Моделирование рыночных мультипликаторов на развивающихся рынках капитала
The article presents the algorithm allowing making country-risk adjustments to market multiples when analysts use peers from developed countries to estimate company in emerging capital market. We prove the necessity to country-risk adjustments to market multiples depending on industry where the company operates. We improve the technique of company valuation under the public-company method. Our empirical study is based on the sample of 130 Russian companies and 797 companies from developed countries over 2009-2013.