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The Journal of Wealth Management

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Determinants of Relative Valuation in Different Industry Sectors—An Empirical Study

B. Rajesh Kumar
The Journal of Wealth Management Summer 2019, 22 (1) 73-85; DOI: https://doi.org/10.3905/jwm.2019.22.1.073
B. Rajesh Kumar
is a professor of finance at the Institute of Management Technology in Dubai, UAE
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Abstract

This article aims to determine the fundamental drivers of various relative valuation multiples in different industry sectors. It is based on a sample of 189 companies in seven industry sectors. Through regression analysis, the study identifies the determinant variables for the most widely used earnings, revenue, and book value multiples: P/E ratios, enterprise value to EBITDA multiple and price to book multiple. Additionally, we find that dividend payouts have different effects on valuation multiples in different sectors.

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The Journal of Wealth Management: 22 (1)
The Journal of Wealth Management
Vol. 22, Issue 1
Summer 2019
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Determinants of Relative Valuation in Different Industry Sectors—An Empirical Study
B. Rajesh Kumar
The Journal of Wealth Management Apr 2019, 22 (1) 73-85; DOI: 10.3905/jwm.2019.22.1.073

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Determinants of Relative Valuation in Different Industry Sectors—An Empirical Study
B. Rajesh Kumar
The Journal of Wealth Management Apr 2019, 22 (1) 73-85; DOI: 10.3905/jwm.2019.22.1.073
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  • Article
    • Abstract
    • DETERMINANTS OF RELATIVE VALUATION
    • REVIEW OF LITERATURE
    • DETERMINANTS OF MULTIPLES—THEORETICAL FRAMEWORK
    • DATA AND METHODOLOGY
    • DETERMINANTS OF MULTIPLES IN THE CEMENT SECTOR
    • SUMMARY AND CONCLUSION
    • IMPLICATIONS
    • ACKNOWLEDGMENT
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