Firma Değerinin Belirlenmesinde Teknik ve Sektörel Farklılaşma: Borsa İstanbul Üzerine Bir Uygulama

Company value is a concept that emerges by taking into account all assets, liabilities, technology, human and intellectual capital and future cash flows of the company as a whole. In the perspective of modern finance approach, it is important for the relevant stakeholders to determine or estimate the firm value in the most appropriate way. Investors and firm owners want to know the real firm value due to developments in financial markets, mergers and acquisitions, public offerings, stock exchange listing and privatisation. In particular, persons and/or institutions making financial investments want to make investments by knowing what the real value of the companies traded on the stock exchange is. Because the relationship between the real value of the firm and the price traded on the stock exchange will affect the investment decisions of the investor. Although different technical analysis methods can be applied to determine firm value, the most prominent ones in the finance literature are Economic Value Added (EVA), Market Value Added (MVA), Free Cash Flows to Equity (FCFE) and Free Cash Flows to Firm (FCFF). In the literature studies, it has been determined that firm valuation analyses have been made with different valuation methods and as a result of the analyses, it has been determined that there is no consensus on an effective method in firm valuation. In this study, considering that the effectiveness of firm valuation methods may differ by sector, it is tried to determine which valuation method is effective for which sector. In this context, the aim of the study is to reveal which of the economic value added, market value added, free cash flows to equity and free cash flows to the firm methods have better predictive power in determining the market price of stocks with both model and sectoral comparison. For this purpose, 17 different companies operating in 19 non-financial sectors determined within Borsa Istanbul and having the largest asset value on 31/12/2022 are included in the research, while the share value is determined by basic analyses based on annual balance sheet and income statement data between 2018 and 2022, and the method that makes the best prediction is determined in the research constraint. Since TUPRS is the leader in the Industrial Index and Chemicals Index and THYAO is the leader in the Service Sector and Transport Sector, two companies in four sectors were included in the valuation. The firm values calculated with the valuation me