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The Journal of Private Equity

The Journal of Private Equity

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Article

Empirical Examination of Valuation Methods Used in Private Equity Practice in the Czech Republic

Klára Vydržel and Veera Soukupová
The Journal of Private Equity Winter 2012, 16 (1) 83-99; DOI: https://doi.org/10.3905/jpe.2012.16.1.083
Klára Vydržel
was a senior finance manager at Macrotouch Corp. in Seattle, WA, and is a finance consultant in the Czech Republic.
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  • For correspondence: klara.vydrzel@hotmail.com
Veera Soukupová
is a director for corporate matters at Top.Spirit in the Czech Republic.
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  • For correspondence: vera.soukupova@vscht.cz
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Abstract

Business valuation of privately held companies has become increasingly essential as the number of merger and acquisition deals in the private equity industry has increased. The focus of this article is to provide the evidence on the popularity of valuation methods commonly used. We use a combination of direct interviews and questionnaires to analyze behavioral differences among 45 private equity funds managers and financial advisors. Findings suggest that the most popular valuation approaches are transaction multiples followed by discounted cash flow approach. Additionally, the most dominant valuation multiple is EBITDA, followed by the sales multiple and EBIT multiple. In terms of cost of capital estimation procedures, CAPM and the estimation based on internal rate of return appear to be the most applied in the Czech private equity sphere.

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The Journal of Private Equity: 16 (1)
The Journal of Private Equity
Vol. 16, Issue 1
Winter 2012
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Empirical Examination of Valuation Methods Used in Private Equity Practice in the Czech Republic
Klára Vydržel, Veera Soukupová
The Journal of Private Equity Nov 2012, 16 (1) 83-99; DOI: 10.3905/jpe.2012.16.1.083

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Empirical Examination of Valuation Methods Used in Private Equity Practice in the Czech Republic
Klára Vydržel, Veera Soukupová
The Journal of Private Equity Nov 2012, 16 (1) 83-99; DOI: 10.3905/jpe.2012.16.1.083
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