Sulla riconciliabilità dei modelli estimativi di capitale economico: alcune formalizzazioni assiologico-implementative

There are several methodologies aimed at valuing the company’s "economic capital”, among whom the cash flows formula has been particularly popular for several years (international academic and practitioners level), as well as the hybrid approach (national / European level). After a literature review, this article - under hypotheses conventionally and generally accepted in the valuation framework and through original ad hoc logical-mathematical steps - investigates the possibility of enabling a technical convergence of the aforementioned methodologies (which only prima facie would have not too much in common). Absent a systematic and unifying theorisation about the methodological reconcilings, we also verify the possible convergence of such techniques with, among the others, the income and with the dividend model (the latter - in turn - at the basis of the interpretation of 'multiples' implicating a broader convergence). On the background of the valuation standards, the article finally provides some conclusions relevant to the rationale and professional experience of evaluative convergences and divergences.