In this article we use a real life case from an emerging country to illustrate the valuation with discounted cash flow methods, witch include complexities such as unpaid taxes, losses carried forward, foreign exchange debt, presumptive income and inflation adjustments to the Financial...

This article presents a formal derivation of general expressions for cost of equity (Ke) and weighted average cost of capital (WACC) in perpetuities with constant growth, which do not make any assumption on what the proper discount rate is to be applied to the firm's tax shield. The formulas are...