Understanding & Exploiting Today's Stock Prices : A New Strategic Agenda for CFOs

We now live in a world where non-investment grade industrials do and really should trade at 2-3x EBITDA. This is true, despite historical market multiples and precedent transactions being in the 5-7x EBITDA range. It all starts with the fixed income markets. We have entered a new era for corporate valuations, where the impact of fixed income market illiquidity has culminated in dramatically lower enterprise values through a multitude of mechanisms. All this has had a profound impact on corporate strategies to maximize shareholder value. We outline six new imperatives for the Finance strategic agenda in light of these changes in corporate valuation

Year of publication:	2011
Authors:	Pettit, Justin
Publisher:	[S.l.] : SSRN
Subject:	Börsenkurs \| Share price

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