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Investigating the Influence of Determinants on Market Valuation Multiples of Non-Public Companies in Bulgaria

Investigating the Influence of Determinants on Market Valuation Multiples of Non-Public Companies in Bulgaria
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Author(s): Svetoslav Iliychovski (D.A.Tsenov Academy of Ecomics, Bulgaria), Teodora Filipova (D.A.Tsenov Academy of Ecomics, Bulgaria)and Mariana Petrova (St. Cyril and St. Methodius University of Veliko Tarnovo, Bulgaria)
Copyright: 2026
Pages: 28
Source title: Cultural Heritage Protection and Restoration in Conflict and Post-Conflict Zones
Source Author(s)/Editor(s): Emilia Alaverdov (Georgian Technical University, Georgia)and Muhammad Waseem Bari (Government College University, Faisalabad, Pakistan)
DOI: 10.4018/979-8-3373-2540-8.ch015

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Abstract

In a dynamically developing market and increasing complexity of financial instruments, accurate valuation of companies becomes critically important for investors and analysts. Market multiples, as a valuation tool, allow The comparison of companies can be done quickly and efficiently, but their volatility can vary significantly and this can affect the accuracy of the assessment. The object of the study are companies from the Courier Services sector, represented on the Bulgarian market. The subject of the study is the “Invested Capital/Residual Income” multiplier when applying the Comparative Approach to Company Valuation. The purpose of the study is to assess the influence of the main factors on the “Invested Capital/Residual Income ” multiplier and to establish the direction of the relationship between dependent and independent variables. The study uses a categorical apparatus from the field of company valuation and accounting. Commonly known methods of analysis, induction, deduction, as well as economic and mathematical methods - correlation and regression analysis methods.

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