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Below are some of the key terms of the valuation industry, meticulously translated by the Valutico team.
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French: Marché actif
Spanish: Mercado activo
German: Aktiver Markt
Portuguese: Mercado ativo
Definition: A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis
French: Alpha
Spanish: Alpha
German: Alpha
Portuguese: Alpha
Definition: See firm-specific risk for the definition of Alpha.
French: Evaluation/Appreciation/Estimation
Spanish: Evaluación/Estimación
German: Bewertung
Portuguese: Avaliação/Estimativa
Definition: (1) The process of establishing the value of an asset or liability; OR (2) The amount representing an opinion or estimate of value
French: La Valeur actuelle nette ajustée (VANA)
Spanish: Método del Valor Presente Ajustado
German: APV-Verfahren (Adjusted Present Value-Verfahren)
Portuguese: Metodo do Valor Presente Ajustado
Definition: A multivariate model for estimating the cost of equity capital, which incorporates several systematic risk factors.
French: Approche basée sur l’actif
Spanish: Metodo basado en Activos
German: Vermögensbasierter Ansatz
Portuguese: Método baseado em ativos
Definition: A method of indicating the value of a business, business or business interest based on a summation of the net value of the individual assets and liabilities. Since each of the assets and liabilities will have been valued using either the market, income or cost approaches, it is not a distinct valuation approach.
French: Valeur de Base
Spanish: Valor de base
German: Wertansatz
Portuguese: Valor de base
Definition: A statement of the fundamental measurement assumptions of a valuation.
French: Beta
Spanish: Beta
German: Beta
Portuguese: Beta
Definition: A measure of systemic risk of a stock; the tendency of a stock’s price to correlate with changes in a specific index.
French: Coefficient bêta
Spanish: Coeficiente Beta
German: Beta-Faktor
Portuguese: Coeficiente Beta
Definition:
French: Blockage Discount
Spanish: Blockage Discount
German: Blockage Discount
Portuguese: Blockage Discount
Definition: An amount or percentage that would be deducted by market participants from the current market price of a publicly traded stock to reflect the decrease in the value per share of a block of stock that is of a size that could not be sold in a reasonable period of time given normal trading volumes.
French: Valeur comptable
Spanish: Valor libro
German: Buchwert
Portuguese: Valor contábil
Definition: The amount at which an asset is recognised in the financial statements of an entity after deducting any accumulated depreciation and any accumulated impairment losses.
French: Business (entreprise commerciale)
Spanish: Business (Empresa)
German: Unternehmen
Portuguese: Business (Empresa)
Definition: A commercial, industrial, service, or investment entity (or a combination thereof) pursuing an economic activity.
French: Risque d'affaires
Spanish: Riesgo del negocio
German: Unternehmensrisiko
Portuguese: Risco do negocio
Definition: The degree of uncertainty of realising expected future returns of the business resulting from factors other than financial leverage.
French: Capex (dépenses d'investissement de capital)
Spanish: CAPEX (Inversiones en activo fijo)
German: Investitionsaufwand
Portuguese: CAPEX (Investimento em Bens de Capital)
Definition:
French: Capital Asset Pricing Model (CAPM)
Spanish: Capital Asset Pricing Model (CAPM)
German: Capital Asset Pricing Model (CAPM)
Portuguese: Capital Asset Pricing Model (CAPM)
Definition: The Capital Asset Pricing (CAPM) Model is the most widely used risk/return model used to calculate the equity cost of capital.
French: La méthode par capitalisation du revenu
Spanish: Método de Capitalización de utilidades
German: Ertragswertverfahren
Portuguese: Metodo de Capitalização da Renda
Definition:
French: Valeur comptable
Spanish: Montante contable (no se que poner)
German: Buchwert
Portuguese: Quantia escriturada
Definition: The amount at which an asset is recognised in the balance sheet after deducting accumulated depreciation and accumulated impairment losses
French: Trésorerie et équivalents de trésorerie
Spanish: Caja y Equivalentes
German: Barmittel & Finanzanlagen
Portuguese: Caixa e Equivalentes
Definition:
French: Flux de trèsorerie
Spanish: Flujo de Caja
German: Geldfluss
Portuguese: Fluxo de caixa
Definition: Cash that is generated over a period of time by an asset, group of assets, or business enterprise. Usually used with a qualifying word or phrase.
French: L'analyse de sociétés comparables.
Spanish: Análisis de empresas comparables
German: Handelsmultiplikator-Verfahren
Portuguese: Análise de comparação de empresas
Definition: Comps or Comparable Company Analysis involves identifying valuation multiples from comparable listed companies and applying these to the financials of the company to be valued.
French: Capitalisation
Spanish: Capitalización
German: Aufzinsung
Portuguese: Capitalização
Definition: The ability of an asset to generate earnings, which are then reinvested in order to generate their own earnings. In other words, compounding refers to generating earnings from previous earnings.
French: Comparables
Spanish: Comparables
German: Vergleichsunternehmen
Portuguese: Comparáveis
Definition: See Comparable Company Analysis.
French: Charges contributives d'actifs
Spanish: Cargos por activos contributivos
German: Kalkulatorische Nutzungsentgelte für "unterstützende" Vermögenswerte
Portuguese: Cobranças por ativos de contribuição
Definition: A charge to reflect a fair return on or return of Contributory Assets used in the generation of the cash flows associated with the intangible asset being valued.
