Abstract

http://ssrn.com/abstract=962921
 
 

References (28)



 
 

Citations (1)



 


 



146 Errores en Valoraciones de Empresas (146 Errors in Company Valuations)


Pablo Fernandez


University of Navarra - IESE Business School

March 22, 2016


Abstract:     
Spanish Abstract: Este documento contiene 146 errores cometidos en distintas valoraciones de empresas. La mayor parte de las valoraciones proceden de arbitrajes, procesos judiciales, compras y ventas de empresas a los que el autor ha tenido acceso. Casi todos los nombres de personas, empresas y ciudades se han modificado.

El siguiente refrán aclara la intención con la que el autor elaboró este documento: “Cuando veas a un sabio echar un borrón, cuida tú de no echar dos”.

Los errores se clasifican en 7 categorías: 1) Errores acerca de la tasa de descuento y del riesgo de la empresa; 2) Errores al calcular o prever los flujos esperados; 3) Errores al calcular el valor terminal; 4) Inconsistencias y errores conceptuales; 5) Errores al interpretar la valoración; 6) Errores al interpretar la contabilidad; y 7) Errores de organización.

English Abstract: This paper contains a collection and classification of 146 errors seen in company valuations performed by financial analysts, investment banks and financial consultants. The author had access to most of the valuations referred to in this paper in his capacity as a consultant in company acquisitions, sales, mergers, and arbitrage processes.

We classify the errors in seven main categories: 1) Errors in the discount rate calculation and concerning the riskiness of the company; 2) Errors when calculating or forecasting the expected cash flows; 3) Errors in the calculation of the residual value; 4) Inconsistencies and conceptual errors; 5) Errors when interpreting the valuation; 6) Errors when interpreting financial reports; and 7) Organizational errors.

Note: Downloadable document is in Spanish.

Number of Pages in PDF File: 43

Keywords: company valuation, equity premium, valuation errors, valoracion de empresas

JEL Classification: G12, G31, M21


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Date posted: February 14, 2007 ; Last revised: June 1, 2016

Suggested Citation

Fernandez, Pablo, 146 Errores en Valoraciones de Empresas (146 Errors in Company Valuations) (March 22, 2016). Available at SSRN: http://ssrn.com/abstract=962921 or http://dx.doi.org/10.2139/ssrn.962921

Contact Information

Pablo Fernandez (Contact Author)
University of Navarra - IESE Business School ( email )
Camino del Cerro del Aguila 3
28023 Madrid
Spain
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)
HOME PAGE: http://web.iese.edu/PabloFernandez/
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References:  28
Citations:  1

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