Para valorar una empresa convenientemente son necesarios ciertos conocimientos técnicos sobre, por ejemplo, métodos de business valuation, and sufficient experience in transactions involving the sale and purchase of companies. It is very important to achieve a good result and always keep in mind the objectives of the exercise, i.e., why and for whom the valuation is being made.
According to Pablo Fernández, profesor del IESE, en su libro “Company Valuation”, "los principales métodos de valoración son diversos, pero se pueden clasificar de la siguiente forma":
According to the IESE professor, the only conceptually correct method is the DFC. It is a valuation method based on projecting all future cash flows generated by the company's operations and discounting them by the return demanded by investors.
This method is the most widely used method in valuation practice because it is able to take into account all the variables that affect the value of the enterprise. From its investment policy, to its efficiency in sales and production processes, to the competitive intensity of its sector, etc. The DFC is a dynamic method, as it takes into account future expectations. Therefore, it will be necessary to make projections of the financial statements.
Aunque de acuerdo con Pablo Fernández, el resto de los métodos no son conceptualmente correctos, la realidad es que en la práctica habitual son muy usados. La principal razón es que son más fáciles de aplicar. Por ejemplo, en los pactos de accionistas que regulan la entrada o salida de accionistas es habitual encontrar referencias de valoración por múltiplos porque reducen la incertidumbre a todas las partes y facilita evitar desacuerdos futuros.
En el caso del método de múltiplos, muy extendido por su facilidad de aplicación y de comparación entre empresas, representa major limitations. Firstly, it is difficult to find companies similar to the target company and secondly, the result presents a very wide and dispersed range of values.
The DFC is the most appropriate in the case of continuity of the company's activity, which is the usual and desirable situation. But in those circumstances where the end of the company's operations is envisaged, the most appropriate method is the liquidation value which results from the difference of the sale of assets minus the cancellation of debts including staff severance payments and liquidation expenses.
Otra circunstancia en la que no se aplica el DFC, es en el caso de las Startups. Las principales razones son la alta incertidumbre en la proyección de los flujos futuros y la distinta tasa de riesgo en cada ronda. Por ello, se utiliza más el llamado Método de Venture Capital. This method is based on agreeing a return for the investor rather than a price and establishing ownership transfer mechanisms based on compliance with the business plan.
Descarga aquí la guía completa sobre company valuations:
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