Financial Analysts Journal
Выпуски:
Опубликовано на портале: 21-06-2006
Xavier Adsera, Pere Vinolas
Financial Analysts Journal.
2003.
Vol. 59.
No. 2.
This paper presents a financial and economic approach to valuation. In addition to
traditional discounted cash flow methods, one family of valuation models, economic
value added (EVA) and other franchise factor approaches, has become a favorite methodology
for corporate valuation. In EVA approaches, the key value driver is the spread between
the return on the existing investments and their average cost of capital. Therefore,
this approach focuses on the left-hand side of the balance sheet. The important aspect
of this issue is not its technical interest or which of the different values of a
company is correct, but what the value drivers are that each method identifies
Опубликовано на портале: 21-06-2006
Pere Vinolas, Xavier Adsera
Financial Analysts Journal.
2003.
Vol. 59.
No. 2.
This paper presents a financial and economic approach to valuation. In addition to
traditional discounted cash flow methods, one family of valuation models, economic
value added (EVA) and other franchise factor approaches, has become a favorite methodology
for corporate valuation. In EVA approaches, the key value driver is the spread between
the return on the existing investments and their average cost of capital. Therefore,
this approach focuses on the left-hand side of the balance sheet. The important aspect
of this issue is not its technical interest or which of the different values of a
company is correct, but what the value drivers are that each method identifies
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