{"id":44475,"date":"2019-10-11T00:00:00","date_gmt":"2019-10-10T22:00:00","guid":{"rendered":"https:\/\/techma.bakertilly.es\/el-valor-terminal-y-los-errores-calculandolo\/"},"modified":"2026-03-03T13:11:00","modified_gmt":"2026-03-03T12:11:00","slug":"terminal-value-avoid-6-mistakes","status":"publish","type":"diccionario","link":"https:\/\/techma.bakertilly.es\/en\/como-hacer\/valor-terminal-6-errores\/","title":{"rendered":"What is the terminal value? Avoid 6 mistakes"},"content":{"rendered":"<p>After analysing the <a href=\"https:\/\/techma.bakertilly.es\/en\/how-to\/cash-flow-forecast-errors\/\">main errors in flow forecasting<\/a> y en la valoraci\u00f3n del coste de capital, ahora es el momento de identificar las principales problematicas o fallos a la hora de calcular el valor terminal. <br><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 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\/valor-terminal-6-errores\/#%C2%BFQue_es_el_valor_terminal\" >What is terminal value?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/valor-terminal-6-errores\/#Errores_comunes_en_el_calculo_del_valor_terminal\" >Common errors in terminal value calculation<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/valor-terminal-6-errores\/#1_Inconsistencias_en_el_flujo_utilizado_para_calcular_una_perpetuidad\" >1. Inconsistencies in the flow used to calculate a perpetuity<\/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\/valor-terminal-6-errores\/#2_Utilizar_promedios_aritmeticos_en_lugar_de_geometricos_para_estimar_el_crecimiento\" >2. Use arithmetic rather than geometric averages to estimate growth.<\/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\/valor-terminal-6-errores\/#3_Calcular_el_valor_residual_con_una_formula_erronea\" >3. Calculating the residual value with a wrong formula<\/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\/valor-terminal-6-errores\/#4_Suponer_que_la_perpetuidad_comienza_un_ano_antes\" >4. Assume that perpetuity begins one year earlier.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/valor-terminal-6-errores\/#5_Confundir_tasa_de_crecimiento_con_tasa_de_reinversion\" >5. Confusing growth rate with reinvestment rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/valor-terminal-6-errores\/#6_Utilizar_una_tasa_de_crecimiento_de_los_flujos_insostenible_a_perpetuidad\" >6. Use an unsustainable flow growth rate in perpetuity.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/valor-terminal-6-errores\/#Formula_de_valor_terminal\" >Terminal value formula<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%BFQue_es_el_valor_terminal\"><\/span>What is terminal value?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The discounted cash flow valuation method is based on the ability of the company in question to generate wealth in the future. To this end, the company's cash flows are projected and discounted at a rate accordingly.<\/p>\n\n\n\n<p>One of the assumptions taken into account when estimating cash flows is that the activity of the company will continue for an indefinite period of time. In other words, the so-called <a href=\"https:\/\/economipedia.com\/definiciones\/principio-de-empresa-en-funcionamiento.html\" target=\"_blank\" rel=\"noreferrer noopener\">basic principle of going concern<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/swollowpp\/swollowpp1901\/swollowpp190100349\/116193341.jpg\" alt=\"What is terminal value\" title=\"\"><\/figure>\n\n\n\n<p>This would require projecting these flows to infinity and then calculating them at present value. Clearly, this approach is impractical, so it is common to divide the life of the company into two periods:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Discreet:<\/strong> for a number 'n' of exercises ranging from 3 to 10 (5 being the most common). <\/li>\n\n\n\n<li><strong>Infinity:<\/strong> from period 'n+1', which is simplified by the calculation of the terminal value.<\/li>\n<\/ul>\n\n\n\n<p>Therefore, the <strong>terminal value captures the future value of the firm's expected cash flows over the remainder of its infinite life, after the discrete period<\/strong>. It is calculated on the assumption that from year 'n+1' onwards the company's cash flows will continue to grow at a constant rate. Thus, the terminal value can be thought of as an annuity.<\/p>\n\n\n\n<p>For all these reasons, it is essential to calculate it correctly, because, however trivial it may seem, it is as important as any other <em>cash flow.