## 3 Experiments and Results
### Statistical Analysis of the Best Fitted Methods
\begin{table}
\begin{tabular}{l l c c c c c c c c} \hline \hline  & & \multicolumn{5}{c}{**Endogenous**} & \multicolumn{5}{c}{**Endo. \& Exo.**} \\ \cline{3-10}  & & **MAE** & **MSE** & **RMSE** & **D-Index** & **MAE** & **MSE** & **RMSE** & **D-Index** \\ \hline \multirow{4}{*}{**Brazil**} & **Linear Regression** & 2.71 & 8.81 & 3.16 & 0.21 & 2.62 & 8.54 & 3.11 & 0.21 \\  & **Tree** & 2.61 & 6.79 & 2.85 & **0.24** & 3.23 & 13.33 & 3.79 & 0.18 \\  & **Bagtree** & 2.53 & 7.60 & 3.02 & 0.22 & 2.23 & **6.09** & 2.62 & **0.24** \\  & **Boosting Tree** & 3.37 & 12.54 & 4.09 & 0.17 & 3.14 & 10.37 & 3.85 & 0.17 \\  & **SVR** & **1.83** & **6.14** & **2.60** & 0.21 & **1.85** & 6.17 & **2.60** & 0.22 \\  & **GPR** & 2.01 & 6.69 & 2.67 & 0.22 & 2.09 & 7.36 & 2.74 & 0.22 \\ \hline \multirow{4}{*}{**India**} & **Linear Regression** & 5.26 & 36.27 & 6.22 & 0.12 & 5.46 & 52.68 & 7.43 & 0.09 \\  & **Tree** & 4.73 & 29.00 & 5.93 & 0.12 & 5.29 & 35.85 & 6.40 & 0.11 \\  & **Bagtree** & 3.85 & 21.28 & 4.94 & 0.14 & 3.73 & 20.54 & 4.83 & 0.14 \\  & **Boosting Tree** & 5.46 & 42.99 & 6.72 & 0.11 & 6.38 & 61.33 & 8.53 & 0.08 \\  & **SVR** & **2.70** & **13.50** & **3.70** & **0.16** & **2.70** & **13.48** & **3.70** & **0.17** \\  & **GPR** & 3.76 & 24.30 & 5.24 & 0.12 & 3.77 & 24.46 & 5.25 & 0.12 \\ \hline \multirow{4}{*}{**Japan**} & **Linear Regression** & 3.43 & 19.29 & 4.47 & 0.15 & 3.50 & 20.22 & 4.56 & 0.14 \\  & **Tree** & 3.14 & 20.17 & 4.50 & 0.13 & 3.41 & 33.43 & 6.41 & 0.08 \\  & **Bagtree** & 2.35 & 9.09 & 3.11 & 0.19 & 2.51 & 9.34 & 3.37 & 0.18 \\  & **Boosting Tree** & 4.24 & 39.77 & 6.47 & 0.09 & 3.98 & 29.79 & 5.48 & 0.12 \\  & **SVR** & **2.16** & **8.27** & **2.95** & 0.20 & 2.38 & 12.00 & 3.47 & 0.17 \\  & **GPR** & 2.49 & 14.79 & 3.89 & 0.14 & **2.13** & **6.27** & **2.62** & **0.24** \\ \hline \multirow{4}{*}{**Spain**} & **Linear Regression** & 3.09 & 14.55 & 3.82 & 0.18 & 2.05 & 6.49 & 2.55 & 0.24 \\  & **Tree** & 3.11 & 15.67 & 3.97 & 0.16 & 2.92 & 13.59 & 3.69 & 0.18 \\  & **Bagtree** & 2.35 & **8.40** & **2.90** & 0.22 & 1.94 & 6.23 & 2.50 & 0.24 \\  & **Boosting Tree** & 2.87 & 12.10 & 3.48 & 0.19 & 2.61 & 13.37 & 3.66 & 0.16 \\  & **SVR** & 2.45 & 10.88 & 3.30 & 0.18 & 2.45 & 10.86 & 3.30 & 0.18 \\  & **GPR** & **2.27** & 9.60 & 3.10 & 0.19 & **1.46** & **4.04** & **2.05** & **0.26** \\ \hline \multirow{4}{*}{**USA**} & **Linear Regression** & 4.36 & 37.91 & 6.20 & 0.10 & 4.62 & 36.44 & 6.06 & 0.11 \\  & **Tree** & 4.27 & 35.94 & 6.00 & 0.11 & 4.42 & 44.88 & 6.71 & 0.09 \\ \cline{1-1}  & **Bagtree** & **3.60** & **26.84** & **5.20** & **0.12** & 3.50 & 24.39 & 4.95 & 0.13 \\ \cline{1-1}  & **Boosting Tree** & 4.50 & 34.61 & 5.88 & 0.11 & 4.35 & 36.40 & 6.04 & 0.11 \\ \cline{1-1}  & **SVR** & 3.49 & 27.03 & 5.46 & 0.10 & 3.51 & 27.28 & 5.51 & 0.10 \\ \cline{1-1}  & **GPR** & 3.73 & 26.45 & 5.20 & 0.12 & **3.11** & **19.26** & **4.39** & **0.14** \\ \hline \hline \end{tabular}
\end{table} 
Table 2: Merit figures for estimated EV models in different scenarios. Rows show the results when grouped by regions or countries, and columns show merit figures for the evaluated scenarios, incorporating either only endogenous operational normalized variables, or both endogenous operational normalized and exogenous variables. The best method is painted in bold for each performance measure. ability to approximate the company's valuation. Note the low STD of the errors and their high mean obtained for these sectors. The mean was especially high for non-cyclical activities. For the _industrial sector_, it was observed that the valuation capacity of the models worsened when exogenous variables were incorporated. The high STD observed, which was up to four times higher than in the case of consumer companies, stood out. The _technology sector_ showed singular behavior, as there was noticeable worsening of the averaged errors produced in the valuation model when external information was incorporated into the company. However, the high variability of the model was significantly reduced when exogenous variables were also considered.