French: Actifs concernés
Spanish: Activos contributivos
German: "Unterstützende" Vermögenswerte
Portuguese: Ativos de contricuição
Definition: Any tangible or intangible assets used in the generation of the cash flows associated with the intangible asset being valued.
French: Prime de contrôle
Spanish: Prima por control
German: Kontrollprämie
Portuguese: Prêmio de controle
Definition: An amount or a percentage by which the pro rata value of a controlling interest exceeds the pro rata value of a non-controlling interest in a business enterprise, to reflect the power of control.
French: Coût approché
Spanish: Método de costo
German: Kostenansatz
Portuguese: Metodo do custo
Definition: A valuation approach based on the economic principle that a buyer will pay no more for an asset than the cost to obtain an asset of equal utility, whether by purchase or by construction.
French: Coût du capital
Spanish: Costo de capital / Coste del dinero
German: Kapitalkosten
Portuguese: Custo de capital
Definition: The expected rate of return that the market requires in order to attract funds to a particular investment.
French: Coût de la dette
Spanish: Costo de la deuda
German: Fremdkapitalkosten
Portuguese: Custo da dívida
Definition:
French: Covariance
Spanish: Covariancia
German: Kovarianz
Portuguese: Covariância
Definition: A statistical measure of the variance of two random variables that are observed or measured in the same mean time period.
French: Risque crédit
Spanish: Riesgo de credito
German: Kreditrisiko
Portuguese: Risco de crédito
Definition: The risk that one party to a contract will cause a financial loss for the other by failing to discharge an obligation.
French: Actifs courants
Spanish: Activos corrientes
German: Umlaufvermögen
Portuguese: Ativos correntes
Definition: Cash and assets that are reasonably expected to be converted into cash within one year in the normal course of business.
French: Passif courant
Spanish: Deuda corrientes
German: Kurzfristige Verbindlichkeiten
Portuguese: Dívidas correntes
Definition: Debts or obligations that are due within one year.
French: Flux de trésorerie actualisés
Spanish: DCF - Flujo de Caja Descontado
German: DCF-Verfahren / Discounted Cash-Flow-Verfahren
Portuguese: DCF - Fluxo de Caixa Descontado
Definition:
French: Financement par l'emprunt
Spanish: Deuda financiera
German: Fremdkapitalfinanzierung
Portuguese: Dívida financiada
Definition: Raising money for a business through loans or by issuing bonds.
French: Probabilité de défaut
Spanish: Probabilidad de default
German: Ausfallwahrscheinlichkeit
Portuguese: Probabilidade de default
Definition: The likelihood of a counterparty not honouring its obligations.
French: Décote pour absence de contrôle
Spanish: Descuento por falta de control
German: Kontrollabschlag
Portuguese: Desconto por falta de controle
Definition: An amount or percentage deducted from a pro-rata share of the value of 100 percent of an equity interest in a business, to reflect the absence of some or all of the powers of control.
French: Décote pour absence de liquidité
Spanish:
German: Liquiditätsabschlag
Portuguese:
Definition:
French: Décote d'illiquidité
Spanish:
German: Marktfähigkeitsabschlag
Portuguese:
Definition:
French: Taux d'actualisation
Spanish: Tasa (factor) de descuento
German: Diskontierungssatz / Abzinsungsfaktor
Portuguese: Taxa de desconto
Definition: The discount rate is the percentage rate required to calculate the present value of a future cash flow.
French: Flux de trésorerie actualisés méthode d'évaluation
Spanish: Método DCF - Flujo de Caja Descontado
German: DCF-Verfahren / Discounted Cash-Flow-Verfahren
Portuguese: Metodo DCF - Fluxo de Caixa Descontado
Definition: Discounted Cash Flow (DCF) valuation is a method of valuing a company using the concept of the time value of money. All future cash flows are estimated and discounted to give their present values. The sum of all future cash flows, both incoming and outgoing, is the net present value (NPV), which is taken as the value or price of the cash flows in question.
French: Remise/Actualisé
Spanish: Descuento
German: Diskontierung
Portuguese: Desconto
Definition: The process of determining the present value of a payment or a stream of payments that is to be received
French: Méthodes d'évaluation par l'actualisation
Spanish: Métodos de descuento
German: Diskontierungsverfahren
Portuguese: Métodos de desconto
Definition:
French: Risque diversifiable
Spanish: Riesgo diversificable
German: Diversifizierbares Risiko
Portuguese: Risco diversificável
Definition: See firm-specific risk.
French: Dividendes
Spanish: Dividendos
German: Dividenden
Portuguese: Dividendos
Definition: A share of a company’s net profits distributed by the company to a class of its shareholders.
French:
Spanish: Modelo de Descuento de Dividendos
German: DDM - Verfahren/ Divident Discounted Model - Verfahren
Portuguese: Modelo de Desconto de Dividendos
Definition:
French: EBIT
Spanish: EBIT
German: EBIT
Portuguese: EBIT
Definition: Earnings Before Interest and Tax. Sometimes referred to as operating profit.
French: EBITDA
Spanish: EBITDA
German: EBITDA
Portuguese: EBITDA
Definition: Earnings Before Interest, Taxation, Depreciation, and Amortization.
