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Mas Alla de Las Proyecciones: El valor Terminal

Author

Listed:
  • Ignacio Velez Pareja
  • Joseph Tham

Abstract

Este capítulo se dedica a la definición y el cálculo del valor terminal que es el valor de los flujos de caja que se generan en la firma o proyecto más allá del último período de la proyección. Se consideran situaciones con y sin crecimiento real y con y sin inflación. Se derivan las fórmulas mapropiadas y se ilustra con un ejemplo. La propuesta se aparta de muchos textos tradicionales de finanzas corporativas en que se considera que el flujo de caja libre puede crecer sin inversión adicional.

Suggested Citation

  • Ignacio Velez Pareja & Joseph Tham, 2012. "Mas Alla de Las Proyecciones: El valor Terminal," Proyecciones Financieras y Valoración 9309, Master Consultores.
    • Handle: RePEc:col:000463:009309
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    File URL: http://ssrn.com/abstract=1992634
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    More about this item

    Keywords

    WACC; perpetuities; terminal value; tax savings;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate

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