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 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.




113 Responses

  1. Great post. I was checking continuously this blog and I’m impressed!
    Very helpful information particularly the last part 🙂 I care for
    such information a lot. I was seeking this particular information for a very long time.
    Thank you and good luck.

  2. I like the helpful information you provide in your articles.
    I will bookmark your weblog and check again here regularly.
    I’m quite sure I will learn many new stuff right here!
    Best of luck for the next!

  3. I was curious if you ever considered changing the layout of your
    website? Its very well written; I love what youve got to say.
    But maybe you could a little more in the way of content so people could connect with it better.
    Youve got an awful lot of text for only having one or 2 images.
    Maybe you could space it out better?

    My site Enlarge XXX Male Enhancement

  4. Do you mind if I quote a couple of your articles as long
    as I provide credit and sources back to your webpage?
    My blog is in the very same niche as yours and
    my users would definitely benefit from a lot of the information you present
    here. Please let me know if this ok with you. Thanks a lot!

    my web blog Keto BHB Boost Reviews

  5. It’s actually a cool and useful piece of info. I am satisfied that you just shared this helpful information with us.
    Please keep us up to date like this. Thanks for sharing.

    Review my page:

  6. Saya telah berselancar online lebih dari 4 jam hari ini, namun saya tidak
    pernah menemukan artikel menarik seperti milik Anda.

    It is cukup berharga bagi saya. Dalam pandangan saya, jika semua
    pemilik situs web dan blogger membuat konten yang baik seperti yang Anda lakukan, web
    akan menjadi lebih berguna dari sebelumnya.

    Stop by my site Slot mafia 123

  7. Have you ever thought about creating an ebook or guest authoring on other websites?
    I have a blog based upon on the same information you discuss and would
    love to have you share some stories/information. I know my readers would value your work.
    If you are even remotely interested, feel free to send me an e mail.

    Also visit my web blog … Mavis

  8. Definitely imagine that which you stated. Your favorite justification appeared to be on the net the simplest factor to take note of.
    I say to you, I definitely get irked even as folks consider
    concerns that they just do not understand about.
    You managed to hit the nail upon the top and outlined out the entire thing with no need side effect ,
    people could take a signal. Will probably be again to get more.

    my site:

  9. Unquestionably imagine that which you said. Your favorite
    justification appeared to be at the web the easiest thing to be
    mindful of. I say to you, I definitely get annoyed even as folks
    think about worries that they plainly do not understand about.

    You controlled to hit the nail upon the top as well as defined out the whole thing without having side
    effect , people could take a signal. Will probably be again to get more.
    Thank you

    Also visit my site :: Mega Arise

  10. Simply want to say your article is as amazing. The clearness in your post is
    just great and i can assume you are an expert on this
    subject. Well with your permission let me to grab
    your feed to keep updated with forthcoming post.
    Thanks a million and please carry on the rewarding work.

    Review my web page – Max Extend Pills

  11. I just wanted to type a simple remark to be able to
    appreciate you for some of the fabulous instructions you
    are showing on this site. My time-consuming internet lookup has at the end of the
    day been recognized with high-quality concept to exchange with my colleagues.
    I ‘d tell you that most of us readers are unquestionably
    lucky to be in a fabulous community with very many lovely individuals with interesting
    plans. I feel very much blessed to have come across the webpage and look
    forward to many more fun times reading here. Thanks
    a lot once again for all the details.

    My site: InstaFrost Portable AC

  12. To follow up on the up-date of this issue on your web page and would want to let you know how much I prized the time you
    took to publish this beneficial post. In the post, you really spoke on how to seriously handle this
    challenge with all convenience. It would be my own pleasure to get together some
    more suggestions from your web site and come as much as offer people what I have learned from you.

    I appreciate your usual good effort.

    My webpage: Eggplant Explosion Male Enhancement Reviews

  13. It’s a pity you don’t have a donate button! I’d without a doubt donate to
    this outstanding blog! I suppose for now i’ll settle for book-marking and adding your RSS feed to my
    Google account. I look forward to fresh updates and will talk about this website with my Facebook group.
    Chat soon!

    Visit my blog post …

  14. Thanks for your entire work on this web site. My aunt
    take interest in getting into investigation and it’s really obvious why.

    We all hear all regarding the lively means you make
    practical information by means of your website and as well foster participation from some other people on this matter so our favorite child has
    always been discovering a lot. Enjoy the rest of the new
    year. You’re the one carrying out a very good job.

    Here is my site –

  15. Having read this I believed it was extremely informative.
    I appreciate you spending some time and effort to put this short article together.
    I once again find myself personally spending a lot of time both reading and commenting.
    But so what, it was still worthwhile!

    Here is my webpage ::

  16. A fascinating discussion is definitely worth comment. I do believe that you should
    publish more about this issue, it might not be a taboo subject but usually folks don’t speak about these topics.
    To the next! Cheers!!

    Feel free to surf to my website – ACV Rx Reviews

  17. I’ll right away grasp your rss feed as I can not in finding your email subscription hyperlink or e-newsletter service.
    Do you have any? Kindly allow me know in order that I may subscribe.

    Here is my blog post Alfonso

  18. Very good information. Lucky me I recently found your blog by accident (stumbleupon).
    I have saved as a favorite for later!

