{"id":2037032,"date":"2023-11-09T12:44:19","date_gmt":"2023-11-09T12:44:19","guid":{"rendered":"https:\/\/www.nimbo.net\/ertragswertverfahren-unternehmensbewertung"},"modified":"2025-08-25T11:43:08","modified_gmt":"2025-08-25T11:43:08","slug":"inkomstenkapitalisatiemethode-bedrijfswaardering","status":"publish","type":"post","link":"https:\/\/www.nimbo.net\/nl\/inkomstenkapitalisatiemethode-bedrijfswaardering","title":{"rendered":"Opbrengstwaardemethode voor bedrijfswaardering"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Hoe werken opbrengstwaardemethoden?<\/h2>\n\n<p>Sterk vereenvoudigd samengevat, draait de opbrengstwaardemethode om het:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>schatten van toekomstige winsten<\/li>\n\n\n\n<li>disconteren van deze winsten<\/li>\n\n\n\n<li>optellen van de gedisconteerde winsten<\/li>\n<\/ul>\n\n<p>Dit resulteert in de huidige waarde van het bedrijf volgens de opbrengstwaardemethode. De disconteringsvoet houdt rekening met het tijdstip van de toekomstige inkomsten en het specifieke risico van de investering.  <\/p>\n\n<h2 class=\"wp-block-heading\">Verschillende benaderingen van de opbrengstwaardemethoden<\/h2>\n\n<p>Er bestaan verschillende modellen binnen de opbrengstwaardemethode. Deze modellen verschillen wat betreft de cashflows die worden gedisconteerd. Bovendien vari\u00ebren ze met betrekking tot de gebruikte disconteringsvoet.<\/p>\n\n<!-- Include Treeflex CSS -->\n<link rel=\"stylesheet\" href=\"https:\/\/unpkg.com\/treeflex\/dist\/css\/treeflex.css\"\/>\n\n<!-- Custom CSS -->\n<style>\n\/* Set the font for the entire tree *\/\n.tf-tree {\n  font-family: Arial, sans-serif;\n}\n\n\/* Style the nodes *\/\n.tf-tree .tf-nc {\n  border: 2px solid #316987;\n  border-radius: 10px;\n  padding: 15px 20px;\n  background-color: white;\n  color: black;\n  text-align: center;\n  min-width: 250px; \/* Adjust for responsiveness *\/\n  display: inline-block;\n}\n\n\/* Responsive container to handle wide trees *\/\n.tree-container {\n  max-width: 100%; \/* Restrict the width to the parent container *\/\n  overflow-x: auto; \/* Allow horizontal scrolling if necessary *\/\n  padding: 20px 0;\n}\n\n\/* Adjust the tree node size for smaller screens *\/\n@media (max-width: 768px) {\n  .tf-tree .tf-nc {\n    min-width: 150px; \/* Reduce the width for smaller devices *\/\n    padding: 10px 15px; \/* Adjust padding *\/\n    font-size: 14px; \/* Smaller font size *\/\n  }\n}\n<\/style>\n\n<!-- HTML Structure -->\n<div class=\"tree-container\">\n  <div class=\"tf-tree tf-gap-lg\">\n    <ul>\n      <li>\n        <span class=\"tf-nc\">Opbrengstwaardemethoden<\/span>\n        <ul>\n          <li><span class=\"tf-nc\">Vereenvoudigde opbrengstwaardemethode<\/span><\/li>\n          <li><span class=\"tf-nc\">Discounted Cash Flow (DCF) Methode<\/span><\/li>\n          <li><span class=\"tf-nc\">Residuele waardemethode<\/span><\/li>\n          <li><span class=\"tf-nc\">Meerperioden dividenddiscontering<\/span><\/li>\n        <\/ul>\n      <\/li>\n    <\/ul>\n  <\/div>\n<\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Vereenvoudigde opbrengstwaardemethode<\/strong><\/h2>\n\n<p><strong>Benadering<\/strong>: Deze methode gaat uit van gelijkblijvende, constante cashflows en is ideaal voor bedrijven met een stabiele winstgevendheid.<\/p>\n\n<p><strong>Wat wordt gedisconteerd<\/strong>: Een representatieve, genormaliseerde jaarlijkse winst. Houd er rekening mee dat de boekwaarden vaak gecorrigeerd moeten worden met de zogenaamde \u201c<a href=\"https:\/\/www.nimbo.net\/nl\/add-backs-bedrijfswaardering\">add backs<\/a>\u201d. <\/p>\n\n<p><strong>Hoe wordt gedisconteerd<\/strong>: Met een kapitalisatierentevoet die het bedrijfsrisico en de marktverwachtingen voor het rendement weerspiegelt.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_49c919-34 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_49c919-34{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_49c919-34 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_e7f079-18 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_e7f079-18 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_e7f079-18\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Voorbeeld opbrengstwaardemethode<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n<table>\n    <tr>\n        <td>Winst na rente en belastingen (E)<\/td>\n        <td>500.000<\/td>\n    <\/tr>\n    <tr>\n        <td>Kapitalisatierentevoet (i)<\/td>\n        <td>10%<\/td>\n    <\/tr>\n<\/table>\n\n<p>De opbrengstwaarde W<sub>E<\/sub> wordt berekend als:<\/p>\n\n<p class=\"formula\">\n    <span>W<sub>E<\/sub><\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">E<\/span>\n        <span class=\"bottom\">i<\/span>\n    <\/span>  =\n    <span class=\"fraction\">\n        <span class=\"top\">500.000<\/span>\n        <span class=\"bottom\">0,10<\/span>\n    <\/span>  = 5.000.000\n<\/p>\n\n<p>Hierbij is E de winst na belastingen en rente en i de kapitalisatierentevoet.