VALORE D’IMPRESA E BENEFICI FISCALI DELL’INDEBITAMENTO. TEORIA E MODELLI APPLICATIVI

The debt tax shield has stimulated decades of debate regarding firm valuation. In this study, we explore the valuation assumptions that can be used in the Unlevered Discounted Cash Flow model in order to enhance the debt tax shield. We analyse the possible choices with regard to valuation parameters and the reasonableness of the elements of the projection of future cash flows, the expected evolution of debt and the impact of other factors, such as growth rate, capex, cost of debt and cost of capital.