Examinando por Materia "Modelo de Valor Presente Ajustado"

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    APV y CCF: el pronóstico de los ingresos y el valor de las empresas
    (Universidad EAFIT, 2017) De Vivero Pérez, Héctor José; Correa Lafaurie, Luisa Fernanda
    In the present paper a model for valuing companies under conditions of risk and uncertainty from the revenues is structured -- The forecast of the revenues is one of the most important elements in the result of the assessment of any business -- Based on the existing approaches for discount cash flows, specifically of the Adjusted Present Value (APV) and the Capital Cash Flow (CCF), a valuation model expressing the cash flows as a function of future revenues is formulated -- The tax shield is also linked to revenues through measures of leverage or coverage, to derive a single equation that allows you to calculate the value of the company from the revenue forecast -- In the case of companies at risk for the forecast of revenues its probability distribution parameters are estimated based on historical records and appropriate regression analysis -- The proposed model is validated with the evaluation of a group of gas stations