<\/p>\n<\/div><\/div>\n\n<h3 class=\"wp-block-heading\">Voor- en nadelen van deze methode <\/h3>\n<style>.kadence-column2032743_584511-a3 > .kt-inside-inner-col{display:flex;}.kadence-column2032743_584511-a3 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2032743_584511-a3 > .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-column2032743_584511-a3 > .kt-inside-inner-col,.kadence-column2032743_584511-a3 > .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-column2032743_584511-a3 > 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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-column2032743_584511-a3\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35 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-items2032743_23066b-35 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_23066b-35 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-items2032743_23066b-35 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_e35e12-8b .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-2032743_e35e12-8b\"><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\">Eenvoudige toepassing, gemakkelijk te begrijpen en te implementeren<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_799797-05 .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-2032743_799797-05\"><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\">Toekomstgericht, richt zich op de toekomstige opbrengsten en winsten van het bedrijf, wat belangrijk is voor investeerders die toekomstige rendementen willen beoordelen.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_29e100-0d .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-2032743_29e100-0d\"><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\">Gangbare praktijk in het MKB-segment, aangezien deze minder complexe bedrijfsstructuren hebben.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_f4b742-e3 .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-2032743_f4b742-e3\"><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\">Geaccepteerd door financi\u00eble autoriteiten: Deze methode wordt bijvoorbeeld in Duitsland vaak geaccepteerd door belastingautoriteiten als het gaat om de waardering voor fiscale doeleinden.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_989ee6-a4 .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-2032743_989ee6-a4\"><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\">Zeer geschikt voor bedrijven in stabiele markten<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21 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-items2032743_bddac8-21 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_bddac8-21 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-items2032743_bddac8-21 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_25a225-52 .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-2032743_25a225-52\"><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\">Er wordt een eenvoudige aanname gedaan over de toekomstige opbrengst, de complexiteit van een bedrijf en zijn marktomgeving kan niet altijd volledig worden weergegeven.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_266c79-0d .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-2032743_266c79-0d\"><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\">Risico&#8217;s van het bedrijf of mogelijke marktschommelingen worden buiten beschouwing gelaten <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_d34d29-f8 .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-2032743_d34d29-f8\"><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\">Voor bedrijven met sterk fluctuerende of snelgroeiende opbrengsten is deze methode te star en onnauwkeurig.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_09697c-48 .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-2032743_09697c-48\"><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\">Verkeerde inschattingen bij de opbrengstprognoses en de disconteringsvoet kunnen leiden tot verkeerde resultaten.<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<p><\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Discounted Cash Flow (DCF)<\/strong> Methode<\/h2>\n\n<p><strong>Benadering<\/strong>: De DCF-benadering voorspelt toekomstige cashflows die kunnen vari\u00ebren, en is daarom geschikt voor bedrijven waarvan de inkomsten in de loop van de tijd veranderen.