Valuation in the Sector of New Technologies – Taxonomic Measures and Comparison of Markets

Together with the changes introduced by IT technologies to the traditional economy, a new economy appeared. The term "new economy" emerged in the 1990s. It was associated with the changes IT technologies introduced to the traditional economy. The speed of the development of the sector of the new economy on the one hand, and uncertainty on the other hand, were associated with the highly speculative attitude of stock-market investors and the fast development of Venture Capital and Private Equity funds.Most of the telecommunication companies should be considered as companies using the so-called subscription-based business model, where the customer pays a fixed subscription fee for access to a product or service.Common problem in valuation of telecommunication companies is finding comparable data and markets for valuation. The objective of the investigations presented in this paper is the recognition and classification of similarities and differences between different countries related to the market development. For this purpose, taxonomic measures, especially multivariate comparative statistical analysis methods were used. Author presented a method for comparison of the markets based on cluster analysis. The study covers selected european countries. Presented method can be used for comparing markets in cases of enterprise valuations sector and comparing the whole markets indicating their level of development.Based on presented method, five subgroups in Europe can be distinguished. Their members can be considered as comparable markets. There are significant differences between the Central-Eastern European countries. They belong to two subgroups.