French: La durée d'utilité
Spanish: Vida económica útil
German: Wirtschaftliche Nutzungsdauer
Portuguese: Vida econômica util
Definition: The total period of time over which an asset is expected to generate economic benefits for one or more users.
French: Obsolescence économique
Spanish: Obsolescencia económica
German: Wirtschaftliche Überalterung
Portuguese: Obsolescência econômica
Definition: A loss of utility caused by factors external to the asset, especially factors related to changes in supply or demand for products produced by the asset, that results in a loss of value.
French: La valeur de l'entreprise
Spanish: Valor de la Empresa
German: Unternehmenswert
Portuguese: Valor da Empresa
Definition: Enterprise Value (EV), also known as Total Enterprise Value (TEV), Entity Value, or Firm Value (FV) is a measure reflecting the market value of a whole business. It is the sum of claims of all the security-holders: debt holders, preferred shareholders, minority interest, common equity holders, and others.
French: La valeur d'entreprise par les multiples
Spanish: Múltiplos de valoración de la empresa
German: Unternehmenswert-basierte Multiplikatoren
Portuguese: Múltiplos de valoração da empresa
Definition: A ratio used to determine the value of a company. The enterprise value multiple looks at a company as a potential acquirer would, because it takes debt into account – an item which other multiples like the P/E ratio do not include. An example of an enterprise value multiple is EV/EBITDA.
French: L'approche par entité
Spanish: Valor estimado de la entidad/compañía
German: Bruttoverfahren (Entity Ansatz)
Portuguese:
Definition:
French: Facteurs spécifiques à l'entité
Spanish: Factores especificos de la entidad
German: Unternehmensspezifische Faktoren
Portuguese: Fatores específicos da entidade
Definition: Factors that are specific to an entity and not available to market participants generally.
French: La valeur de l'entreprise
Spanish: Valor de la Empresa
German: Unternehmenswert
Portuguese: Valor da Empresa
Definition: See Enterprise Value.
French: Capitaux propres
Spanish: Patrimonio
German: Eigenkapital
Portuguese: Patrimônio Líquido
Definition: Total assets less total liabilities. Also called total shareholders’ equity or net worth.
French: L'approche par les capitaux propres
Spanish: Método del capital propio
German: Nettoverfahren (Equity Ansatz)
Portuguese: Metodo do capital próprio
Definition:
French: Financement des capitaux propres
Spanish: Finaciamiento del capital
German: Eigenkapitalfinanzierung
Portuguese: Financiamento de Capital
Definition: The money acquired from the business owners themselves or from other investors.
French: Instruments de capitaux
Spanish: Instrumentos de capital
German: Eigenkapitalinstrument
Portuguese: Instrumentos de capital
Definition: Any contract that creates a residual interest in the assets of an entity after deducting all of its liabilities.
French: Les multiples de capitaux propres
Spanish: Múltiplos del capital propio
German: Eigenkapital-basierte Multiplikatoren
Portuguese: Multiplo de capital próprio
Definition: A ratio used to determine the value of a company’s equity. An example of an equity multiple is price to earnings.
French: Prime de risque sur actions
Spanish: Prima de riesgo del capital
German: Eigenkapitalrisikoprämie
Portuguese: Prêmio de risco do capital próprio
Definition: See risk premium for the definition of Equity Risk Premium.
French: Valeur des capitaux propre
Spanish: Valor del capital
German: Eigenkapitalwert
Portuguese: Valor do capital
Definition: The value of a business to all of its shareholders
French: Les multiples baseés sur les capitaux propres
Spanish: Equity Múltiplos base
German: Eigenkapitalwert-basierte Multiplikatoren
Portuguese: Múltiplos basedos em capital próprio
Definition:
French: Les multiples baseés sur la valeur de l'entreprise
Spanish: EV Multiplos base
German: Unternehmenswert-basierte Multiplikatoren
Portuguese: Múltiplos basedos no valor da empresa
Definition:
French: VE/ EBIT
Spanish: EV/EBIT
German: EV/EBIT
Portuguese: EV/EBIT
Definition: The EV to EBIT multiple is defined as the enterprise value divided by earnings before interest and tax.
French: VE/ EBITDA
Spanish: EV/EBITDA
German: EV/EBITDA
Portuguese: EV/EBITDA
Definition: The EV to EBITDA multiple is defined as the enterprise value divided by earnings before interest, tax, depreciation, and amortization.
French: VE/ Ventes
Spanish: EV/Ventas
German: EV/Umsatz
Portuguese: EV/Vendas
Definition: The EV to sales multiple is defined as the enterprise value divided by sales (also called revenue or turnover).
French: Revenus excédentaires
Spanish: Ganancia en exceso
German: Ertragsüberschuss
Portuguese: Ganhos em excesso
Definition: That amount of anticipated economic benefits that exceeds an appropriate rate of return on the value of a selected asset base (often net tangible assets) used to generate those anticipated economic benefits.
French: Prix de sortie
Spanish: Precio de salida
German: Verkaufspreis
Portuguese: Preço de saída
Definition: The price that would be received to sell an asset or paid to transfer a liability
French: Exposition négative attendue (tbc)
Spanish: Exposición negativa esperada
German: Erwartete negative Exposition
Portuguese: Exposição negativa esperada
Definition: The discounted payments and unrealised losses an entity expects to pay to a counterparty.