<\/em><br><br><br><\/p>\n\n\n\n<p class=\"has-text-align-center has-black-color has-text-color has-background has-medium-font-size\" style=\"background-color:#d1ec51\">Do you need to value your company?<br> <a href=\"tel:+34946424142\" data-type=\"tel\" data-id=\"tel:+34%20946%2042%2041%2042\">Call us on +34 946 42 41 42 <\/a>or <a href=\"https:\/\/bakertillygda.pipedrive.com\/scheduler\/42JEbRUd\/baker-tilly-consulta-valoracion-de-empresas\" data-type=\"link\" data-id=\"https:\/\/bakertillygda.pipedrive.com\/scheduler\/42JEbRUd\/baker-tilly-consulta-valoracion-de-empresas\" target=\"_blank\" rel=\"noopener\">Schedule a call<\/a><\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Errores_comunes_en_el_calculo_del_valor_terminal\"><\/span>Common errors in terminal value calculation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are 6 main errors when estimating terminal value. Below, we list them in order to be aware of them and avoid them in future valuations that may be carried out in the field of corporate finance:<br><br><br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Inconsistencias_en_el_flujo_utilizado_para_calcular_una_perpetuidad\"><\/span>1. Inconsistencies in the flow used to calculate a perpetuity <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Particular attention should be paid to the cash flow pertaining to year 'n', as this is the year in which the cash flow for year 'n' is the most important. <em>cash flow <\/em>on which the projections will be carried out to infinity. Thus, if the aforementioned year is not representative due to special circumstances in that year, or if any of its items are unsustainable in the long term, the necessary adjustments have to be made.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><em>For example, consider an exercise where fixed asset investments are less than the expected depreciation. This situation taken to infinity would lead to negative net fixed assets, which makes no sense at all.<\/em><\/p>\n\n\n\n<p>Therefore, it is important to analyse the cash flow in year 'n', and make any necessary adjustments so that it can be considered a reasonable, consistent and sustainable cash flow over the long term.<br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Utilizar_promedios_aritmeticos_en_lugar_de_geometricos_para_estimar_el_crecimiento\"><\/span>2. Use arithmetic rather than geometric averages to estimate growth. <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Of course, the geometric mean is a much more accurate and precise indicator than the arithmetic mean, especially for long periods of time and with large variations in the values being calculated. Therefore, it is <strong>more convenient to use the geometric mean<\/strong> in the calculation of the various items, to be included in the terminal value formula.<br><br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Calcular_el_valor_residual_con_una_formula_erronea\"><\/span>3. Calculating the residual value with a wrong formula <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When calculating the residual value as an increasing perpetuity, the correct formula is as follows:<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"#formula\">VT<sub>t<\/sub> = CF<sub>n+1 <\/sub>\/(K - g)<\/a><\/strong><\/p>\n\n\n\n<p>The most common mistakes arise from the use of a <em>cash flow <\/em>pertaining to year 'n', or to use the cash flow pertaining to year 'n+1' multiplied by the expected growth. The correct formula includes the future value of the annuity, i.e. the value of the annuity in year 'n+1'.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><a href=\"#formula\"><img decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/wutwhan\/wutwhan1906\/wutwhan190600018\/124473148.jpg\" alt=\"Calculating the residual value with a wrong formula \" title=\"\"><\/a><\/figure>\n\n\n\n<p><br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Suponer_que_la_perpetuidad_comienza_un_ano_antes\"><\/span>4. Assume that perpetuity begins one year earlier. <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It is very common to make mistakes in the timeline of cash flows, anticipating or delaying some of them incorrectly. To avoid this mistake, it is very useful to draw a timeline with the different cash flows. <em>cash flows.<\/em><br><br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Confundir_tasa_de_crecimiento_con_tasa_de_reinversion\"><\/span>5. Confusing growth rate with reinvestment rate <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The growth rate is to be taken for the estimation of the terminal value, and not the reinvestment rate, as it does not represent the growth of the company.