COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES

Detalhes bibliográficos
Autor(a) principal: Endler, Luciana
Data de Publicação: 2009
Tipo de documento: Artigo
Idioma: por
Título da fonte: ConTexto
Texto Completo: https://seer.ufrgs.br/index.php/ConTexto/article/view/11715
Resumo: This paper presents the main characteristics, restrictions and applicability of company evaluation methodology, which is calculated by the Discounted Cash Flow Method. This way, it presents the two approaches used: the shareholder cash flow, which demonstrates the shareholders equity and is obtained through the owners discounted cash flows by the owners cost of capital rate; and the company cash flow, which discounts the company’s cash flow through the weighted average cost of capital (WACC). Finally, it approaches the effects caused by the use of an incorrect discount rate in the company evaluation process.
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spelling COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATESAVALIAÇÃO DE EMPRESAS PELO MÉTODO DE FLUXO DE CAIXA DESCONTADO E OS DESVIOS CAUSADOS PELA UTILIZAÇÃO DE TAXAS DE DESCONTO INADEQUADASEvaluation of companies. Discounted cash flow. WACC.Avaliação de empresas. Fluxo de caixa descontado. WACC.This paper presents the main characteristics, restrictions and applicability of company evaluation methodology, which is calculated by the Discounted Cash Flow Method. This way, it presents the two approaches used: the shareholder cash flow, which demonstrates the shareholders equity and is obtained through the owners discounted cash flows by the owners cost of capital rate; and the company cash flow, which discounts the company’s cash flow through the weighted average cost of capital (WACC). Finally, it approaches the effects caused by the use of an incorrect discount rate in the company evaluation process.Este artigo objetiva apresentar as principais características, limitações e aplicabilidades da metodologia de avaliação de empresas, calculada através do fluxo de caixa descontado. Para tanto, apresentam-se as duas abordagens utilizadas nesse método: o fluxo de caixa do acionista, que demonstra o patrimônio líquido do acionista e é obtido através do desconto dos fluxos de caixa pelo custo do capital próprio; e o fluxo de caixa da empresa, que desconta os fluxos de caixa da empresa como um todo, pela taxa do custo médio ponderado de capital – Weighted Average Cost of Capital (WACC). Finalmente, abordam-se os efeitos causados pela utilização de uma taxa de desconto incorreta na mensuração do valor de uma empresa.UFRGS2009-10-20info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por Paresapplication/pdfhttps://seer.ufrgs.br/index.php/ConTexto/article/view/11715ConTexto - Contabilidade em Texto; v. 4 n. 6 (2004): 1º semestre 20042175-87511676-6016reponame:ConTextoinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/ConTexto/article/view/11715/6918Endler, Lucianainfo:eu-repo/semantics/openAccess2009-12-22T18:59:01Zoai:seer.ufrgs.br:article/11715Revistahttps://www.seer.ufrgs.br/index.php/ConTexto/indexPUBhttpw://www.seer.ufrgs.br/index.php/ConTexto/oaifernanda.momo@ufrgs.br||contexto@ufrgs.br2175-87511676-6016opendoar:2009-12-22T18:59:01ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES
AVALIAÇÃO DE EMPRESAS PELO MÉTODO DE FLUXO DE CAIXA DESCONTADO E OS DESVIOS CAUSADOS PELA UTILIZAÇÃO DE TAXAS DE DESCONTO INADEQUADAS
title COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES
spellingShingle COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES
Endler, Luciana
Evaluation of companies. Discounted cash flow. WACC.
Avaliação de empresas. Fluxo de caixa descontado. WACC.
title_short COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES
title_full COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES
title_fullStr COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES
title_full_unstemmed COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES
title_sort COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES
author Endler, Luciana
author_facet Endler, Luciana
author_role author
dc.contributor.author.fl_str_mv Endler, Luciana
dc.subject.por.fl_str_mv Evaluation of companies. Discounted cash flow. WACC.
Avaliação de empresas. Fluxo de caixa descontado. WACC.
topic Evaluation of companies. Discounted cash flow. WACC.
Avaliação de empresas. Fluxo de caixa descontado. WACC.
description This paper presents the main characteristics, restrictions and applicability of company evaluation methodology, which is calculated by the Discounted Cash Flow Method. This way, it presents the two approaches used: the shareholder cash flow, which demonstrates the shareholders equity and is obtained through the owners discounted cash flows by the owners cost of capital rate; and the company cash flow, which discounts the company’s cash flow through the weighted average cost of capital (WACC). Finally, it approaches the effects caused by the use of an incorrect discount rate in the company evaluation process.
publishDate 2009
dc.date.none.fl_str_mv 2009-10-20
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Avaliado por Pares
format article
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dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/ConTexto/article/view/11715
url https://seer.ufrgs.br/index.php/ConTexto/article/view/11715
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/ConTexto/article/view/11715/6918
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv ConTexto - Contabilidade em Texto; v. 4 n. 6 (2004): 1º semestre 2004
2175-8751
1676-6016
reponame:ConTexto
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
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collection ConTexto
repository.name.fl_str_mv ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv fernanda.momo@ufrgs.br||contexto@ufrgs.br
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