Skip to main content

Research Repository

Advanced Search

Market-based valuation multiples: Evidence from agribusiness sector

Goh, Chin Fei; Rasli, Amran; Dzieko?ski, Krzysztof; Rehman, Saif Ur


Chin Fei Goh

Amran Rasli

Saif Ur Rehman


This paper investigates the choice of multiples in valuing the plantation firms in Malaysia from 2003 to 2009. The plantation industry is a homogenous business model that produces commodity products thus rendering excellent empirical settings to reveal the value drivers of such traditional industries. We discovered that commonly adopted methodologies in valuation multiples are associated with pitfalls which may hamper the reliability of the valuations. Our findings also show that price-to-earnings multiple leads to best valuation performance while price-to-sales multiple produces the worst results. Moreover, this research shows that growth prospect is an effective control factor in multiples valuation.


Goh, C. F., Rasli, A., DziekoƄski, K., & Rehman, S. U. (2015). Market-based valuation multiples: Evidence from agribusiness sector

Journal Article Type Article
Acceptance Date Jun 17, 2014
Publication Date Mar 3, 2015
Journal Pertanika Journal of Social Sciences & Humanities
Print ISSN 0128-7702
Peer Reviewed Peer Reviewed
Volume 23
Issue 1
Pages 209-222
Keywords equity valuation, multiples, plantation sector, Malaysia, empirical research, corporate valuation
Public URL
Publisher URL