<br><br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Utilizar_una_tasa_de_crecimiento_de_los_flujos_insostenible_a_perpetuidad\"><\/span>6. Use an unsustainable flow growth rate in perpetuity. <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The assumption of constant growth towards infinity of the company requires the use of a commensurate but not disproportionate rate, always bearing in mind that this is the rate we are assuming for an infinite number of years.<\/p>\n\n\n\n<p>This will require taking into account the competitors, the market situation, the company's future prospects and, above all, the <strong>common sense<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img decoding=\"async\" width=\"972\" height=\"333\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/07\/image-4.png\" alt=\"When calculating the terminal value of a company, factors such as competition, market situation, future prospects and common sense must be taken into account.\" class=\"wp-image-52004\" style=\"width:527px;height:180px\" title=\"\" srcset=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/07\/image-4.png 972w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/07\/image-4-300x103.png 300w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/07\/image-4-768x263.png 768w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/07\/image-4-600x206.png 600w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/figure>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Download here the <strong>complete guide<\/strong> over <strong>company valuations<\/strong>: <\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 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 decoding=\"async\" width=\"1000\" height=\"667\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2024\/01\/valoracion-de-empresas-1.webp\" alt=\"\" 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\n\n\n<p><meta charset=\"utf-8\">In this valuation guide you will find a detailed description of the essential aspects of company valuation.<br>What is the difference between value and price?<br> What valuation methods exist?<br> What are the key steps for the DCF (discounted cash flow) method?<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f65332-o1\" lang=\"es-ES\" dir=\"ltr\" data-wpcf7-id=\"65332\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/en\/wp-json\/wp\/v2\/diccionario\/44475#wpcf7-f65332-o1\" method=\"post\" class=\"wpcf7-form init cf7mls-no-scroll cf7mls-auto-return-first-step cf7mls-no-moving-animation\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\" data-trp-original-action=\"\/en\/wp-json\/wp\/v2\/diccionario\/44475#wpcf7-f65332-o1\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"65332\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"es_ES\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f65332-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" 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margin-bottom: 10px; text-align:left;\">\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"acceptance-87\"><span class=\"wpcf7-form-control wpcf7-acceptance optional\"><span class=\"wpcf7-list-item\"><label><input type=\"checkbox\" name=\"acceptance-87\" value=\"1\" aria-invalid=\"false\" \/><span class=\"wpcf7-list-item-label\">I am interested in downloading this information and receiving news by e-mail.<\/span><\/label><\/span><\/span><\/span>\n\t<\/p>\n<\/div>\n<div id=\"sectoresnewsl\" class=\"llamadaservicio\" style=\"color:#2b303a; font-family:Roboto, Sans-Serif; text-align:center; z-index:100;\">\n\t<p><strong>On which topic would you like to receive information?<\/strong><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"segmento\"><span class=\"wpcf7-form-control wpcf7-checkbox\"><span class=\"wpcf7-list-item first\"><label><input type=\"checkbox\" name=\"segmento[]\" value=\"Venta de empresas\" \/><span class=\"wpcf7-list-item-label\">Sell a 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wp-block-columns-is-layout-flex\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-black-color has-text-color has-background has-medium-font-size\" style=\"background-color:#d1ec51\">Do you need to value your company? <br><a href=\"https:\/\/techma.bakertilly.es\/en\/contact\/\" data-type=\"URL\" data-id=\"https:\/\/techma.bakertilly.es\/contacto\/\">Write to us at<\/a> or <a href=\"https:\/\/bakertillygda.pipedrive.com\/scheduler\/42JEbRUd\/baker-tilly-consulta-valoracion-de-empresas\" data-type=\"link\" data-id=\"https:\/\/bakertillygda.pipedrive.com\/scheduler\/42JEbRUd\/baker-tilly-consulta-valoracion-de-empresas\" target=\"_blank\" rel=\"noopener\">Schedule