{"id":3515,"date":"2024-09-16T20:24:17","date_gmt":"2024-09-16T16:24:17","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=3515"},"modified":"2026-04-15T16:05:40","modified_gmt":"2026-04-15T12:05:40","slug":"country-risk-in-valuation","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/09\/16\/country-risk-in-valuation\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0\u10e8\u10d8<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Evaluating organizations operating in developing countries is associated with certain difficulties, and in this area, academics and practitioners often do not agree.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The issue is that developing markets are characterized by additional systemic and specific risks. Often, an additional 3%-5% country risk is added to an organization&#8217;s WACC, which is a significant mistake. According to McKinsey, practical analysis shows that if country risk exists systemically, it should be around 0.5%-1%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A better approach is to consider such risk specifically and, instead of relying on a single (expected) cash flow plan, conduct scenario planning. Then, summarize the results obtained from the scenarios with the corresponding probabilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The table below shows the comparison of the scenario method and the discount rate. For example, if we assume that the expected cash flows could decrease by 40% and the probability of this is 50%, we would achieve the same result in the valuation as if we increased the WACC by 1.5%. Therefore, the sensitivity to WACC is so high that increasing it by 3%-5% would lead to an inadequate valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thus, in such cases, it would be better to use the scenario method, evaluate with an increased WACC, and, if possible, use the multiplier method as well. Such a triple check will allow us to reach a realistic figure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"919\" height=\"529\" data-attachment-id=\"3520\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/16\/country-risk-in-valuation\/image-60\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/07\/image-18.png?fit=919%2C529&amp;ssl=1\" data-orig-size=\"919,529\" 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\/07\/image-18.png?fit=919%2C529&amp;ssl=1\" class=\"wp-image-3520\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/07\/image-18.png?resize=919%2C529&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When calculating the WACC of organizations operating in such markets, it should be remembered that they often have an unusual financial structure. Leverage is usually lower than in developed countries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Also, the nominal WACC may vary over the years due to unstable expected inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, remember that there is no exact answer here. The main thing is that all assumptions you make are well thought out and agreed upon with the relevant audience.<\/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.&#038;Co, T. Koller, M. Goedhart, D. Wessels<\/p>","protected":false},"excerpt":{"rendered":"<p>\u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d0\u10d3 \u10e5\u10d5\u10d4\u10dc\u10d4\u10d1\u10e8\u10d8 \u10db\u10dd\u10e5\u10db\u10d4\u10d3\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0 \u10d2\u10d0\u10e0\u10d9\u10d5\u10d4\u10e3\u10da \u10e1\u10d8\u10e0\u10d7\u10e3\u10da\u10d4\u10d4\u10d1\u10d7\u10d0\u10dc \u10d0\u10e0\u10d8\u10e1 \u10d3\u10d0\u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8, \u10d0\u10db \u10dc\u10d0\u10ec\u10d8\u10da\u10e8\u10d8 \u10d0\u10d9\u10d0\u10d3\u10d4\u10db\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d3\u10d0 \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10d5\u10d4\u10e0 \u10d7\u10d0\u10dc\u10ee\u10db\u10d3\u10d4\u10d1\u10d8\u10d0\u10dc. \u10e1\u10d0\u10e5\u10db\u10d4 \u10d8\u10db\u10d0\u10e8\u10d8\u10d0 \u10e0\u10dd\u10db \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d0\u10d3 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10e1 \u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10d7 \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7\u10d8 \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10e3\u10e0\u10d8 \u10d3\u10d0 \u10e1\u10de\u10d4\u10ea\u10d8\u10e4\u10d8\u10e3\u10e0\u10d8 \u10e0\u10d8\u10e1\u10d9\u10d4\u10d1\u10d8. \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10ee\u10dd\u10da\u10db\u10d4, \u10e0\u10dd\u10db [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_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":[774675935,772049256,37372,772049227],"tags":[179,882720,4269,6635,28559],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445727],"eon_content_type":[],"eon_source":[784445709],"eon_idea":[784445700,784445690,784445692],"eon_framework":[],"class_list":["post-3515","post","type-post","status-publish","format-standard","hentry","category-valuation-measuring-and-managing-the-value-of-companies-by-mck-co-t-koller-m-goedhart-d-wessels","category-cross-border-valuation","category-risk","category-wacc-coc-structure","tag-business","tag-cost-of-capital","tag-finance","tag-investing","tag-investment","eon_level-intermediate","eon_source-valuation-measuring-and-managing-the-value-of-companies-by-mck-co-t-koller-m-goedhart-d-wessels","eon_idea-cross-border-valuation","eon_idea-risk","eon_idea-wacc-coc-structure"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - 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