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La importancia del valor residual en el valor de la empresa. Abstract

ENERO/MARZO 2012
 
Del Nº 1 / 2012
La importancia del valor residual en el valor de la empresa.
Alfonso A. Rojo Ramírez
Universidad de Almería
Juana Alonso Cañadas
Universidad de Almería
Mª Pilar Casado Belmonte
Universidad de Almería
  

 

Abstract:

This paper focuses on one of the most controversial issues in company valuation: the importance of residual or terminal value when using the discounted cash flows model.
Our study shows that, for the Spanish case, the residual value represent about 73% of the company owners' value and that this percentage can vary depending on the sector and company.
It also finds that the market capitalization is usually larger than the value calculated using discounted cash flows' model. Such difference, corrected by the size effect, is relatively important if we talk about the companies quoted in the IBEX or not.

Keywords: Company valuation, residual value, cash flows

 
 
 
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