<\/p>\n\n<p><strong>Wat wordt gedisconteerd<\/strong>: Geschatte toekomstige cashflows over een bepaalde prognoseperiode.<\/p>\n\n<p><strong>Hoe wordt gedisconteerd<\/strong>: Door gebruik te maken van de Weighted Average Cost of Capital (WACC), die de gemiddelde kosten van het ingezette kapitaal weerspiegelt.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_94e136-8a .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_94e136-8a{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_94e136-8a alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_d8deee-37 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_d8deee-37 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_d8deee-37\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Voorbeeld Discounted Cash Flow (DCF) methode<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n<h4>Vrije kasstroom (FCF) voor prognose van de komende 3 jaar<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>Prognose Jaar 1<\/th>\n        <th>Prognose Jaar 2<\/th>\n        <th>Prognose Jaar 3<\/th>\n    <\/tr>\n    <tr>\n        <td>Vrije kasstroom (FCF)<\/td>\n        <td>300.000<\/td>\n        <td>330.000<\/td>\n        <td>360.000<\/td>\n    <\/tr>\n<\/table>\n\n<h4>Berekening van de gedisconteerde kasstromen en terminale waarde<\/h4>\n\n<p>Disconteringsvoet (r) = 10%<\/p>\n<p>Terminale groeivoet (g) = 2%<\/p>\n\n<!-- Formula for DCF -->\n<p class=\"formula\">\n  DCF <sub>1<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>1<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>1<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">300.000<\/span>\n        <span class=\"bottom\">1,10<\/span>\n    <\/span>  = 272.727\n<\/p>\n\n<p class=\"formula\">\n  DCF <sub>2<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>2<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">330.000<\/span>\n        <span class=\"bottom\">(1,10)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">330.000<\/span>\n        <span class=\"bottom\">1,21<\/span>\n    <\/span>  = 272.727\n<\/p>\n\n<p class=\"formula\">\n  DCF <sub>3<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>3<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">360.000<\/span>\n        <span class=\"bottom\">(1,10)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">360.000<\/span>\n        <span class=\"bottom\">1,33<\/span>\n    <\/span>  = 270.676\n<\/p>\n\n<h4>Berekening van de terminale waarde (TV)<\/h4>\n\n<p>De terminale waarde wordt berekend als:<\/p>\n\n<p class=\"formula\">\n  TV = \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>3<\/sub> \u00d7 (1 + g)<\/span>\n        <span class=\"bottom\">r &#8211; g<\/span>\n    <\/span> = \n    <span class=\"fraction\">\n        <span class=\"top\">360.000 \u00d7 1,02<\/span>\n        <span class=\"bottom\">0,10 &#8211; 0,02<\/span>\n    <\/span> = 4.590.000\n<\/p>\n\n<p>De terminale waarde wordt dan ook gedisconteerd:<\/p>\n\n<p class=\"formula\">\n  DCF <sub>TV<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">4.590.000<\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">4.590.000<\/span>\n        <span class=\"bottom\">1,33<\/span>\n    <\/span>  = 3.451.128\n<\/p>\n\n<h4>Totale bedrijfswaarde (Enterprise Value, EV)<\/h4>\n\n<p class=\"formula\">\n  EV = Som DCF + DCF<sub>TV<\/sub> = 272.727 + 272.727 + 270.676 + 3.451.128 = 4.267.258\n<\/p>\n\n<h4>Berekening van de eigenvermogenswaarde (Equity Value)<\/h4>\n\n<p>De eigenvermogenswaarde wordt berekend door de nettoschuld van de bedrijfswaarde af te trekken:<\/p>\n\n<p class=\"formula\">\n  Eigenvermogenswaarde = EV &#8211; Schulden + Kaspositie\n<\/p>\n\n<p>Aangenomen dat het bedrijf 500.000 aan schulden en 200.000 in kas heeft:<\/p>\n\n<p class=\"formula\">\n  Eigenvermogenswaarde = 4.267.258 &#8211; 500.000 + 200.000 = 3.967.258\n<\/p>\n\n<p>De eigenvermogenswaarde bedraagt dus 3.967.258.<\/p>\n<\/div><\/div>\n\n<h3 class=\"wp-block-heading\">Voor- en nadelen van deze methode<\/h3>\n<style>.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{display:flex;}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2032743_fd6a9b-e1 > .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-column2032743_fd6a9b-e1 > .kt-inside-inner-col,.kadence-column2032743_fd6a9b-e1 > .