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If you are discounting the risk in the cash flows you might not use the currency risk premium and use the US risk free rate. The risk of valuation in emerging nations is mainly in the inflationary phase.
If you consider using  the country risk premium , however, you should remember that even a small increase in discount rate would need a very high estimation of increase in the CF growth rate to give you a sound valuation estimate. Use the 3 tier estimation of the country risk premium, relative valuation  method and DCF analysis to arrive at a conclusion.

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really thank you for everyone’s help, wish you all good luck in the coming level 3
another question about the beta, since i am doing a valuation in cambodia which has a stock exchange with only a few stock trading, if i want to calculate the beta using a bottom up appraoch, can I use comparable campany in other country? will it be meaningless or not comparable to do that?
and my company is a private company and that cambodia company is also a private company, at the end of my  valuation, is it fair to apply a “discount for lack of marketability” ??
I got one more question, if i want to  use the mutiple method to do a valuation, lets say the average P/E ratio of listed company in Hong Kong market is 10, and that cambodia company make a net income of 100, can i say that cambodia company worth 1000? or should I apply a discount since P/E 10 is for a listed company in Hong Kong but not a private company in Cambodia?

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