VALORE D’IMPRESA E BENEFICI FISCALI DELL’INDEBITAMENTO. TEORIA E MODELLI APPLICATIVI
Abstract
The debt tax shield has stimulated decades of debate regarding firm
valuation. In this study, we explore the valuation assumptions that can be used
in the Unlevered Discounted Cash Flow model in order to enhance the debt tax
shield. We analyse the possible choices with regard to valuation parameters and
the reasonableness of the elements of the projection of future cash flows, the
expected evolution of debt and the impact of other factors, such as growth
rate, capex, cost of debt and cost of capital.
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