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- W24361811 abstract "This chapter describes the discount rate calculation approach developed and used by HOLT Value Associates in its cash flow return on investment (CFROI) model. HOLT's total system approach derives firm-specific discount rates consistent with specified procedures for assigning fade rates for future CFROIs and sustainable growth rates that drive the net cash receipt (NCR) stream. The three variables that determine the CFROI model's company-specific discount rate are: market rate, company size, and company leverage. The CFROI model does not employ a lower after-tax cost of debt for the benefit of the tax deductibility of interest paid by firms. This benefit is captured by higher CFROIs owing to lower taxes paid. Equity investors react to changes that affect their expected real, net-of-tax return by lowering or raising share prices to adjust to the revisions of the firms' NCR forecasts and also to adjust to the expected effects of inflation and taxes on their target return." @default.
- W24361811 created "2016-06-24" @default.
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- W24361811 date "1999-01-01" @default.
- W24361811 modified "2023-09-26" @default.
- W24361811 title "Market-derived dis count rates and company-specific risk differentials" @default.
- W24361811 doi "https://doi.org/10.1016/b978-075063865-4.50045-0" @default.
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