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-column2032743_fd6a9b-e1 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 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#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-column2032743_fd6a9b-e1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b 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-items2032743_fb7fc1-0b ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_fb7fc1-0b 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-items2032743_fb7fc1-0b kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_492880-8b .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-2032743_492880-8b\"><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\">Als de aannames realistisch zijn, biedt de DCF-methode een relatief objectieve en gefundeerde bedrijfswaardering.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_457f68-20 .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-2032743_457f68-20\"><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\">Het in aanmerking nemen van toekomstige inkomstenstromen is vooral zinvol bij sterk groeiende bedrijven.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_63b775-ea .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-2032743_63b775-ea\"><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\">Gericht op langetermijn (toekomstige) ontwikkelingen<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99 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-items2032743_1eb522-99 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_1eb522-99 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-items2032743_1eb522-99 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_f98740-74 .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-2032743_f98740-74\"><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\">De aanname van een onbeperkte levensduur van bedrijven is nauwelijks realistisch.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_f5c598-10 .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-2032743_f5c598-10\"><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\">Waardering is gebaseerd op aannames en niet op feiten en is daardoor onzeker.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_be6915-63 .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-2032743_be6915-63\"><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\">De berekening is complex en vereist veel aannames; kleine wijzigingen in de aannames (bijv. groeicijfers, disconteringsvoeten) kunnen leiden tot significante verschillen in het resultaat.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_448e0a-ab .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-2032743_448e0a-ab\"><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\">Niet geschikt voor bedrijven met een fluctuerende kasstroom<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Residuele waardemethode<\/strong><\/h2>\n\n<p><strong>Benadering<\/strong>: Deze methode richt zich op de <strong>residuele winst<\/strong>, die voortvloeit uit de winsten minus de eigenvermogenskosten. Ze berekent direct de eigenvermogenswaarde door de huidige boekwaarde van het eigen vermogen en de gedisconteerde toekomstige residuele winsten op te tellen. <\/p>\n\n<p><strong>Wat wordt gedisconteerd<\/strong>: De cashflows voor een expliciete prognoseperiode en bovendien de voor de daaropvolgende periode vastgestelde residuele waarde.<\/p>\n\n<p><strong>Hoe wordt gedisconteerd<\/strong>: Ook hier wordt vaak de WACC gebruikt om zowel de cashflows als de residuele waarde naar de huidige waarde te disconteren.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_1573f8-9b .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_1573f8-9b{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_1573f8-9b alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_399190-4f .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_399190-4f .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_399190-4f\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Voorbeeld Residuele waardemethode<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n\n\n\n    <meta charset=\"UTF-8\"\/>\n    <title>Voorbeeld berekening: Bedrijfswaardering middels de residuele waardemethode<\/title>\n    <style>\n        table {\n            width: 80%;\n            border-collapse: collapse;\n            margin: 20px auto;\n        }\n        th, td {\n            border: 1px solid #444;\n            padding: 8px 12px;\n            text-align: right;\n        }\n        th {\n            background-color: #f2f2f2;\n        }\n        td:first-child, th:first-child {\n            text-align: left;\n        }\n        caption {\n            caption-side: top;\n            text-align: left;\n            font-size: 1.2em;\n            margin-bottom: 10px;\n        }\n    <\/style>\n\n\n\n<h2 style=\"text-align:center;\">Voorbeeld