a call<\/a><\/p>\n\n\n\n<div style=\"height:43px\" 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-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Formula_de_valor_terminal\"><\/span>Terminal value formula<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"formula\"> <strong>VT<sub>t<\/sub> = CF<sub>n+1<\/sub> \/(K - g)<\/strong><\/p>\n\n\n\n<p id=\"formula\"><br>VT = <em>Valor terminal \/ terminal value<\/em><br>CF = <em>Cash flow<\/em><br>n+1 = <em>a\u00f1o 1 del per\u00edodo terminal o a\u00f1o final \/ year 1 of terminal period or final year<\/em><br>g = <em>perpetual growth race of Cash Flow \/ tasa de crecimiento perpetuo del Flujo de Caja \/ perpetual growth race of Cash Flow<\/em><br>K = <em>Required return <\/em><\/p>\n<\/div>\n<\/div>","protected":false},"author":4,"featured_media":0,"template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"<!-- wp:paragraph -->\n<p>Despu\u00e9s de analizar los <a href=\"https:\/\/techma.bakertilly.es\/diccionario\/errores-pronostico-de-flujo-de-caja\/\">principales errores en la previsi\u00f3n de flujos<\/a> y en la valoraci\u00f3n del <a href=\"https:\/\/techma.bakertilly.es\/diccionario\/errores-en-la-valoracion-relacionados-con-el-coste-de-capital\/\">coste de capital<\/a>, ahora es el momento de identificar las principales problematicas o fallos a la hora de calcular el valor terminal.  <br><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\">\u00bfQu\u00e9 es el valor terminal?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>El m\u00e9todo de valoraci\u00f3n por descuento de flujos se basa en la capacidad que la empresa en cuesti\u00f3n tiene para generar riqueza en el futuro. Para ello, se proyectan los flujos de caja de la compa\u00f1\u00eda, y descuentan a una tasa acorde.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Una de las suposiciones que se toma en cuenta a la hora de estimar los flujos de caja es que la actividad de la empresa continuar\u00e1 por un per\u00edodo de tiempo indefinido. Es decir, el llamado <a href=\"https:\/\/economipedia.com\/definiciones\/principio-de-empresa-en-funcionamiento.html\" target=\"_blank\" rel=\"noreferrer noopener\">principio b\u00e1sico de empresa en funcionamiento<\/a>.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\"} -->\n<figure class=\"wp-block-image aligncenter\"><img src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/swollowpp\/swollowpp1901\/swollowpp190100349\/116193341.jpg\" alt=\"Qu\u00e9 es el valor terminal\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:paragraph -->\n<p>De esta forma, se deber\u00edan proyectar dichos flujos hasta el infinito para posteriormente calcularlos a valor presente. Como es evidente, esta aproximaci\u00f3n carece de toda practicidad, por lo que es com\u00fan dividir la vida de la compa\u00f1\u00eda en dos per\u00edodos:<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li><strong>Discreto:<\/strong> para un n\u00famero \u2018n\u2019 de ejercicios que oscilan entre 3 y 10 (siendo lo m\u00e1s com\u00fan 5). <\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>Infinito:<\/strong> a partir del per\u00edodo \u2018n+1\u2019, que se simplifica con el c\u00e1lculo del valor terminal.<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>Por tanto, el <strong>valor terminal recoge el valor futuro de los flujos de efectivo esperados por la empresa en el resto de su vida infinita, tras el per\u00edodo discreto<\/strong>. Para su c\u00e1lculo, se parte de la suposici\u00f3n de que a partir del a\u00f1o \u2018n+1\u2019 los flujos de la compa\u00f1\u00eda continuar\u00e1n creciendo a una tasa constante. De este modo, puede pensarse en el valor terminal como si fuese una anualidad.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Por todo ello, es fundamental realizar un correcto c\u00e1lculo del mismo, ya que por muy trivial que pueda parecer, tiene la misma importancia que cualquier otro <em>cash flow.<\/em><br><br><br><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"align\":\"center\",\"style\":{\"color\":{\"background\":\"#d1ec51\"}},\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-text-align-center has-black-color has-text-color has-background has-medium-font-size\" style=\"background-color:#d1ec51\">\u00bfNecesitas valorar tu empresa?