Knowledge Base

Which valuation method is considered the benchmark for fundamental valuation according to AMF doctrine?

The asset-based approach using adjusted net assets

The multiples approach or comparable method

The discounted cash flow (DCF) approach

The liquidation value approach

Which directive requires independent valuation and traceability of the methods used?

AMF Position-Recommendation 2012-19

AIFM Directive

EU Regulation 2017/1129

French Code de commerce

What is the main advantage of the EV/EBITDA multiple compared to the P/E ratio?

It is easier to calculate

It neutralises differences in capital structure and depreciation policy

It is always higher than the P/E ratio

It does not require historical data

The discount rate in the DCF method is always fixed for all companies.

True

False

The AMF always requires a single value for valuations during public offers.

True

False

Terminal value formula in DCF

Click to see answer

Categorize items by dragging them to the appropriate zones

Items to categorize:

Asset-based approach

Multiples approach

DCF approach

Categories:

Growth companies without significant earnings

Holding companies and real estate firms

Mature companies with predictable cash flows

According to AMF statistics, what percentage of valuations during public offers use the DCF method?

50%

65%

84%

95%