Entity method (gross method)

Die Entity-Methode oder Bruttomethode ist eine der beiden Varianten der DCF-Methode und dient genau wie die Equity method (Nettomethode) der Bewertung von Projekten oder Unternehmen. Die Entity-Methode möchte aber den Gesamtwert zugunsten aller Kapitalgeber berechnen, faßt also Eigenkapitalgeber und Fremdkapitalgeber zusammen.
All capital providers combined can not only consider the free cash flows as a result in their favor, but also the sum of the free cash flows and the interest paid. With the equity method, the expected cash flows of the future years are again assumed on the basis of the business planning and the planned investments are deducted:

Then the interest payable in the individual years is added up; let them be designated with Z1, Z2,….
Zur Diskontierung wird ein durchschnittlicher Cost of capital verwendet, der mit WACC (weighted average cost of capital) bezeichnet wird und sich als gewichtetes Mittel der marktgerechten Renditeansprüche von Eigenkapitalgebern und Fremdkapitalgebern errechnet. Der Barwert ist dann der Gesamtwert der Unternehmung, das heißt, die Summe aus dem heutigen Marktwert des Eigenkapitals, EKo, und dem heutigen Marktwert des Fremdkapitals FKo .

If the entrepreneurial process is completely ended at a point in time T, the entire enterprise can perhaps be sold or liquidated. The proceeds are (from today's perspective) uncertain, but a forecast should be made. The expected proceeds from sale or liquidation are denoted by LT. This figure is discounted with the average cost of capital. In the event of termination, the equity providers must meet the still existing demands of the debt capital provider FKT. They can be forecast comparatively well and should be based on the current point in time with the interest rate for borrowed capital, in.

Often the entity method is preferred over the equity method. Both variants of the DCF method actually lead to the same values, unless the value of the equity depends on the capital structure due to non-financing-neutral taxes.

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