Crescita e valore dell'equity. La mancata identità tra redditività media e merginale.

Gordon’s model is commonly used to valuate companies that expect “normal” growth with balanced financial flows. The model seems inappropriate when ROE on growth opportunities differs from that on invested capital. This is because the basic condition of uniform development for the firm’s dimensional values as a whole (turnover, revenues, capital, dividends etc.) is missing. Moving from this consideration, we have reconstructed the economic/ financial and asset dynamics typical of the above situation; thus we have developed a valuation formula. The formula modifies Gordon’s by specifying different and more analytical variables. To verify the accuracy of the model, we estimate dividends and share value over time, then compare the return with the cost of capital. In the simulation, we took into account both reinvestments and external capital injections. Finally, in the last section we quantified the difference between the proposed formula and Gordon’s, highlighting the determinant variables.