<br> <a href=\"tel:+34%20946%2042%2041%2042\" data-type=\"tel\" data-id=\"tel:+34%20946%2042%2041%2042\">Ll\u00e1manos +34 946 42 41 42 <\/a>o <a href=\"https:\/\/bakertillygda.pipedrive.com\/scheduler\/42JEbRUd\/baker-tilly-consulta-valoracion-de-empresas\" data-type=\"link\" data-id=\"https:\/\/bakertillygda.pipedrive.com\/scheduler\/42JEbRUd\/baker-tilly-consulta-valoracion-de-empresas\">Agenda una llamada<\/a><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"43px\"} -->\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\">Errores comunes en el c\u00e1lculo del valor terminal<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Existen 6 errores principales a la hora de estimar el valor terminal. A continuaci\u00f3n, los enumeramos para ser conscientes de ellos  y evitarlos en futuras valoraciones que puedan realizarse en el \u00e1mbito de las finanzas corporativas:<br><br><br><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">1. Inconsistencias en el flujo utilizado para calcular una perpetuidad <\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Se debe prestar especial atenci\u00f3n al flujo de caja perteneciente al a\u00f1o \u2018n\u2019, pues es el <em>cash flow <\/em>sobre el que se llevar\u00e1n a cabo las proyecciones hacia el infinito. De esta forma, si el citado a\u00f1o no es representativo por circunstancias especiales en ese ejercicio, o alguna de sus partidas es insostenible a largo plazo, han de realizarse los ajustes necesarios.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><em>Por ejemplo, piense en un ejercicio donde las inversiones en activo fijo sean menores que la depreciaci\u00f3n prevista. Esta situaci\u00f3n llevada al infinito conducir\u00eda a obtener unos activos fijos netos negativos, lo que carece de cualquier sentido.<\/em><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Por ello, es importante analizar el flujo de caja en el a\u00f1o \u2018n\u2019, y llevar a cabo los ajustes que sean necesarios para que pueda considerarse un flujo razonable, consistente y sostenible a largo plazo.<br><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">2. Utilizar promedios aritm\u00e9ticos en lugar de geom\u00e9tricos para estimar el crecimiento <\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Como es l\u00f3gico, la media geom\u00e9trica es un indicador mucho m\u00e1s acertado y preciso que la media aritm\u00e9tica, especialmente para per\u00edodos de tiempo largos y con grandes variaciones en los valores que se calculan. Por ello, es <strong>m\u00e1s conveniente utilizar la media geom\u00e9trica<\/strong> en el c\u00e1lculo de los diversos conceptos, que incluir en la f\u00f3rmula del valor terminal.<br><br><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">3. Calcular el valor residual con una f\u00f3rmula err\u00f3nea <\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Cuando se calcula el valor residual como una perpetuidad creciente, la f\u00f3rmula correcta es la siguiente:<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><strong><a href=\"#formula\">VT<sub>t<\/sub> = CF<sub>n+1 <\/sub>\/(K \u2013 g)<\/a><\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Los errores m\u00e1s comunes surgen de la utilizaci\u00f3n de un <em>cash flow <\/em>perteneciente al a\u00f1o \u2018n\u2019, o de usar el flujo de caja relativo al a\u00f1o \u2018n+1\u2019 multiplicado por el crecimiento esperado. La f\u00f3rmula correcta incluye el valor futuro de la anualidad, es decir, el valor de la anualidad en el a\u00f1o \u2018n+1\u2019.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:image {\"linkDestination\":\"custom\",\"align\":\"center\"} -->\n<figure class=\"wp-block-image aligncenter\"><a href=\"#formula\"><img src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/wutwhan\/wutwhan1906\/wutwhan190600018\/124473148.jpg\" alt=\"Calcular el valor residual con una f\u00f3rmula err\u00f3nea \"\/><\/a><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:paragraph -->\n<p><br><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">4. Suponer que la perpetuidad comienza un a\u00f1o antes <\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Son muy comunes las equivocaciones en la l\u00ednea temporal de los flujos de caja, anticipando o retrasando algunos de ellos incorrectamente. Para evitar este error, resulta muy \u00fatil dibujar una l\u00ednea del tiempo con los distintos <em>cash flows.<\/em><br><br><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">5. Confundir tasa de crecimiento con tasa de reinversi\u00f3n <\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Ha de tomarse la tasa de crecimiento para la estimaci\u00f3n del valor terminal, y no as\u00ed la tasa de reinversi\u00f3n, pues no representa el crecimiento de la compa\u00f1\u00eda.