Today the main goal of the financial function is to maximize firm value for share holders So firm managers emphasize determining the firm value correctly and directing it effectively The firms that cannot satisfy shareholders will not be able to survive since they won’t be able to obtain appropriate and sufficient financing sources Terminal value of the firm should be understood well and should be calculated in a realistic way in order to calculate the firm value effectively and determine the strategies This study explains the terminal value concept and stresses the importance of terminal value in discounted cash flow and economic profit approaches Also we attempt to examine the calculation of terminal value according to both of the approaches for a tourism company quoted in İstanbul Stock Exchange Key Words: Terminal Value Firm Value WACC NOPLAT ROIC
📌 3 Key Takeaways
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Objective & Hypothesis:Today the main goal of the financial function is to maximize firm value for share holders So firm managers emphasize determining the firm value correctly and directing it effectively The firms that cannot satisfy shareholders will not be able to survive since they won’t be able to obtain appropriate and sufficient financing sources Terminal value of the firm should be understood well and should be calculated in a realistic way in order to calculate the firm value effectively and determine the strategies This study explains the terminal value concept and stresses the importance of terminal value in discounted cash flow and economic profit approaches Also we attempt to examine the calculation of terminal value according to both of the approaches for a tourism company quoted in İstanbul Stock Exchange Key Words: Terminal Value Firm Value WACC NOPLAT ROIC
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Key Findings & Data:Today the main goal of the financial function is to maximize firm value for share holders So firm managers emphasize determining the firm value correctly and directing it effectively The firms that cannot satisfy shareholders will not be able to survive since they won’t be able to obtain appropriate and sufficient financing sources Terminal value of the firm should be understood well and should be calculated in a realistic way in order to calculate the firm value effectively and determine the strategies This study explains the terminal value concept and stresses the importance of terminal value in discounted cash flow and economic profit approaches Also we attempt to examine the calculation of terminal value according to both of the approaches for a tourism company quoted in İstanbul Stock Exchange Key Words: Terminal Value Firm Value WACC NOPLAT ROIC
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Conclusion & Impact:Today the main goal of the financial function is to maximize firm value for share holders So firm managers emphasize determining the firm value correctly and directing it effectively The firms that cannot satisfy shareholders will not be able to survive since they won’t be able to obtain appropriate and sufficient financing sources Terminal value of the firm should be understood well and should be calculated in a realistic way in order to calculate the firm value effectively and determine the strategies This study explains the terminal value concept and stresses the importance of terminal value in discounted cash flow and economic profit approaches Also we attempt to examine the calculation of terminal value according to both of the approaches for a tourism company quoted in İstanbul Stock Exchange Key Words: Terminal Value Firm Value WACC NOPLAT ROIC
🔬Design:Research Article
📍Scope:Comprehensive Sample
⚙️Variables:Anahtar Kelimeler Devam Eden Değer · Firma Değeri · AOSM
Abstract
Today the main goal of the financial function is to maximize firm value for share holders So firm managers emphasize determining the firm value correctly and directing it effectively The firms that cannot satisfy shareholders will not be able to survive since they won’t be able to obtain appropriate and sufficient financing sources Terminal value of the firm should be understood well and should be calculated in a realistic way in order to calculate the firm value effectively and determine the strategies This study explains the terminal value concept and stresses the importance of terminal value in discounted cash flow and economic profit approaches Also we attempt to examine the calculation of terminal value according to both of the approaches for a tourism company quoted in İstanbul Stock Exchange Key Words: Terminal Value Firm Value WACC NOPLAT ROIC
Özet
Günümüzde finans fonksiyonunun temel amacı firma değerinin hissedarları açısından maksimum kılınmasıdır. Bu nedenle firma yöneticileri, firma değerinin doğru bir şekilde tespitine ve etkin bir şekilde yönetilmesine önem vermektedirler. Hissedarlarını memnun edemeyen firmalar, uygun ve yeterli finansman kaynağı bulamayacakları için varlıklarını sürdüremeyeceklerdir. Buna ek olarak firmanın devam eden değerinin firma yöneticileri tarafından iyi anlaşılması ve gerçekçi bir şekilde hesaplanması firma değerinin etkin hesaplanması ve stratejilerin belirlenmesi açısından önemlidir. Bu çalışmada firma değerlemesinde devam eden değer kavramı açıklanarak, indirgenmiş nakit akımları yöntemi ve ekonomik kar yöntemine göre firma değerinin hesaplanmasında devam eden değerin önemi vurgulanmıştır. Ayrıca her iki yaklaşıma göre devam eden değerin hesaplanması İMKB’de hisseleri işlem gören bir turizm işletmesi üzerinde incelenmeye çalışılmıştır.
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