{"id":49180,"date":"2021-02-01T15:57:12","date_gmt":"2021-02-01T14:57:12","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?post_type=diccionario&#038;p=49180"},"modified":"2026-03-03T13:12:55","modified_gmt":"2026-03-03T12:12:55","slug":"metodos-de-valoracion-de-empresas","status":"publish","type":"diccionario","link":"https:\/\/techma.bakertilly.es\/en\/como-hacer\/metodos-de-valoracion-de-empresas\/","title":{"rendered":"We give you 6 methods of company valuation"},"content":{"rendered":"<p>In order to value a company properly, certain technical knowledge of, for example, <strong>company valuation methods<\/strong>, 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.<\/p>\n\n\n\n<p>According to <a href=\"https:\/\/www.iese.edu\/es\/claustro-investigacion\/claustro\/pablo-fernandez\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.iese.edu\/es\/claustro-investigacion\/claustro\/pablo-fernandez\/\" rel=\"noreferrer noopener\">Pablo Fern\u00e1ndez<\/a>IESE professor, in his book '<em>Company Valuation<\/em>\u201d, \u00ablos principales m\u00e9todos de valoraci\u00f3n son diversos, pero se pueden clasificar de la siguiente forma\u00bb:<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 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\/metodos-de-valoracion-de-empresas\/#Los_principales_metodos_de_valoracion_de_empresas\" >The main methods of company valuation<\/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\/metodos-de-valoracion-de-empresas\/#Descuento_de_Flujos_de_Caja_uno_de_los_metodos_de_valoracion_de_empresas_mas_aceptados\" >Discounted Cash Flows: one of the most widely accepted company valuation methods<\/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\/metodos-de-valoracion-de-empresas\/#%C2%BFPara_que_sirven_el_resto_de_los_metodos_de_valoracion_de_empresas_si_no_son_correctos\" >What is the point of all the other methods of company valuation if they are not correct?<\/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\/metodos-de-valoracion-de-empresas\/#%C2%BFEn_que_circunstancias_pueden_usarse_otros_metodos\" >Under what circumstances can other methods be used?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Los_principales_metodos_de_valoracion_de_empresas\"><\/span>The main methods of company valuation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"155\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/06\/image-15-1024x155.png\" alt=\"Chart of the main company valuation methods \" class=\"wp-image-51075\" title=\"\" srcset=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/06\/image-15-1024x155.png 1024w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/06\/image-15-300x45.png 300w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/06\/image-15-768x116.png 768w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/06\/image-15-600x91.png 600w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2021\/06\/image-15.png 1058w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Descuento_de_Flujos_de_Caja_uno_de_los_metodos_de_valoracion_de_empresas_mas_aceptados\"><\/span><strong>Discounted Cash Flows: one of the most widely accepted methods of company valuation.<\/strong>s<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>According to the IESE professor, the only conceptually correct method is the <a href=\"https:\/\/techma.bakertilly.es\/en\/how-to\/valoracion-de-empresas-por-descuento-de-flujos-de-caja\/\" class=\"rank-math-link\">DFC.<\/a> 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.<\/p>\n\n\n\n<p>This method is the most widely used method in valuation practice because it is <strong>able to take into account all the variables that affect the value of the enterprise<\/strong>. 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.<br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%BFPara_que_sirven_el_resto_de_los_metodos_de_valoracion_de_empresas_si_no_son_correctos\"><\/span><strong>What is the point of all the other methods if they are not correct? <strong>business valuation<\/strong>  if they are not correct?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image alignright is-resized\"><img decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/fizkes\/fizkes1803\/fizkes180300162\/97370306.jpg\" alt=\"What is the point of all other company valuation methods if they are not correct?\" style=\"width:358px;height:239px\" title=\"\"><\/figure>\n\n\n\n<p>Although, according to Pablo Fern\u00e1ndez, the rest of the methods are not conceptually correct, the reality is that they are widely used in practice. The main reason is that they are <strong>easier to apply.<\/strong> For example, in shareholder agreements that regulate the entry or exit of shareholders, it is common to find references to valuation by multiples because they reduce uncertainty for all parties and make it easier to avoid future disagreements.<\/p>\n\n\n\n<p>In the case of the <strong>multiples method,<\/strong> muy extendido por su facilidad de aplicaci\u00f3n y de comparaci\u00f3n entre empresas, representa grandes limitaciones. Principalmente son dos; en primer lugar es dif\u00edcil encontrar empresas similares a la empresa objetivo y en segundo lugar el resultado presenta un rango de valores muy amplio y disperso.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%BFEn_que_circunstancias_pueden_usarse_otros_metodos\"><\/span><strong>Under what circumstances can other methods be used?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image alignright is-resized\"><img decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/phongphan\/phongphan1902\/phongphan190200680\/118822980.jpg\" alt=\"Under what circumstances other methods can be used\" style=\"width:368px;height:245px\" title=\"\"><\/figure>\n\n\n\n<p>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<strong> liquidation value<\/strong> which results from the difference of the sale of assets minus the cancellation of debts including staff severance payments and liquidation expenses.<\/p>\n\n\n\n<p>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 proyecci\u00f3n de los flujos futuros y la distinta tasa de riesgo en cada ronda. Por ello, se utiliza m\u00e1s el llamado M\u00e9todo de Venture Capital. &nbsp;Este m\u00e9todo esta basado en acordar una rentabilidad para el inversor m\u00e1s que en un precio y establecer mecanismos de transmisi\u00f3n de la propiedad basados en el cumplimiento del plan de negocio.<\/p>\n\n\n\n<p>Download here the complete guide to <a href=\"https:\/\/techma.bakertilly.es\/en\/business-valuation\/\" data-type=\"URL\" data-id=\"https:\/\/techma.bakertilly.es\/valoracion-de-empresas\/\">company valuations<\/a>:  <\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\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\/49180#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\/49180#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\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"llamadanombre\">\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Name*\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t<\/p>\n<\/div>\n<div class=\"llamadaemail\">\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Email*\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t<\/p>\n<\/div>\n<div class=\"llamadatel\">\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"text-24\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text\" aria-invalid=\"false\" placeholder=\"Company\" value=\"\" type=\"text\" name=\"text-24\" \/><\/span>\n\t<\/p>\n<\/div>\n<div class=\"llamadaaceptar hidelabel\" style=\"font-family: Roboto, Sans-Serif; 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