{"id":3141,"date":"2024-06-29T09:09:56","date_gmt":"2024-06-29T05:09:56","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=3141"},"modified":"2024-06-29T09:20:07","modified_gmt":"2024-06-29T05:20:07","slug":"real-vs-nominal-projections","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/06\/29\/real-vs-nominal-projections\/","title":{"rendered":"Real vs Nominal Projections"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">When inflation is very high, it becomes difficult to make forecasts in both real and nominal terms. Therefore, it becomes necessary to involve hybrid mechanisms. The table shows which version provides better results in relation to which item in the forecasts:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"306\" data-attachment-id=\"3146\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/06\/29\/real-vs-nominal-projections\/inflation-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/inflation-2.png?fit=786%2C390&amp;ssl=1\" data-orig-size=\"786,390\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"inflation 2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/inflation-2.png?fit=616%2C306&amp;ssl=1\" class=\"wp-image-3146\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/inflation-2.png?resize=616%2C306&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We cannot make accurate tax forecasts with real figures because taxes depend on nominal figures. Additionally, from the real balance and profit-loss, cash flows of working capital are not directly formed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the case of nominal figures, the stable interdependence between assets and sales is disrupted, making it difficult to accurately derive reinvestment figures in capital and, consequently, accurately forecast EBITA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When making accurate and consistent forecasts, the discounted value of cash flows obtained in both real and nominal terms should match, taking into account that real and nominal WACC are different.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The process sequence is as follows: <a href=\"https:\/\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/nominal_real-valuation.xlsx\">(see also: Excel Model)<\/a><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Forecasts of operational indicators in real terms:<\/strong><\/li>\n<\/ol>\n\n\n\n<ol class=\"wp-block-list\"><\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Forecasting revenues and operating profit;<\/li>\n\n\n\n<li>Forecasting long-term assets\/revenues;<\/li>\n\n\n\n<li>Forecasting working capital (based on revenues);<\/li>\n\n\n\n<li>Planning depreciation from assets and deriving corresponding EBITA.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">    2. <strong>Compiling financial statements in nominal terms:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Nominal operational figures and working capital are forecasted by multiplying real figures by the inflation index;<\/li>\n\n\n\n<li>Long-term assets are forecasted using the usual formula, where the previous period&#8217;s amount is added to CapEx and subtracted by depreciation. However, depreciation is not determined by multiplying real depreciation by the inflation index, but by the usual method based on the lifespan of assets;<\/li>\n\n\n\n<li>Taxes are calculated based on nominal figures.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"> <strong>   3. Forecasting financial statements in real terms:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Initially, the real part of the statements is compiled, but now it is supplemented from the nominal part for what was not initially available. For example, taxes are transferred by dividing nominal figures by the corresponding year&#8217;s inflation index.