Estructura para la valoración de franquicias: aproximación mediante opciones reales

Translated title of the contribution: Structure for the valuation of franchises: Approach through real options

Carlos Andrés Ramírez Denis, Uvenny Quirama Estrada, Luis Fernando Montes Gómez, Jovany Sepúlveda-Aguirre

Research output: Contribution to journalArticlepeer-review

Abstract

The franchise has been used as an expansion strategy, based on Know-how and the brand, which allows both the entrepreneur and the franchisor to obtain an economic benefit from said intangible assets. This work proposes a structure for the valuation of franchises using real options for three Colombian companies from different economic sectors, based on historical information from their Financial Statements, as well as market information to determine the cost of capital in order to discount cash flows. Future cash, the real option as a complement to the traditional valuation models allows, through binomial trees, to incorporate the uncertainty in the cash flows in order to estimate under simulations the royalty rate and the Initial franchise fee according to the conditions and performance of the sector.

Translated title of the contributionStructure for the valuation of franchises: Approach through real options
Original languageSpanish
Pages (from-to)162-184
Number of pages23
JournalContaduria y Administracion
Volume67
Issue number3
DOIs
StatePublished - 2022

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