French: Exposition positive attendue (tbc)
Spanish: Exposición positiva esperada
German: Erwartete positive Exposition
Portuguese: Exposição positiva esperada
Definition: The discounted receipts and unrealised gains an entity forecasts will be recieved from a counterparty
French: Obsolescence externe
Spanish: Obsolescencia externa
German: Externe Obsoleszenz
Portuguese: Obsolescência externa
Definition: A loss of utility caused by economic or locational factors external to the asset that results in a loss of value.
French: Ressources externes
Spanish: Fuentes externas
German: Externe Bezugsquellen
Portuguese: Fontes externas
Definition: market value declines; negative changes in technology, markets, economy, or laws; increases in market interest rates; net assets of the company higher than market capitalisation
French: Évaluateur externe
Spanish: Valor externo
German: Externer Gutachter
Portuguese: Valor externo
Definition: A valuer who is not employed by the owner or manager of an asset.
French: Juste valeur
Spanish: Valor justo
German: Marktwert
Portuguese: Valor justo
Definition: The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date
French: Attestation d'équité
Spanish: Opinión justa
German: Fairness Opinion
Portuguese: Opinião justa
Definition: An opinion on whether the financial terms of a proposed corporate transaction are fair to the equity holders of an entity involved.
French: Instrument financier
Spanish: Instrumento financiero
German: Finanzinstrument
Portuguese: Instrumento financeiro
Definition: A contract that creates rights or obligations between specified parties to receive or pay cash or other financial consideration, or an equity instrument.
French: Normes d'information financière
Spanish: Normas de información financiera
German: Rechnungslegungsstandards
Portuguese: Normas de informação financeira
Definition: Any recognised or adopted standards for the preparation of periodic statements of an entity’s financial position. These may also be referred to as accounting standards.
French: Risque financier
Spanish: Riesgo financiero
German: Finanzielles Risiko
Portuguese: Risco financeiro
Definition: The degree of uncertainty of realizing expected future returns of the business resulting from financial leverage.
French: État financier
Spanish: Estados Financieros
German: Finanzbericht
Portuguese: Estados financeiros
Definition: A periodic statement of an entity’s financial position
French: Financement combiné
Spanish: Mix de Financiación
German: Finanzierungspolitik
Portuguese: Mix de Financiamento
Definition:
French: La valeur de l'entreprise
Spanish: Valor de la Empresa
German: Unternehmenswert
Portuguese: Valor da Empresa
Definition: See Enterprise Value.
French: Le risque spécifique d'une entreprise
Spanish: Riesgo no sistematico
German: Unternehmensspezifisches Risiko
Portuguese: Risco não sistemâtico
Definition: Firm-specific risk is sometimes called unsystematic risk, specific risk, diversifiable risk or alpha. The category includes risks associated with a firm’s management team, operations, projects, products, profits, and so on.
French: Flux de trésorerie sur capitaux propres
Spanish: Flujo de Caja Libre del Accionista
German: Free Cash Flows to Equity
Portuguese: Fluxo de Caixa Livre do Acionista
Definition: Free Cash Flows to Equity is the cash flow available for distribution to equity holders. If net borrowings remain unchanged, the formula is free cash flows to the firm – Interest Expense x (1 – Tax Rate).
French: Flux de trésorerie sur l'entreprise
Spanish: Flujo de Caja Libre de la empresa
German: Free Cash Flows
Portuguese: Fluxo de Caixa Livre da Empresa
Definition: This is the cash flow available for distribution among all the securities holders of an organization (i.e. debt holders, equity holders, etc.). The standard definition is EBIT x (1 – Tax Rate) + Depreciation & Amortization +/- Changes in Working Capital – Capital Expenditure. The can also be referred to as unlevered free cash flow.
French: Flux de trésorerie disponible aux actionnaires, FCFE
Spanish: Método del Flujo de Caja del Accionista
German: Equity Ansatz
Portuguese: Metodo do Fluxo de Caixa do Acionista
Definition:
French: Obsolescence fonctionnelle
Spanish: Obsolescencia funcional
German: Funktionale Obsoleszenz
Portuguese: Obsolescência funcional
Definition: A loss of utility resulting from inefficiencies in the subject asset compared to its replacement that results in a loss of value.
French: Endettement
Spanish: Apalancamiento
German: Verschuldungsgrad
Portuguese: Alavancagem
Definition:
French: Continuité d'exploitation
Spanish: Continuación de la operación
German: Unternehmensfortführung
Portuguese: Continuação da operação
Definition: A business enterprise that is expected to continue operations for the foreseeable future.
French: Goodwill (survaleur financiere)
Spanish: Goodwill
German: Goodwill
Portuguese: Goodwill
Definition: Any future economic benefit arising from a business, an interest in a business or from the use of a group of assets which is not separable.
French: Dette brute
Spanish: Deuda Bruta
German: Bruttoverschuldung
Portuguese: Dívida Bruta
Definition: All interest-bearing debt (both current and long-term).
