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BOLETIN DE ACTUALIDAD DEL MERCADO ESPAÑOL DE CAPITAL RIESGO
PRIVATE EQUITY & VENTURE CAPITAL SPANISH MARKET NEWSLETTER

Valoración de empresas por descuento de flujos: lo fundamental y las complicaciones innecesarias.

ABRIL-JUNIO 2013
 
Del Nº 2 / 2013
Valoración de empresas por descuento de flujos: lo fundamental y las complicaciones innecesarias.
Pablo Fernández
IESE Business School
  

 

Abstract:

Company valuation using discounted cash flows is based on the valuation of the Government bonds: it consists of applying the procedure used to value the Government bonds to the debt and shares of a company. This is easy to understand. But company valuations are often complicated by ‘additions’ (formulae, concepts, theories…) to complicate its understanding and to provide a more “scientific”, “serious”, “intriguing”, “impenetrable”,… appearance. Among the most commonly used ‘additions’ are: WACC, beta (?), market risk premium, beta unlevered, value of tax shields… Most of these ‘additions’ are unnecessary complications and are the source of many errors.

Keywords: Valuation, discounted cash flow, equity premium, required equity premium, expected equity premium, beta, VTS

 
 
 
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