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Vélez-Pareja, Ignacio - MASTER CONSULTORES - 2003

Esta es una nota de estudio donde se presenta un método para lograr consenso en grupos conocido como el método Delphi o Délfico. Este método es útil para cerrar la brecha entre una situación de desconocimiento total de un hecho y una apreciación calificada del mismo. Se presenta el origen...

Persistent link: https://www.econbiz.de/10010762928

Guía para la proyección de estados financieros y valoración financiera de un plan de negocios

Pareja, Ignacio Vélez - MASTER CONSULTORES - 2004

Resumen En la creación o la valoración de una empresa es muy importante contar con estados financieros proyectados confiables y consistentes para poder tomar las decisiones apropiadas para el inicio y seguimiento de la firma. En esta guía mostramos paso a paso y de una manera muy clara el...

Persistent link: https://www.econbiz.de/10010762908

Cost of capital when dividens are deductible

Velez-Pareja, Ignacio; Franco, Julian Benavides - MASTER CONSULTORES - 2009

involving TS in the calculation of the Weighted Average Cost of Capital, WACC, or the Cost of Equity, Ke. Firms earn the right … neither the cost of debt nor the cost of equity. In this paper we develop the formulations for Ke, the cost of levered equity … Cash Flow and WACC for the CCF; iii) equity value with the Cash Flow to Equity and Ke, the levered cost of equity plus debt …

Persistent link: https://www.econbiz.de/10010762914

Estimación Flujos de Caja Para Evaluación de Proyectos y Valoración de Empresas

Pareja, Ignacio Velez; Tham, Joseph - MASTER CONSULTORES - 2012

equity, (CFE), Capital Cash Flow, (CCF), tax savings, (TS) and free cash flow, (FCF). The direct and indirect methods are …

Persistent link: https://www.econbiz.de/10010762916

Will the deflated WACC please stand up? And the real WACC should sit down

Tham, Joseph; Pareja, Ignacio Velez - MASTER CONSULTORES - 2010

In a world with taxes, there is a small discrepancy between the deflated WACC WACCDef and the real wacc. This is due to the (1-T) term that is in the standard expression for the WACC applied to the Free Cash Flow (FCF). We compare different approaches for valuing nominal and real cash flows with...

Persistent link: https://www.econbiz.de/10010762918

Simple errors or myths in dealing with perpetuities

Velez-Pareja, Ignacio - MASTER CONSULTORES - 2009

Terminal value is critical for valuation purposes because very often it is a large part of what constitutes the value of a firm. In this short note I answer and clarify some typical questions and myths related to the calculation of terminal value. They are related to the use of non growing...

Persistent link: https://www.econbiz.de/10010762926

Constant leverage and constant cost of capital: a common knowledge half-truth

Velez-Pareja, Ignacio; Ibragimov, Rauf; Tham, Joseph - MASTER CONSULTORES - 2007

oflevered equity and for the Weighted Average Cost of Capital (WACC) applied to the Free Cash Flow (FCF) and Capital Cash Flow …), and as a general expression for Ke and WACC derived by Tham and Velez-Pareja (2002) shows, both the cost of levered equity …

Persistent link: https://www.econbiz.de/10010762929

The Holy Grail in the Quest for Value (with Alpha Methods and Omega Theories)

Tham, Joseph; Velez-Pareja, Ignacio - MASTER CONSULTORES - 2003

Value (with alpha methods and omega theories) is rho, the required return to unlevered equity. …

Persistent link: https://www.econbiz.de/10010762930

A new approach to WACC, value of tax savings and value for growing and non growing perpetuities: A clarification

Velez-Pareja, Ignacio - MASTER CONSULTORES - 2007

In this note we correct the findings reported by Vélez-Pareja and Tham (2005). Although perpetuities are somewhat artificial in the sense that in practice they do not exist, they are relevant because no matter how detailed and complex a forecasted financial plan for a firm or project could be,...

Persistent link: https://www.econbiz.de/10010762933

Modeling Cash Flows with Constant Leverage: A Note

Tham, Joseph; Velez-Pareja, Ignacio - MASTER CONSULTORES - 2005

Abstract: It is widely known that if the leverage is constant over time, then the after-tax Weighted Average Cost of Capital (WACC) is constant over time. In other words, it is inappropriate to use a constant after-tax WACC to discount the free cash flow (FCF) if the leverage changes over time....

Persistent link: https://www.econbiz.de/10010762935