French: Usage optimal
Spanish: Máximo y mejor uso
German: Höchste und beste Nutzung
Portuguese: Maior e melhor uso
Definition: The use of a non-financial asset by market participants that would maximise the value of the asset or the group of assets and liabilities (e.g. a business) within which the asset would be used
French: Perte de valeur
Spanish: Pérdida por deterioro
German: Wertminderungsaufwand
Portuguese: Perda por imparidade
Definition: The amount by which the carrying amount of an asset or cash-generating unit exceeds its recoverable amount
French: Perpétuel
Spanish: En Perpetuidad/Perpetuo
German: in ewiger Rente
Portuguese: Em Perpetuidade/Perpétuo
Definition:
French: L'optique des revenus
Spanish: Médoto de ingresos
German: Einkommensansatz
Portuguese: Ótica da receita
Definition: A valuation approach that provides an indication of value by converting future cash flows to a single current capital value.
French: Rendement initial
Spanish: Rendimiento Inicial
German: Ausgangsrendite
Portuguese: Rendimento inicial
Definition: The initial income from an investment divided by the price paid for the investment expressed as a percentage.
French: Actifs incorporels
Spanish: Activo intangible
German: Immaterielle Vermögenswerte
Portuguese: Ativo intangível
Definition: A non-monetary asset that manifests itself by its economic properties. It does not have physical substance but grants rights and economic benefits to its owner.
French: Taux d'intérêt sur le financement par emprunt (pour calculer le flux de trésorerie)
Spanish: Tasa de interés sobre deuda (para calcular flujos de caja)
German: Fremdkapitalzinsen (zur Berechnung der Überschüsse)
Portuguese: Taxa de juro sobre dívida (para calular fluxos de caixa)
Definition:
French: Taux de rentabilité interne
Spanish: Tasa interna de retorno
German: Interne Rendite
Portuguese: Taxa de rentabilidade interna
Definition: The discount rate at which the present value of the future cash flows of the investment equals the acquisition cost of the investment.
French: Ressources internes
Spanish: Fuentes internas
German: Interne Bezugsquellen
Portuguese: Fontes internas
Definition: obsolescence or physical damage; asset is idle, part of a restructuring or held for disposal; worse economic performance than expected; for investments in subsidiaries, joint ventures or associates, the carrying amount is higher than the carrying amount of the investee's assets, or a dividend exceeds the total comprehensive income of the investee
French: Trésorerie
Spanish: Capital invertido
German: Investiertes Kapital
Portuguese: Capital investido
Definition: The sum of equity and debt in a business enterprise. Debt can be either (a) all interest-bearing debt or (b) long-term, interest-bearing debt. When the term is used, it should be supplemented by the appropriate qualifying words.
French: Immeuble de placement
Spanish: Propiedad de inversión
German: Investitionsliegenschaften
Portuguese: Propriedade de investimento
Definition: Property that is land or a building, or part of a building, or both, held by the owner to earn rentals or for capital appreciation, or both, rather than for: 1. use in the production or supply of goods or services or for administrative purposes, or 2. sale in the ordinary course of business.
French: Valeur d'investissement
Spanish: Valor de inversión
German: Investitionswert
Portuguese: Valor do Investimento
Definition: The value of an asset to the owner or a prospective owner for individual investment or operational objectives.
French: Facteur bêta
Spanish: Beta apalancado
German: Levered Beta
Portuguese: Beta alavancado
Definition: The beta reflecting a capital structure that includes debt.
French: Valeur de liquidation
Spanish: Valor de Liquidación
German: Liquidationswert
Portuguese: Valor de Liquidação
Definition: The net amount that would be realized if a business is discounted and its assets are sold individually. The appropriate bases of value and any appropriate additional qualifying assumptions should also be stated.
French: Perte en cas de défaut
Spanish: Pérdida dado el incumplimiento
German: Verlust bei Ausfall
Portuguese: Perda dada inadimplência
Definition: The percentage amount that a party expects to lose if the counterparty defaults
French: Capitalisation boursière
Spanish: Capitalización de Mercado
German: Marktkapitalisierung
Portuguese: Capitalização do Mercado
Definition: Market Capitalization is the share prices times the number of shares outstanding for a publicly traded company.
French: Participants au marché
Spanish: Participantes del mercado
German: Marktteilnehmer
Portuguese: Participantes do mercado
Definition: The whole body of individuals, companies or other entities that are involved in actual transactions or who are contemplating entering into a transaction for a particular type of asset.
French: Taux du marché (tbc)
Spanish: Alquiler de mercado
German: Marktmiete
Portuguese: Aluguel no Mercado
Definition: The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion
French: Le risque de marché
Spanish: Riesgo de mercado
German: Marktrisiko
Portuguese: Risco de mercado
Definition: Market Risk is often referred to as systematic risk, non-specific risk, non-diversifiable risk or beta. This category includes risks such as interest rates, the economic cycle, inflation, legislation and socio-economic developments.
French: Prime de risque marché
Spanish: Prima de riesgo de mercado
German: Marktrisikoprämie
Portuguese: Prêmio de risco de mercado
Definition:
French: Valeur de marché
Spanish: Valor de mercado
German: Marktwert
Portuguese: Valor de mercado
Definition: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.
French: La valeur de marché des titres de créance
Spanish: Valor de mercado de deuda
German: Marktwert des verzinslichen Fremdkapitals
Portuguese: Valor de mercado da dívida
Definition:
French: Métrique
Spanish: Métrica
German: Metrik
Portuguese: Métrica
Definition:
French: Actifs moderne équivalent (tbc)
Spanish: Activo Equivalente Moderno
German: Modernes Äquivalenzgut
Portuguese: Ativo equivalente moderno
Definition: An asset which provides similar function and equivalent utility to the asset being valued, but which is of a current design and constructed or made using current materials and techniques.
