Vývoj a porovnání tržních násobitelů evropských firem v době války na Ukrajině

The core of this thesis is a comparative analysis of the development of market valuations of European companies during the war in Ukraine. According to previous findings, company valuations in less developed countries are often negatively affected by a risk premium associated with country-specific risks. This thesis seeks to build on these findings by comparing the development of market multiples of European companies and the differences across individual geographical regions and industries during the geopolitically turbulent period of the war in Ukraine. The results of the comparative analysis confirm the existence of substantial geographical and sectoral differences in the market multiples of European companies. While the 2020–2021 period was associated with rising valuations in a number of industries, a correction occurred after 2021, with both its magnitude and subsequent development differing considerably across industries and geographical regions. Following the outbreak of the war in Ukraine in 2022, market multiples declined at the aggregate European level; however, this decline was not uniform across regions or industries. The results therefore indicate that the war period was associated with pronounced heterogeneity in valuation developments and that data aggregated solely at the pan-European level are not sufficient to explain the divergent trajectories of individual groups of companies.