Nadwyżkowe saldo gotówki jako składnik aktywów nieoperacyjnych w dochodowej wycenie przedsiębiorstwa – kwestie metodyczne
Excess Cash Balance as the Component of Non-operating Assets in Income-based Valuation – Methodological Issues

Summary/Abstract: Purpose – The purpose of the article is to identify the right methodological solution when estimating excess cash balance as the component of non-operating assets in income-based valuation. In particular following issue is considered whether future allocation of cash held by a company at the valuation date should affect the excess cash balance being a component of non-operating assets. Design/methodology/approach – The article considers methodological issues. It refers to the income valuation methods. Analysis of appropriate methodological solutions is based on the analytical model based on a case study. Findings – The analysis presented in the article states that future allocation of cash held by a company at the valuation date should not affect the excess cash balance being a component of non-operating assets, unless it is certain that the company could not finance the assumed capital expenditure in a different way than by its own cash. Originality/value – The issue of taking into account capital expenditures in estimating excess cash balance has not been raised in the literature so far. Thus the results of the analysis can be evaluated as original.

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