Valuation Multiples Through a Thematic Lens: Unveiling Trends, Mapping Developments, and Forging New Research Pathways

Valuation multiples are a preeminent pricing tool, yet there are scant studies that provide a comprehensive literature review. This study addresses this gap through a triangulated approach that combines thematic development, intellectual structure, and future research directions. It divides the existing relative valuation literature into four keyword themes and five bibliographic coupling clusters, prominently asset pricing, stock performance and investment strategies. Our findings also provide new areas, like aligning valuation multiples with machine learning and investor sentiment, for future research. The study provides important insights for the regulator, industry, and academia under identified clusters and themes.