French: Le marché le plus avantageux
Spanish: Mercado más ventajoso
German: Vorteilhaftester Markt
Portuguese: Mercado mais vantajoso
Definition: The market that maximises the amount that would be received to sell the asset or minimises the amount that would be paid to transfer the liability, after taking into account transaction costs and transport costs
French: Méthode de valorisation par les multiples
Spanish: Método de valoración por multiplos
German: Multiplikatorverfahren
Portuguese: Metodo de Valoração por múltiplos
Definition: The Multiples Valuation Approach is a valuation theory based on the idea that similar assets sell at similar prices. It assumes that a ratio comparing value to some firm-specific variable (operating margins, cash flow, etc.) is the same across similar firms.
French: Dette net
Spanish: Deuda Neta
German: Nettofinanzverbindlichkeiten
Portuguese: Dívida liquida
Definition: Net debt is all interest bearing debt (often referred to as gross debt) less cash, cash equivalents and marketable securities. Net debt assumes that cash and marketable securities are “surplus” or “redundant” and can be used to pay down debt. In practice, It is important to assess whether all cash, cash equivalents, and marketable securities truly are “redundant” or readily disposable.
French: Revenu net
Spanish: Utildad Neta
German: Jahresüberschuss
Portuguese: Lucro Líquido
Definition:
French: Le résultat net d'exploitation (RNE)
Spanish: NOPAT
German: NOPAT
Portuguese: NOPAT
Definition: Net Operating Profit After Tax (NOPAT) is a company’s after-tax operating profit for all investors, including shareholders and debt holders.
French: Valeur Actuelle Nette
Spanish: Valor Presente líquido
German: Nettobarwert
Portuguese: Valor Presente líquido
Definition: Net Present Value is the sum of the present values of a time series of future cash flows.
French: Flux de trésorerie nominaux
Spanish: Flujos de efectivo nominales
German: Nominale Geldflüsse
Portuguese: Fluxos de caixa nominais
Definition: Cash flows expressed in monetary terms in a given period or series or periods.
French: Actifs non courants
Spanish: Activos no corrientes
German: Langfristige Vermögenswerte
Portuguese: Ativos não circulantes
Definition: Assets that are held long term and intended for use by an enterprise in the production of goods or the delivery of services.
French: Risques non-diversifiables
Spanish: Riesgos no diversificables
German: Nicht-diversifizierbares Risiko
Portuguese: Riscos não diversificados
Definition: See market risk.
French: Immobilisations hors exploitation
Spanish: Activos no operacionales
German: Nicht betriebsnotwendiges Vermögen
Portuguese: Ativos não operacionais
Definition: Classes of assets that are not essential to the operations of a business, but may still generate income or provide return on investment.
French: Risque non-spécifique
Spanish: Riesgo no específico
German: Nicht-spezifisches Risiko
Portuguese: Risco não específico
Definition: See market risk.
French: Bénéfices normalisés
Spanish: Ganancias normalizadas
German: Normalisierte Erträge
Portuguese: Ganhos normalizados
Definition: Earnings adjusted for non-recurring items, over/under depreciation, profit/loss on sale of assets, etc. so that earnings reflect the ongoing performance of the company.
French: Obsolescence
Spanish: Obsolescencia
German: Obsoleszenz
Portuguese: Obsolescência
Definition: A loss of utility of an asset caused by either physical deterioration, changes in technology, patterns of demand or environmental changes that results in a loss of value.
French: Groupe de paires
Spanish: Empresas comparables
German: Peer Group / Vergleichsunternehmen
Portuguese: Empresas comparáveis
Definition:
French: Obsolescence physique
Spanish: Obsolescencia Física
German: Physikalische Obsoleszenz
Portuguese: Obsolescência física
Definition: A loss of utility due to the physical deterioration of the asset or its components resulting from its age and normal usage that results in a loss of value.
French: Usine et équipement
Spanish: Planta y equipos (Inmovilizado material)
German: Betriebs- und Geschäftsausstattung
Portuguese: Planta e equipamentos
Definition: A class of tangible asset that is: 1.held by an entity for use in the production or supply of goods or services, for rental by others or for administrative purposes AND 2.expected to be used over a period of time.
French: Portefeuille
Spanish: Portfolio
German: Portfolio
Portuguese: Portfólio
Definition: An assemblage of various assets or liabilities held or managed by a single entity.
French: Analyse des transactions antérieures
Spanish: Análisis de transacción precedente
German: Transaktionsmultiplikator-Methode
Portuguese: Análise de transação precedente
Definition: Precedents or Precedent Transaction Analysis involves identifying recent acquisitions in the same sector and applying the multiples from these transactions to the financials of the company to be valued.
French: Valeur Actuelle
Spanish: Valor presente
German: Barwert
Portuguese: Valor presente
Definition: The value, as of a specified date, of a future payment or series of future payments discounted to the specified date (or to time period zero) at an appropriate discount rate.
French: Valeur Actuelle des flux de trésorerie futurs.
