{"id":2042851,"date":"2024-06-04T13:36:40","date_gmt":"2024-06-04T13:36:40","guid":{"rendered":"https:\/\/www.nimbo.net\/unternehmenswert-3-mal-ebitda"},"modified":"2025-09-04T11:24:55","modified_gmt":"2025-09-04T11:24:55","slug":"valore-aziendale-3-volte-ebitda","status":"publish","type":"post","link":"https:\/\/www.nimbo.net\/it\/valore-aziendale-3-volte-ebitda","title":{"rendered":"3x EBITDA = valore dell&#8217;azienda?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Cos&#8217;\u00e8 il metodo 3x EBITDA?<\/h2>\n\n<p>Il metodo 3 volte l&#8217;EBITDA \u00e8 una forma molto, molto semplificata di valutazione aziendale. Significa: <\/p>\n\n<p><strong>Si ottiene il valore della propria azienda moltiplicando l&#8217;EBITDA per il numero 3. <\/strong><\/p>\n\n<h2 class=\"wp-block-heading\">Come si calcola l&#8217;EBITDA?<\/h2>\n<style>.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{border-left:4px solid var(--global-palette2, #2B6CB0);}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col,.kadence-column2042745_3672c1-90 > .kt-inside-inner-col:before{border-top-left-radius:10px;border-top-right-radius:10px;border-bottom-right-radius:10px;border-bottom-left-radius:10px;}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{background-color:rgba(109, 142, 42, 0.1);}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2042745_3672c1-90{position:relative;}@media all and (max-width: 1024px){.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{border-left:4px solid var(--global-palette2, #2B6CB0);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{padding-right:var(--global-kb-spacing-md, 2rem);padding-left:var(--global-kb-spacing-md, 2rem);border-left:4px solid var(--global-palette2, #2B6CB0);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2042745_3672c1-90 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d, .wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d[data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"]{margin-bottom:var(--global-kb-spacing-xxs, 0.5rem);font-style:normal;font-family:var( --global-heading-font-family, inherit );text-transform:none;}.wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d[data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"]{display:flex;gap:0.25em;align-items:baseline;}.wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d[data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"] .kb-adv-heading-icon svg{width:1em;height:1em;}.wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d[data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"] .kb-adv-heading-icon{font-size:22px;margin-right:5px;}.wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d[data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style><h4 class=\"kt-adv-heading2042745_e90ce1-2d wp-block-kadence-advancedheading kt-adv-heading-has-icon has-theme-palette2-color has-text-color\" data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"><span class=\"kb-svg-icon-wrap kb-adv-heading-icon kb-svg-icon-ic_clipboard kb-adv-heading-icon-side-left\"><svg viewBox=\"0 0 8 8\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M3.5 0c-.28 0-.5.22-.5.5v.5h-.75c-.14 0-.25.11-.25.25v.75h3v-.75c0-.14-.11-.25-.25-.25h-.75v-.5c0-.28-.22-.5-.5-.5zm-3.25 1c-.14 0-.25.11-.25.25v6.5c0 .14.11.25.25.25h6.5c.14 0 .25-.11.25-.25v-6.5c0-.14-.11-.25-.25-.25h-.75v2h-5v-2h-.75z\"\/><\/svg><\/span><span class=\"kb-adv-text-inner\">Ecco come ottenere il valore: <\/span><\/h4>\n\n\n<figure class=\"wp-block-table is-style-regular\" style=\"margin-top:0;margin-bottom:0\"><table class=\"has-fixed-layout\" style=\"border-width:1px\"><tbody><tr><td><strong>Utile o perdita d&#8217;esercizio<\/strong><\/td><\/tr><tr><td>+ Spese per imposte<\/td><\/tr><tr><td>\u2013 Rimborsi fiscali<\/td><\/tr><tr><td>+ Spese per interessi<\/td><\/tr><tr><td>\u2013 Proventi da interessi<\/td><\/tr><tr><td>\u2013 Rettifiche<\/td><\/tr><tr><td>= <strong>EBIT<\/strong> (Utile prima degli interessi e delle imposte)<\/td><\/tr><tr><td>+ Ammortamento delle immobilizzazioni materiali<\/td><\/tr><tr><td>+ Ammortamento delle immobilizzazioni immateriali<\/td><\/tr><tr><td>= <strong>EBITDA<\/strong> (utile prima di interessi, imposte, ammortamenti e svalutazioni di attivit\u00e0 immateriali)<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\">Perch\u00e9 l&#8217;EBITDA?<\/h2>\n\n<p>L&#8217;indicatore <strong>EBITDA<\/strong> offre una buona visione della redditivit\u00e0 dell&#8217;azienda, indipendentemente dai costi di finanziamento, dalle imposte e dagli ammortamenti.<\/p>\n\n<h2 class=\"wp-block-heading\">3 \u00e8 sicuramente il moltiplicatore appropriato?<\/h2>\n\n<p>No. Lo scopo del metodo del moltiplicatore \u00e8 confrontarsi con un&#8217;azienda simile. Due fattori di influenza essenziali sul moltiplicatore sono il settore e le dimensioni dell&#8217;azienda. A tal proposito, consultare la <a href=\"https:\/\/www.nimbo.net\/it\/multipli\">pagina di panoramica dei multipli<\/a>, aggiornata mensilmente. Ma anche i cosiddetti fattori soft, come la dipendenza dell&#8217;azienda dall&#8217;attuale proprietario, le prospettive di crescita estremamente positive, la posizione sul mercato, ecc. o particolari fattori di rischio, come ad esempio una controversia legale imminente, possono rendere necessario un adeguamento del moltiplicatore.   <\/p>\n\n<h2 class=\"wp-block-heading\">Vantaggi e svantaggi del metodo 3x-EBITDA<\/h2>\n<style>.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col{display:flex;}.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col,.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col{flex-direction:column;}.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2042745_5f56a5-bc{position:relative;}.kadence-column2042745_5f56a5-bc, .kt-inside-inner-col > .kadence-column2042745_5f56a5-bc:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2042745_5f56a5-bc\"><div class=\"kt-inside-inner-col\">\n<p><strong>Vantaggi e svantaggi del metodo del moltiplicatore:<\/strong><\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_8a1fe2-2c:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_8a1fe2-2c ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_8a1fe2-2c ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_8a1fe2-2c .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_8a1fe2-2c ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2042745_8a1fe2-2c ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2042745_8a1fe2-2c kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2042745_6dd175-a8 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_6dd175-a8\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Calcolo semplice e rapida comparabilit\u00e0 tra diverse aziende all&#8217;interno dello stesso settore.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_40b712-13 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_40b712-13\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Si concentra sulla performance operativa con una visione chiara dell&#8217;efficienza operativa di un&#8217;azienda. Questo metodo ignora la struttura del capitale e le differenze fiscali, che possono variare da azienda ad azienda, e si concentra invece sul core business. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_89111d-e7 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_89111d-e7\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Flessibilit\u00e0 nell&#8217;applicazione: il metodo pu\u00f2 essere facilmente adattato modificando il moltiplicatore per tenere conto degli standard specifici del settore o delle condizioni di mercato.<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_09aa1b-78:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_09aa1b-78 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_09aa1b-78 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_09aa1b-78 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_09aa1b-78 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2042745_09aa1b-78 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2042745_09aa1b-78 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2042745_5de795-ac .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_5de795-ac\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Un moltiplicatore forfettario di tre potrebbe non essere adeguato alle circostanze individuali di un&#8217;azienda o del suo settore.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_45a980-9f .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_45a980-9f\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Semplificazione e generalizzazione: molti fattori che possono influenzare il valore di un&#8217;azienda vengono ignorati. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_306267-a1 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_306267-a1\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Ignora la struttura del capitale, ovvero non tiene conto dell&#8217;ammontare dei debiti. Un elevato indebitamento rappresenta un rischio maggiore a causa dei costi per interessi e degli obblighi di rimborso.  <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_d3a52a-4b .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_d3a52a-4b\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Trascura gli investimenti e le opportunit\u00e0 di crescita: le aziende che investono molto nella crescita potrebbero avere un EBITDA attuale inferiore, ma potrebbero avere un notevole potenziale futuro. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_7e01bd-9d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_7e01bd-9d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Mancanza di considerazione degli obblighi fiscali: le imposte sono un fattore di costo significativo per le aziende. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_f7a75d-8d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_f7a75d-8d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Trascuratezza degli ammortamenti: gli ammortamenti sono indicatori importanti dello stato e del valore delle attivit\u00e0 di un&#8217;azienda. