Smith & Williamson Outlook

The October edition of Outlook from Smith & Williamson looks at changes in world markets over the month and how these will affect investments. It finds markets had a torrid time in the third quarter and exhibited enormous volatility.

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WACC: Definition, Misconceptions and Errors

In this paper Pablo Fernandez, professor of finance at IESE Business School in Madrid, shows that the WACC is the rate at which the free cash flows must be discounted to obtain the same result as in the valuation using equity cash flows discounted at the required return to equity.

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How to Value a Seasonal Company Discounting Cash Flows

In this paper Pablo Fernandez, professor of finance at IESE Business School in Madrid, describes the correct way of valuing seasonal companies by cash flow discounting.

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110 Common Errors in Company Valuations

This paper by Pablo Fernandez and Andrada Bilan, of IESE Business School in Spain, contains a collection and classification of 110 errors seen in company valuations performed by financial analysts, investment banks and financial consultants. The author had access to most of the valuations referred to in this paper in his capacity as a consultant in company acquisitions, sales, mergers and arbitrage processes.

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Valuing Companies by Cash Flow Discounting: Ten Methods and Nine Theories

In this paper Pablo Fernandez, professor of finance at IESE Business School in Madrid, shows 10 valuation methods based on equity cash flow; free cash flow; capital cash flow; APV (Adjusted Present Value); business’s risk-adjusted free cash flow and equity cash flow; risk-free rate-adjusted free cash flow and equity cash flow; economic profit; and EVA.

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