{"id":44438,"date":"2019-09-24T00:00:00","date_gmt":"2019-09-23T22:00:00","guid":{"rendered":"https:\/\/techma.bakertilly.es\/errores-en-la-valoracion-relacionados-con-el-coste-de-capital\/"},"modified":"2026-10-13T13:40:40","modified_gmt":"2026-10-13T11:40:40","slug":"coste-de-capital-errores-valoracion","status":"publish","type":"diccionario","link":"https:\/\/techma.bakertilly.es\/en\/como-hacer\/coste-de-capital-errores-valoracion\/","title":{"rendered":"Cost of Capital: errors in valuation"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Among the different existing methods for valuing companies related to the cost of capital, the discounted cash flow method is undoubtedly one of the most widely used. However, its greatest difficulty lies in calculating the appropriate discount rate, a task that is not exempt from numerous errors that are frequently made and which we will explain in the following lines.<br><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Contents\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/coste-de-capital-errores-valoracion\/#%C2%BFQue_es_el_metodo_de_Descuento_de_Flujos_de_Caja_DCF\" >What is the Discounted Cash Flow (DCF) method?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/coste-de-capital-errores-valoracion\/#DEFINICION_ERRONEA_DEL_WACC\" >WRONG DEFINITION OF WACC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/coste-de-capital-errores-valoracion\/#SUPONER_UNA_ESTRUCTURA_DE_CAPITAL_CONSTANTE\" >ASSUME A CONSTANT CAPITAL STRUCTURE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/coste-de-capital-errores-valoracion\/#UTILIZAR_UN_WACC_INFERIOR_A_LA_TASA_SIN_RIESGO\" >USE A WACC LOWER THAN THE RISK-FREE RATE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/coste-de-capital-errores-valoracion\/#VALORAR_TODOS_LOS_NEGOCIOS_DE_UNA_EMPRESA_DIVERSIFICADA_UTILIZANDO_EL_MISMO_WACC\" >VALUING ALL THE BUSINESSES OF A DIVERSIFIED COMPANY USING THE SAME WACC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/coste-de-capital-errores-valoracion\/#SUPONER_QUE_EXISTE_UN_UNICO_WACC\" >ASSUME THAT THERE IS A SINGLE WACC<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%BFQue_es_el_metodo_de_Descuento_de_Flujos_de_Caja_DCF\"><\/span>What is the Discounted Cash Flow (DCF) method?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The discounted cash flow method is based on the idea that the value of a company's shares, assuming its continuity and operation, reflects its capacity to generate cash for shareholders. Thus, the method requires the estimation of future cash flows and their discounting at a rate appropriate to the cash flow rate used.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The calculation of cash flows is based on the different financial items linked to the generation of cash flows (e.g. sales collections, labor payments, repayment of receivables...) and their detailed and careful forecasting. Once the projections have been obtained, the cash flow to be used must be selected, as the discount rate to be used will depend on this choice. Thus, the different cash flows correspond to the following discount rates:<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"951\" height=\"233\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/04\/Captura-1-1.png\" alt=\"cost of capital\" class=\"wp-image-49997\" style=\"width:718px;height:175px\" title=\"\" srcset=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/04\/Captura-1-1.png 951w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/04\/Captura-1-1-300x74.png 300w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/04\/Captura-1-1-768x188.png 768w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/04\/Captura-1-1-600x147.png 600w\" sizes=\"(max-width: 951px) 100vw, 951px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"DEFINICION_ERRONEA_DEL_WACC\"><\/span><br><br><strong>WRONG DEFINITION OF WACC<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;Given the multitude of existing concepts and formulas, it is common to confuse the definition of WACC with that of K<sub>and<\/sub>&nbsp;or the one with the K<sub>u<\/sub>&nbsp;among others. To avoid this mistake, the correct WACC formula should be remembered:&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image alignleft