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">    4. <strong>Forecasting cash flows for both versions:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cash flows are forecasted using traditional formulas. However, there is one difference in deriving the investment flows in real working capital. The formula is as follows:\n<ul class=\"wp-block-list\">\n<li>Investment in NWC <sub>[t]<\/sub> = Increase in NWC <sub>[t]<\/sub> + NWC <sub>[t-1]<\/sub> * i<sub>[t]<\/sub> \/ (1+i<sub>[t]<\/sub>)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">     5. <strong>Discounting cash flows for both versions:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It should be noted that nominal WACC is the sum of real WACC and inflation. More precisely, the formula is:\n<ul class=\"wp-block-list\">\n<li>Nominal WACC = (1+Real WACC) * (1+i) &#8211; 1<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>The forecast of the horizon value is done using the usual value creation formula. However, in the case of real cash flows, the reinvestment component in working capital is added, making the formulas slightly more complicated. The cash flow formula becomes as follows:<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"493\" height=\"100\" data-attachment-id=\"3165\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/06\/29\/real-vs-nominal-projections\/image-31\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-31.png?fit=493%2C100&amp;ssl=1\" data-orig-size=\"493,100\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-31.png?fit=493%2C100&amp;ssl=1\" class=\"wp-image-3165\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-31.png?resize=493%2C100&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Horizon Value formula:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"344\" height=\"297\" data-attachment-id=\"3167\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/06\/29\/real-vs-nominal-projections\/image-32\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-32.png?fit=344%2C297&amp;ssl=1\" data-orig-size=\"344,297\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-32.png?fit=344%2C297&amp;ssl=1\" class=\"wp-image-3167\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-32.png?resize=344%2C297&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P.S.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our model does not include the capital structure part. For a more complete assessment, it will be necessary to forecast and adjust interest expenses, leverage, and equity flows.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;-<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e0\u10dd\u10ea\u10d0 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0 \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10db\u10d0\u10e6\u10d0\u10da\u10d8\u10d0, \u10e0\u10d7\u10e3\u10da\u10d3\u10d4\u10d1\u10d0 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d0 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e0\u10d4\u10d0\u10da\u10e3\u10e0, \u10d8\u10e1\u10d4 \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10e8\u10d8, \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10f0\u10d8\u10d1\u10e0\u10d8\u10d3\u10e3\u10da\u10d8 \u10db\u10d4\u10e5\u10d0\u10dc\u10d8\u10d6\u10db\u10d4\u10d1\u10d8\u10e1 \u10e9\u10d0\u10e0\u10d7\u10d5\u10d0 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10e1\u10d0\u10ed\u10d8\u10e0\u10dd. \u10ea\u10ee\u10e0\u10d8\u10da\u10e8\u10d8 \u10dc\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d8\u10d0, \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d4\u10d1\u10e8\u10d8 \u10e0\u10dd\u10db\u10d4\u10da\u10d8 \u10db\u10e3\u10ee\u10da\u10d7\u10d0\u10dc \u10db\u10d8\u10db\u10d0\u10e0\u10d7\u10d4\u10d1\u10d0\u10e8\u10d8 \u10e0\u10dd\u10db\u10d4\u10da\u10d8 \u10d5\u10d4\u10e0\u10e1\u10d8\u10d0 \u10d8\u10eb\u10da\u10d4\u10d5\u10d0 \u10e3\u10d9\u10d4\u10d7\u10d4\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10e1:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"306\" data-attachment-id=\"3146\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/06\/29\/real-vs-nominal-projections\/inflation-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/inflation-2.png?fit=786%2C390&amp;ssl=1\" data-orig-size=\"786,390\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"inflation 2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/inflation-2.png?fit=616%2C306&amp;ssl=1\" class=\"wp-image-3146\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/inflation-2.png?resize=616%2C306&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e0\u10d4\u10d0\u10da\u10e3\u10e0 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10d8\u10d7 \u10d5\u10d4\u10e0 \u10d2\u10d0\u10d5\u10d3\u10d8\u10d5\u10d0\u10e0\u10d7 \u10e1\u10ec\u10dd\u10e0 \u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d4\u10d1\u10d6\u10d4, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d4\u10d1\u10d8 \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10d6\u10d4\u10d0 \u10d3\u10d0\u10db\u10dd\u10d9\u10d8\u10d3\u10d4\u10d1\u10e3\u10da\u10d8, \u10d2\u10d0\u10e0\u10d3\u10d0 \u10d0\u10db\u10d8\u10e1\u10d0 