WACC: definición, interpretaciones equivocadas y errores (WACC: Definition and Errors)
9 Pages Posted: 3 Jul 2010 Last revised: 13 Oct 2019
Date Written: February 13, 2016
Abstract
Spanish Abstract: El WACC es simplemente la tasa a la que se debe descontar el FCF para obtener el mismo valor de las acciones que proporciona el descuento de los flujos para el accionista.
El WACC no es ni un coste ni una rentabilidad exigida, sino un promedio ponderado entre un coste y una rentabilidad exigida (que son conceptos muy distintos): a) un coste: el coste de la deuda, y b)una rentabilidad exigida a las acciones (Ke). Aunque a Ke se le denomina con frecuencia “coste de las acciones”, existe una gran diferencia entre un coste y una rentabilidad exigida.
El coste de la deuda es algo que si no se paga puede tener consecuencias serias (la liquidación de la empresa,…) mientras que la rentabilidad exigida a las acciones es algo que si no se logra tiene menos consecuencias: pocas a corto plazo y, muchas veces, ninguna a largo salvo el relevo de algún directivo. Denominar al WACC “cost of capital” o “coste de los recursos” produce no pocos errores porque no es un coste.
El artículo presenta varios errores cometidos en valoraciones que se deben a no recordar la definición del WACC.
English Abstract: The WACC is just the rate at which the Free Cash Flows must be discounted to obtain the same result as in the valuation using Equity Cash Flows discounted at the required return to equity (Ke). The WACC is neither a cost nor a required return: it is a weighted average of a cost and a required return. To refer to the WACC as the “cost of capital” may be misleading because it is not a cost. The paper includes some errors due to not remembering the definition of WACC and shows the relationship between the WACC and the value of the tax shields (VTS).
Note: Downloadable document is in Spanish.
Keywords: WACC, Required Return to Equity, Value of Tax Shields, Company Valuation, Cost of Debt
JEL Classification: G12, G31, G32
Suggested Citation: Suggested Citation
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