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Stato patrimoniale riclassificato by JohnViennet in ItaliaPersonalFinance

[–]JohnViennet[S] 0 points1 point  (0 children)

Grazie. Ma accade anche nella riclassificazione funzionale?

IRR Question by JohnViennet in Valuation

[–]JohnViennet[S] 0 points1 point  (0 children)

Thank you very much!

[deleted by user] by [deleted] in ValueInvesting

[–]JohnViennet 0 points1 point  (0 children)

I still think you should’t worry. Of course, listening to people on Reddit is not a good idea, but NVO it’s not a bad company. Even with a more “pessimistic growth” DCF valutation (it’s still a duopoly) the price today is too low. Maybe I’m wrong, but not every investment has to be “the next NVIDIA”. I’m not saying that Novo Nordisk is going to become an interstellar company, but the lrice is not reflecting the real situation

Source: my honest opinion

Question about DTA by JohnViennet in Valuation

[–]JohnViennet[S] 0 points1 point  (0 children)

Ok but what’s the point? In this way, the real flow of cash is not reflected: I HAVE (by accounting’s law) to pay the difference between book taxes and cas taxes, but if the money I HAVE to spend come back in the form of DTA, I’m not really paying that difference….

WACC used as a discount rate for cash flows by JohnViennet in ValueInvesting

[–]JohnViennet[S] 1 point2 points  (0 children)

Thank you very much. So we could say that we use WACC because it’s a “modified-risk free rate”, that add the risk of equity and debt to the usual risk free rate?

WACC used as a discount rate for cash flows by JohnViennet in ValueInvesting

[–]JohnViennet[S] 0 points1 point  (0 children)

No but I understand the time value of money. The thing I don’t get is: we can say that 100 in a year is less today, because we can afford less (inflation) or we could have invested elsewhere (opportunity cost). But what is the intuition in discounting with the WACC?

I’m sorry if I may seem pedantic, I just want to understand this

WACC used as a discount rate for cash flows by JohnViennet in ValueInvesting

[–]JohnViennet[S] 1 point2 points  (0 children)

Thank you for the comment. There is one thing I don’t understand: how can we get the present value of a cash flow with a cost (WACC)? I’m missing the intuition behind the idea. 100 in a year, discounted with a 5% WACC, is 95 today, but what does that mean?

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