{"id":3173,"date":"2024-07-02T11:53:28","date_gmt":"2024-07-02T07:53:28","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=3173"},"modified":"2024-07-02T12:20:09","modified_gmt":"2024-07-02T08:20:09","slug":"coc-in-cross-border-valuation","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/07\/02\/coc-in-cross-border-valuation\/","title":{"rendered":"CoC in Cross-Border Valuation"},"content":{"rendered":"\n

When discounting cross-border cash flows, several questions arise: which country’s cost of capital should be used? In which currency? And how should the beta of a subsidiary company be determined?<\/p>\n\n\n\n

Firstly, it is essential to consider the tax situation. There are instances when taxation occurs according to the laws of the subsidiary company’s country, or conversely, according to the laws of the parent company’s country. Therefore, relevant tax rates must be taken into account.<\/p>\n\n\n\n

Additionally, if the cash flow plan is made in the subsidiary company’s currency and the parent company’s WACC is used, the discount rate must include the difference in inflation rates between the two countries.<\/p>\n\n\n\n

The table below shows the calculation of WACC in two different currencies for the same company but according to different countries’ tax systems. Note how the discount rates differ due to varying tax rates and inflation levels.<\/p>\n\n\n\n

Specific formulas can be found here: Excel File<\/a><\/p>\n\n\n\n

\"\"\/<\/p>\n\n\n\n

Next, let’s discuss how to calculate beta:<\/p>\n\n\n\n

Theoretically, it doesn’t matter whether beta is calculated in the subsidiary company’s currency or the parent company’s currency; the result should be the same. However, in the short term, exchange rates fluctuate, complicating the calculations.<\/p>\n\n\n\n

To address this issue, when calculating beta in the subsidiary company’s currency, one calculates the beta above the risk-free rate rather than the total return beta.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Theoretically, since exchange rates are related to inflation and interest rates, it can be assumed that the risk-free rate in, for example, dollars should equal the risk-free rate in another currency adjusted for the exchange rate difference.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Thus, if risk-free rates are linked through exchange rates, the return premium should match across all currencies. Therefore, when determining beta in another currency, it is suggested to use a synthetic risk-free rate (dollar rate + inflation) for deriving the return premium.<\/p>\n\n\n\n

Finally, it is common to add a currency risk premium when discounting the cash flows of a subsidiary company due to exchange rate volatility. However, this approach is incorrect because, according to the Purchasing Power Parity (PPP) theory, the inflation differential between countries is reflected in exchange rates. If cash flow forecasts are made correctly, there is no need to add an additional risk coefficient. Although the PPP theory works in the long term, most currency risks are still diversifiable.<\/p>\n\n\n\n

Source:<\/p>\n\n\n\n

Valuation, Measuring and Managing the Value of Companies – by McK.&Co, T. Koller, M. Goedhart, D. Wessels<\/p>\n\n\n\n

————————————————————————————————————-<\/p>\n\n\n\n

\u10e1\u10d0\u10d6\u10e6\u10d5\u10d0\u10e0\u10d2\u10d0\u10e0\u10d4\u10d7\u10e3\u10da\u10d8 \u10e8\u10d5\u10d8\u10da\u10dd\u10d1\u10d8\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \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\u10d8\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10e1\u10d0\u10ed\u10d8\u10e0\u10dd\u10d0 \u10db\u10d0\u10d7\u10d8 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0. \u10d8\u10e1\u10db\u10d8\u10e1 \u10d9\u10d8\u10d7\u10ee\u10d5\u10d4\u10d1\u10d8, – \u10e0\u10dd\u10db\u10d4\u10da\u10d8 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d0\u10db\u10dd\u10d5\u10d8\u10e7\u10d4\u10dc\u10dd\u10d7? \u10e0\u10dd\u10db\u10d4\u10da \u10d5\u10d0\u10da\u10e3\u10e2\u10d0\u10e8\u10d8? \u10d3\u10d0 \u10e0\u10dd\u10d2\u10dd\u10e0 \u10d2\u10d0\u10dc\u10d5\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10dd\u10d7 \u10e8\u10d5\u10d8\u10da\u10dd\u10d1\u10d8\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10d1\u10d4\u10e2\u10d0?<\/p>\n\n\n\n