berekening: Bedrijfswaardering middels de residuele waardemethode<\/h2>\n\n<h3>Aannames<\/h3>\n<ul>\n    <li>Disconteringsvoet (\ud835\udc5f\u2091): 8%<\/li>\n    <li>Initi\u00eble boekwaarde van het eigen vermogen (\ud835\udc35\u2080): 1.000.000 \u20ac<\/li>\n    <li>Nettoresultaat in het eerste jaar (\ud835\udc41\ud835\udc3c\u2081): 150.000 \u20ac<\/li>\n    <li>Prognoseperiode: 3 jaar<\/li>\n    <li>Groeivoet (\ud835\udc54): 2%<\/li>\n<\/ul>\n\n<h3>Berekeningen<\/h3>\n\n<h4>1. Geprognotiseerde nettoresultaten en boekwaarden<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>Jaar 1<\/th>\n        <th>Jaar 2<\/th>\n        <th>Jaar 3<\/th>\n    <\/tr>\n    <tr>\n        <td><strong>Nettoresultaat (\ud835\udc41\ud835\udc3c)<\/strong><\/td>\n        <td>150.000 \u20ac<\/td>\n        <td>153.000 \u20ac<\/td>\n        <td>156.060 \u20ac<\/td>\n    <\/tr>\n    <tr>\n        <td><strong>Boekwaarde van het eigen vermogen (\ud835\udc35)<\/strong><\/td>\n        <td>1.150.000 \u20ac<\/td>\n        <td>1.303.000 \u20ac<\/td>\n        <td>1.459.060 \u20ac<\/td>\n    <\/tr>\n<\/table>\n\n<h4>2. Berekening van de residuele winsten<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>Jaar 1<\/th>\n        <th>Jaar 2<\/th>\n        <th>Jaar 3<\/th>\n    <\/tr>\n    <tr>\n        <td><strong>Residuele winst (\ud835\udc45\ud835\udc3c)<\/strong><\/td>\n        <td>70.000 \u20ac<\/td>\n        <td>61.000 \u20ac<\/td>\n        <td>51.820 \u20ac<\/td>\n    <\/tr>\n<\/table>\n\n<h4>3. Contante waarde van de residuele winsten<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>Jaar 1<\/th>\n        <th>Jaar 2<\/th>\n        <th>Jaar 3<\/th>\n    <\/tr>\n    <tr>\n        <td><strong>Contantewaardefactor<\/strong><\/td>\n        <td>1,08<\/td>\n        <td>1,1664<\/td>\n        <td>1,259712<\/td>\n    <\/tr>\n    <tr>\n        <td><strong>Contante waarde van de residuele winst<\/strong><\/td>\n        <td>64.815 \u20ac<\/td>\n        <td>52.293 \u20ac<\/td>\n        <td>41.145 \u20ac<\/td>\n    <\/tr>\n<\/table>\n\n<h4>4. Berekening van de terminale waarde<\/h4>\n<ul>\n    <li>Groeiende residuele winst in jaar 4: \ud835\udc45\ud835\udc3c\u2084 = \ud835\udc45\ud835\udc3c\u2083 \u00d7 (1 + \ud835\udc54) = 51.820 \u20ac \u00d7 1,02 = 52.856 \u20ac<\/li>\n    <li>Terminale waarde aan het einde van jaar 3: TV = \ud835\udc45\ud835\udc3c\u2084 \/ (\ud835\udc5f\u2091 &#8211; \ud835\udc54) = 52.856 \u20ac \/ (0,08 &#8211; 0,02) = 880.940 \u20ac<\/li>\n    <li>Contante waarde van de terminale waarde: PV(TV) = 880.940 \u20ac \/ 1,259712 = 699.632 \u20ac<\/li>\n<\/ul>\n\n<h4>5. Totale waarde van het bedrijf<\/h4>\n<ul>\n    <li>Som van de contante waarden van de residuele winsten: 64.815 \u20ac + 52.293 \u20ac + 41.145 \u20ac = 158.253 \u20ac<\/li>\n    <li>Totale contante waarde van de residuele winsten incl. terminale waarde: 158.253 \u20ac + 699.632 \u20ac = 857.885 \u20ac <\/li>\n    <li><strong>Bedrijfswaarde (\ud835\udc49\u2080):<\/strong> \ud835\udc35\u2080 + Totale contante waarde van de residuele winsten = 1.000.000 \u20ac + 857.885 \u20ac = <strong>1.857.885 \u20ac<\/strong><\/li>\n<\/ul>\n\n\n\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Meerperioden dividenddiscontering<\/strong><\/h2>\n\n<p><strong>Benadering<\/strong>: Deze benadering is geschikt voor bedrijven waarvan de dividenden in de loop van de tijd vari\u00ebren, met name voor beursgenoteerde ondernemingen.<\/p>\n\n<p><strong>Wat wordt gedisconteerd<\/strong>: Geprognotiseerde dividenduitkeringen die over verschillende perioden kunnen veranderen.<\/p>\n\n<p><strong>Hoe wordt gedisconteerd<\/strong>: Aan de hand van de eigenvermogenskosten, die gewoonlijk worden berekend met het Capital Asset Pricing Model (CAPM), om het risico van het aandeel weer te geven.<\/p>\n\n<p><strong>Voorbeeld<\/strong>: Dividenden van 1,00, 1,20, 1,40 over drie jaar en een verwachte constante dividend van 1,50 daarna, met een eigenvermogenskostenvoet van 5%, leiden tot een waarde per aandeel van ongeveer 29,00.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_fd6f55-c6 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_fd6f55-c6{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_fd6f55-c6 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_01ef56-ad .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_01ef56-ad .