Company valuation methods: applying dynamic analogical-stock market valuation models to agrarian co-operatives

摘要

Agrarian co-opeiatives, in contrast to limited companies, cannot be listed on the Stock Market, Therefore, there is no mechanism such as the Stock Exchange rate to assign them a value. To correct this situation an analogical-stock market valuation mod el has emerged, which postulates that general markets behave as organized stock markets. The main consequence of this is the possibility of employing stock market information (generally more abundant and of higher quality that those from non stock-exchan ge companies) to valúate those which are not listed on the Stock Market, although by their nature they could be, or those which by their legal nature could never be quoted, such as the agrarian co-operatives. In the present work this methodology, specif ically dynamic models, is applied to the valuation of wine co-operatives within the Appellation of Origin Alicante (Spain), calculating also the complementary merger value, trying to judge the convenience of an hypothetic association among them.