Métodos cuantitativos en la valoración de empresas: un estudio comparativo de literatura (Revista Enfoques)

Summary

• The academic database search covered Scopus, Web of Science, SciELO, Dialnet, Redalyc, and Google Scholar between January 2022 and June 2026, yielding 286 initial records.p.4
• After removing 78 duplicates, screening titles and abstracts, and reviewing 111 full texts, the final corpus comprised 22 studies.p.5
• Just et al. (2023) analyzed 2,660 US acquisitions to define a forward-looking measure for evaluating goodwill as a carrier of unrealized growth.p.6
• Drábek (2022) estimated the value of 50 Czech breweries using DCF and derived sector multiples like P/E and EV/EBITDA for non-listed companies.p.6
• Staňková (2024) applied gradient decision trees to predict market multiples using US company data spanning from 1980 to 2021.p.7
• Moyo et al. (2026) examined 201 South African equity research reports to document how valuation methods group by industry based on capital intensity and risk.p.7
• Fiesenig et al. (2025) evaluated the market value of 66 unicorns against DCF and comparable company estimates.p.7

Key insights

1. The literature classifies business valuation procedures into four categories: static, dynamic, mixed (goodwill-based), and multiples-based approaches.p.1
2. Discounted cash flow stands out for its foundation in intrinsic value, while multiples offer speed and mixed approaches capture intangible assets.p.1
3. Real options allow valuers to account for managerial flexibility when facing complex investment decisions.p.2
4. Moderate variations in capital structure modify the WACC in limited magnitudes, helping control a central component of cash flow discounting.p.3
5. Artificial intelligence tools redefine firm valuation forecasting by incorporating investor sentiment and large datasets.p.3
6. Selecting ten close comparable firms can achieve the average precision of an entire industry sector when using valuation multiples.p.9
7. Short-term operational decisions regarding liquidity and debt significantly condition cash flow generation in small and medium enterprises.p.10
8. No single business valuation method is sufficient across all economic contexts, making the combination of approaches advisable.p.12