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_01ef56-ad\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Voorbeeld Meerperioden dividenddiscontering<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n\n\n\n    \n    \n    <title>Meerjarige dividenddiscontering<\/title>\n    <style>\n        .formula {\n            font-family: 'Courier New', Courier, monospace;\n        }\n        .fraction {\n            display: inline-block;\n            vertical-align: middle;\n        }\n        .fraction > .top {\n            display: block;\n            text-align: center;\n        }\n        .fraction > .bottom {\n            display: block;\n            text-align: center;\n            border-top: 1px solid #000;\n        }\n    <\/style>\n\n\n\n<h2>Voorbeeld: Meerjarige dividenddiscontering<\/h2>\n\n<h4>Dividendeprognose voor de komende 3 jaar<\/h4>\n<table border=\"1\" cellpadding=\"5\" cellspacing=\"0\">\n    <tr>\n        <th>Jaar<\/th>\n        <th>Dividend (in \u20ac)<\/th>\n    <\/tr>\n    <tr>\n        <td>Jaar 1<\/td>\n        <td>1,00<\/td>\n    <\/tr>\n    <tr>\n        <td>Jaar 2<\/td>\n        <td>1,20<\/td>\n    <\/tr>\n    <tr>\n        <td>Jaar 3<\/td>\n        <td>1,40<\/td>\n    <\/tr>\n    <tr>\n        <td>Vanaf Jaar 4 (constante dividend)<\/td>\n        <td>1,50<\/td>\n    <\/tr>\n<\/table>\n\n<h4>Berekening van de gedisconteerde dividenden<\/h4>\n\n<p>Eigenvermogenskostenvoet (r) = 5% of 0,05<\/p>\n\n<!-- Berechnung der diskontierten Dividenden -->\n<p class=\"formula\">\n  D<sub>1<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">Dividend<sub>1<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>1<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,00<\/span>\n        <span class=\"bottom\">1,05<\/span>\n    <\/span>  = 0,952 \u20ac\n<\/p>\n\n<p class=\"formula\">\n  D<sub>2<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">Dividend<sub>2<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,20<\/span>\n        <span class=\"bottom\">(1,05)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,20<\/span>\n        <span class=\"bottom\">1,1025<\/span>\n    <\/span>  = 1,088 \u20ac\n<\/p>\n\n<p class=\"formula\">\n  D<sub>3<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">Dividend<sub>3<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,40<\/span>\n        <span class=\"bottom\">(1,05)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,40<\/span>\n        <span class=\"bottom\">1,157625<\/span>\n    <\/span>  = 1,209 \u20ac\n<\/p>\n\n<h4>Berekening van de terminale waarde (vanaf jaar 4)<\/h4>\n\n<p>De terminale waarde (TV) wordt berekend met de Gordon-Growth-formule:<\/p>\n\n<p class=\"formula\">\n  TV = \n    <span class=\"fraction\">\n        <span class=\"top\">Dividend<sub>4<\/sub><\/span>\n        <span class=\"bottom\">r<\/span>\n    <\/span> = \n    <span class=\"fraction\">\n        <span class=\"top\">1,50<\/span>\n        <span class=\"bottom\">0,05<\/span>\n    <\/span> = 30,00 \u20ac\n<\/p>\n\n<p>De terminale waarde moet ook worden gedisconteerd:<\/p>\n\n<p class=\"formula\">\n  Gedisconteerde terminale waarde = \n    <span class=\"fraction\">\n        <span class=\"top\">TV<\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span> = \n    <span class=\"fraction\">\n        <span class=\"top\">30,00<\/span>\n        <span class=\"bottom\">1,157625<\/span>\n    <\/span> = 25,91 \u20ac\n<\/p>\n\n<h4>Totale aandelenwaarde (som van de gedisconteerde dividenden)<\/h4>\n\n<p class=\"formula\">\n  Aandelenwaarde = D<sub>1<\/sub> + D<sub>2<\/sub> + D<sub>3<\/sub> + Gedisconteerde terminale waarde\n<\/p>\n\n<p class=\"formula\">\n  Aandelenwaarde = 0,952 + 1,088 + 1,209 + 25,91 = 29,16 \u20ac\n<\/p>\n\n<p>De berekende aandelenwaarde bedraagt dus 29,16 \u20ac.<\/p>\n\n\n\n<\/div><\/div>\n\n<h3 class=\"wp-block-heading\">Voor- en nadelen van deze methode<\/h3>\n<style>.kadence-column2032743_04512e-ea > .kt-inside-inner-col{display:flex;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, 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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-2032743_e59636-fb\"><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\">Eenvoud en duidelijkheid<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_62e1e8-23 .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-2032743_62e1e8-23\"><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\">In de financi\u00eble wereld erkende methode<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_e4a520-79 .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-2032743_e4a520-79\"><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\">Biedt een systematische en theoretisch onderbouwde benadering <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_df2030-73 .