<br><br><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">6. Utilizar una tasa de crecimiento de los flujos insostenible a perpetuidad <\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>La suposici\u00f3n del crecimiento constante hacia el infinito de la empresa requiere que se utilice una tasa acorde, pero sin que resulte desproporcionada, siempre teniendo presente que es la tasa que estamos asumiendo para una infinidad de a\u00f1os.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Para ello, habr\u00e1 que tener en cuenta a los competidores, la situaci\u00f3n de mercado, las previsiones de futuro de la empresa y, sobre todo, el <strong>sentido com\u00fan<\/strong>.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:image {\"id\":52004,\"width\":527,\"height\":180,\"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\/07\/image-4.png\" alt=\"A la hora de calcular el valorar terminal de una empresa hay que tener en cuenta factores como la competencia, situaci\u00f3n del mercado, previsi\u00f3n futura y usar el sentido com\u00fan\" class=\"wp-image-52004\" style=\"width:527px;height:180px\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:spacer {\"height\":\"43px\"} -->\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Descarga aqu\u00ed la <strong>gu\u00eda completa<\/strong> sobre <strong>valoraciones de empresas<\/strong>: <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"id\":56661,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2024\/01\/valoracion-de-empresas-1.webp\" alt=\"\" class=\"wp-image-56661\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:paragraph -->\n<p><meta charset=\"utf-8\">En esta gu\u00eda de valoraci\u00f3n encontrar\u00e1s una descripci\u00f3n detallada sobre los aspectos esenciales de la valoraci\u00f3n de empresas.<br>\u00bfQu\u00e9 diferencia hay entre valor y precio?<br> \u00bfQu\u00e9 m\u00e9todos de valoraci\u00f3n existen?<br> \u00bfCu\u00e1les son las etapas fundamentales para el m\u00e9todo de DCF (descuento de flujos de caja)?<\/p>\n<!-- \/wp:paragraph --><\/div>\n<!-- \/wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:html -->\n<div class=\"pipedriveWebForms\" data-pd-webforms=\"https:\/\/webforms.pipedrive.com\/f\/1sSA08PPB7dV4JKHWgxc6fB45obPJzdQYgA108lujdOKw2YlBTWpjHPc6ZbRZwW8H\"><script src=\"https:\/\/webforms.pipedrive.com\/f\/loader\"><\/script><\/div>\n<!-- \/wp:html --><\/div>\n<!-- \/wp:column --><\/div>\n<!-- \/wp:columns -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><\/div>\n<!-- \/wp:columns -->\n\n<!-- wp:paragraph {\"align\":\"center\",\"style\":{\"color\":{\"background\":\"#d1ec51\"}},\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-text-align-center has-black-color has-text-color has-background has-medium-font-size\" style=\"background-color:#d1ec51\">\u00bfNecesitas valorar tu empresa? <br><a href=\"https:\/\/techma.bakertilly.es\/contacto\/\" data-type=\"URL\" data-id=\"https:\/\/techma.bakertilly.es\/contacto\/\">Escr\u00edbenos<\/a> o <a href=\"https:\/\/bakertillygda.pipedrive.com\/scheduler\/42JEbRUd\/baker-tilly-consulta-valoracion-de-empresas\" data-type=\"link\" data-id=\"https:\/\/bakertillygda.pipedrive.com\/scheduler\/42JEbRUd\/baker-tilly-consulta-valoracion-de-empresas\">Agenda una llamada<\/a><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"43px\"} -->\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:heading -->\n<h2 class=\"wp-block-heading\">F\u00f3rmula de valor terminal<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"formula\"> <strong>VT<sub>t<\/sub> = CF<sub>n+1<\/sub> \/(K \u2013 g)<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"formula\"><br>VT = <em>Valor terminal \/ terminal value<\/em><br>CF = <em>Flujo de caja \/ cash flow<\/em><br>n+1 = <em>a\u00f1o 1 del per\u00edodo terminal o a\u00f1o final \/ year 1 of terminal period or final year<\/em><br>g = <em>tasa de crecimiento perpetuo del Flujo de Caja \/ perpetual growth race of Cash Flow<\/em><br>K = <em>Rentabilidad exigida <\/em><\/p>\n<!-- \/wp:paragraph --><\/div>\n<!-- \/wp:column --><\/div>\n<!-- \/wp:columns -->","_et_gb_content_width":""},"paso-howto":[2250],"sectores":[],"class_list":["post-44475","diccionario","type-diccionario","status-publish","hentry","paso-howto-valoracion-conceptos-basicos"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/diccionario\/44475","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:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=44475"}],"wp:term":[{"taxonomy":"paso-howto","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/paso-howto?post=44475"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=44475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}