{"id":6005,"date":"2021-04-12T21:48:07","date_gmt":"2021-04-12T21:48:07","guid":{"rendered":"https:\/\/valutico.com\/?page_id=6005"},"modified":"2021-07-07T19:42:29","modified_gmt":"2021-07-07T19:42:29","slug":"key-terms-translations","status":"publish","type":"page","link":"https:\/\/valutico.com\/ru\/key-terms-translations\/","title":{"rendered":"Key Terms Translations"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container header-column-sitewidth nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: #f2f5fa;background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e8ebef;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1310.4px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column header-column-sitewidth\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-builder-row fusion-builder-row-inner fusion-row fusion-flex-align-items-flex-start\" style=\"width:104% !important;max-width:104% !important;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-0 fusion_builder_column_inner_2_3 2_3 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><style type=\"text\/css\">.fusion-breadcrumbs.fusion-breadcrumbs-1{font-size:14px;}.fusion-breadcrumbs.fusion-breadcrumbs-1 span a:hover{color:#65bc7b !important;}.fusion-breadcrumbs.fusion-breadcrumbs-1{color:#59667d;}.fusion-breadcrumbs.fusion-breadcrumbs-1 a{color:#59667d;}<\/style><div class=\"fusion-breadcrumbs fusion-breadcrumbs-1\"><span><span><a href=\"https:\/\/valutico.com\/ru\/\">Home<\/a><\/span><\/span><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-1{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-1{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-1 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">Key Terms Translation<\/h1><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-nested-column-0{width:66.666666666667% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-nested-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.88%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.88%;}@media only screen and (max-width:1200px) {.fusion-body .fusion-builder-nested-column-0{width:66.666666666667% !important;order : 0;}.fusion-builder-nested-column-0 > .fusion-column-wrapper {margin-right : 2.88%;margin-left : 2.88%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-nested-column-0{width:100% !important;order : 0;}.fusion-builder-nested-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-1 fusion_builder_column_inner_1_3 1_3 fusion-flex-column fusion-flex-align-self-center\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-center fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-nested-column-1{width:33.333333333333% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-nested-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 5.76%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 5.76%;}@media only screen and (max-width:1200px) {.fusion-body .fusion-builder-nested-column-1{width:33.333333333333% !important;order : 0;}.fusion-builder-nested-column-1 > .fusion-column-wrapper {margin-right : 5.76%;margin-left : 5.76%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-nested-column-1{width:100% !important;order : 0;}.fusion-builder-nested-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1200px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e8ebef;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1310.4px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-1\"><p>Below are some of the key terms of the valuation industry, meticulously translated by the Valutico team.<\/p>\n<p>As we serve clients in nearly 30 countries, we strive to offer a platform and deliverables that fit withe the local needs of every customer.<\/p>\n<p>Interested in adding a new language to our platform, <a href=\"https:\/\/valutico.com\/contact\/\">contact us<\/a>!<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-1{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1200px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e8ebef;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1310.4px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_3 1_3 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-2{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-2{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-2 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">A<\/h1><\/div><style type=\"text\/css\">#accordion-6005-1 .fusion-panel:hover, #accordion-6005-1 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-1 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-1 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-1 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-1 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-1 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-1 .panel-title a:hover, #accordion-6005-1 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-1 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-1 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-1\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"4f7c12733d15c639a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-1\" data-target=\"#4f7c12733d15c639a\" href=\"#4f7c12733d15c639a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Active market<\/span><\/a><\/h4><\/div><div id=\"4f7c12733d15c639a\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: March\u00e9 actif<br \/>\nSpanish: Mercado activo<br \/>\nGerman: Aktiver Markt<br \/>\nPortuguese: Mercado ativo<\/p>\n<p>Definition: A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"3a60ff3e9ff3226e6\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-1\" data-target=\"#3a60ff3e9ff3226e6\" href=\"#3a60ff3e9ff3226e6\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Alpha<\/span><\/a><\/h4><\/div><div id=\"3a60ff3e9ff3226e6\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Alpha<br \/>\nSpanish: Alpha<br \/>\nGerman: Alpha<br \/>\nPortuguese: Alpha<\/p>\n<p>Definition: See firm-specific risk for the definition of Alpha.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"2faec6f0515b3f5f7\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-1\" data-target=\"#2faec6f0515b3f5f7\" href=\"#2faec6f0515b3f5f7\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Appraisal<\/span><\/a><\/h4><\/div><div id=\"2faec6f0515b3f5f7\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Evaluation\/Appreciation\/Estimation<br \/>\nSpanish: Evaluaci\u00f3n\/Estimaci\u00f3n<br \/>\nGerman: Bewertung<br \/>\nPortuguese: Avalia\u00e7\u00e3o\/Estimativa<\/p>\n<p>Definition: (1) The process of establishing the value of an asset or liability; OR (2) The amount representing an opinion or estimate of value<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"06050a76fdcdaf54d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-1\" data-target=\"#06050a76fdcdaf54d\" href=\"#06050a76fdcdaf54d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">APV approach<\/span><\/a><\/h4><\/div><div id=\"06050a76fdcdaf54d\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: La Valeur actuelle nette ajust\u00e9e (VANA)<br \/>\nSpanish: M\u00e9todo del Valor Presente Ajustado<br \/>\nGerman: APV-Verfahren (Adjusted Present Value-Verfahren)<br \/>\nPortuguese: Metodo do Valor Presente Ajustado<\/p>\n<p>Definition: A multivariate model for estimating the cost of equity capital, which incorporates several systematic risk factors.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"41a60d7b522b443a9\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-1\" data-target=\"#41a60d7b522b443a9\" href=\"#41a60d7b522b443a9\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Asset Based Approach<\/span><\/a><\/h4><\/div><div id=\"41a60d7b522b443a9\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Approche bas\u00e9e sur l&#8217;actif<br \/>\nSpanish: Metodo basado en Activos<br \/>\nGerman: Verm\u00f6gensbasierter Ansatz<br \/>\nPortuguese: M\u00e9todo baseado em ativos<\/p>\n<p>Definition: A method of indicating the value of a business, business or business interest based on a summation of the net value of the individual assets and liabilities. Since each of the assets and liabilities will have been valued using either the market, income or cost approaches, it is not a distinct valuation approach.<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-3{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-3{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-3 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">B<\/h1><\/div><style type=\"text\/css\">#accordion-6005-2 .fusion-panel:hover, #accordion-6005-2 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-2 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-2 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-2 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-2 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-2 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-2 .panel-title a:hover, #accordion-6005-2 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-2 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-2 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-2\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"1811f34bcfae5bf7e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-2\" data-target=\"#1811f34bcfae5bf7e\" href=\"#1811f34bcfae5bf7e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Basis of Value<\/span><\/a><\/h4><\/div><div id=\"1811f34bcfae5bf7e\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur de Base<br \/>\nSpanish: Valor de base<br \/>\nGerman: Wertansatz<br \/>\nPortuguese: Valor de base<\/p>\n<p>Definition: A statement of the fundamental measurement assumptions of a valuation.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"2ca179fa68e01c3d8\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-2\" data-target=\"#2ca179fa68e01c3d8\" href=\"#2ca179fa68e01c3d8\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Beta<\/span><\/a><\/h4><\/div><div id=\"2ca179fa68e01c3d8\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Beta<br \/>\nSpanish: Beta<br \/>\nGerman: Beta<br \/>\nPortuguese: Beta<\/p>\n<p>Definition: A measure of systemic risk of a stock; the tendency of a stock\u2019s price to correlate with changes in a specific index.