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-2032743_df2030-73\"><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\">Biedt waardevolle inzichten voor investeerders die zich willen richten op stabiele bedrijven<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69 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-items2032743_79aa30-69 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_79aa30-69 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-items2032743_79aa30-69 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_7792a1-b9 .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-2032743_7792a1-b9\"><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\">Afhankelijk van aannames over toekomstige dividenden en de disconteringsvoet <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_619579-ef .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-2032743_619579-ef\"><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\">Andere waardeverhogende factoren die niet in het dividend worden weerspiegeld, zoals een hoge klantentrouw, unieke beschermingsrechten en knowhow, worden niet meegenomen. <\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Opbrengstwaardemethoden in vergelijking met andere methoden<\/strong><\/h2>\n\n<p>De opbrengstwaardemethode focust op de toekomstige cashflow en is daarmee toekomstgericht. Ze is bijzonder waardevol als het gaat om het beoordelen van het groeipotentieel en de duurzame winstgevendheid van een bedrijf.<\/p>\n\n<p>Daartegenover staat de <strong>substantiewaardemethode<\/strong>, die de waarde van een bedrijf bepaalt op basis van de huidige activa minus de verplichtingen. Deze methode is vaak relevant bij de waardering van asset-intensieve bedrijven of in liquidatiescenario&#8217;s. <\/p>\n\n<p>De <strong>vergelijkingsmethode<\/strong> daarentegen gebruikt <strong>marktgegevens<\/strong> om de bedrijfswaarde te bepalen, en maakt vergelijkingen met recent verkochte, vergelijkbare bedrijven. Deze methode is sterk afhankelijk van de beschikbaarheid en vergelijkbaarheid van marktgegevens. (Hier biedt NIMBO een<a href=\"https:\/\/www.nimbo.net\/nl\/bereken-de-waarde-van-het-bedrijf\"> bedrijfswaardering calculator<\/a> aan, die gebaseerd is op actuele marktgegevens voor de betreffende landen).  <\/p>\n\n<p>De methode van <strong>re\u00eble opties<\/strong> bekijkt een bedrijf vanuit het perspectief van toekomstige strategische opties en is bijzonder toepasbaar in sectoren met hoge onzekerheid en snelle veranderingen.<\/p>\n\n<p>Tot slot schat de <strong>liquidatiewaarde-benadering<\/strong> het bedrag dat eigenaren zouden ontvangen in geval van een bedrijfsontbinding. Deze benadering wordt vaak toegepast wanneer bedrijven op het punt staan te sluiten en is sterk gericht op het heden. <\/p>\n\n<p>Elk van deze methoden biedt een ander perspectief op de waarde van een bedrijf en kan worden gekozen afhankelijk van de specifieke context en het doel van de waardering.<\/p>\n\n<h2 class=\"wp-block-heading\"><strong>De opbrengstwaardemethoden in internationale context<\/strong><\/h2>\n\n<p>De toepassing van de opbrengstwaardemethode en haar modellen wordt be\u00efnvloed door lokale waarderingspraktijken en regelgevende kaders. Een blik op de praktijken in verschillende landen toont aan hoe divers deze benaderingen kunnen zijn:<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Europa<\/strong><\/h3>\n\n<p>In <strong>Duitsland<\/strong> is de vereenvoudigde opbrengstwaardemethode een voorkeursmethode, die vooral wordt toegepast bij de waardering van middelgrote bedrijven. Deze benadering wordt ondersteund door de standaarden van het Instituut van Accountants. In <strong>Itali\u00eb<\/strong>, <strong>Spanje<\/strong> en <strong>Polen<\/strong> worden vergelijkbare waarderingsmethoden toegepast, waarbij lokale GAAPs en richtlijnen van de Europese Unie invloed hebben op de specifieke waarderingspraktijken. In deze landen is ook de DCF-methode wijdverspreid, met name bij grotere, internationaal opererende bedrijven.   <\/p>\n\n<p>In <strong>Zwitserland<\/strong> en <strong>Nederland<\/strong>, met hun sterk internationaal geori\u00ebnteerde economie\u00ebn, domineert vaak de DCF-benadering, die vertrouwd is voor internationale investeerders en in lijn is met de IFRS. In <strong>Zweden<\/strong> en <strong>Noorwegen<\/strong> is er eveneens een sterke voorkeur voor de DCF, wat te wijten is aan de transparantie van de Noordse markten en de dominantie van de IFRS. <\/p>\n\n<p>Het <strong>Verenigd Koninkrijk<\/strong> volgt vergelijkbare waarderingsstandaarden als de VS, met een uitgesproken neiging tot de DCF-benadering. Dit wordt begunstigd door een marktgerichte visie en de beschikbaarheid van gedetailleerde financi\u00eble