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Application Of The Real Options Methodology To Value A Cement Firm'S Acquisition

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  • Roberto J. Santillán Salgado

    (Tecnológico de Monterrey, Campus Monterrey)

Abstract

El Modelo de Flujo de Efectivo Descontado (FED) proporciona una plataforma convencional para la valuación de una adquisición empresarial. El Análisis de Opciones Reales (AOR) mejora la calidad de la valuación de la adquisición con base en la determinación objetiva del valor de las decisiones gerenciales (flexibilidad) que podrían ejecutarse en distintos escenarios. Se ejemplifica el AOR con la valuación tradicional FED de una empresa candidata a ser adquirida, a la cual se agrega el valor determinado mediante AOR de las principales sinergias. El ejercicio concluye que mediante la utilización de AOR, las empresas adquirentes pueden lograr una posición negociadora mejor informada vis a vis la parte vendedora.

Suggested Citation

  • Roberto J. Santillán Salgado, 2004. "Application Of The Real Options Methodology To Value A Cement Firm'S Acquisition," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 3(4), pages 313-331, Diciembre.
    • Handle: RePEc:imx:journl:v:3:y:2004:i:4:p:313-331
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    References listed on IDEAS

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    More about this item

    Keywords

    Computational techniques; Asset pricing; Acquisitions;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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