Spanish: Valor Presente de los flujos de caja futuros
German: Barwert künftiger finanzieller Überschüsse
Portuguese: Valor Presente dos fluxos de caixa futuros
Definition:
French: Cours/valeur
Spanish: P/VL - Capitalización/Valor Libro
German: Kurs-Buchwert-Verhältnis
Portuguese: P/B - Preço da Ação/Valor patrimonial da ação
Definition: The price to book multiple is defined as the market capitalization (or equity value of common shares) divided by the book value of equity which is total common shareholders’ equity excluding preference shares and minority interest.
French: Cours/bénéfice
Spanish: P/U - Capitalización/Utilidad
German: Kurs-Gewinn-Verhältnis
Portuguese: P/L
Definition: The Price to Earnings Multiple is defined as the market capitalization (or equity value of common shares) divided by the earnings belonging to common shareholders.
French: Marché principal
Spanish: Mercado principal
German: Hauptmarkt
Portuguese: Mercado principal
Definition: The market with the greatest volume and level of activity for the asset or liability
French: Information financière previsionnelle
Spanish: Información financiera prospectiva
German: Vorausschauende Finanzinformationen
Portuguese: Informação financeira prospectiva
Definition: Forecast financial data used to estimate cash flows in a discounted cash flow model.
French: Taux de retour
Spanish: Tasa de retorno
German: Rendite
Portuguese: Taxa de Retorno
Definition: An amount of income (loss) and/or change in value realised or anticipated on an investment, expressed as a percentage of that investment.
French: Flux de trésorerie réels
Spanish: Flujos de caja reales
German: Reale Cashflows
Portuguese: Fluxos de caixa reais
Definition: Nominal cash flows adjusted to exclude the effect of price changes over time.
French: Comptabilisation d'une perte de valeur
Spanish: Reconocimiento de una pérdida por deterioro
German: Erfassung einer Wertminderung
Portuguese: Reconhecimento de uma perda por imparidade
Definition: An impairment loss is recognised whenever recoverable amount is below carrying amount.
French: Valeur recouvrable
Spanish: Cantidad recuperable
German: Erzielbarer Betrag
Portuguese: Quantia recuperável
Definition: The higher of an asset's fair value less costs of disposal* (sometimes called net selling price) and its value in use
French:
Spanish: Transacciones de referencia
German: Referenz-Transaktionen
Portuguese: Transações de referência
Definition:
French: Coût de remplacement
Spanish: Costo de reemplazo
German: Wiederbeschaffungskosten
Portuguese: Custo de reposição
Definition: The current cost of a similar asset offering equivalent utility.
French: Rentabilité exigé
Spanish: Retorno requerido
German: Renditeforderung / Rendievorgabe / Renditeerwartung
Portuguese: Retorno requerido
Definition:
French: Reprise d'une perte de valeur
Spanish: Reversión de una pérdida por deterioro
German: Wertaufholung bei einer Wertminderung
Portuguese: Reversão de uma perda por imparidade
Definition: Same approach as for the identification of impaired assets: assess at each balance sheet date whether there is an indication that an impairment loss may have decreased. If so, calculate recoverable amount.
French: La prime de risque
Spanish: Prima de riesgo
German: Risikoprämie
Portuguese: Prêmio de risco
Definition: Risk Premium is the excess return that the overall stock market provides over the risk-free rate.
French: Taux sans risque ajusté
Spanish: Tasa libre de riesgo
German: Risikoloser Zinssatz
Portuguese: Taxa Livre de risco
Definition: Most analysts use the yield on government bonds to determine the risk-free rate even though they are not entirely risk-free. This is because it is virtually impossible to get a truly risk free rate.
French: Royalties
Spanish: Royalty
German: Lizenzgebühr
Portuguese: Royalty
Definition: A payment made for the use of an asset, especially an intangible asset or a natural resource.
French: Ventes
Spanish: Ventas
German: Umsatz
Portuguese: Vendas
Definition:
French: Hypothèse Spéciale (tbc)
Spanish: Supuesto Especial
German: Besondere Annahme
Portuguese: Suposição Especial
Definition: An assumption that either assumes facts that differ from the actual facts existing at the valuation date or that would not be made by a typical market participant in a transaction on the valuation date.
French: Acheteur spécial (tbc)
Spanish: Comprador Especial
German: Spezieller Einkäufer
Portuguese: Comprador Especial
Definition: A particular buyer for whom a particular asset has special value because of advantages arising from its ownership that would not be available to other buyers in a market.
French: Valeur spéciale (tbc)
Spanish: Valor especial
German: Besonderer Wert
Portuguese: Valor Especial
Definition: An amount that reflects particular attributes of an asset that are only of value to a special purchaser.
French: Risque spécifique
Spanish: Riesgo específico
German: Spezifisches Risiko
Portuguese: Risco Específico
Definition: See firm-specific risk.
French: Écart type
Spanish: Desviación estandar
German: Standardabweichung
Portuguese: Desvio Padrão
Definition: A measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance.
French:
Spanish: Valor Subjetivo
German: subjektiver Unternehmenswert
Portuguese:
Definition:
French: Valeur synergique
Spanish: Valor sinérgico
German: Synergiewert
Portuguese: Valor sinérgico
Definition: An additional element of value created by the combination of two or more interests where the value of the combined interest is worth more than the sum of the original interests.
French: Risque systématique
Spanish: Riesgo sistematico
German: Systematisches Risiko
Portuguese: Risco sistemático
Definition: See market risk.