informatie. <\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Noord-Amerika<\/strong><\/h3>\n\n<p>In de <strong>Verenigde Staten<\/strong> en <strong>Canada<\/strong> is de DCF de dominante methode, wat wordt ondersteund door de voorkeur voor aandeelhouderswaarde en de volwassen kapitaalmarkten. De US-GAAP en Canadese GAAP bieden een vast kader voor de cashflowprognose en waardering. <\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Afrika en Midden-Oosten<\/strong><\/h3>\n\n<p>In <strong>Zuid-Afrika<\/strong> wordt de opbrengstwaardemethode ook gebruikt, waarbij de specifieke modelkeuze afhangt van de omvang en de sector van het bedrijf. Vanwege de economische dynamiek en volatiliteit in sommige Afrikaanse markten kan de vereenvoudigde opbrengstwaardemethode hier geschikt zijn om het waarderingsrisico te verminderen. <\/p>\n\n<p>In de <strong>Verenigde Arabische Emiraten<\/strong>, waar de vastgoedmarkt een grote rol speelt, is de vereenvoudigde opbrengstwaardemethode bijzonder wijdverspreid in vastgoedwaardering, terwijl in de bedrijfssector de DCF de voorkeur krijgt om internationale investeerders aan te trekken.<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Oceani\u00eb<\/strong><\/h3>\n\n<p>In <strong>Australi\u00eb<\/strong>, met een ontwikkelde kapitaalmarkt en een sterke focus op internationale investeerders, is de DCF de overheersende methode, ondersteund door de toepassing van de IFRS.<\/p>\n\n<p>Samenvattend kan worden gesteld dat in ontwikkelde markten met een sterke internationale ori\u00ebntatie en goed toegankelijke financi\u00eble informatie de DCF de overheersende methode is. In markten die gekenmerkt worden door een sterkere focus op het midden- en kleinbedrijf en lokale investeringen, wordt de vereenvoudigde opbrengstwaardemethode vaker toegepast. De specifieke modellen die in de afzonderlijke landen worden gebruikt, weerspiegelen de eisen van lokale en internationale investeerders en zijn afhankelijk van de respectievelijke regelgevende en marktspecifieke omstandigheden.<\/p>\n\n<p>Overzicht van de <a href=\"https:\/\/www.nimbo.net\/nl\/bewertungsmethoden-2\">belangrijkste methoden<\/a> voor bedrijfswaardering <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hoe werken opbrengstwaardemethoden? Sterk vereenvoudigd samengevat, draait de opbrengstwaardemethode om het: Dit resulteert in de huidige waarde van het bedrijf volgens de opbrengstwaardemethode. De disconteringsvoet houdt rekening met het tijdstip van de toekomstige inkomsten en het specifieke risico van de investering. Verschillende benaderingen van de opbrengstwaardemethoden Er bestaan verschillende modellen binnen de opbrengstwaardemethode. Deze modellen&#8230;<\/p>\n","protected":false},"author":1003,"featured_media":2042627,"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":[400041],"tags":[],"class_list":["post-2037032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-geen-onderdeel-van-een-categorie"],"taxonomy_info":{"category":[{"value":400041,"label":"Geen onderdeel van een categorie"}]},"featured_image_src_large":["https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Design-ohne-Titel-1.png",1024,1024,false],"author_info":{"display_name":"Marc Uhlmann","author_link":"https:\/\/www.nimbo.net\/nl\/author\/marc"},"comment_info":0,"category_info":[{"term_id":400041,"name":"Geen onderdeel van een categorie","slug":"geen-onderdeel-van-een-categorie","term_group":0,"term_taxonomy_id":2000041,"taxonomy":"category","description":"","parent":0,"count":25,"filter":"raw","cat_ID":400041,"category_count":25,"category_description":"","cat_name":"Geen onderdeel van een categorie","category_nicename":"geen-onderdeel-van-een-categorie","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/www.nimbo.net\/nl\/wp-json\/wp\/v2\/posts\/2037032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nimbo.net\/nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nimbo.net\/nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/nl\/wp-json\/wp\/v2\/users\/1003"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/nl\/wp-json\/wp\/v2\/comments?post=2037032"}],"version-history":[{"count":0,"href":"https:\/\/www.nimbo.net\/nl\/wp-json\/wp\/v2\/posts\/2037032\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/nl\/wp-json\/wp\/v2\/media\/2042627"}],"wp:attachment":[{"href":"https:\/\/www.nimbo.net\/nl\/wp-json\/wp\/v2\/media?parent=2037032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nimbo.net\/nl\/wp-json\/wp\/v2\/categories?post=2037032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nimbo.net\/nl\/wp-json\/wp\/v2\/tags?post=2037032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}