تقييم و تسعير المؤسسات الاقتصادية عند الإدراج لأول مرة في البورصة (OPI)‎ في الأسواق المالية المغاربية (الجزائر، تونس، و المغرب)‎ خلال الفترة 2007-2014

Abstract EN

This article has focused on valuation and pricing practices when making an initial public offering (IPO) in the stock exchanges of Algeria, Morocco and Tunisia , from 2007 to 2014.

The main pricing method is the fixed price offer followed by the open price one and the abscence of the book building method.

As to the valuation methods used and summarised in the company’s prospectus, the income approach is the dominant one , with the discount free cash flows coming first.

The average number of valuation methods used in each ipo is three methods, which shows the lack of confidence in the outcome of each single method taken alone, perhaps due to the quality of the data inputs and the desire not to deviate substancially from credible values.