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"d4586c6573dc0e236\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-2\" data-target=\"#d4586c6573dc0e236\" href=\"#d4586c6573dc0e236\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Beta factor<\/span><\/a><\/h4><\/div><div id=\"d4586c6573dc0e236\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Coefficient b\u00eata<br \/>\nSpanish: Coeficiente Beta<br \/>\nGerman: Beta-Faktor<br \/>\nPortuguese: Coeficiente Beta<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"48ae0877ebb7842f2\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-2\" data-target=\"#48ae0877ebb7842f2\" href=\"#48ae0877ebb7842f2\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Blockage Discount<\/span><\/a><\/h4><\/div><div id=\"48ae0877ebb7842f2\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Blockage Discount<br \/>\nSpanish: Blockage Discount<br \/>\nGerman: Blockage Discount<br \/>\nPortuguese: Blockage Discount<\/p>\n<p>Definition: An amount or percentage that would be deducted by market participants from the current market price of a publicly traded stock to reflect the decrease in the value per share of a block of stock that is of a size that could not be sold in a reasonable period of time given normal trading volumes.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"490e922aecb819e1c\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-2\" data-target=\"#490e922aecb819e1c\" href=\"#490e922aecb819e1c\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Book Value<\/span><\/a><\/h4><\/div><div id=\"490e922aecb819e1c\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur comptable<br \/>\nSpanish: Valor libro<br \/>\nGerman: Buchwert<br \/>\nPortuguese: Valor cont\u00e1bil<\/p>\n<p>Definition: The amount at which an asset is recognised in the financial statements of an entity after deducting any accumulated depreciation and any accumulated impairment losses.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"f7b3b756f138836ef\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-2\" data-target=\"#f7b3b756f138836ef\" href=\"#f7b3b756f138836ef\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Business (Business Enterprise)<\/span><\/a><\/h4><\/div><div id=\"f7b3b756f138836ef\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Business (entreprise commerciale)<br \/>\nSpanish: Business (Empresa)<br \/>\nGerman: Unternehmen<br \/>\nPortuguese: Business (Empresa)<\/p>\n<p>Definition: A commercial, industrial, service, or investment entity (or a combination thereof) pursuing an economic activity.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"41e095aafdd73f152\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-2\" data-target=\"#41e095aafdd73f152\" href=\"#41e095aafdd73f152\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Business Risk<\/span><\/a><\/h4><\/div><div id=\"41e095aafdd73f152\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Risque d&#8217;affaires<br \/>\nSpanish: Riesgo del negocio<br \/>\nGerman: Unternehmensrisiko<br \/>\nPortuguese: Risco do negocio<\/p>\n<p>Definition: The degree of uncertainty of realising expected future returns of the business resulting from factors other than financial leverage.<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-4{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-4{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-4 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">C<\/h1><\/div><style type=\"text\/css\">#accordion-6005-3 .fusion-panel:hover, #accordion-6005-3 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-3 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-3 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-3 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-3 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-3 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-3 .panel-title a:hover, #accordion-6005-3 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-3 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-3 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-3\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"e5f5ec409c8d2d299\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#e5f5ec409c8d2d299\" href=\"#e5f5ec409c8d2d299\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Capex<\/span><\/a><\/h4><\/div><div id=\"e5f5ec409c8d2d299\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Capex (d\u00e9penses d&#8217;investissement de capital)<br \/>\nSpanish: CAPEX (Inversiones en activo fijo)<br \/>\nGerman: Investitionsaufwand<br \/>\nPortuguese: CAPEX (Investimento em Bens de Capital)<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"ab0ab80a8d02a1b3d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#ab0ab80a8d02a1b3d\" href=\"#ab0ab80a8d02a1b3d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Capital Asset Pricing Model (CAPM)<\/span><\/a><\/h4><\/div><div id=\"ab0ab80a8d02a1b3d\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Capital Asset Pricing Model (CAPM)<br \/>\nSpanish: Capital Asset Pricing Model (CAPM)<br \/>\nGerman: Capital Asset Pricing Model (CAPM)<br \/>\nPortuguese: Capital Asset Pricing Model (CAPM)<\/p>\n<p>Definition: The Capital Asset Pricing (CAPM) Model is the most widely used risk\/return model used to calculate the equity cost of capital.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"c2971fe0d59527a86\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#c2971fe0d59527a86\" href=\"#c2971fe0d59527a86\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Capitalised earnings aproach<\/span><\/a><\/h4><\/div><div id=\"c2971fe0d59527a86\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: La m\u00e9thode par capitalisation du revenu<br \/>\nSpanish: M\u00e9todo de Capitalizaci\u00f3n de utilidades<br \/>\nGerman: Ertragswertverfahren<br \/>\nPortuguese: Metodo de Capitaliza\u00e7\u00e3o da Renda<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"f47feac1b9fec2ee8\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#f47feac1b9fec2ee8\" href=\"#f47feac1b9fec2ee8\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Carrying amount<\/span><\/a><\/h4><\/div><div id=\"f47feac1b9fec2ee8\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur comptable<br \/>\nSpanish: Montante contable (no se que poner)<br \/>\nGerman: Buchwert<br \/>\nPortuguese: Quantia escriturada<\/p>\n<p>Definition: The amount at which an asset is recognised in the balance sheet after deducting accumulated depreciation and accumulated impairment losses<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"7526d25a6a95c1044\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#7526d25a6a95c1044\" href=\"#7526d25a6a95c1044\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Cash &amp; equivalents<\/span><\/a><\/h4><\/div><div id=\"7526d25a6a95c1044\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie<br \/>\nSpanish: Caja y Equivalentes<br \/>\nGerman: Barmittel &amp; Finanzanlagen<br \/>\nPortuguese: Caixa e Equivalentes<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"0554cca7a0e822b8a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#0554cca7a0e822b8a\" href=\"#0554cca7a0e822b8a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Cash Flow<\/span><\/a><\/h4><\/div><div id=\"0554cca7a0e822b8a\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Flux de tr\u00e8sorerie<br \/>\nSpanish: Flujo de Caja<br \/>\nGerman: Geldfluss<br \/>\nPortuguese: Fluxo de caixa<\/p>\n<p>Definition: Cash that is generated over a period of time by an asset, group of assets, or business enterprise. Usually used with a qualifying word or phrase.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"e37b68d455a8d52ea\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#e37b68d455a8d52ea\" href=\"#e37b68d455a8d52ea\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Comparable Company Analysis<\/span><\/a><\/h4><\/div><div id=\"e37b68d455a8d52ea\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: L&#8217;analyse de soci\u00e9t\u00e9s comparables.<br \/>\nSpanish: An\u00e1lisis de empresas comparables<br \/>\nGerman: Handelsmultiplikator-Verfahren<br \/>\nPortuguese: An\u00e1lise de compara\u00e7\u00e3o de empresas<\/p>\n<p>Definition: Comps or Comparable Company Analysis involves identifying valuation multiples from comparable listed companies and applying these to the financials of the company to be valued.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"f041505ffeb0a77e1\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#f041505ffeb0a77e1\" href=\"#f041505ffeb0a77e1\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Compounding<\/span><\/a><\/h4><\/div><div id=\"f041505ffeb0a77e1\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Capitalisation<br \/>\nSpanish: Capitalizaci\u00f3n<br \/>\nGerman: Aufzinsung<br \/>\nPortuguese: Capitaliza\u00e7\u00e3o<\/p>\n<p>Definition: The ability of an asset to generate earnings, which are then reinvested in order to generate their own earnings. In other words, compounding refers to generating earnings from previous earnings.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"3c0db664eea3bd547\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#3c0db664eea3bd547\" href=\"#3c0db664eea3bd547\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Comps<\/span><\/a><\/h4><\/div><div id=\"3c0db664eea3bd547\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Comparables<br \/>\nSpanish: Comparables<br \/>\nGerman: Vergleichsunternehmen<br \/>\nPortuguese: Compar\u00e1veis<\/p>\n<p>Definition: See Comparable Company Analysis.