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_835da0-f3 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_835da0-f3\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Non adatto a determinati settori: il metodo 3x EBITDA non \u00e8 particolarmente adatto a settori con elevati investimenti di capitale, elevati ammortamenti o entrate volatili.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_1749e5-77 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_1749e5-77\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Potenziale interpretazione errata del flusso di cassa: l&#8217;EBITDA viene spesso utilizzato come sostituto del flusso di cassa operativo, sebbene non rifletta i flussi di cassa effettivi di un&#8217;azienda. Ci\u00f2 pu\u00f2 portare a valutazioni errate della liquidit\u00e0 e della flessibilit\u00e0 finanziaria. <\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\">Per quali settori \u00e8 adatto il 3x-EBITDA? Per quali no?  <\/h2>\n\n<p>Il metodo &#8220;3x EBITDA = valore dell&#8217;azienda&#8221; \u00e8 adatto a settori pi\u00f9 maturi e stabili con flussi di cassa prevedibili, come ad esempio beni di consumo, commercio, telecomunicazioni, produzione industriale e servizi di pubblica utilit\u00e0. \u00c8 meno adatto a settori volatili o altamente ciclici come tecnologia, materie prime, edilizia e servizi finanziari, poich\u00e9 questi settori spesso presentano entrate imprevedibili e forti fluttuazioni. Per le startup in generale, questo metodo \u00e8 piuttosto inadatto.  <\/p>\n\n<p>Il metodo &#8220;3x EBITDA = valore dell&#8217;azienda&#8221; pu\u00f2 essere utile come regola di valutazione rapida e semplice, ma presenta notevoli limitazioni. La sua applicazione deve essere attentamente valutata e integrata con altri metodi di valutazione per ottenere un quadro pi\u00f9 completo del valore dell&#8217;azienda. <\/p>\n\n<p><\/p>\n\n<h2 class=\"wp-block-heading\">Quali altre regole pratiche ci sono? <\/h2>\n\n<ol class=\"wp-block-list\">\n<li>A seconda del settore, pu\u00f2 avere senso anche l&#8217;approccio <a href=\"https:\/\/www.nimbo.net\/it\/valore-azienda-3-volte-fatturato\">3x fatturato<\/a> = valore dell&#8217;azienda o <a href=\"https:\/\/www.nimbo.net\/it\/valutazione-dellazienda-a-3-volte-il-profitto\">3x profitto<\/a> = valore dell&#8217;azienda. I dettagli sono disponibili nei relativi articoli del blog.  <\/li>\n\n\n\n<li>Calcola la media dell&#8217;EBIT (utile prima delle imposte e degli interessi) degli ultimi tre anni. Moltiplicatelo per un fattore da 4 (valore basso) a 6 (valore alto). Sottrai i debiti dell&#8217;azienda dai due risultati. Otterrai un intervallo in cui si muove approssimativamente il tuo valore aziendale.<\/li>\n\n\n\n<li>Considera l&#8217;importo che un acquirente potrebbe prelevare dall&#8217;azienda nei prossimi anni. Fissare il prezzo in modo che possa recuperare il prezzo di acquisto entro 4-7 anni.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Cos&#8217;\u00e8 il metodo 3x EBITDA? Il metodo 3 volte l&#8217;EBITDA \u00e8 una forma molto, molto semplificata di valutazione aziendale. Significa: Si ottiene il valore della propria azienda moltiplicando l&#8217;EBITDA per il numero 3. Come si calcola l&#8217;EBITDA? Ecco come ottenere il valore: Utile o perdita d&#8217;esercizio + Spese per imposte \u2013 Rimborsi fiscali + Spese&#8230;<\/p>\n","protected":false},"author":2,"featured_media":2042751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[],"tags":[400161,400162],"class_list":["post-2042851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-ebitda-it","tag-unternehmenswert-it"],"taxonomy_info":{"post_tag":[{"value":400161,"label":"EBITDA"},{"value":400162,"label":"Unternehmenswert"}]},"featured_image_src_large":["https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/9b9373e5-8c0c-4c03-b9a0-cbd3d3e6da9e.png",1024,1024,false],"author_info":{"display_name":"Bettina Pfeiffer","author_link":"https:\/\/www.nimbo.net\/it\/author\/bettina"},"comment_info":0,"category_info":[],"tag_info":[{"term_id":400161,"name":"EBITDA","slug":"ebitda-it","term_group":0,"term_taxonomy_id":2000161,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":400162,"name":"Unternehmenswert","slug":"unternehmenswert-it","term_group":0,"term_taxonomy_id":2000162,"taxonomy":"post_tag","description":"","parent":0,"count":2,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.nimbo.net\/it\/wp-json\/wp\/v2\/posts\/2042851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nimbo.net\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nimbo.net\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/it\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/it\/wp-json\/wp\/v2\/comments?post=2042851"}],"version-history":[{"count":0,"href":"https:\/\/www.nimbo.net\/it\/wp-json\/wp\/v2\/posts\/2042851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/it\/wp-json\/wp\/v2\/media\/2042751"}],"wp:attachment":[{"href":"https:\/\/www.nimbo.net\/it\/wp-json\/wp\/v2\/media?parent=2042851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nimbo.net\/it\/wp-json\/wp\/v2\/categories?post=2042851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nimbo.net\/it\/wp-json\/wp\/v2\/tags?post=2042851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}