EBIT-Vollausschüttung und DCF-WACC-Bewertung?

Bernhard Schwetzler ()
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Bernhard Schwetzler: Handelshochschule Leipzig (HHL)

Schmalenbach Journal of Business Research, 2005, vol. 57, issue 2, 155-162

Abstract: Summary In a recent article Peter Nippel and Felix Streitferdt make the case for a full distribution of the EBIT and the NOPLAT in a DCF valuation model. This note argues that this assumption contradicts the basic idea of DCF models that free cash flows are relevant. Furthermore, this note will point out that this assumption causes some problems in their DCF model. Especially, the correction of the WACC proposed by the authors leads to cost of capital that depend on the growth and the retention rate of the firm to be valued, thus serving no longer as a risk equivalent opportunity cost for corporate valuation.

Keywords: G12; G31; G32; Discounted; Cash; Flow; Kapitalstrukter; Unternehmensbewertung (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sjobre:v:57:y:2005:i:2:d:10.1007_bf03371631

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DOI: 10.1007/BF03371631

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