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"51610bbc254ed38f8\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#51610bbc254ed38f8\" href=\"#51610bbc254ed38f8\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Contributory Asset Charges<\/span><\/a><\/h4><\/div><div id=\"51610bbc254ed38f8\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Charges contributives d&#8217;actifs<br \/>\nSpanish: Cargos por activos contributivos<br \/>\nGerman: Kalkulatorische Nutzungsentgelte f\u00fcr &#171;unterst\u00fctzende&#187; Verm\u00f6genswerte<br \/>\nPortuguese: Cobran\u00e7as por ativos de contribui\u00e7\u00e3o<\/p>\n<p>Definition: A charge to reflect a fair return on or return of Contributory Assets used in the generation of the cash flows associated with the intangible asset being valued.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"175424b7b21733045\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#175424b7b21733045\" href=\"#175424b7b21733045\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Contributory Assets<\/span><\/a><\/h4><\/div><div id=\"175424b7b21733045\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Actifs concern\u00e9s<br \/>\nSpanish: Activos contributivos<br \/>\nGerman: &#171;Unterst\u00fctzende&#187; Verm\u00f6genswerte<br \/>\nPortuguese: Ativos de contricui\u00e7\u00e3o<\/p>\n<p>Definition: Any tangible or intangible assets used in the generation of the cash flows associated with the intangible asset being valued.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"59b32624f841b5e49\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#59b32624f841b5e49\" href=\"#59b32624f841b5e49\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Control Premium<\/span><\/a><\/h4><\/div><div id=\"59b32624f841b5e49\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Prime de contr\u00f4le<br \/>\nSpanish: Prima por control<br \/>\nGerman: Kontrollpr\u00e4mie<br \/>\nPortuguese: Pr\u00eamio de controle<\/p>\n<p>Definition: An amount or a percentage by which the pro rata value of a controlling interest exceeds the pro rata value of a non-controlling interest in a business enterprise, to reflect the power of control.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"6489d69380c0a1f7f\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#6489d69380c0a1f7f\" href=\"#6489d69380c0a1f7f\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Cost Approach<\/span><\/a><\/h4><\/div><div id=\"6489d69380c0a1f7f\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Co\u00fbt approch\u00e9<br \/>\nSpanish: M\u00e9todo de costo<br \/>\nGerman: Kostenansatz<br \/>\nPortuguese: Metodo do custo<\/p>\n<p>Definition: A valuation approach based on the economic principle that a buyer will pay no more for an asset than the cost to obtain an asset of equal utility, whether by purchase or by construction.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"c3a1b59d02a624443\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#c3a1b59d02a624443\" href=\"#c3a1b59d02a624443\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Cost of Capital<\/span><\/a><\/h4><\/div><div id=\"c3a1b59d02a624443\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Co\u00fbt du capital<br \/>\nSpanish: Costo de capital \/ Coste del dinero<br \/>\nGerman: Kapitalkosten<br \/>\nPortuguese: Custo de capital<\/p>\n<p>Definition: The expected rate of return that the market requires in order to attract funds to a particular investment.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"7d184fc4af1e4b108\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#7d184fc4af1e4b108\" href=\"#7d184fc4af1e4b108\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Cost of Debt<\/span><\/a><\/h4><\/div><div id=\"7d184fc4af1e4b108\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Co\u00fbt de la dette<br \/>\nSpanish: Costo de la deuda<br \/>\nGerman: Fremdkapitalkosten<br \/>\nPortuguese: Custo da d\u00edvida<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"8578dcbb74c25066e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#8578dcbb74c25066e\" href=\"#8578dcbb74c25066e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Covariance<\/span><\/a><\/h4><\/div><div id=\"8578dcbb74c25066e\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Covariance<br \/>\nSpanish: Covariancia<br \/>\nGerman: Kovarianz<br \/>\nPortuguese: Covari\u00e2ncia<\/p>\n<p>Definition: A statistical measure of the variance of two random variables that are observed or measured in the same mean time period.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"731657ac56899dd22\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#731657ac56899dd22\" href=\"#731657ac56899dd22\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Credit Risk<\/span><\/a><\/h4><\/div><div id=\"731657ac56899dd22\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Risque cr\u00e9dit<br \/>\nSpanish: Riesgo de credito<br \/>\nGerman: Kreditrisiko<br \/>\nPortuguese: Risco de cr\u00e9dito<\/p>\n<p>Definition: The risk that one party to a contract will cause a financial loss for the other by failing to discharge an obligation.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"b2630edbd84c52439\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#b2630edbd84c52439\" href=\"#b2630edbd84c52439\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Current Assets<\/span><\/a><\/h4><\/div><div id=\"b2630edbd84c52439\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Actifs courants<br \/>\nSpanish: Activos corrientes<br \/>\nGerman: Umlaufverm\u00f6gen<br \/>\nPortuguese: Ativos correntes<\/p>\n<p>Definition: Cash and assets that are reasonably expected to be converted into cash within one year in the normal course of business.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"89e9a5d76769c1916\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-3\" data-target=\"#89e9a5d76769c1916\" href=\"#89e9a5d76769c1916\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Current Liabilities<\/span><\/a><\/h4><\/div><div id=\"89e9a5d76769c1916\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Passif courant<br \/>\nSpanish: Deuda corrientes<br \/>\nGerman: Kurzfristige Verbindlichkeiten<br \/>\nPortuguese: D\u00edvidas correntes<\/p>\n<p>Definition: Debts or obligations that are due within one year.<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-5{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-5{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-5 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">D<\/h1><\/div><style type=\"text\/css\">#accordion-6005-4 .fusion-panel:hover, #accordion-6005-4 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-4 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-4 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-4 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-4 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-4 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-4 .panel-title a:hover, #accordion-6005-4 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-4 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-4 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-4\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"1ca667f611d9c03e2\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#1ca667f611d9c03e2\" href=\"#1ca667f611d9c03e2\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">DCF approach<\/span><\/a><\/h4><\/div><div id=\"1ca667f611d9c03e2\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Flux de tr\u00e9sorerie actualis\u00e9s<br \/>\nSpanish: DCF &#8212; Flujo de Caja Descontado<br \/>\nGerman: DCF-Verfahren \/ Discounted Cash-Flow-Verfahren<br \/>\nPortuguese: DCF &#8212; Fluxo de Caixa Descontado<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"3b760433d44c0028e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#3b760433d44c0028e\" href=\"#3b760433d44c0028e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Debt Financing<\/span><\/a><\/h4><\/div><div id=\"3b760433d44c0028e\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Financement par l&#8217;emprunt<br \/>\nSpanish: Deuda financiera<br \/>\nGerman: Fremdkapitalfinanzierung<br \/>\nPortuguese: D\u00edvida financiada<\/p>\n<p>Definition: Raising money for a business through loans or by issuing bonds.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"bab17a0f6c27073f8\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#bab17a0f6c27073f8\" href=\"#bab17a0f6c27073f8\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Default Probability<\/span><\/a><\/h4><\/div><div id=\"bab17a0f6c27073f8\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Probabilit\u00e9 de d\u00e9faut<br \/>\nSpanish: Probabilidad de default<br \/>\nGerman: Ausfallwahrscheinlichkeit<br \/>\nPortuguese: Probabilidade de default<\/p>\n<p>Definition: The likelihood of a counterparty not honouring its obligations.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"cdc812e6a73d5cfa7\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#cdc812e6a73d5cfa7\" href=\"#cdc812e6a73d5cfa7\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Discount for Lack of Control<\/span><\/a><\/h4><\/div><div id=\"cdc812e6a73d5cfa7\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: D\u00e9cote pour absence de contr\u00f4le<br \/>\nSpanish: Descuento por falta de control<br \/>\nGerman: Kontrollabschlag<br \/>\nPortuguese: Desconto por falta de controle<\/p>\n<p>Definition: An amount or percentage deducted from a pro-rata share of the value of 100 percent of an equity interest in a business, to reflect the absence of some or all of the powers of control.