Valoración de empresas por descuento de flujos: 10 métodos y 7 teorías (Valuing Companies by Cash Flow Discounting: 10 Methods and 7 Theories)

Abstract

Spanish Abstract: Este documento es un compendio de los metodos y teorias mas utilizados para valorar de empresas por descuento de flujos. Los 10 metodos descritos son: flujos para las acciones descontados a la rentabilidad exigida a las acciones; free cash flow descontado al WACC; capital cash flows descontados al WACC antes de impuestos; APV (adjusted present value); free cash flows ajustados al riesgo del negocio descontados a la rentabilidad exigida a los activos; cash flows para las acciones ajustados al riesgo del negocio descontados a la rentabilidad exigida a los activos; beneficio economico descontado a la rentabilidad exigida a las acciones; EVA descontado al WACC; free cash flows ajustados descontados a la tasa libre de riesgo, y cash flows para las acciones ajustados descontados a la tasa libre de riesgo. Los diez metodos proporcionan siempre el mismo valor. Este resultado es logico porque todos los metodos analizan la misma realidad bajo las mismas hipotesis; solo difieren en los flujos que toman como punto de partida para la valoracion. Tambien se muestran 7 teorias sobre el valor del ahorro de impuestos debido a los intereses (VTS) y su impacto en la valoracion. English Abstract: This paper is a summarized compendium of all the methods and theories on company valuation using discounted cash flows. It shows ten discounted cash flow valuation methods: 1) equity cash flows discounted at the required return to equity; 2) free cash flow discounted at the WACC; 3) capital cash flows discounted at the WACC before tax; 4) APV (Adjusted Present Value); 5) the business's risk-adjusted free cash flows discounted at the required return to assets; 6) the business's risk-adjusted equity cash flows discounted at the required return to assets; 7) economic profit discounted at the required return to equity; 8) EVA discounted at the WACC; 9) the risk-free rate-adjusted free cash flows discounted at the risk-free rate; and 10) the risk-free rate-adjusted equity cash flows discounted at the required return to assets. All ten methods always provide the same value. This result is logical, as all the methods analyze the same reality under the same hypotheses; they differ only in the cash flows taken as the starting point for the valuation. The disagreements among the various theories of firm valuation arise from the calculation of the value of the tax shields (VTS). The paper shows and analyses 7 different theories on the calculation of the VTS: No-cost-of-leverage, Modigliani and Miller (1963), Myers (1974), 7 Miles and Ezzell (1980), Harris and Pringle (1985), Damodaran (1994), 7 and Practitioners method. The paper lists the most important valuation equations according to each of these theories, and also shows how the valuation equations change when the debt's market value is not equal to its book value.