ENHANCING EQUITY VALUATION MODELS FOR JOINT-STOCK COMPANIES IN FRONTIER MARKETS: A DYNAMIC DISCOUNTED CASH FLOW AND MULTIPLES INTEGRATION APPROACH
This study develops an enhanced equity valuation framework specifically tailored to the structural constraints of joint-stock companies (JSCs) operating in frontier financial markets. Conventional valuation tools - static Discounted Cash Flow (DCF) models and unadjusted relative multiples - systematically produce biase...