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"63783a7eba0f83920\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#63783a7eba0f83920\" href=\"#63783a7eba0f83920\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Discount for Lack of Liquidity<\/span><\/a><\/h4><\/div><div id=\"63783a7eba0f83920\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: D\u00e9cote pour absence de liquidit\u00e9<br \/>\nSpanish:<br \/>\nGerman: Liquidit\u00e4tsabschlag<br \/>\nPortuguese:<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"43d6aaad76790ed74\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#43d6aaad76790ed74\" href=\"#43d6aaad76790ed74\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Discount for Lack of Marketability<\/span><\/a><\/h4><\/div><div id=\"43d6aaad76790ed74\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: D\u00e9cote d&#8217;illiquidit\u00e9<br \/>\nSpanish:<br \/>\nGerman: Marktf\u00e4higkeitsabschlag<br \/>\nPortuguese:<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"c26ad7b0776a2646c\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#c26ad7b0776a2646c\" href=\"#c26ad7b0776a2646c\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Discount Rate<\/span><\/a><\/h4><\/div><div id=\"c26ad7b0776a2646c\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Taux d&#8217;actualisation<br \/>\nSpanish: Tasa (factor) de descuento<br \/>\nGerman: Diskontierungssatz \/ Abzinsungsfaktor<br \/>\nPortuguese: Taxa de desconto<\/p>\n<p>Definition: The discount rate is the percentage rate required to calculate the present value of a future cash flow.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"bc09bbf2526ac1e22\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#bc09bbf2526ac1e22\" href=\"#bc09bbf2526ac1e22\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Discounted Cash Flow (DCF) Valuation Approach<\/span><\/a><\/h4><\/div><div id=\"bc09bbf2526ac1e22\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Flux de tr\u00e9sorerie actualis\u00e9s m\u00e9thode d&#8217;\u00e9valuation<br \/>\nSpanish: M\u00e9todo DCF &#8212; Flujo de Caja Descontado<br \/>\nGerman: DCF-Verfahren \/ Discounted Cash-Flow-Verfahren<br \/>\nPortuguese: Metodo DCF &#8212; Fluxo de Caixa Descontado<\/p>\n<p>Definition: Discounted Cash Flow (DCF) valuation is a method of valuing a company using the concept of the time value of money. All future cash flows are estimated and discounted to give their present values. The sum of all future cash flows, both incoming and outgoing, is the net present value (NPV), which is taken as the value or price of the cash flows in question.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"9a65e197d8aec5e99\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#9a65e197d8aec5e99\" href=\"#9a65e197d8aec5e99\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Discounting<\/span><\/a><\/h4><\/div><div id=\"9a65e197d8aec5e99\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Remise\/Actualis\u00e9<br \/>\nSpanish: Descuento<br \/>\nGerman: Diskontierung<br \/>\nPortuguese: Desconto<\/p>\n<p>Definition: The process of determining the present value of a payment or a stream of payments that is to be received<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"c8ff2f0eb3c60b2ce\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#c8ff2f0eb3c60b2ce\" href=\"#c8ff2f0eb3c60b2ce\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Discounting methods<\/span><\/a><\/h4><\/div><div id=\"c8ff2f0eb3c60b2ce\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: M\u00e9thodes d&#8217;\u00e9valuation par l&#8217;actualisation<br \/>\nSpanish: M\u00e9todos de descuento<br \/>\nGerman: Diskontierungsverfahren<br \/>\nPortuguese: M\u00e9todos de desconto<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"94d84b8d944a1f00f\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#94d84b8d944a1f00f\" href=\"#94d84b8d944a1f00f\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Diversifiable Risk<\/span><\/a><\/h4><\/div><div id=\"94d84b8d944a1f00f\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Risque diversifiable<br \/>\nSpanish: Riesgo diversificable<br \/>\nGerman: Diversifizierbares Risiko<br \/>\nPortuguese: Risco diversific\u00e1vel<\/p>\n<p>Definition: See firm-specific risk.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"cb05f972a393dc2c1\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#cb05f972a393dc2c1\" href=\"#cb05f972a393dc2c1\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Dividends<\/span><\/a><\/h4><\/div><div id=\"cb05f972a393dc2c1\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Dividendes<br \/>\nSpanish: Dividendos<br \/>\nGerman: Dividenden<br \/>\nPortuguese: Dividendos<\/p>\n<p>Definition: A share of a company\u2019s net profits distributed by the company to a class of its shareholders.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"deb8c76c5fcd1791e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-4\" data-target=\"#deb8c76c5fcd1791e\" href=\"#deb8c76c5fcd1791e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Divident Discounted Model (DDM) Valuation Aproach<\/span><\/a><\/h4><\/div><div id=\"deb8c76c5fcd1791e\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench:<br \/>\nSpanish: Modelo de Descuento de Dividendos<br \/>\nGerman: DDM &#8212; Verfahren\/ Divident Discounted Model &#8212; Verfahren<br \/>\nPortuguese: Modelo de Desconto de Dividendos<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-6{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-6{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-6 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">E<\/h1><\/div><style type=\"text\/css\">#accordion-6005-5 .fusion-panel:hover, #accordion-6005-5 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-5 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-5 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-5 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-5 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-5 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-5 .panel-title a:hover, #accordion-6005-5 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-5 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-5 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-5\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"ce7c5e4b9fc7f0362\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#ce7c5e4b9fc7f0362\" href=\"#ce7c5e4b9fc7f0362\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">EBIT<\/span><\/a><\/h4><\/div><div id=\"ce7c5e4b9fc7f0362\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: EBIT<br \/>\nSpanish: EBIT<br \/>\nGerman: EBIT<br \/>\nPortuguese: EBIT<\/p>\n<p>Definition: Earnings Before Interest and Tax. Sometimes referred to as operating profit.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"dd7a49c24eeadf486\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#dd7a49c24eeadf486\" href=\"#dd7a49c24eeadf486\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">EBITDA<\/span><\/a><\/h4><\/div><div id=\"dd7a49c24eeadf486\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: EBITDA<br \/>\nSpanish: EBITDA<br \/>\nGerman: EBITDA<br \/>\nPortuguese: EBITDA<\/p>\n<p>Definition: Earnings Before Interest, Taxation, Depreciation, and Amortization.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"0ef3cffd1b2bd5f9d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#0ef3cffd1b2bd5f9d\" href=\"#0ef3cffd1b2bd5f9d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Economic Life<\/span><\/a><\/h4><\/div><div id=\"0ef3cffd1b2bd5f9d\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: La dur\u00e9e d&#8217;utilit\u00e9<br \/>\nSpanish: Vida econ\u00f3mica \u00fatil<br \/>\nGerman: Wirtschaftliche Nutzungsdauer<br \/>\nPortuguese: Vida econ\u00f4mica util<\/p>\n<p>Definition: The total period of time over which an asset is expected to generate economic benefits for one or more users.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"ea3c89c47eec1f6bc\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#ea3c89c47eec1f6bc\" href=\"#ea3c89c47eec1f6bc\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Economic Obsolescence<\/span><\/a><\/h4><\/div><div id=\"ea3c89c47eec1f6bc\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Obsolescence \u00e9conomique<br \/>\nSpanish: Obsolescencia econ\u00f3mica<br \/>\nGerman: Wirtschaftliche \u00dcberalterung<br \/>\nPortuguese: Obsolesc\u00eancia econ\u00f4mica<\/p>\n<p>Definition: A loss of utility caused by factors external to the asset, especially factors related to changes in supply or demand for products produced by the asset, that results in a loss of value.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"c5667de33a4745ea1\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#c5667de33a4745ea1\" href=\"#c5667de33a4745ea1\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Enterprise Value<\/span><\/a><\/h4><\/div><div id=\"c5667de33a4745ea1\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: La valeur de l&#8217;entreprise<br \/>\nSpanish: Valor de la Empresa<br \/>\nGerman: Unternehmenswert<br \/>\nPortuguese: Valor da Empresa<\/p>\n<p>Definition: Enterprise Value (EV), also known as Total Enterprise Value (TEV), Entity Value, or Firm Value (FV) is a measure reflecting the market value of a whole business. It is the sum of claims of all the security-holders: debt holders, preferred shareholders, minority interest, common equity holders, and others.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"6828707b1c00725d7\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#6828707b1c00725d7\" href=\"#6828707b1c00725d7\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Enterprise Value Multiples<\/span><\/a><\/h4><\/div><div id=\"6828707b1c00725d7\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: La valeur d&#8217;entreprise par les multiples<br \/>\nSpanish: M\u00faltiplos de valoraci\u00f3n de la empresa<br \/>\nGerman: Unternehmenswert-basierte Multiplikatoren<br \/>\nPortuguese: M\u00faltiplos de valora\u00e7\u00e3o da empresa<\/p>\n<p>Definition: A ratio used to determine the value of a company. The enterprise value multiple looks at a company as a potential acquirer would, because it takes debt into account \u2013 an item which other multiples like the P\/E ratio do not include. An example of an enterprise value multiple is EV\/EBITDA.