French: Avantage d'amortissement fiscal
Spanish: Beneficio de amortización de impuestos
German: Steuerlicher Amortisationsvorteil
Portuguese: Benefício de Amortização Fiscal
Definition: Tax relief available on amortisation of the capitalised asset.
French: Bouclier fiscal
Spanish: Beneficio fiscal
German: Steuerersparnis aus der Fremdfinanzierung
Portuguese: Benefício fiscal
Definition:
French: Valeur terminale
Spanish: Valor terminal
German: Endwert
Portuguese: Valor terminal
Definition: The value at the end of an explicit forecast period of all remaining projected cash flows.
French: Dernière année
Spanish: Último año
German: Rentenphase
Portuguese:
Definition:
French: Les multiples
Spanish: Multiplos comparables
German: Handels-Multiplikatoren
Portuguese: Múltiplos comparáveis de mercado
Definition:
French: Les multiples de transactions
Spanish: Multiplos de las transacciones
German: Transaktions-Multiplikatoren
Portuguese: Múltiplos de tansações comparáveis
Definition:
French: Risque non systématique
Spanish: Riesgo no sistematico
German: Unsystematisches Risiko
Portuguese: Risco não sistemático
Definition: See firm-specific risk.
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French: Evaluation/Valorisation
Spanish: Valoración
German: Bewertung
Portuguese: Avaliação
Definition: (1) The process of establishing the value of an asset or liability; OR (2) The amount representing an opinion or estimate of value
French: Approche d'évaluation
Spanish: Enfoque de valoración
German: Bewertungsansatz
Portuguese: Abordagem de avaliação
Definition: One of three principal ways of estimating value. Each valuation approach includes different methods that may be used to apply the principles of the approach to specific asset types or situations.
French: Date d'évaluation
Spanish: Fecha de la valoración
German: Bewertungsdatum
Portuguese: Data de avaliação
Definition: The date on which the opinion of value applies. The valuation date shall also include the time at which it applies if the value of the type of asset can change materially in the course of a single day.
French: Données d'évaluation
Spanish: Entradas de valoración
German: Bewertungseingaben
Portuguese: Entradas de avaliação
Definition: Data and other information that is used in a valuation method. Inputs may be actual or estimated.
French: Méthodes d'évaluation
Spanish: Método de valoración
German: Bewertungsmethode
Portuguese: Método de Avaliação
Definition: A specific technique or model used to estimate value. All valuation methods fall within a valuation approach.
French: Rapport d'évaluation
Spanish: Informe de Valoración
German: Bewertungsbericht
Portuguese: Laudo de Avaliação
Definition: A report that communicates a valuation opinion and relevant associated matters to its intended recipient.
French: Examen d'évaluation
Spanish: Revisión de valoración
German: Bewertungsüberprüfung
Portuguese: Revisão de Avaliação
Definition: The act or process of considering and reporting on a valuation undertaken by another party, which may or may not require the reviewer to provide their own valuation opinion.
French: Valeur à risque
Spanish: Valor en riesgo
German: Value at Risk
Portuguese: Valor em risco
Definition: The maximum loss that could be expected to be incurred over a nominated time period as a result of movements in identified risk parameters, within a specified level of probability based on statistical analysis of historical price trends and volatilities.
French: Valeur d'utilité
Spanish: Valor en uso
German: Nutzungswert
Portuguese: Valor em uso
Definition: The present value of the future cash flows expected to be derived from an asset or cash-generating unit.
French: Variance/écart
Spanish: Variancia
German: Varianz
Portuguese: Variância
Definition: Variance is a measure of the dispersion of a set of data points around their mean value. Variance is a mathematical expectation of the average squared deviations from the mean.
French: Le Coût Moyen Pondéré du Capital (CMPC)
Spanish: Método WACC (Coste Promedio Ponderado de Capital)
German: WACC-Verfahren (Weighted Average Cost of Capital-Verfahren)
Portuguese: Metodo WACC (Custo Médio Ponderado de Capital)
Definition:
French: Actifs épuisables
Spanish: Desperdicio de activos
German: Verfallender Vermögenswert
Portuguese: Desperdiço de ativos
Definition: Assets which in real terms will generally depreciate in value over time.
French: Le Coût Moyen Pondéré du Capital (CMPC)
Spanish: WACC
German: Gewichtete Kapitalkosten
Portuguese: WACC
Definition: The Weighted Average Cost of Capital (WACC) incorporates the individual costs of capital for each provider of finance (e.g. debt and equity), weighted by the relative size of their contribution to the overall pool of finance.
French: Fonds de roulement
Spanish: Capital circulante
German: Betriebsmittel
Portuguese: Capital de giro
Definition: The amount by which current assets exceed current liabilities.
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French: Rendement
Spanish: Rendimiento
German: Rendite
Portuguese: Rendimento
Definition: The return on an investment. Usually expressed annually as a percentage based on an investment’s cost, its current market value or its face (par) value. Often used with a qualifying word or phrase.
French: Rendement à échéance
Spanish: Rendimiento al vencimiento
German: Rendite bis Fälligkeit
Portuguese: Rendimento até o vencimento
Definition: The annual rate of return anticipated on a bond if it is held until the maturity date taking into account the current market price, the par value, coupon interest rate and the time to maturity.
