Explorative study into valuation methods for Dutch privately held enterprises : a survey.

In this study the comparisons and differences among private equity valuators, private firm valuators, and public firm valuators regarding their preferred methodologies in valuation. This analysis focuses from a general perspective (valuation method) to more a more detailed analysis (multiple types & DCF components). Lastly, it aims to explain why the differences are observable using (multinomial) logistic regressions. Significant differences among preferred valuation methods are found to exist among the sub-groups and these are partially contributable to valuator roles, valuation purpose, valuation characteristics and information asymmetries as faced by the valuator.