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"953b8fa06ff1254f8\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#953b8fa06ff1254f8\" href=\"#953b8fa06ff1254f8\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Entity approach<\/span><\/a><\/h4><\/div><div id=\"953b8fa06ff1254f8\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: L&#8217;approche par entit\u00e9<br \/>\nSpanish: Valor estimado de la entidad\/compa\u00f1\u00eda<br \/>\nGerman: Bruttoverfahren (Entity Ansatz)<br \/>\nPortuguese:<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"861577b9afa35a6e4\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#861577b9afa35a6e4\" href=\"#861577b9afa35a6e4\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Entity Specific Factors<\/span><\/a><\/h4><\/div><div id=\"861577b9afa35a6e4\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Facteurs sp\u00e9cifiques \u00e0 l&#8217;entit\u00e9<br \/>\nSpanish: Factores especificos de la entidad<br \/>\nGerman: Unternehmensspezifische Faktoren<br \/>\nPortuguese: Fatores espec\u00edficos da entidade<\/p>\n<p>Definition: Factors that are specific to an entity and not available to market participants generally.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"0a7aba0add78c148b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#0a7aba0add78c148b\" href=\"#0a7aba0add78c148b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Entity Value<\/span><\/a><\/h4><\/div><div id=\"0a7aba0add78c148b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: La valeur de l&#8217;entreprise<br \/>\nSpanish: Valor de la Empresa<br \/>\nGerman: Unternehmenswert<br \/>\nPortuguese: Valor da Empresa<\/p>\n<p>Definition: See Enterprise Value.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"36339e841c3b76e03\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#36339e841c3b76e03\" href=\"#36339e841c3b76e03\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Equity<\/span><\/a><\/h4><\/div><div id=\"36339e841c3b76e03\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Capitaux propres<br \/>\nSpanish: Patrimonio<br \/>\nGerman: Eigenkapital<br \/>\nPortuguese: Patrim\u00f4nio L\u00edquido<\/p>\n<p>Definition: Total assets less total liabilities. Also called total shareholders\u2019 equity or net worth.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"834fd56859a77b0e6\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#834fd56859a77b0e6\" href=\"#834fd56859a77b0e6\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Equity approach<\/span><\/a><\/h4><\/div><div id=\"834fd56859a77b0e6\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: L&#8217;approche par les capitaux propres<br \/>\nSpanish: M\u00e9todo del capital propio<br \/>\nGerman: Nettoverfahren (Equity Ansatz)<br \/>\nPortuguese: Metodo do capital pr\u00f3prio<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"8453e382a54c52b23\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#8453e382a54c52b23\" href=\"#8453e382a54c52b23\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Equity Financing<\/span><\/a><\/h4><\/div><div id=\"8453e382a54c52b23\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Financement des capitaux propres<br \/>\nSpanish: Finaciamiento del capital<br \/>\nGerman: Eigenkapitalfinanzierung<br \/>\nPortuguese: Financiamento de Capital<\/p>\n<p>Definition: The money acquired from the business owners themselves or from other investors.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"b7a6081a521a9ea84\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#b7a6081a521a9ea84\" href=\"#b7a6081a521a9ea84\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Equity Instrument<\/span><\/a><\/h4><\/div><div id=\"b7a6081a521a9ea84\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Instruments de capitaux<br \/>\nSpanish: Instrumentos de capital<br \/>\nGerman: Eigenkapitalinstrument<br \/>\nPortuguese: Instrumentos de capital<\/p>\n<p>Definition: Any contract that creates a residual interest in the assets of an entity after deducting all of its liabilities.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"c78d76c171340b1ae\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#c78d76c171340b1ae\" href=\"#c78d76c171340b1ae\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Equity Multiples<\/span><\/a><\/h4><\/div><div id=\"c78d76c171340b1ae\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Les multiples de capitaux propres<br \/>\nSpanish: M\u00faltiplos del capital propio<br \/>\nGerman: Eigenkapital-basierte Multiplikatoren<br \/>\nPortuguese: Multiplo de capital pr\u00f3prio<\/p>\n<p>Definition: A ratio used to determine the value of a company\u2019s equity. An example of an equity multiple is price to earnings.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"f84f5d730fff48645\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#f84f5d730fff48645\" href=\"#f84f5d730fff48645\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Equity Risk Premium<\/span><\/a><\/h4><\/div><div id=\"f84f5d730fff48645\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Prime de risque sur actions<br \/>\nSpanish: Prima de riesgo del capital<br \/>\nGerman: Eigenkapitalrisikopr\u00e4mie<br \/>\nPortuguese: Pr\u00eamio de risco do capital pr\u00f3prio<\/p>\n<p>Definition: See risk premium for the definition of Equity Risk Premium.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"21cffab0ea9b6b168\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#21cffab0ea9b6b168\" href=\"#21cffab0ea9b6b168\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Equity Value<\/span><\/a><\/h4><\/div><div id=\"21cffab0ea9b6b168\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur des capitaux propre<br \/>\nSpanish: Valor del capital<br \/>\nGerman: Eigenkapitalwert<br \/>\nPortuguese: Valor do capital<\/p>\n<p>Definition: The value of a business to all of its shareholders<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"80f240a251a11550c\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#80f240a251a11550c\" href=\"#80f240a251a11550c\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Equity-based multiples<\/span><\/a><\/h4><\/div><div id=\"80f240a251a11550c\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Les multiples base\u00e9s sur les capitaux propres<br \/>\nSpanish: Equity M\u00faltiplos base<br \/>\nGerman: Eigenkapitalwert-basierte Multiplikatoren<br \/>\nPortuguese: M\u00faltiplos basedos em capital pr\u00f3prio<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"9a252a58d491b77b2\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#9a252a58d491b77b2\" href=\"#9a252a58d491b77b2\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">EV-based multiples<\/span><\/a><\/h4><\/div><div id=\"9a252a58d491b77b2\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Les multiples base\u00e9s sur la valeur de l&#8217;entreprise<br \/>\nSpanish: EV Multiplos base<br \/>\nGerman: Unternehmenswert-basierte Multiplikatoren<br \/>\nPortuguese: M\u00faltiplos basedos no valor da empresa<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"4cde2cc1441485749\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#4cde2cc1441485749\" href=\"#4cde2cc1441485749\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">EV\/EBIT<\/span><\/a><\/h4><\/div><div id=\"4cde2cc1441485749\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: VE\/ EBIT<br \/>\nSpanish: EV\/EBIT<br \/>\nGerman: EV\/EBIT<br \/>\nPortuguese: EV\/EBIT<\/p>\n<p>Definition: The EV to EBIT multiple is defined as the enterprise value divided by earnings before interest and tax.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"4374cb7afc3afba0d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#4374cb7afc3afba0d\" href=\"#4374cb7afc3afba0d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">EV\/EBITDA<\/span><\/a><\/h4><\/div><div id=\"4374cb7afc3afba0d\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: VE\/ EBITDA<br \/>\nSpanish: EV\/EBITDA<br \/>\nGerman: EV\/EBITDA<br \/>\nPortuguese: EV\/EBITDA<\/p>\n<p>Definition: The EV to EBITDA multiple is defined as the enterprise value divided by earnings before interest, tax, depreciation, and amortization.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"cb75c522a98ba215b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#cb75c522a98ba215b\" href=\"#cb75c522a98ba215b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">EV\/Sales<\/span><\/a><\/h4><\/div><div id=\"cb75c522a98ba215b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: VE\/ Ventes<br \/>\nSpanish: EV\/Ventas<br \/>\nGerman: EV\/Umsatz<br \/>\nPortuguese: EV\/Vendas<\/p>\n<p>Definition: The EV to sales multiple is defined as the enterprise value divided by sales (also called revenue or turnover).<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"4258912b916e7d4ab\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#4258912b916e7d4ab\" href=\"#4258912b916e7d4ab\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Excess Earnings<\/span><\/a><\/h4><\/div><div id=\"4258912b916e7d4ab\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Revenus exc\u00e9dentaires<br \/>\nSpanish: Ganancia en exceso<br \/>\nGerman: Ertrags\u00fcberschuss<br \/>\nPortuguese: Ganhos em excesso<\/p>\n<p>Definition: That amount of anticipated economic benefits that exceeds an appropriate rate of return on the value of a selected asset base (often net tangible assets) used to generate those anticipated economic benefits.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"08fbc7bbf540c8986\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#08fbc7bbf540c8986\" href=\"#08fbc7bbf540c8986\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Exit price<\/span><\/a><\/h4><\/div><div id=\"08fbc7bbf540c8986\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Prix de sortie<br \/>\nSpanish: Precio de salida<br \/>\nGerman: Verkaufspreis<br \/>\nPortuguese: Pre\u00e7o de sa\u00edda<\/p>\n<p>Definition: The price that would be received to sell an asset or paid to transfer a liability<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"bb0ef3fcc09006c1b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#bb0ef3fcc09006c1b\" href=\"#bb0ef3fcc09006c1b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Expected Negative Exposure<\/span><\/a><\/h4><\/div><div id=\"bb0ef3fcc09006c1b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Exposition n\u00e9gative attendue (tbc)<br \/>\nSpanish: Exposici\u00f3n negativa esperada<br \/>\nGerman: Erwartete negative Exposition<br \/>\nPortuguese: Exposi\u00e7\u00e3o negativa esperada<\/p>\n<p>Definition: The discounted payments and unrealised losses an entity expects to pay to a counterparty.