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Industrial Investment

GILD100 methodology

GILD100, compiled by GILD Corporate Finance, ranks the 100 most valuable Lithuanian companies by their actual or estimated equity market capitalisation as of the beginning of 2011.

All for-profit limited liability companies listed in the VĮ Registrų Centras are eligible for inclusion to GILD100 list.

Branches of foreign companies,non-profit organisations and pure holding companies have been excluded1.

Companies listed on the NASDAQ OMX Vilnius Stock Exchange are presented with their actual market values, based on the closing stock price at the beginning of the year 2011.

The remaining companies are valued as if the shares were traded on the stock exchange.

The valuation is based on public information and comparative analysis, which provides more objectivity and transparency as compared to many other widely used valuation methods.We did not attempt to create explicit forecasts and cash flow models for the companies.To make them meaningful would require spending a substantial amount of time with the management of each company we tried to value (we valued over 200 companies in total). Each valued company is compared with a suitable peer group.The peer group is selected from the listed companies with similar business activity, operating region,growth potential, risk profile and profitability.

In total, more than 100 different lists of comparable companies were used for valuation purposes.We have attempted to maintain regional proximity of comparable companies as close as possible; however, faced with limited choice of similar companies,we have broadened the selection on a case by case basis.

The financial statements of valued companies have been adjusted for business unrelated 1 Except for AB Invalda,which is a listed company transactions and events,e.g. extraordinary profit/loss from currency exchange differences,fixed asset sales or revaluations.The debt and cash positions are valued based on their nominal book values.

The aim was to value companies or groups of companies that operate as one economic entity.Therefore, widely diversified groups of companies were treated as holdings, and only their subsidiaries have been valued and added to the list as separate companies. In such event, we have excluded parent company from the list to avoid the double counting.

 

VĮ REGISTRŲ CENTRAS

VĮ Registrų Centras administers three main state registers: Real Estate Register and Cadastre, the Register of Legal Entities and the Address Register of Lithuania.

VĮ Registrų Centras was a key partner in the project. It provided GILD Corporate Finance team with the companies’ consolidated financial statements that were used for valuation purposes.

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GILD100 (2011)

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