Analýza tržních násobitelů z vybraných databází: Komparace metodických a numerických rozdílů

This thesis analyses differences in the calculation of the P/S and EV/EBITDA market multiples between the GuruFocus and Morningstar databases and the author’s own reference calculation based on selected methodological principles of Professor Aswath Damodaran. The aim of the thesis is to assess whether database values of these multiples differ from the author’s own calculation and to identify the main methodological and numerical sources of the observed deviations. The practical part is based on a purposively selected sample of twelve publicly traded companies over the fiscal years 2022–2025. The companies are divided according to their dominant methodological factor into firms with high R&D intensity, firms with significant lease exposure, and reference companies. The results show a high level of comparability for the P/S multiple, while more significant differences are identified for EV/EBITDA. The decomposition of deviations confirms that the main source of differences in EV/EBITDA lies predominantly in adjusted EBITDA rather than solely in the construction of Enterprise Value. The thesis also highlights the relevance of a supplementary sensitivity analysis using EV/(EBITDA + R&D) for innovation-intensive companies.