Article2006

After the “Bubble”: Valuation of Telecommunications Companies by Financial Analysts

45 citations0/0 files storedJournal of International Financial Management and Accounting

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Financial Reporting and Valuation Research Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

Abstract In this article, we present the results of a series of interviews given by financial analysts specializing in the European telecommunications industry. Our objective is to gain an insight into their approaches to analysis and valuation (information sources, valuation methods, determinants of recommendations, etc.). We also consider whether analysts' approaches have changed since the “high‐tech bubble”. We find that today they rely much more on the discounted cash flow analysis method than at the end of the 1990s, when valuation was largely based on multiples. In line with this, analysts have changed their focus from revenue‐oriented measures towards an assessment of profitability and cash flow generation. Further, analysts claim to have become more diligent and more critical in their analysis.

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References

2001Capital markets research in accounting 2003Social Research Methods 1999Conflict of Interest and the Credibility of Underwriter Analyst Recommendations 1998Underwriting relationships, analysts' earnings forecasts and investment recommendations 1999Herding among Investment Newsletters: Theory and Evidence 1993Investment Analysis and the Adjustment of Stock Prices to Common Information 2003Corporate diversification and shareholder value: a survey of recent literature 1998The market for information—evidence from finance directors, analysts and fund managers

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