If you’re ever in Serbia, try the brandy made from some of the best plums in the world, according to Danijela llic and Vesna Stefanovic of the National Association of Valuers of Serbia (NAVS), the newest member VPO of the International Institute of Business Valuers (iiBV). In an interview, they talk about valuation in Serbia, including the sources of data they use, which include historical financial statements and business projections as well as Bloomberg, InFinancial, and Euronext. As for the stock exchanges as data sources, they say that the Serbian stock exchange BELEX is illiquid, so valuation analysts look to global databases, such as Deutsche Börse and the London Stock Exchange.
They also mention that business valuation used to be highly regulated for privatization of state and socially owned companies, and valuations were done using adjusted book value, DCF, and liquidation value. These methods are still being used, although many CFAs are using EBITDA techniques, although there are issues with market data transparency and illiquid markets.
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