La valutazione d'azienda
Tempo di lettura: 3 minuti

Quando si rende necessaria la valutazione d’azienda?

La valutazione d’azienda è un lungo procedimento che impone una attenta analisi di una molteplicità di fattori per la corretta determinazione del capitale economico, ossia del valore di sistema aziendale nel suo complesso alla data della valutazione.

Diverse possono essere le situazioni per cui si rende necessaria la valutazione d’azienda:

  • tutte le operazioni straordinarie (fusioni, scissioni, conferimenti, cessioni);
  • la semplice necessità di conoscere il valore dell’azienda in un dato momento e la sua evoluzione nel tempo.

Non esiste un metodo univoco per la valutazione d’azienda e nessuno può dirsi migliore rispetto all’altro.

La scelta del metodo varierà in base alle caratteristiche della azienda oggetto di valutazione. Lo stesso complesso aziendale, valutato applicando criteri differenti, potrebbe assumere valori differenti.

Per cui la valutazione d’azienda è strettamente correlata allo specifico contesto nel quale viene svolta.

LA VALUTAZIONE D’AZIENDA CONSENTE DI DETERMINARE IL VALORE DEL SISTEMA AZIENDALE NEL SUO COMPLESSO: IL CAPITALE ECONOMICO.


QUALI SONO I METODI PER LA DETERMINAZIONE DEL CAPITALE ECONOMICO?

La dottrina aziendale ha elaborato nel corso degli anni diversi metodi per la valutazione del capitale economico.

Qualunque sia la metodologia di valutazione del capitale economico essa deve essere:

  • razionale: il metodo deve essere valido concettualmente e dotato di consistenza teorica;
  • obiettiva: il metodo deve essere concretamente applicabile, fondato su dati certi e credibili;
  • indipendente: il metodo deve non essere influenzato dagli interessi delle parti coinvolte nella negoziazione dell’azienda.

I metodi più diffusi per la valutazione del capitale economico sono: il metodo patrimoniale (semplice e complesso), il metodo reddituale, il metodo misto patrimoniale-reddituale, il metodo finanziario, il metodo dei multipli di mercato.

Il metodo patrimoniale

Con il metodo patrimoniale il valore dell’azienda coincide con il valore del suo patrimonio espresso a valori correnti. La valutazione d’azienda con il metodo patrimoniale implica la determinazione del “prezzo” che si dovrebbe pagare per riacquistare tutte le attività, al netto delle passività, alla data della valutazione.

Il metodo patrimoniale si distingue in metodo patrimoniale semplice e metodo patrimoniale complesso.

Il metodo patrimoniale semplice fa riferimento solo alle immobilizzazioni materiali e agli oneri pluriennali, senza quindi tener conto dei beni immateriali.

Con il metodo patrimoniale complesso, invece, la valutazione tiene conto sia dei valori correnti delle attività e passività rilevati contabilmente, sia delle risorse immateriali non direttamente desumibili dal bilancio, quali il hnow-how, l’immagine aziendale, il marchio.

Il metodo reddituale

Con il metodo reddituale il valore dell’azienda viene calcolato in funzione della capacità prospettica di produrre reddito. Il valore del capitale economico si ottiene attualizzando i risultati economici futuri.

Tuttavia è necessario normalizzare il reddito normale atteso, ossia depurandolo dalle componenti reddituali straordinarie (positive e negative) e non ripetitive, al fine di individuare la reale e stabile capacità reddituale dell’azienda.

Il metodo misto patrimoniale-reddituale

Con il metodo misto patrimoniale-reddituale vengono superate le lacune dei metodi innanzi esposti.

Il metodo misto patrimoniale-reddituale rappresenta la sintesi dei metodi innanzi esposti, consentendo di esprimere il valore dell’azienda sia in funzione del patrimonio che del reddito.

Il metodo finanziario

Con i metodi finanziari il valore dell’azienda viene determinato attualizzando i flussi di cassa che essa sarà in grado di generare nel futuro. La valutazione basata sui flussi di cassa attualizzati dipende da diversi fattori: l’orizzonte temporale di riferimento, la previsione dei flussi di cassa attesi, il tasso di attualizzazione.

Il metodo dei multipli di mercato

La valutazione d’azienda attraverso il metodo dei multipli di mercato si basa sul presupposto che aziende similari avranno multipli di valore similare. Conoscendo quindi il valore dei multipli di società omogenee e confrontabili con l’azienda che si intende valutare sarà possibile individuare il valore della stessa.


APPROFONDISCI ANCHE LA DUE DILIGENCE AZIENDALE


SCOPRI DI PIU’ SUL NOSTRO STUDIO

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