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10d1\u10d0\u10da\u10d0\u10dc\u10e1\u10d8\u10d3\u10d0\u10dc \u10d3\u10d0 \u10db\u10dd\u10d2\u10d4\u10d1\u10d0-\u10d6\u10d0\u10e0\u10d0\u10da\u10d8\u10d3\u10d0\u10dc, \u10e1\u10d0\u10d1\u10e0\u10e3\u10dc\u10d0\u10d5\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8 \u10de\u10d8\u10e0\u10d3\u10d0\u10de\u10d8\u10e0\u10d8 \u10ec\u10d4\u10e1\u10d8\u10d7 \u10d0\u10e0 \u10e4\u10dd\u10e0\u10db\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d8\u10e0\u10e6\u10d5\u10d4\u10d5\u10d0 \u10e1\u10e2\u10e0\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10d8 \u10e3\u10e0\u10d7\u10d8\u10d4\u10e0\u10d7\u10d3\u10d0\u10db\u10dd\u10d9\u10d8\u10d3\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10e1\u10d0 \u10d3\u10d0 \u10d2\u10d0\u10e7\u10d8\u10d3\u10d5\u10d4\u10d1\u10e1 \u10e8\u10dd\u10e0\u10d8\u10e1, \u10e0\u10d7\u10e3\u10da\u10d3\u10d4\u10d1\u10d0 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10e8\u10d8 \u10e0\u10d4\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e1\u10ec\u10dd\u10e0\u10d0\u10d3 \u10d2\u10d0\u10db\u10dd\u10e7\u10d5\u10d0\u10dc\u10d0 \u10d3\u10d0 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3 EBITA-\u10e1 \u10e1\u10ec\u10dd\u10e0\u10d0\u10d3 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e1\u10ec\u10dd\u10e0\u10d8 \u10d3\u10d0 \u10e3\u10e0\u10d7\u10d8\u10d4\u10e0\u10d7-\u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d8 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e0\u10d4\u10d0\u10da\u10e3\u10e0 \u10d8\u10e1\u10d4 \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10db\u10d8\u10e6\u10d4\u10d1\u10e3\u10da\u10d8 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 \u10d4\u10e0\u10d7\u10db\u10d0\u10dc\u10d4\u10d7\u10e1 \u10e3\u10dc\u10d3\u10d0 \u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10dd\u10d3\u10d4\u10e1, \u10d8\u10db\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d8\u10d7, \u10e0\u10dd\u10db \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10d3\u10d0 \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 WACC-\u10d8 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10e3\u10da\u10d8\u10d0.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10e1 \u10d7\u10d0\u10dc\u10db\u10d8\u10db\u10d3\u10d4\u10d5\u10e0\u10dd\u10d1\u10d0 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2\u10d8\u10d0: (\u10dc\u10d0\u10ee\u10d4\u10d7 \u10d0\u10d2\u10e0\u10d4\u10d7\u10d5\u10d4: <a href=\"https:\/\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/nominal_real-valuation.xlsx\">Excel Model<\/a>)<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d4\u10d1\u10d8 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10e8\u10d8<\/strong><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0 \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0;<\/li>\n\n\n\n<li>\u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc\u10d8 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\/\u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d4\u10d1\u10d7\u10d0\u10dc \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0;<\/li>\n\n\n\n<li>\u10e1\u10d0\u10d1\u10e0\u10e3\u10dc\u10d0\u10d5\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0 (\u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4);<\/li>\n\n\n\n<li>\u10ea\u10d5\u10d4\u10d7\u10d8\u10e1 \u10d3\u10d0\u10d2\u10d4\u10d2\u10db\u10d5\u10d0 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10d3\u10d0 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d8 EBITA-\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d5\u10d0\u10dc\u10d0.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>    2. \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d0\u10dc\u10d2\u10d0\u10e0\u10d8\u10e8\u10d4\u10d1\u10d8\u10e1 \u10d0\u10d2\u10d4\u10d1\u10d0 \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10e8\u10d8:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10d8 \u10d3\u10d0 \u10e1\u10d0\u10d1\u10e0\u10e3\u10dc\u10d0\u10d5\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10d7 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d6\u10d4;<\/li>\n\n\n\n<li>\u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc\u10d8 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10d7, &#8211; \u10ec\u10d8\u10dc\u10d0 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1\u10d0\u10e1 \u10d4\u10db\u10d0\u10e2\u10d4\u10d1\u10d0 CapEx \u10d3\u10d0 \u10d0\u10d9\u10da\u10d3\u10d4\u10d1\u10d0 \u10ea\u10d5\u10d4\u10d7\u10d0. \u10d7\u10e3\u10db\u10ea\u10d0 \u10ea\u10d5\u10d4\u10d7\u10d0 \u10d0\u10e0 \u10d2\u10d0\u10dc\u10d8\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d4\u10d1\u10d0 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10ea\u10d5\u10d4\u10d7\u10d8\u10e1 \u10d2\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10d7 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d6\u10d4, \u10d0\u10e0\u10d0\u10db\u10d4\u10d3 \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d8\u10ea\u10dd\u10ea\u10ee\u10da\u10d8\u10e1 \u10ee\u10d0\u10dc\u10d2\u10da\u10eb\u10d8\u10d5\u10dd\u10d1\u10d8\u10d3\u10d0\u10dc \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8 \u10ec\u10d4\u10e1\u10d8\u10d7;<\/li>\n\n\n\n<li>\u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10d8\u10d7\u10d5\u10da\u10d4\u10d1\u10d0 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d4\u10d1\u10d8;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">    <strong>3. \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d0\u10dc\u10d2\u10d0\u10e0\u10d8\u10e8\u10d4\u10d1\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10e8\u10d8<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10d0\u10dc\u10d2\u10d0\u10e0\u10d8\u10e8\u10d4\u10d1\u10d8\u10e1 \u10dc\u10d0\u10ec\u10d8\u10da\u10d8 \u10d7\u10d0\u10d5\u10d8\u10d3\u10d0\u10dc \u10e8\u10d4\u10d5\u10d8\u10e1\u10dd, \u10d7\u10e3\u10db\u10ea\u10d0 \u10d4\u10ee\u10da\u10d0 \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10d8\u10d3\u10d0\u10dc \u10db\u10dd\u10ee\u10d3\u10d4\u10d1\u10d0 \u10d2\u10d0\u10d3\u10d0\u10d5\u10e1\u10d4\u10d1\u10d0 \u10d8\u10db \u10dc\u10d0\u10ec\u10d8\u10da\u10d8\u10e1 \u10e0\u10d0\u10ea \u10d7\u10d0\u10d5\u10d8\u10d3\u10d0\u10dc \u10d0\u10e0 \u10d2\u10d5\u10e5\u10dd\u10dc\u10d3\u10d0. \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d4\u10d1\u10d8 \u10d2\u10d0\u10d3\u10d0\u10d5\u10d0, \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1 \u10ec\u10da\u10d8\u10e1 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d6\u10d4 \u10d2\u10d0\u10e7\u10dd\u10e4\u10d8\u10d7;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">  <strong> 4. \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0 \u10dd\u10e0\u10d8\u10d5\u10d4 \u10d5\u10d4\u10e0\u10e1\u10d8\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8 \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d0\u10d3 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0 \u10e2\u10e0\u10d0\u10d3\u10d8\u10ea\u10d8\u10e3\u10da\u10d8 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10d4\u10d1\u10d8\u10d7, \u10d7\u10e3\u10db\u10ea\u10d0 \u10d4\u10e0\u10d7 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10d0 \u10d2\u10d5\u10d0\u10e5\u10d5\u10e1 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0 \u10e1\u10d0\u10d1\u10e0\u10e3\u10dc\u10d0\u10d5 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10e8\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d8\u10e1 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e1\u10d0\u10e7\u10d5\u10d0\u10dc\u10d0\u10d3. \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 \u10d0\u10e1\u10d4\u10d7\u10d8\u10d0: \n<ul class=\"wp-block-list\">\n<li>Investment in NWC <sub>[t]<\/sub> = Increase in NWC <sub>[t]<\/sub> + NWC <sub>[t-1]<\/sub> * i<sub>[t]<\/sub> \/ (1+i<sub>[t]<\/sub>)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>5. \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0 \u10dd\u10e0\u10d8\u10d5\u10d4 \u10d5\u10d4\u10e0\u10e1\u10d8\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u10d0\u10e5 \u10d2\u10d0\u10e1\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d4\u10da\u10d8\u10d0, \u10e0\u10dd\u10db \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 WACC, \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10ef\u10d0\u10db\u10d8\u10d0. \u10e3\u10e4\u10e0\u10dd \u10d6\u10e3\u10e1\u10e2\u10d0\u10d3 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 \u10d0\u10e1\u10d4\u10d7\u10d8\u10d0:\n<ul class=\"wp-block-list\">\n<li> Nominal WACC = (1+Real WACC) * (1+i) &#8211; 1<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\u10f0\u10dd\u10e0\u10d8\u10d6\u10dd\u10dc\u10e2\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0 \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e5\u10db\u10dc\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10d7 \u10db\u10dd\u10ee\u10d3\u10d4\u10d1\u10d0, \u10d7\u10e3\u10db\u10ea\u10d0 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8, \u10e1\u10d0\u10d1\u10e0\u10e3\u10dc\u10d0\u10d5 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10e8\u10d8 \u10e0\u10d4\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d9\u10dd\u10db\u10de\u10dd\u10dc\u10d4\u10dc\u10e2\u10d8 \u10d4\u10db\u10d0\u10e2\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d4\u10d1\u10d8 \u10ea\u10dd\u10e2\u10d0 \u10e0\u10d7\u10e3\u10da\u10d3\u10d4\u10d1\u10d0: <\/li>\n\n\n\n<li>\u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 \u10d0\u10e1\u10d4\u10d7\u10d8 \u10d2\u10d0\u10db\u10dd\u10d3\u10d8\u10e1:<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-31.