size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"614\" height=\"102\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/04\/Captura-f1.png\" alt=\"\" class=\"wp-image-49999\" style=\"width:432px;height:72px\" title=\"\" srcset=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/04\/Captura-f1.png 614w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/04\/Captura-f1-300x50.png 300w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/04\/Captura-f1-600x100.png 600w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/><\/figure>\n\n\n<\/p>\n<p style=\"text-align: justify;\">where:<\/p>\n<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-50003 alignleft\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2019\/09\/Captura-f2-1-300x62.png\" alt=\"\" width=\"329\" height=\"68\" title=\"\" srcset=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2019\/09\/Captura-f2-1-300x62.png 300w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2019\/09\/Captura-f2-1.png 446w\" sizes=\"(max-width: 329px) 100vw, 329px\" \/><\/p>\n<\/p>\n<p style=\"text-align: justify;\">Ku=cost of unleveraged company equity<\/p>\n<p style=\"text-align: justify;\">Kd=cost of debt<\/p>\n<p style=\"text-align: justify;\">D=value of debt<\/p>\n<p style=\"text-align: justify;\">E=value of shares<\/p>\n<p style=\"text-align: justify;\">T=tax rate<\/p>\n<p>CALCULATING WACC USING DEBT AND EQUITY BOOK VALUES<\/p>\n<p style=\"text-align: justify;\">Observing the WACC formula above, the values of debt and equity should be used. These values should not be obtained from their book value but from their market value in order to be consistent with the definition and interpretation of the WACC.<\/p>\n<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SUPONER_UNA_ESTRUCTURA_DE_CAPITAL_CONSTANTE\"><\/span>ASSUME A CONSTANT CAPITAL STRUCTURE<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Since companies tend to vary their capital structure over the years, the WACC to be used should change for each period, adjusting to the expected debt for each year. A change in the amount of debt will affect the value of the shares and therefore the WACC.<\/p>\n<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"UTILIZAR_UN_WACC_INFERIOR_A_LA_TASA_SIN_RIESGO\"><\/span>USE A WACC LOWER THAN THE RISK-FREE RATE<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">El K<sub>and<\/sub> OK<sub>u<\/sub> must always be higher than the risk-free rate. However, the WACC can be lower than the risk-free rate only in the case of companies or investments with a very small risk.<\/p>\n<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"VALORAR_TODOS_LOS_NEGOCIOS_DE_UNA_EMPRESA_DIVERSIFICADA_UTILIZANDO_EL_MISMO_WACC\"><\/span>VALUING ALL THE BUSINESSES OF A DIVERSIFIED COMPANY USING THE SAME WACC<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">When valuing a company that has lines of business in different countries or industries, it is important to perform the valuation adjusting it to the specific circumstances of each business. Thus, the risk presented by a company's operations in Spain cannot be assimilated to those it might face in Venezuela, for example.<\/p>\n<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SUPONER_QUE_EXISTE_UN_UNICO_WACC\"><\/span>ASSUME THAT THERE IS A SINGLE WACC<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">It is clear that investors have different expectations about a company's cash flows and different assessments of their risk, which leads to different WACCs. Therefore, there is no single WACC that exists and can be obtained for all investors, but rather, depending on each investor's assessments and estimates, it will vary.<\/p>\n<p style=\"text-align: justify;\">Source: <a href=\"https:\/\/web.iese.edu\/PabloFernandez\/?_ga=2.145029876.1572506601.1561963440-1096857544.1561963440\" target=\"_blank\" rel=\"noopener\">201 Common errors in company valuation. Pablo Fern\u00e1ndez. 2008<\/a>.<\/p>\n\n\n<p class=\"wp-block-paragraph\"> You know our section of <a href=\"https:\/\/techma.bakertilly.es\/en\/how-to\/\" data-type=\"URL\" data-id=\"https:\/\/techma.bakertilly.es\/diccionario\/\">HowTo<\/a> with a lot of explanations and tips around M&amp;A?  