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"Let this rule: never give anything for granted."

limit of capital approach:

• express a market valuation of productive resources that is attached to the company,
• not discriminate between the company and because of the company's profitability and ability to use inputs to generate income

Objective:

• mixed methods aim to enhance or assess its ability to generate income.
• Measure the starter in a more meritocratic and analytical method compared to the total capital investment

Method of complex I can

• Starting: performance differential that exists between the company and competitor
• Sovrareddito: Differential positive profitability between the company and competitor
• Sottoreddito: Differential negative
• method less rigorous methods of financial
• PNRS = Instrumental Adjusted Net Assets (at market value)
• SA = I = Surplus Assets
• Intagibles: intangibles, value drivers, factors behind the company's ability to generate income but are not
• Originating investment costs and long-term utility
• autonomous measure
• So should alienable autonomy and individuality without compromising the raison d'etre of the
• Examples
• Trademarks Patents
• Research and Technology Network
• promoters
• Counterexamples
• entrepreneurship
• Quality management
• Capital approach whole level I
• K '= + I + SA PNRS
• Goodwill (Goodwill or badwill) = SUM [1 .. n] {(R (t) - K' * i) / (1 + i ') ^ t}
• R = Net income adjusted
• Middle: constant over the years of the plan
• Analytical: variable in the years of the plan
• Fixed Income: formally similar to EVA
• i = rate average return of normal industry
• es. Average ROE of a pool of companies (banks) on a horizon of 5-10 years
• i '= discount rate
• If i = Ke, i' = rf (rate risk free)
• If i = WACC, i '= Ke
• The version
• i = average performance of the sector
• ' = Ke
• Duplication of business risk
• i = rf + business risk + company risk (leverage)
• i '= RF + + business risk industry average financial risk
• II version
• comparing the company with a clone of itself that pays exactly the equity without generating additional value
• easy for companies not listed or with a few comparables
• i = Ke i '= rf

Ex Fusion Intesa BCI

• Income Income
• historical (2 years) and piano (4 years)
• Without merger synergies
• TWA (more weight to expected revenues from the plan)
• Normalization Reversal of income
• amm.to goodwill and amortization of goodwill
• estate capital appreciation ...