    Here is my web page … Luke

  19. Thank you for each of your labor on this site. Ellie loves going through
    internet research and it’s really obvious why. My partner and
    i know all concerning the dynamic form you convey
    informative tips and hints through the web blog and as well as foster response from other ones about this issue and my simple
    princess is really studying a whole lot. Enjoy the rest
    of the year. You are always performing a stunning job.

    Also visit my website ::

  20. Hey I know this is off topic but I was wondering if you knew of any widgets I
    could add to my blog that automatically tweet my newest twitter updates.
    I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would
    have some experience with something like this. Please let me know
    if you run into anything. I truly enjoy reading your blog and I look forward
    to your new updates.

  21. I think this is one of the most important information for me.

    And i am glad reading your article. But wanna remark on few general things,
    The site style is ideal, the articles is really nice : D.
    Good job, cheers

    Visit my web blog … Libido Boost

  22. Its like you learn my mind! You appear to
    know so much approximately this, like you wrote
    the book in it or something. I believe that you just can do with some % to drive
    the message home a bit, however instead of that, this is magnificent blog.
    A fantastic read. I’ll definitely be back.

    My web blog …

  23. I like the valuable information you supply on your articles.
    I will bookmark your weblog and check again here frequently.
    I am quite certain I’ll learn many new stuff right here!
    Best of luck for the next!

  24. Hello! I simply wish to offer you a huge thumbs up for your excellent
    info you’ve got right here on this post. I am returning to
    your site for more soon.

  25. Wow that was strange. I just wrote an incredibly long comment but after I clicked submit my comment didn’t show up.
    Grrrr… well I’m not writing all that over again. Anyways,
    just wanted to say wonderful blog!

  26. This design is steller! You obviously know
    how to keep a reader amused. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Great job.
    I really enjoyed what you had to say, and more than that,
    how you presented it. Too cool!

  27. Howdy! This article couldn’t be written any better!

    Reading through this article reminds me of my previous roommate!
    He always kept preaching about this. I will send
    this information to him. Fairly certain he will have a very
    good read. Thanks for sharing!

  28. Greetings I am so happy I found your blog page, I really found you by accident, while I was looking on Yahoo for
    something else, Nonetheless I am here now and would just like to say thanks for a
    marvelous post and a all round interesting blog (I
    also love the theme/design), I don’t have time to browse it all at the moment
    but I have saved it and also included your RSS feeds, so when I have time I will be
    back to read much more, Please do keep up the excellent

  29. Pretty section of content. I just stumbled upon your website and in accession capital to
    assert that I acquire actually enjoyed account your blog
    posts. Anyway I’ll be subscribing to your feeds and even I achievement you access consistently rapidly.

    my web blog :: Sparkling CBD

  30. I loved as much as you’ll receive carried out right here.
    The sketch is attractive, your authored subject matter stylish.
    nonetheless, you command get bought an edginess over that you wish be delivering the following.
    unwell unquestionably come more formerly again since exactly The Skin Company Skin Care same nearly very often inside case you
    shield this increase.

  31. Hi there, I found your website by means of Google even as looking for a related matter, your website got here up,
    it appears good. I have bookmarked it in my google bookmarks.

    Hi there, simply was alert to your blog thru Google, and found that it’s really informative.
    I’m gonna watch out for brussels. I will be grateful
    in case you proceed this in future. Lots of folks will be
    benefited out of your writing. Cheers!

  32. I really like your blog.. very nice colors & theme. Did you design this website yourself or did you hire someone to do
    it for you? Plz respond as I’m looking to create my own blog and would like to find out where u got this from.
    appreciate it quest bars quest bars

  33. What i don’t understood is in reality how you’re now not really
    a lot more smartly-liked than you may be now.
    You’re so intelligent. You understand therefore significantly on the subject of this subject, made me for my part
    imagine it from a lot of numerous angles. Its like men and women don’t seem to be fascinated until it’s one thing to accomplish with Girl gaga!
    Your individual stuffs excellent. Always care for it up! asmr asmr

  34. Hi there! I know this is somewhat off topic but
    I was wondering which blog platform are you using for this website?
    I’m getting fed up of WordPress because I’ve had problems
    with hackers and I’m looking at alternatives for another platform.
    I would be fantastic if you could point me in the direction of a good platform.

    Also visit my web blog :: Alive CBD Oil

  35. Hey There. I discovered your blog the use of msn. That is a very neatly written article. I’ll be sure to bookmark it and return to read extra of your helpful info. Thank you for the post. I will definitely return.

  36. Thanks for every other informative website. The place else may just I get that type of information written in such a perfect approach? I have a undertaking that I’m simply now working on, and I have been on the glance out for such info.

  37. Hello my friend! I want to say that this article is amazing, great written and include almost all important infos. I’d like to look more posts like this .

Lascia un commento

Il tuo indirizzo email non sarà pubblicato.

commercialisti esperti di banche

    Accetto il trattamento dei dati personali secondo la Privacy Policy

    Resta Aggiornato: SEGUICI SUI NOSTRI SOCIAL!
    Open chat
    Hai bisogno di aiuto immediato?
    se ha bisogno di aiuto immediato ci contatti pure.