Kalkulacja wyceny (mln)
Wartość firmy (EV)	-
Dług netto	-
Gotówka	-
Udziały mniejszościowe	-
Ilość akcji	-
Wartość godziwa firmy	-
Wartość godziwa akcji	Brak danych

Kalkulacja WACC - koszt kapitału
Stopa wolna od ryzyka	-
Premia rynkowa	-
Beta	-
Udział kapitału własnego	-
Udział długu	-
Koszt kapitału własnego	-
Koszt długu	-
WACC	-

Brak modelowania Monte Carlo

Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np. EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń oraz jest prostsza w zastosowaniu. Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np. przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).

	EV/EBITDA TTM	P/E TTM	P/B TTM
Mediana dla branży	11.1	15.9	1.2
Muza S.A.	4.4	10.2	1.0
Mediana / Muza S.A.	2.5	1.6	1.2

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Pozostałe spółki z branży Publishing

Nazwa firmy	Symbol	Kapitalizacja (mln $)	EV/EBITDA	P/E	P/B	Giełda
Storytel AB (publ)	0GBU.L	740	19.4	29.4	4.9	London Stock Exchange
Guangdong Guangzhou Daily Media Co., Ltd.	002181.SZ	1,086	54.3	95.7	1.8	Shenzhen
Xinhua Winshare Publishing and Media Co., Ltd.	0811.HK	1,732	12.4	8.0	0.8	HKSE
RCS MediaGroup S.p.A.	0QEJ.L	603	2.6	8.3	1.2	London Stock Exchange
Woongjin Thinkbig Co., Ltd.	095720.KS	155	0.6	-10.8	0.7	KSE
Oriental Enterprise Holdings Limited	0018.HK	110	14.8	12.4	0.5	HKSE
Samsung Publishing Co., Ltd	068290.KS	134	19.1	16.5	1.0	KSE
Visang Education Inc	100220.KS	63	-1.1	-28.7	0.5	KSE
Central China Land Media CO.,LTD	000719.SZ	1,848	13.7	11.5	1.1	Shenzhen
Zhejiang Huamei Holding CO., LTD.	000607.SZ	576	14,883.1	-115.2	2.6	Shenzhen
TOM Group Limited	2383.HK	229	-17.4	-7.0	-0.9	HKSE
Tangel Culture Co., Ltd.	300148.SZ	557	62.4	68.0	4.1	Shenzhen
Smart Globe Holdings Limited	1481.HK	65	-65.4	-42.5	4.5	HKSE
Papyless Co., Ltd.	3641.T	53	-39.9	-51.1	0.9	Tokyo
Citic Press Corporation	300788.SZ	815	40.0	42.4	2.6	Shenzhen
MEDIA DO Co., Ltd.	3678.T	183	11.2	19.3	1.5	Tokyo
Shanghai Xinhua Media Co., Ltd.	600825.SS	997	100.4	165.8	2.7	Shanghai
Chinese Universe Publishing and Media Group Co., Ltd.	600373.SS	1,984	16.8	21.0	0.8	Shanghai
Jiangsu Phoenix Publishing & Media Corporation Limited	601928.SS	3,978	13.0	16.2	1.4	Shanghai
Heilongjiang Publishing & Media Co., Ltd.	605577.SS	791	37.2	32.7	1.5	Shanghai
China Science Publishing & Media Ltd.	601858.SS	2,118	30.8	34.8	2.8	Shanghai
Saudi Printing and Packaging Co.	4270.SR	189	-0.1	-2.9	2.3	Saudi
China Publishing & Media Holdings Co., Ltd.	601949.SS	1,726	16.9	19.9	1.3	Shanghai
Zhejiang Publishing & Media Co., Ltd.	601921.SS	2,464	16.3	15.6	1.3	Shanghai
Time Publishing and Media Co., Ltd.	600551.SS	824	15.8	14.8	1.0	Shanghai
Brangista Inc.	6176.T	60	9.2	14.1	2.1	Tokyo
Shandong Publishing&Media Co.,Ltd	601019.SS	2,750	14.5	14.7	1.3	Shanghai
Chengdu B-ray Media Co.,Ltd.	600880.SS	771	139.5	202.1	1.0	Shanghai
DuZhe Publish&Media Co.,Ltd	603999.SS	517	66.5	59.4	1.9	Shanghai
Thinkingdom Media Group Ltd.	603096.SS	413	22.2	28.3	1.5	Shanghai
Southern Publishing and Media Co.,Ltd.	601900.SS	1,943	11.6	14.0	1.6	Shanghai
China South Publishing & Media Group Co., Ltd	601098.SS	3,399	18.0	16.4	1.5	Shanghai
Changjiang Publishing & Media Co.,Ltd	600757.SS	1,574	11.3	10.3	1.1	Shanghai
Xinhua Winshare Publishing and Media Co., Ltd.	601811.SS	2,257	14.8	11.1	1.2	Shanghai
Qingdao Citymedia Co,. Ltd.	600229.SS	650	67.7	76.3	1.4	Shanghai
Saudi Research and Media Group	4210.SR	3,856	24.6	70.6	4.4	Saudi
Northern United Publishing & Media (Group) Company Limited	601999.SS	528	32.7	40.8	1.8	Shanghai
Takeda iP Holdings Co.,Ltd.	7875.T	55	12.5	17.2	0.5	Tokyo
Shobunsha Holdings, Inc.	9475.T	52	65.3	13.8	0.6	Tokyo
