A new study explores the prediction accuracy of a price-to-sales multiple (derived from the regression of transaction values on value drivers identified consistently with prior studies) in the highly standardized and homogenous context of the transfer of small accounting practices in Italy. The authors conclude: “We find that the regressed P/Sales multiple significantly outperforms other multiples—often adopted as rule of thumb valuation metrics in the industry—such as simple industry harmonic averaged P/Sales or P/EBITDA.”