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"d52c6065ffe77bfbe\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#d52c6065ffe77bfbe\" href=\"#d52c6065ffe77bfbe\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Expected Positive Exposure<\/span><\/a><\/h4><\/div><div id=\"d52c6065ffe77bfbe\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Exposition positive attendue (tbc)<br \/>\nSpanish: Exposici\u00f3n positiva esperada<br \/>\nGerman: Erwartete positive Exposition<br \/>\nPortuguese: Exposi\u00e7\u00e3o positiva esperada<\/p>\n<p>Definition: The discounted receipts and unrealised gains an entity forecasts will be recieved from a counterparty<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"a6139ab7c070712a5\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#a6139ab7c070712a5\" href=\"#a6139ab7c070712a5\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">External Obsolescence<\/span><\/a><\/h4><\/div><div id=\"a6139ab7c070712a5\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Obsolescence externe<br \/>\nSpanish: Obsolescencia externa<br \/>\nGerman: Externe Obsoleszenz<br \/>\nPortuguese: Obsolesc\u00eancia externa<\/p>\n<p>Definition: A loss of utility caused by economic or locational factors external to the asset that results in a loss of value.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"849b34d87f8d5a077\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#849b34d87f8d5a077\" href=\"#849b34d87f8d5a077\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">External sources<\/span><\/a><\/h4><\/div><div id=\"849b34d87f8d5a077\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Ressources externes<br \/>\nSpanish: Fuentes externas<br \/>\nGerman: Externe Bezugsquellen<br \/>\nPortuguese: Fontes externas<\/p>\n<p>Definition: market value declines; negative changes in technology, markets, economy, or laws; increases in market interest rates; net assets of the company higher than market capitalisation<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"85c4d8738043c619b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-5\" data-target=\"#85c4d8738043c619b\" href=\"#85c4d8738043c619b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">External Valuer<\/span><\/a><\/h4><\/div><div id=\"85c4d8738043c619b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: \u00c9valuateur externe<br \/>\nSpanish: Valor externo<br \/>\nGerman: Externer Gutachter<br \/>\nPortuguese: Valor externo<\/p>\n<p>Definition: A valuer who is not employed by the owner or manager of an asset.<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-7{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-7{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-7 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\"><\/h1><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-2{width:33.333333333333% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-2 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 5.76%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 5.76%;}@media only screen and (max-width:1200px) {.fusion-body .fusion-builder-column-2{width:33.333333333333% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 5.76%;margin-left : 5.76%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_3 1_3 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-8{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-8{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-8 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">F<\/h1><\/div><style type=\"text\/css\">#accordion-6005-6 .fusion-panel:hover, #accordion-6005-6 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-6 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-6 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-6 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-6 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-6 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-6 .panel-title a:hover, #accordion-6005-6 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-6 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-6 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-6\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"711d79d94c557bd87\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#711d79d94c557bd87\" href=\"#711d79d94c557bd87\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Fair value<\/span><\/a><\/h4><\/div><div id=\"711d79d94c557bd87\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Juste valeur<br \/>\nSpanish: Valor justo<br \/>\nGerman: Marktwert<br \/>\nPortuguese: Valor justo<\/p>\n<p>Definition: The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"8dd2e510c0d904d8e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#8dd2e510c0d904d8e\" href=\"#8dd2e510c0d904d8e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Fairness Opinion<\/span><\/a><\/h4><\/div><div id=\"8dd2e510c0d904d8e\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Attestation d&#8217;\u00e9quit\u00e9<br \/>\nSpanish: Opini\u00f3n justa<br \/>\nGerman: Fairness Opinion<br \/>\nPortuguese: Opini\u00e3o justa<\/p>\n<p>Definition: An opinion on whether the financial terms of a proposed corporate transaction are fair to the equity holders of an entity involved.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"6f47bc0d4e709c11a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#6f47bc0d4e709c11a\" href=\"#6f47bc0d4e709c11a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Financial Instrument<\/span><\/a><\/h4><\/div><div id=\"6f47bc0d4e709c11a\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Instrument financier<br \/>\nSpanish: Instrumento financiero<br \/>\nGerman: Finanzinstrument<br \/>\nPortuguese: Instrumento financeiro<\/p>\n<p>Definition: A contract that creates rights or obligations between specified parties to receive or pay cash or other financial consideration, or an equity instrument.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"93ced799347e766d0\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#93ced799347e766d0\" href=\"#93ced799347e766d0\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Financial Reporting Standards<\/span><\/a><\/h4><\/div><div id=\"93ced799347e766d0\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Normes d&#8217;information financi\u00e8re<br \/>\nSpanish: Normas de informaci\u00f3n financiera<br \/>\nGerman: Rechnungslegungsstandards<br \/>\nPortuguese: Normas de informa\u00e7\u00e3o financeira<\/p>\n<p>Definition: Any recognised or adopted standards for the preparation of periodic statements of an entity\u2019s financial position. These may also be referred to as accounting standards.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"53c01aa083eaa6bcf\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#53c01aa083eaa6bcf\" href=\"#53c01aa083eaa6bcf\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Financial Risk<\/span><\/a><\/h4><\/div><div id=\"53c01aa083eaa6bcf\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Risque financier<br \/>\nSpanish: Riesgo financiero<br \/>\nGerman: Finanzielles Risiko<br \/>\nPortuguese: Risco financeiro<\/p>\n<p>Definition: The degree of uncertainty of realizing expected future returns of the business resulting from financial leverage.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"8145de18a678dbc3e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#8145de18a678dbc3e\" href=\"#8145de18a678dbc3e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Financial Statement<\/span><\/a><\/h4><\/div><div id=\"8145de18a678dbc3e\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: \u00c9tat financier<br \/>\nSpanish: Estados Financieros<br \/>\nGerman: Finanzbericht<br \/>\nPortuguese: Estados financeiros<\/p>\n<p>Definition: A periodic statement of an entity\u2019s financial position<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"8ab44e37b654c79eb\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#8ab44e37b654c79eb\" href=\"#8ab44e37b654c79eb\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Financing mix<\/span><\/a><\/h4><\/div><div id=\"8ab44e37b654c79eb\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Financement combin\u00e9<br \/>\nSpanish: Mix de Financiaci\u00f3n<br \/>\nGerman: Finanzierungspolitik<br \/>\nPortuguese: Mix de Financiamento<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"3f75e7111fddb6b62\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#3f75e7111fddb6b62\" href=\"#3f75e7111fddb6b62\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Firm Value<\/span><\/a><\/h4><\/div><div id=\"3f75e7111fddb6b62\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: La valeur de l&#8217;entreprise<br \/>\nSpanish: Valor de la Empresa<br \/>\nGerman: Unternehmenswert<br \/>\nPortuguese: Valor da Empresa<\/p>\n<p>Definition: See Enterprise Value.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"a211fb15d1a993197\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#a211fb15d1a993197\" href=\"#a211fb15d1a993197\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Firm-specific Risk<\/span><\/a><\/h4><\/div><div id=\"a211fb15d1a993197\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Le risque sp\u00e9cifique d&#8217;une entreprise<br \/>\nSpanish: Riesgo no sistematico<br \/>\nGerman: Unternehmensspezifisches Risiko<br \/>\nPortuguese: Risco n\u00e3o sistem\u00e2tico<\/p>\n<p>Definition: Firm-specific risk is sometimes called unsystematic risk, specific risk, diversifiable risk or alpha. The category includes risks associated with a firm\u2019s management team, operations, projects, products, profits, and so on.