distributions of returns on individual funds, the differences between the values of the quartiles of returns for the best and worst companies during each investment horizon, changes in the value of individual quartiles of returns for individual companies along with a lengthening of the investment horizon, differences in the positions of the companies in the rankings of companies based on different investment horizons and having different quartiles being accepted as the criterion for the rankings. The results obtained did not indicate grounds for the rejection of the formulated hypotheses.

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Management and Valuation in Real Estate Cyclea Decade of Experience

Wisniewski,

Wiśniewski

2024

Real Estate Management and Valuation

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The issues of “real estate management” (REM) and “real estate valuation” (REV) are very important from the perspective of the economic development of any country. This is because they refer to one of the most important factors of production, which is real estate. The article assumes that REV is all the processes that allow for valuation, while REM is all the processes that allow for the management and administration of real estate. Both of these processes were referred to the “real estate market cycle” (REMC) and the “real estate lifecycle” (REL). The article analyzed 365 articles published in the Journal of Real Estate Management and Valuation (REMV) (eISSN: 2300-5289). The article is a review paper and has been prepared as part of a summary of scientific research carried out between 2013 and 2022.

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Application Of Multiple-Based Methods In Valuation Of Real Estate Development Companies

Cited by 3 publications

References 8 publications

Stock Valuation of Indonesia Pharmaceutical Company with COVID-19 Vaccination Development Prospects Amidst Pandemic Situation (Case Study of PT. Kalbe Farma, Tbk.)

Stock Valuation of Indonesia Pharmaceutical Company with COVID-19 Vaccination Development Prospects Amidst Pandemic Situation (Case Study of PT. Kalbe Farma, Tbk.)

Rates of Return on Shares of Real Estate Development Companies in Poland in the Years 2001-2015. A Comparative Analysis

Management and Valuation in Real Estate Cyclea Decade of Experience

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