\u10de\u10d8\u10e0\u10d5\u10d4\u10da \u10e0\u10d8\u10d2\u10e8\u10d8 \u10d0\u10db \u10d3\u10e0\u10dd\u10e1 \u10e7\u10e3\u10e0\u10d0\u10d3\u10e6\u10d4\u10d1\u10d0 \u10e3\u10dc\u10d3\u10d0 \u10db\u10d8\u10d4\u10e5\u10ea\u10d4\u10e1 \u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10db\u10d3\u10d2\u10dd\u10db\u10d0\u10e0\u10d4\u10dd\u10d1\u10d0\u10e1. \u10d0\u10e0\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d4\u10d1\u10d8 \u10e0\u10dd\u10ea\u10d0 \u10d3\u10d0\u10d1\u10d4\u10d2\u10d5\u10e0\u10d0 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10e8\u10d5\u10d8\u10da\u10dd\u10d1\u10d8\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10d9\u10d0\u10dc\u10dd\u10dc\u10db\u10d3\u10d4\u10d1\u10da\u10dd\u10d1\u10d8\u10d7, \u10d0\u10dc \u10de\u10d8\u10e0\u10d8\u10e5\u10d8\u10d7 \u10d3\u10d4\u10d3\u10d0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10d9\u10d0\u10dc\u10dd\u10dc\u10db\u10d3\u10d4\u10d1\u10da\u10dd\u10d1\u10d8\u10d7. \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3, \u10d2\u10d0\u10e1\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d4\u10da\u10d8 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d8 \u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8;<\/p>\n\n\n\n

\u10d0\u10e1\u10d4\u10d5\u10d4, \u10d7\u10e3 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d4\u10d2\u10db\u10d0 \u10d2\u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10e8\u10d5\u10d8\u10da\u10dd\u10d1\u10d8\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10d5\u10d0\u10da\u10e3\u10e2\u10d0\u10e8\u10d8 \u10d3\u10d0 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10d3\u10d4\u10d3\u10d0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 WACC-\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0, \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d9\u10dd\u10d4\u10e4\u10d8\u10ea\u10d8\u10d4\u10dc\u10e2\u10e1 \u10d0\u10e3\u10ea\u10d8\u10da\u10d4\u10d1\u10da\u10d0\u10d3 \u10e3\u10dc\u10d3\u10d0 \u10d3\u10d0\u10d4\u10db\u10d0\u10e2\u10dd\u10e1 \u10d0\u10db \u10dd\u10e0\u10d8 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d4\u10d1\u10e1 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10e1\u10ee\u10d5\u10d0\u10dd\u10d1\u10d0;<\/p>\n\n\n\n

\u10e5\u10d5\u10d4\u10db\u10dd\u10d7 \u10ea\u10ee\u10e0\u10d8\u10da\u10e8\u10d8 \u10db\u10dd\u10ea\u10d4\u10db\u10e3\u10da\u10d8\u10d0 \u10dd\u10e0 \u10d5\u10d0\u10da\u10e3\u10e2\u10d0\u10e8\u10d8 WACC-\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10d7\u10d5\u10da\u10d0 \u10d4\u10e0\u10d7\u10d8\u10d3\u10d0\u10d8\u10d2\u10d8\u10d5\u10d4 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7. \u10d3\u10d0\u10d0\u10d9\u10d5\u10d8\u10e0\u10d3\u10d8\u10d7 \u10e0\u10dd\u10d2\u10dd\u10e0 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d3\u10d4\u10d1\u10d0 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d9\u10dd\u10d4\u10e4\u10d8\u10ea\u10d8\u10d4\u10dc\u10e2\u10d4\u10d1\u10d8 \u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd.<\/p>\n\n\n\n