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"94b55eef2daaeb501\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#94b55eef2daaeb501\" href=\"#94b55eef2daaeb501\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Free Cash Flows to Equity<\/span><\/a><\/h4><\/div><div id=\"94b55eef2daaeb501\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Flux de tr\u00e9sorerie sur capitaux propres<br \/>\nSpanish: Flujo de Caja Libre del Accionista<br \/>\nGerman: Free Cash Flows to Equity<br \/>\nPortuguese: Fluxo de Caixa Livre do Acionista<\/p>\n<p>Definition: Free Cash Flows to Equity is the cash flow available for distribution to equity holders. If net borrowings remain unchanged, the formula is free cash flows to the firm \u2013 Interest Expense x (1 \u2013 Tax Rate).<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"30bc0cda46e78986a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#30bc0cda46e78986a\" href=\"#30bc0cda46e78986a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Free Cash Flows to the Firm<\/span><\/a><\/h4><\/div><div id=\"30bc0cda46e78986a\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Flux de tr\u00e9sorerie sur l&#8217;entreprise<br \/>\nSpanish: Flujo de Caja Libre de la empresa<br \/>\nGerman: Free Cash Flows<br \/>\nPortuguese: Fluxo de Caixa Livre da Empresa<\/p>\n<p>Definition: This is the cash flow available for distribution among all the securities holders of an organization (i.e. debt holders, equity holders, etc.). The standard definition is EBIT x (1 \u2013 Tax Rate) + Depreciation &amp; Amortization +\/- Changes in Working Capital \u2013 Capital Expenditure. The can also be referred to as unlevered free cash flow.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"3369dad73e7968156\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#3369dad73e7968156\" href=\"#3369dad73e7968156\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Free Cashflow to Equity approach (FCFE)<\/span><\/a><\/h4><\/div><div id=\"3369dad73e7968156\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Flux de tr\u00e9sorerie disponible aux actionnaires, FCFE<br \/>\nSpanish: M\u00e9todo del Flujo de Caja del Accionista<br \/>\nGerman: Equity Ansatz<br \/>\nPortuguese: Metodo do Fluxo de Caixa do Acionista<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"51415337e0b460d89\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-6\" data-target=\"#51415337e0b460d89\" href=\"#51415337e0b460d89\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Functional Obsolescence<\/span><\/a><\/h4><\/div><div id=\"51415337e0b460d89\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Obsolescence fonctionnelle<br \/>\nSpanish: Obsolescencia funcional<br \/>\nGerman: Funktionale Obsoleszenz<br \/>\nPortuguese: Obsolesc\u00eancia funcional<\/p>\n<p>Definition: A loss of utility resulting from inefficiencies in the subject asset compared to its replacement that results in a loss of value.<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-9{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-9{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-9 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">G<\/h1><\/div><style type=\"text\/css\">#accordion-6005-7 .fusion-panel:hover, #accordion-6005-7 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-7 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-7 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-7 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-7 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-7 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-7 .panel-title a:hover, #accordion-6005-7 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-7 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-7 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-7\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"f9423b059e206b38e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-7\" data-target=\"#f9423b059e206b38e\" href=\"#f9423b059e206b38e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Gearing<\/span><\/a><\/h4><\/div><div id=\"f9423b059e206b38e\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Endettement<br \/>\nSpanish: Apalancamiento<br \/>\nGerman: Verschuldungsgrad<br \/>\nPortuguese: Alavancagem<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"758ff59a8cfd161e3\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-7\" data-target=\"#758ff59a8cfd161e3\" href=\"#758ff59a8cfd161e3\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Going Concern<\/span><\/a><\/h4><\/div><div id=\"758ff59a8cfd161e3\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Continuit\u00e9 d&#8217;exploitation<br \/>\nSpanish: Continuaci\u00f3n de la operaci\u00f3n<br \/>\nGerman: Unternehmensfortf\u00fchrung<br \/>\nPortuguese: Continua\u00e7\u00e3o da opera\u00e7\u00e3o<\/p>\n<p>Definition: A business enterprise that is expected to continue operations for the foreseeable future.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"2484a6e026ef2f3c1\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-7\" data-target=\"#2484a6e026ef2f3c1\" href=\"#2484a6e026ef2f3c1\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Goodwill<\/span><\/a><\/h4><\/div><div id=\"2484a6e026ef2f3c1\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Goodwill (survaleur financiere)<br \/>\nSpanish: Goodwill<br \/>\nGerman: Goodwill<br \/>\nPortuguese: Goodwill<\/p>\n<p>Definition: Any future economic benefit arising from a business, an interest in a business or from the use of a group of assets which is not separable.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"a650a07f766accd05\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-7\" data-target=\"#a650a07f766accd05\" href=\"#a650a07f766accd05\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Gross Debt<\/span><\/a><\/h4><\/div><div id=\"a650a07f766accd05\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Dette brute<br \/>\nSpanish: Deuda Bruta<br \/>\nGerman: Bruttoverschuldung<br \/>\nPortuguese: D\u00edvida Bruta<\/p>\n<p>Definition: All interest-bearing debt (both current and long-term).<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-10{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-10{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-10 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">H-L<\/h1><\/div><style type=\"text\/css\">#accordion-6005-8 .fusion-panel:hover, #accordion-6005-8 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-8 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-8 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-8 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-8 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-8 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-8 .panel-title a:hover, #accordion-6005-8 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-8 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-8 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-8\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"a843f31312e7ee3ee\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-8\" data-target=\"#a843f31312e7ee3ee\" href=\"#a843f31312e7ee3ee\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Highest and best use<\/span><\/a><\/h4><\/div><div id=\"a843f31312e7ee3ee\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Usage optimal<br \/>\nSpanish: M\u00e1ximo y mejor uso<br \/>\nGerman: H\u00f6chste und beste Nutzung<br \/>\nPortuguese: Maior e melhor uso<\/p>\n<p>Definition: The use of a non-financial asset by market participants that would maximise the value of the asset or the group of assets and liabilities (e.g. a business) within which the asset would be used<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"3c1b94c3d57534a72\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-8\" data-target=\"#3c1b94c3d57534a72\" href=\"#3c1b94c3d57534a72\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Highest and Best Use<\/span><\/a><\/h4><\/div><div id=\"3c1b94c3d57534a72\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Usage optimal<br \/>\nSpanish: Utilizaci\u00f3n optima<br \/>\nGerman: H\u00f6chste und beste Nutzung<br \/>\nPortuguese: Utiliza\u00e7\u00e3o \u00f3tima<\/p>\n<p>Definition: The use of an asset that maximises its potential and that is physically possible, legally permissible and financially feasible.<\/p>\n[\/fusion_title]<style type=\"text\/css\">#accordion-6005-8 .fusion-panel:hover, #accordion-6005-8 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-8 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-8 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-8 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-8 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-8 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-8 .panel-title a:hover, #accordion-6005-8 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-8 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-8 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-8\"><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"a90117979171186d3\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#a90117979171186d3\" href=\"#a90117979171186d3\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Impairment<\/span><\/a><\/h4><\/div><div id=\"a90117979171186d3\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\"><\/div><\/div><\/div>\nFrench: D\u00e9pr\u00e9ciation<br \/>\nSpanish: Depreciaci\u00f3n<br \/>\nGerman: Abschreibung<br \/>\nPortuguese: Deprecia\u00e7\u00e3o<\/p>\n<p>Definition: A loss in the future economic benefits, or service potential of an asset, over and above the systematic recognition of the loss of the asset\u2019s future economic benefits or service potential through depreciation or amortisation.