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Valoración de empresas por descuento de flujos: Diez métodos y siete teorías

Listed author(s):
  • Fernandez, Pablo


    (IESE Business School)

Este documento es un compendio de los métodos y teorías más utilizados para valorar empresas por descuento de flujos. Los diez métodos descritos son: flujos para las acciones descontados a la rentabilidad exigida a las acciones; free cash flow descontado al WACC; capital cash flows descontados al WACC antes de impuestos; APV (adjusted present value); free cash flows ajustados al riesgo del negocio descontados a la rentabilidad exigida a los activos; cash flows disponibles para las acciones ajustados al riesgo del negocio descontados a la rentabilidad exigida a los activos; beneficio económico descontado a la rentabilidad exigida a las acciones; EVA descontado al WACC; free cash flows ajustados descontados a la tasa libre de riesgo, y cash flows disponibles para las acciones ajustados descontados a la tasa libre de riesgo. Los diez métodos proporcionan siempre el mismo valor. Este resultado es lógico, porque todos los métodos analizan la misma realidad bajo las mismas hipótesis; sólo difieren en los flujos que toman como punto de partida para la valoración. También se muestran siete teorías sobre el valor del ahorro de impuestos debido a los intereses (VTS) y su impacto en la valoración.

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Paper provided by IESE Business School in its series IESE Research Papers with number D/766.

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Length: 27 pages
Date of creation: 09 Sep 2008
Handle: RePEc:ebg:iesewp:d-0766
Contact details of provider: Postal:
IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN

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