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\"\"<\/a><\/figure>\n\n\n\n

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\u10d0\u10db\u10dd\u10ea\u10d0\u10dc\u10d8\u10e1 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ed\u10e0\u10d4\u10da\u10d0\u10d3, \u10e0\u10dd\u10ea\u10d0 \u10e8\u10d5\u10d8\u10da\u10dd\u10d1\u10d8\u10da\u10d8 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10d5\u10d0\u10da\u10e3\u10e2\u10d0\u10e8\u10d8 \u10d0\u10ee\u10d3\u10d4\u10dc\u10d4\u10dc \u10d1\u10d4\u10e2\u10d0\u10e1 \u10d3\u10d0\u10d7\u10d5\u10da\u10d0\u10e1, \u10d8\u10d7\u10d5\u10da\u10d8\u10d0\u10dc \u10d0\u10e0\u10d0 \u10db\u10d7\u10da\u10d8\u10d0\u10dc\u10d8 \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d4\u10e2\u10d0\u10e1, \u10d0\u10e0\u10d0\u10db\u10d4\u10d3 \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10e1 \u10d6\u10d4\u10db\u10dd\u10d7 \u10d0\u10e0\u10e1\u10d4\u10d1\u10e3\u10da\u10d8 \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d4\u10e2\u10d0\u10e1.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

\u10d7\u10d4\u10dd\u10e0\u10d8\u10e3\u10da\u10d0\u10d3, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d2\u10d0\u10ea\u10d5\u10da\u10d8\u10d7\u10d8 \u10d9\u10e3\u10e0\u10e1\u10d4\u10d1\u10d8 \u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10e8\u10d8\u10d0 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0\u10e1\u10d7\u10d0\u10dc, \u10d3\u10d0 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d7\u10d0\u10dc, \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10e9\u10d0\u10d5\u10d7\u10d5\u10d0\u10da\u10dd\u10d7 \u10e0\u10dd\u10db \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8, \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3, \u10d3\u10dd\u10da\u10d0\u10e0\u10e8\u10d8 \u10e3\u10dc\u10d3\u10d0 \u10e3\u10d3\u10e0\u10d8\u10d3\u10d4\u10e1 \u10e1\u10ee\u10d5\u10d0 \u10d5\u10d0\u10da\u10e3\u10e2\u10d0\u10e8\u10d8 \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d2\u10d0\u10ea\u10d5\u10da\u10d8\u10d7 \u10d9\u10e3\u10e0\u10e1\u10d4\u10d1\u10e1 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10e1\u10ee\u10d5\u10d0\u10dd\u10d1\u10d0\u10e1.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

\u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3 \u10d7\u10e3 \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8 \u10d4\u10e0\u10d7\u10db\u10d0\u10dc\u10d4\u10d7\u10d6\u10d4 \u10db\u10d8\u10d1\u10db\u10e3\u10da\u10d8\u10d0 \u10d2\u10d0\u10e0\u10ea\u10d5\u10da\u10d8\u10d7\u10d8 \u10d9\u10e3\u10e0\u10e1\u10d4\u10d1\u10d8\u10d7, \u10db\u10d0\u10e8\u10d8\u10dc \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d8\u10e1 \u10de\u10e0\u10d4\u10db\u10d8\u10e3\u10db\u10d8 \u10e7\u10d5\u10d4\u10da\u10d0 \u10d5\u10d0\u10da\u10e3\u10e2\u10d0\u10e8\u10d8 \u10d4\u10e0\u10d7\u10db\u10d0\u10dc\u10d4\u10d7\u10e1 \u10e3\u10dc\u10d3\u10d0 \u10d3\u10d0\u10d4\u10db\u10d7\u10ee\u10d5\u10d0\u10e1. \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10e1\u10ee\u10d5\u10d0 \u10d5\u10d0\u10da\u10e3\u10e2\u10d0\u10e8\u10d8 \u10d1\u10d4\u10e2\u10d0\u10e1 \u10d2\u10d0\u10dc\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d8\u10e1\u10d0\u10e1 \u10d2\u10d5\u10d7\u10d0\u10d5\u10d0\u10d6\u10dd\u10d1\u10d4\u10dc \u10e0\u10dd\u10db \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d8\u10e1 \u10de\u10e0\u10d4\u10db\u10d8\u10e3\u10db\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d5\u10d0\u10dc\u10d8\u10e1\u10d0\u10e1 \u10d2\u10d0\u10db\u10dd\u10d5\u10d8\u10e7\u10d4\u10dc\u10dd\u10d7 \u10e1\u10d8\u10dc\u10d7\u10d4\u10d7\u10d8\u10d9\u10e3\u10e0\u10d8 \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8 (\u10d3\u10dd\u10da\u10d0\u10e0\u10e1 + \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0). <\/p>\n\n\n\n

