Esade Alumni
Esade Alumni
Esade Alumni
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Llegamos a<br />
EV<br />
ebitda<br />
Roa − g<br />
= * 1−T<br />
* 1−<br />
d<br />
Roa*<br />
Wacc − g<br />
( )<br />
( ) ( )<br />
EV<br />
Ebit<br />
Roa − g<br />
= * 1<br />
Roa<br />
*(( Wacc<br />
−<br />
g<br />
)<br />
( − t)<br />
EV<br />
Ebiat<br />
=<br />
Roa −<br />
g<br />
Roa * Wacc −<br />
( g)<br />
<strong>Esade</strong> <strong>Alumni</strong> 26
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