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Download the complete guide to company valuations here: <\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"667\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2024\/01\/valoracion-de-empresas-1.webp\" alt=\"valor terminal errores\" class=\"wp-image-56661\" title=\"\" srcset=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2024\/01\/valoracion-de-empresas-1.webp 1000w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2024\/01\/valoracion-de-empresas-1-300x200.webp 300w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2024\/01\/valoracion-de-empresas-1-768x512.webp 768w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2024\/01\/valoracion-de-empresas-1-18x12.webp 18w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\">In this valuation guide you will find a detailed description of the essential aspects of company valuation.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2026\/08\/Valoracion-guia-basica-2024_compressed.pdf\" target=\"_blank\" rel=\"noopener\"><strong>DOWNLOAD<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"author":4,"featured_media":49247,"template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"<!-- wp:paragraph -->\n<p>Dentro de los diferentes m\u00e9todos existentes para valorar empresas relacionados con el coste de capital, el descuento de flujos de caja es, sin duda, uno de los m\u00e1s utilizados. Sin embargo, su mayor dificultad reside en calcular la tasa de descuento adecuada, tarea que no est\u00e1 exenta de numerosos errores que con frecuencia se cometen y que pasamos a exponer en las siguientes l\u00edneas.<br><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\">\u00bfQu\u00e9 es el m\u00e9todo de Descuento de Flujos de Caja (DCF)?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>El m\u00e9todo de descuento de flujos de caja se basa en la idea de que el valor de las acciones de una compa\u00f1\u00eda, asumiendo su continuidad y funcionamiento, reflejan la capacidad que tiene de generar dinero para los accionistas. De esta manera, el m\u00e9todo requiere la estimaci\u00f3n de los flujos de caja futuros y su descuento a una tasa adecuada al tipo de cash flow que se use.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>El c\u00e1lculo de los flujos de caja se apoya en las diferentes partidas financieras vinculadas a la generaci\u00f3n de los cash flows (p.ej. cobros de ventas, pagos de mano de obra, devoluci\u00f3n de cr\u00e9ditos\u2026) y su pron\u00f3stico detallado y cuidadoso. Una vez obtenidas las proyecciones, se debe seleccionar qu\u00e9 cash flow quiere usarse, pues de esta elecci\u00f3n depender\u00e1 la tasa de descuenta a utilizar. De esta manera, los diferentes flujos de caja se corresponden con las siguientes tasas de descuento:<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:image {\"id\":49997,\"width\":718,\"height\":175,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"align\":\"center\"} -->\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/04\/Captura-1-1.png\" alt=\"coste de capital\n\" class=\"wp-image-49997\" style=\"width:718px;height:175px\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\"><br><br><strong>DEFINICI\u00d3N ERR\u00d3NEA DEL WACC<\/strong><\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>&nbsp;Ante la multitud de conceptos y de f\u00f3rmulas existentes es frecuente confundir la definici\u00f3n del WACC con la del K<sub>e<\/sub>&nbsp;o la del&nbsp;K<sub>u<\/sub>&nbsp;entre otras. Para evitar esta equivocaci\u00f3n debe recordarse la f\u00f3rmula correcta del WACC:&nbsp;<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:image {\"id\":49999,\"width\":432,\"height\":72,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"align\":\"left\"} -->\n<figure class=\"wp-block-image alignleft size-large is-resized\"><img src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/04\/Captura-f1.png\" alt=\"\" class=\"wp-image-49999\" style=\"width:432px;height:72px\"\/><\/figure>\n<!