O kluczowych wyzwaniach wyceny przedsiębiorstw, wycenie zobowiązań warunkowych i wycenie aktywów nieoperacyjnych
On the key business valuation challenges, valuation of contingent liabilities, and non-operating assets

Summary/Abstract: The paper deals with business valuation, with special emphasis on valuing contingent liabilities and assets, and non-operating assets. Valuation of contingent liabilities and assets, which in some cases may account for a substantial part of the total value of a firm, is extremely difficult as assessing probabilities of cash flows associated with such items is based on a subjective judgment by a valuator.. Mixing operating and non-operating cash flows and discounting them by the same cost of capital is a common mistake observed in the business valuation practice, especially in less developed countries. It is recommended that the estimated value of each non-operating asset should be appraised separately and the resulting values added to the income value of operations to arrive at enterprise value.

• Details
• Contents