Non-parametric contrasts of fundamental multiples and stock multiples of European food companies

Raül Vidal, Javier Ribal


The food industry is made up of small and medium-sized companies causing the valuation multiples to be scarce. In this study fundamental valuation models are applied to food companies listed in the European markets, so as to contrast whether the calculated multiples statistically differ from the stock multiples and find out if these models could be in SMEs. Taking into account that multiples are not nor-mally distributed, several non-parametric statistical tests have been used showing that in 40 to 60 % of cases it cannot be stated that the fundamental multiples are statistically different from the stock multiples.


Non-parametric contrasts; corporate finance; food industry; fundamental valuation; valua-tion multiples

Subject classification

Q14, M41, G12.

Full Text:



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