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"493\" height=\"100\" data-attachment-id=\"3165\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/06\/29\/real-vs-nominal-projections\/image-31\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-31.png?fit=493%2C100&amp;ssl=1\" data-orig-size=\"493,100\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-31.png?fit=493%2C100&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-31.png?resize=493%2C100&#038;ssl=1\" alt=\"\" class=\"wp-image-3165\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u10f0\u10dd\u10e0\u10d8\u10d6\u10dd\u10dc\u10e2\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 \u10d9\u10d8 \u10d0\u10e1\u10d4\u10d7\u10d8:<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-32.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"344\" height=\"297\" data-attachment-id=\"3167\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/06\/29\/real-vs-nominal-projections\/image-32\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-32.png?fit=344%2C297&amp;ssl=1\" data-orig-size=\"344,297\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-32.png?fit=344%2C297&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-32.png?resize=344%2C297&#038;ssl=1\" alt=\"\" class=\"wp-image-3167\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10de.\u10e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e9\u10d5\u10d4\u10dc\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10e8\u10d8 \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10e1\u10e2\u10e0\u10e3\u10e5\u10e2\u10e3\u10e0\u10d8\u10e1 \u10dc\u10d0\u10ec\u10d8\u10da\u10d8, \u10e3\u10e4\u10e0\u10dd \u10e1\u10e0\u10e3\u10da\u10d8 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e1\u10d0\u10ed\u10d8\u10e0\u10dd \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8\u10e1, \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e1\u10d0\u10d9\u10e3\u10d7\u10d0\u10e0\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0-\u10db\u10dd\u10e0\u10d2\u10d4\u10d1\u10d0\u10ea.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ec\u10e7\u10d0\u10e0\u10dd:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Valuation, Measuring and Managing the Value of Companies &#8211; by McK.&amp;Co, T. Koller, M. Goedhart, D. Wessels<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When inflation is very high, it becomes difficult to make forecasts in both real and nominal terms. Therefore, it becomes necessary to involve hybrid mechanisms. The table shows which version provides better results in relation to which item in the forecasts: We cannot make accurate tax forecasts with real figures because taxes depend on nominal [&hellip;]<\/p>\n","protected":false},"author":12998525,"featured_media":3146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[772049256,31110612,772049268],"tags":[179,4269,6635,28559,8589],"class_list":{"0":"post-3141","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-cross-border-valuation","8":"category-excel-models","9":"category-other-valuation-methods","10":"tag-business","11":"tag-finance","12":"tag-investing","13":"tag-investment","14":"tag-stocks","16":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/inflation-2.png?fit=786%2C390&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-OF","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/3141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=3141"}],"version-history":[{"count":25,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/3141\/revisions"}],"predecessor-version":[{"id":3292,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/3141\/revisions\/3292"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/3146"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=3141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=3141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=3141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}