Authors: Athanasios Karampouzis, Emmanouil Ginoglou, Dimitrios Ginoglou

Title: DISCOUNTED FREE CASH FLOWS vs PRICE-TO-SALES MULTIPLE VALUATION: A CASE OF APPRAISING PRIVATELY HELD HOTELS IN GREECE

Abstract

The present paper is a primary attempt to present two different measures of value applied on privately held firms in Greece. At first the two methodologies (discounted free cash flows to equity and the price-to-sales multiple) are being explained. Afterwards, both of them are being applied on data of 1001 privately held hotels firms collected for each year (2012 up to 2014). Finally there is a discussion of the results. The analysis comes in descriptive statistics terms, as well as in using the Pearson statistic as a simple correlation indicator to enhance the discussion.