Kluczowe wyzwania wyceny przedsiębiorstw, wycena zobowiązań warunkowych i aktywów nieoperacyjnych
Key business valuation challenges, valuation of non-operating assets, and contingent liabilities

Summary/Abstract: The paper deals with the biggest challenges in 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. Operating assets generate the operating income. When we discount the stream of the operating income by the appropriate cost of capital, we have an income value of the operating assets of the entity. Companies, however, often possess considerable surplus of cash and marketable securities, as well as shares in other firms and other non-operating assets. The value of these assets ought to be added to the value of the operating assets to arrive at total firm value. 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.

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