Mas Alla de Las Proyecciones: El valor Terminal. (Beyond Forecasting Peridod: The Terminal Value)

Topicos en Valoración de Activos no financieros. Fondo Editorial (EAFIT), 2012

20 Pages Posted: 27 Jan 2012 Last revised: 19 Jun 2012

See all articles by Ignacio Velez-Pareja

Ignacio Velez-Pareja

Grupo Consultor CAV Capital Advisory & Valuation

Joseph Tham

Duke University - Duke Center for International Development in the Sanford School of Public Policy; Academy of Public Administration under the President of the Republic of Kazakhstan

Date Written: January 26, 2012

Abstract

Este capítulo se dedica a la definición y el cálculo del valor terminal que es el valor de los flujos de caja que se generan en la firma o proyecto más allá del último período de la proyección. Se consideran situaciones con y sin crecimiento real y con y sin inflación. Se derivan las fórmulas mapropiadas y se ilustra con un ejemplo. La propuesta se aparta de muchos textos tradicionales de finanzas corporativas en que se considera que el flujo de caja libre puede crecer sin inversión adicional.

This chapter is devoted to the definition and calculation of terminal value, TV. TV is the value of the cash flows generated by the firm or project beyond the last forecasted period. Several scenarios are considered: with and without real growth and with and without inflation. Appropriate formulas are derived and illustrated with an example. The proposal in this chapter departs from many traditional corporate finance textbooks that propose that free cash flow can grow without additional investment.

Note: Downloadable document is in Spanish.

Keywords: WACC, perpetuities, terminal value, tax savings

JEL Classification: D61, G31, H43

Suggested Citation

Velez-Pareja, Ignacio and Tham, Joseph, Mas Alla de Las Proyecciones: El valor Terminal. (Beyond Forecasting Peridod: The Terminal Value) (January 26, 2012). Topicos en Valoración de Activos no financieros. Fondo Editorial (EAFIT), 2012. Available at SSRN: https://ssrn.com/abstract=1992634

Ignacio Velez-Pareja (Contact Author)

Grupo Consultor CAV Capital Advisory & Valuation ( email )

Ave Miramar # 18-93 Apt 6A
Cartagena
Colombia
+573112333074 (Phone)

HOME PAGE: http://cashflow88.com/decisiones/decisiones.html

Joseph Tham

Duke University - Duke Center for International Development in the Sanford School of Public Policy ( email )

Box 90312
302, Towerview Dr, Rubenstein Hall, Room 272
Durham, NC 27708
United States
919-613-9234 (Phone)
919-681-0831 (Fax)

HOME PAGE: http://fds.duke.edu/db/Sanford/faculty/thamjx

Academy of Public Administration under the President of the Republic of Kazakhstan ( email )

Abay Street, 33a
Astana
Kazakhstan
+7 8 7172753422 (Phone)

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