-- \/wp:image -->\n\n<\/p>\n<p style=\"text-align: justify;\">donde:<\/p>\n<\/p>\n<p><img class=\"wp-image-50003 alignleft\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2019\/09\/Captura-f2-1-300x62.png\" alt=\"\" width=\"329\" height=\"68\"><\/p>\n<\/p>\n<p style=\"text-align: justify;\">Ku=coste del equity de la empresa sin apalancar<\/p>\n<p style=\"text-align: justify;\">Kd=coste de la deuda<\/p>\n<p style=\"text-align: justify;\">D=valor de la deuda<\/p>\n<p style=\"text-align: justify;\">E=valor de las acciones<\/p>\n<p style=\"text-align: justify;\">T=tasa impositiva<\/p>\n<p>CALCULAR EL WACC UTILIZANDO VALORES CONTABLES DE DEUDA Y ACCIONES<\/p>\n<p style=\"text-align: justify;\">Observando la f\u00f3rmula expuesta del WACC, deben utilizarse los valores de la deuda y de las acciones. Estos valores no deben obtenerse de su valor contable sino de su valor de mercado a fin de ser consistente con la definici\u00f3n e interpretaci\u00f3n del WACC.<\/p>\n<\/p>\n<h3 style=\"text-align: justify;\">SUPONER UNA ESTRUCTURA DE CAPITAL CONSTANTE<\/h3>\n<p style=\"text-align: justify;\">Dado que las empresas suelen variar su estructura de capital a lo largo de los a\u00f1os, el WACC a utilizar debe cambiar para cada per\u00edodo, ajust\u00e1ndose a la deuda prevista para cada a\u00f1o. Un cambio en la cantidad de deuda afectar\u00e1 al valor de las acciones y por tanto al WACC.<\/p>\n<\/p>\n<h3 style=\"text-align: justify;\">UTILIZAR UN WACC INFERIOR A LA TASA SIN RIESGO<\/h3>\n<p style=\"text-align: justify;\">El K<sub>e<\/sub> y K<sub>u<\/sub> deben ser siempre mayores a la tasa sin riesgo. No obstante, el WACC s\u00ed puede ser inferior a la tasa sin riesgo s\u00f3lo en el caso de empresas o inversiones con un riesgo muy peque\u00f1o.<\/p>\n<\/p>\n<h3 style=\"text-align: justify;\">VALORAR TODOS LOS NEGOCIOS DE UNA EMPRESA DIVERSIFICADA UTILIZANDO EL MISMO WACC<\/h3>\n<p style=\"text-align: justify;\">Al valorar una empresa que tiene l\u00edneas de negocio en diferentes pa\u00edses o industrias es importante realizar la valoraci\u00f3n ajust\u00e1ndose a las circunstancias concretas que envuelven cada negocio. As\u00ed, el riesgo que presentan las operaciones de una compa\u00f1\u00eda en Espa\u00f1a no puede asimilarse los que pudiera afrontar en Venezuela, por ejemplo.<\/p>\n<\/p>\n<h3 style=\"text-align: justify;\">SUPONER QUE EXISTE UN \u00daNICO WACC<\/h3>\n<p style=\"text-align: justify;\">Resulta evidente que los inversores tienen distintas expectativas sobre los flujos de una empresa y distintas apreciaciones sobre el riesgo de estos, lo que conduce a diferentes WACC. Por ello, no existe un \u00fanico WACC que exista y pueda obtenerse para todos los inversores, sino que, dependiendo de las apreciaciones y estimaciones de cada uno, \u00e9ste variar\u00e1.<\/p>\n<p style=\"text-align: justify;\">Fuente: <a href=\"https:\/\/web.iese.edu\/PabloFernandez\/?_ga=2.145029876.1572506601.1561963440-1096857544.1561963440\">201 Errores comunes en la valoraci\u00f3n de empresas. Pablo Fern\u00e1ndez. 2008<\/a>.<\/p>\n\n<!-- wp:paragraph -->\n<p> Conoces nuestra secci\u00f3n de <a href=\"https:\/\/techma.bakertilly.es\/diccionario\/\" data-type=\"URL\" data-id=\"https:\/\/techma.bakertilly.es\/diccionario\/\">HowTo<\/a> con muchas explicaciones y consejos alrededor de M&amp;A?  <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Descarga aqu\u00ed la gu\u00eda completa sobre valoraciones de empresas: <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"20px\"} -->\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:html -->\n[contact-form-7 id=\"a3b26a5\" title=\"Baker Tilly Informes nuevo\"]\n<!-- \/wp:html -->","_et_gb_content_width":""},"tags":[155,153],"paso-howto":[2250],"sectores":[],"class_list":["post-44438","diccionario","type-diccionario","status-publish","has-post-thumbnail","hentry","tag-corporate-finance-spain","tag-global-corporate-finance","paso-howto-valoracion-conceptos-basicos"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/diccionario\/44438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/diccionario"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/diccionario"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/4"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/49247"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=44438"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=44438"},{"taxonomy":"paso-howto","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/paso-howto?post=44438"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=44438"}],"curies":[{"name":"well played","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}