Valoración de Empresas por Descuento de Flujos: lo fundamental y las Complicaciones Innecesarias (Valuing Companies by Cash Flow Discounting: Fundamental Ideas and Unnecessary Complications)

11 Pages Posted: 23 Jun 2012 Last revised: 13 Oct 2019

Date Written: February 13, 2016

Abstract

Spanish Abstract: La valoración por descuento de flujos se basa en la valoración de los bonos del Estado: consiste en aplicar el procedimiento con el que se valoran los bonos del Estado a la deuda y las acciones de la empresa. Es una aplicación fácil de entender (apartados 1, 2 y 3). Pero se complica con añadidos que no aportan más que aderezos (ver apartados 4 a 15) para que la valoración parezca más “científica”, “seria”, “intrigante”, “impenetrable.”

English Abstract: This paper shows several valuation methods based on equity cash flow; free cash flow; capital cash flow; APV (Adjusted Present Value), economic profit and EVA. Valuing companies by Cash Flow Discounting is just to apply the method for valuing Government Bonds to the valuation of the debt and to the valuation of the shares. From that point of view, Betas, FCF, WACC, CCC are unnecessary complications that only complicate the understanding of the non-finance professionals.

Note: Downloadable document is in Spanish.

Keywords: Valuation, discounted cash flow, equity premium, required equity premium, expected equity premium, beta, VTS

JEL Classification: G12, G31, M21

Suggested Citation

Fernandez, Pablo, Valoración de Empresas por Descuento de Flujos: lo fundamental y las Complicaciones Innecesarias (Valuing Companies by Cash Flow Discounting: Fundamental Ideas and Unnecessary Complications) (February 13, 2016). Available at SSRN: https://ssrn.com/abstract=2089397 or http://dx.doi.org/10.2139/ssrn.2089397

Pablo Fernandez (Contact Author)

IESE Business School ( email )

Avenida Pearson 21
Barcelona, 08034
Spain
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)

HOME PAGE: http://web.iese.edu/PabloFernandez/

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