Kadokawa Corporation	9468.T	4,037	28.6	73.7	2.2	Tokyo
Starts Publishing Corporation	7849.T	118	9.6	9.3	1.7	Tokyo
Agora S.A.	AGO.WA	125	-0.9	77.1	0.6	Warsaw Stock Exchange
Alma Media Oyj	ALMA.HE	1,242	9.8	20.3	4.4	Helsinki
Amarin Printing and Publishing Public Company Limited	AMARIN.BK	51	3.5	20.9	0.3	Thailand
Bloomsbury Publishing Plc	BMY.L	573	6.9	11.1	2.1	London Stock Exchange
Bastei Lübbe AG	BST.DE	156	7.5	14.4	2.0	Frankfurt Stock Exchange
D. B. Corp Limited	DBCORP.BO	570	9.2	13.2	2.2	Bombay Stock Exchange
D. B. Corp Limited	DBCORP.NS	569	9.2	13.2	2.2	National Stock Exchange of India
Class Editori Spa	CLE.MI	70	2.1	-18.5	6.3	Milan
Future plc	FUTR.L	1,048	2.2	10.9	0.8	London Stock Exchange
Gyldendal ASA	GYL.OL	97	1.8	38.0	1.1	Oslo Stock Exchange
Hindustan Media Ventures Limited	HMVL.BO	77	11.4	8.4	0.4	Bombay Stock Exchange
Hindustan Media Ventures Limited	HMVL.NS	76	11.4	8.4	0.4	National Stock Exchange of India
Gyldendal A/S	GYLD-A.CO	151	7.4	5.1	0.9	Copenhagen
Gyldendal A/S	GYLD-B.CO	155	7.4	5.1	0.9	Copenhagen
HT Media Limited	HTMEDIA.BO	56	-1.1	239.1	0.3	Bombay Stock Exchange
HT Media Limited	HTMEDIA.NS	56	-1.1	239.1	0.3	National Stock Exchange of India
Gannett Co., Inc.	GCI	497	-2.3	9.7	3.3	New York Stock Exchange
Informa plc	INF.L	14,311	7.2	35.8	1.6	London Stock Exchange
Jagran Prakashan Limited	JAGRAN.NS	183	5.4	11.9	0.8	National Stock Exchange of India
Jagran Prakashan Limited	JAGRAN.BO	184	5.4	11.9	0.8	Bombay Stock Exchange
LBG Media plc	LBG.L	291	10.9	30.5	3.1	London Stock Exchange
Arnoldo Mondadori Editore S.p.A.	MN.MI	632	2.6	9.0	1.7	Milan
North Media A/S	NORTHM.CO	110	2.8	11.6	0.6	Copenhagen
Navneet Education Limited	NAVNETEDUL.BO	369	2.9	4.2	1.7	Bombay Stock Exchange
MPS Limited	MPSLTD.NS	552	22.6	31.6	9.8	National Stock Exchange of India
The New York Times Company	NYT	8,930	18.8	29.6	4.8	New York Stock Exchange
MPS Limited	MPSLTD.BO	552	22.6	31.6	9.8	Bombay Stock Exchange
Navneet Education Limited	NAVNETEDUL.NS	370	2.9	4.2	1.7	National Stock Exchange of India
Pearson plc	PES.DE	9,921	9.3	16.8	1.8	Frankfurt Stock Exchange
RELX PLC	REN.AS	98,663	21.7	39.2	21.3	Amsterdam
RELX PLC	REL.L	98,496	22.3	37.5	20.9	London Stock Exchange
RCS MediaGroup S.p.A.	RCS.MI	606	2.6	8.3	1.2	Milan
Polaris Media ASA	POL.OL	299	4.1	4.4	0.9	Oslo Stock Exchange
Pearson plc	PSON.L	9,695	7.0	16.2	1.7	London Stock Exchange
Reach plc	RCH.L	310	2.1	4.2	0.3	London Stock Exchange
Pearson plc	PSO	9,917	5.7	17.0	1.8	New York Stock Exchange
Roularta Media Group NV	ROU.BR	222	10.6	31.8	0.9	Brussels
RELX PLC	RELX	99,056	24.8	37.8	21.0	New York Stock Exchange
Sanoma Oyj	SANOMA.HE	1,862	3.0	40.3	2.0	Helsinki
Il Sole 24 ORE S.p.A.	S24.MI	84	2.1	12.9	2.7	Milan
Schibsted ASA	SCHB.OL	7,350	19.3	8.2	2.6	Oslo Stock Exchange
Smiths News plc	SNWS.L	188	2.1	5.4	-41.7	London Stock Exchange
Storytel AB (publ)	STORY-B.ST	736	19.4	29.4	4.9	Stockholm Stock Exchange
Schibsted ASA	SCHA.OL	7,350	19.3	8.2	2.6	Oslo Stock Exchange
The Sandesh Limited	SANDESH.BO	102	8.5	11.4	0.6	Bombay Stock Exchange
The Sandesh Limited	SANDESH.NS	102	8.5	11.4	0.6	National Stock Exchange of India
Scholastic Corporation	SCHL	566	2.7	32.7	0.6	NASDAQ Global Select
S Chand and Company Limited	SCHAND.BO	97	5.6	13.2	0.8	Bombay Stock Exchange
S Chand and Company Limited	SCHAND.NS	97	5.6	13.2	0.8	National Stock Exchange of India
TX Group AG	TXGN.SW	2,722	12.8	-683.8	0.9	Swiss Exchange
John Wiley & Sons, Inc.	WLY	2,306	4.6	27.5	0.9	New York Stock Exchange
Yellow Pages Limited	Y.TO	106	3.0	6.2	2.9	Toronto Stock Exchange
John Wiley & Sons, Inc.	WLYB	2,513	4.6	27.5	0.9	New York Stock Exchange