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Cash Flow Valuation in an Inflactionary World. The Case of World Bank for Regulated Firms

Listed author(s):
  • Ignacio Vélez-Pareja

    (Politécnico Grancolombiano.)

En el presente artículo demostramos que la evaluación de proyectos debería basarse en free cash flow a precios nominales. Presentamos un caso en el que los resultados obtenidos a partir de la aplicación de un método de precio constante se inclinan hacia arriba, por lo que existe el riesgo de aceptar malos proyectos. Es una práctica extendida evaluar proyectos a un precio constante. Evaluamos esta metodología a través de un ejemplo presentado en un curso de formación sobre regulación económica de las empresas de servicios públicos, desarrollado por el Instituto del Banco Mundial. Identificamos una sobrevaloración del 21% cuando se compara con la metodología de los precios actuales, usando un correcto costo promedio del capital (WACC por sus siglas en inglés).

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Article provided by Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna in its journal Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016).

Volume (Year): 6 (2007)
Issue (Month): (November)
Pages: 1-19

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Handle: RePEc:eac:articl:12/06
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  1. Ignacio Vélez Pareja, 1999. "Project Evaluation in an Inflationary Environment," PROYECCIONES FINANCIERAS Y VALORACION 003391, MASTER CONSULTORES.
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