\u10d3\u10d0 \u10d1\u10dd\u10da\u10dd\u10e1, \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10e0\u10dd\u10db \u10e1\u10d0\u10d5\u10d0\u10da\u10e3\u10e2\u10dd \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d0\u10e1 \u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d4\u10dc \u10ee\u10dd\u10da\u10db\u10d4 \u10e8\u10d5\u10d8\u10da\u10dd\u10d1\u10d8\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \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\u10d8\u10e1\u10d0\u10e1, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d2\u10d0\u10ea\u10d5\u10da\u10d8\u10d7\u10d8 \u10d9\u10e3\u10e0\u10e1\u10d4\u10d1\u10d8 \u10db\u10d4\u10e0\u10e7\u10d4\u10d5\u10d8\u10d0. \u10d7\u10e3\u10db\u10ea\u10d0 \u10d4\u10e1 \u10db\u10d8\u10d3\u10d2\u10dd\u10db\u10d0 \u10d0\u10e0\u10d0\u10e1\u10ec\u10dd\u10e0\u10d8\u10d0, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc Purchasing Power Parity \u10d7\u10d4\u10dd\u10e0\u10d8\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7, \u10e5\u10d5\u10d4\u10e7\u10dc\u10d4\u10d1\u10e1 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10d0 \u10d0\u10d8\u10e1\u10d0\u10ee\u10d4\u10d1\u10d0 \u10d2\u10d0\u10ea\u10d5\u10da\u10d8\u10d7 \u10d9\u10e3\u10e0\u10e1\u10d4\u10d1\u10e8\u10d8, \u10d3\u10d0 \u10d7\u10e3 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d4\u10d1\u10d8 \u10e1\u10ec\u10dd\u10e0\u10d0\u10d3 \u10d0\u10e0\u10d8\u10e1 \u10d2\u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10e3\u10da\u10d8, \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10d9\u10dd\u10d4\u10e4\u10d8\u10ea\u10d8\u10d4\u10dc\u10e2\u10d8\u10e1 \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d0 \u10e1\u10d0\u10ed\u10d8\u10e0\u10dd \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1. \u10d0\u10db\u10d0\u10e1\u10d7\u10d0\u10dc, PPP \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0 \u10d9\u10d8 \u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10e8\u10d8 \u10db\u10e3\u10e8\u10d0\u10dd\u10d1\u10e1 \u10db\u10d0\u10d2\u10e0\u10d0\u10db, \u10e1\u10d0\u10d5\u10d0\u10da\u10e3\u10e2\u10dd \u10e0\u10d8\u10e1\u10d9\u10d4\u10d1\u10d8\u10e1 \u10eb\u10e0\u10d8\u10d7\u10d0\u10d3\u10d8 \u10dc\u10d0\u10ec\u10d8\u10da\u10d8 \u10db\u10d0\u10d8\u10dc\u10ea \u10d3\u10d8\u10d5\u10d4\u10e0\u10e1\u10d8\u10e4\u10d8\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8\u10d0…<\/p>\n\n\n\n

\u10ec\u10e7\u10d0\u10e0\u10dd:<\/p>\n\n\n\n

*Valuation, Measuring and Managing the Value of Companies – by McK.&Co, T. Koller, M. Goedhart, D. Wessels<\/p>\n","protected":false},"excerpt":{"rendered":"

When discounting cross-border cash flows, several questions arise: which country’s cost of capital should be used? In which currency? And how should the beta of a subsidiary company be determined? Firstly, it is essential to consider the tax situation. There are instances when taxation occurs according to the laws of the subsidiary company’s country, or […]<\/p>\n","protected":false},"author":12998525,"featured_media":3341,"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":[772049256,31110612,37372,772049227],"tags":[179,4269,6635,1417,10625],"class_list":{"0":"post-3173","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-risk","10":"category-wacc-coc-structure","11":"tag-business","12":"tag-finance","13":"tag-investing","14":"tag-money","15":"tag-personal-finance","17":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/07\/wacc.png?fit=937%2C604&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-Pb","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/3173","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=3173"}],"version-history":[{"count":25,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/3173\/revisions"}],"predecessor-version":[{"id":3352,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/3173\/revisions\/3352"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/3341"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=3173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=3173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=3173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}