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"e386422b5ce4ea075\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#e386422b5ce4ea075\" href=\"#e386422b5ce4ea075\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Impairment loss<\/span><\/a><\/h4><\/div><div id=\"e386422b5ce4ea075\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Perte de valeur<br \/>\nSpanish: P\u00e9rdida por deterioro<br \/>\nGerman: Wertminderungsaufwand<br \/>\nPortuguese: Perda por imparidade<\/p>\n<p>Definition: The amount by which the carrying amount of an asset or cash-generating unit exceeds its recoverable amount<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"4a7fdf157bf4e888d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#4a7fdf157bf4e888d\" href=\"#4a7fdf157bf4e888d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">in perpetuity \/ perpetual<\/span><\/a><\/h4><\/div><div id=\"4a7fdf157bf4e888d\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Perp\u00e9tuel<br \/>\nSpanish: En Perpetuidad\/Perpetuo<br \/>\nGerman: in ewiger Rente<br \/>\nPortuguese: Em Perpetuidade\/Perp\u00e9tuo<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"3b6e380fafce157d2\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#3b6e380fafce157d2\" href=\"#3b6e380fafce157d2\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Income Approach<\/span><\/a><\/h4><\/div><div id=\"3b6e380fafce157d2\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: L&#8217;optique des revenus<br \/>\nSpanish: M\u00e9doto de ingresos<br \/>\nGerman: Einkommensansatz<br \/>\nPortuguese: \u00d3tica da receita<\/p>\n<p>Definition: A valuation approach that provides an indication of value by converting future cash flows to a single current capital value.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"09305b4c20c71517b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#09305b4c20c71517b\" href=\"#09305b4c20c71517b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Initial Yield<\/span><\/a><\/h4><\/div><div id=\"09305b4c20c71517b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Rendement initial<br \/>\nSpanish: Rendimiento Inicial<br \/>\nGerman: Ausgangsrendite<br \/>\nPortuguese: Rendimento inicial<\/p>\n<p>Definition: The initial income from an investment divided by the price paid for the investment expressed as a percentage.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"4107944c23a974747\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#4107944c23a974747\" href=\"#4107944c23a974747\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Intangible Asset<\/span><\/a><\/h4><\/div><div id=\"4107944c23a974747\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Actifs incorporels<br \/>\nSpanish: Activo intangible<br \/>\nGerman: Immaterielle Verm\u00f6genswerte<br \/>\nPortuguese: Ativo intang\u00edvel<\/p>\n<p>Definition: A non-monetary asset that manifests itself by its economic properties. It does not have physical substance but grants rights and economic benefits to its owner.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"e0c439c449e8eacf2\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#e0c439c449e8eacf2\" href=\"#e0c439c449e8eacf2\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Intangible asset<\/span><\/a><\/h4><\/div><div id=\"e0c439c449e8eacf2\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Actif immat\u00e9riel<br \/>\nSpanish: Activo intangible<br \/>\nGerman: Immaterielle Verm\u00f6genswerte<br \/>\nPortuguese: Ativo intang\u00edvel<\/p>\n<p>Definition: an identifiable non-monetary asset without physical substance. An asset is a resource that is controlled by the entity as a result of past events (for example, purchase or self-creation) and from which future economic benefits (inflows of cash or other assets) are expected. [IAS 38.8] Thus, the three critical attributes of an intangible asset are: identifiability, control (power to obtain benefits from the asset), future economic benefits (such as revenues or reduced future costs)<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"c140d16559a44bbff\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#c140d16559a44bbff\" href=\"#c140d16559a44bbff\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Interest rate on debt (to calculate cashflows)<\/span><\/a><\/h4><\/div><div id=\"c140d16559a44bbff\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Taux d&#8217;int\u00e9r\u00eat sur le financement par emprunt (pour calculer le flux de tr\u00e9sorerie)<br \/>\nSpanish: Tasa de inter\u00e9s sobre deuda (para calcular flujos de caja)<br \/>\nGerman: Fremdkapitalzinsen (zur Berechnung der \u00dcbersch\u00fcsse)<br \/>\nPortuguese: Taxa de juro sobre d\u00edvida (para calular fluxos de caixa)<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"c08aa7238007c1563\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#c08aa7238007c1563\" href=\"#c08aa7238007c1563\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Internal Rate of Return<\/span><\/a><\/h4><\/div><div id=\"c08aa7238007c1563\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Taux de rentabilit\u00e9 interne<br \/>\nSpanish: Tasa interna de retorno<br \/>\nGerman: Interne Rendite<br \/>\nPortuguese: Taxa de rentabilidade interna<\/p>\n<p>Definition: The discount rate at which the present value of the future cash flows of the investment equals the acquisition cost of the investment.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"13d0b7bc75daeaa92\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#13d0b7bc75daeaa92\" href=\"#13d0b7bc75daeaa92\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Internal sources<\/span><\/a><\/h4><\/div><div id=\"13d0b7bc75daeaa92\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Ressources internes<br \/>\nSpanish: Fuentes internas<br \/>\nGerman: Interne Bezugsquellen<br \/>\nPortuguese: Fontes internas<\/p>\n<p>Definition: obsolescence or physical damage; asset is idle, part of a restructuring or held for disposal; worse economic performance than expected; for investments in subsidiaries, joint ventures or associates, the carrying amount is higher than the carrying amount of the investee&#8217;s assets, or a dividend exceeds the total comprehensive income of the investee<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"b4d02bf056ef21c1f\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#b4d02bf056ef21c1f\" href=\"#b4d02bf056ef21c1f\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Invested Capital<\/span><\/a><\/h4><\/div><div id=\"b4d02bf056ef21c1f\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Tr\u00e9sorerie<br \/>\nSpanish: Capital invertido<br \/>\nGerman: Investiertes Kapital<br \/>\nPortuguese: Capital investido<\/p>\n<p>Definition: The sum of equity and debt in a business enterprise. Debt can be either (a) all interest-bearing debt or (b) long-term, interest-bearing debt. When the term is used, it should be supplemented by the appropriate qualifying words.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"22eafb26a966b0ac2\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#22eafb26a966b0ac2\" href=\"#22eafb26a966b0ac2\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Investment Property<\/span><\/a><\/h4><\/div><div id=\"22eafb26a966b0ac2\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Immeuble de placement<br \/>\nSpanish: Propiedad de inversi\u00f3n<br \/>\nGerman: Investitionsliegenschaften<br \/>\nPortuguese: Propriedade de investimento<\/p>\n<p>Definition: Property that is land or a building, or part of a building, or both, held by the owner to earn rentals or for capital appreciation, or both, rather than for: 1. use in the production or supply of goods or services or for administrative purposes, or 2. sale in the ordinary course of business.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"05a4db1b7f2a6d66d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-9\" data-target=\"#05a4db1b7f2a6d66d\" href=\"#05a4db1b7f2a6d66d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Investment Value<\/span><\/a><\/h4><\/div><div id=\"05a4db1b7f2a6d66d\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur d&#8217;investissement<br \/>\nSpanish: Valor de inversi\u00f3n<br \/>\nGerman: Investitionswert<br \/>\nPortuguese: Valor do Investimento<\/p>\n<p>Definition: The value of an asset to the owner or a prospective owner for individual investment or operational objectives.<\/p>\n[\/fusion_title]<style type=\"text\/css\">#accordion-6005-9 .fusion-panel:hover, #accordion-6005-9 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-9 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-9 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-9 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-9 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-9 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-9 .panel-title a:hover, #accordion-6005-9 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-9 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-9 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-9\"><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"4dbe8fa97ae50e4cd\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-10\" data-target=\"#4dbe8fa97ae50e4cd\" href=\"#4dbe8fa97ae50e4cd\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Leverage<\/span><\/a><\/h4><\/div><div id=\"4dbe8fa97ae50e4cd\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\"><\/div><\/div><\/div>\nFrench: Endettement<br \/>\nSpanish: Apalancamiento<br \/>\nGerman: Verschuldungsgrad<br \/>\nPortuguese: Alavancagem<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"4ca7e7dee1b76fab6\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-10\" data-target=\"#4ca7e7dee1b76fab6\" href=\"#4ca7e7dee1b76fab6\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Levered Beta<\/span><\/a><\/h4><\/div><div id=\"4ca7e7dee1b76fab6\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Facteur b\u00eata<br \/>\nSpanish: Beta apalancado<br \/>\nGerman: Levered Beta<br \/>\nPortuguese: Beta alavancado<\/p>\n<p>Definition: The beta reflecting a capital structure that includes debt.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"6a0253e7b7eb0f43a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-10\" data-target=\"#6a0253e7b7eb0f43a\" href=\"#6a0253e7b7eb0f43a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Liquidation value<\/span><\/a><\/h4><\/div><div id=\"6a0253e7b7eb0f43a\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur de liquidation<br \/>\nSpanish: Valor de Liquidaci\u00f3n<br \/>\nGerman: Liquidationswert<br \/>\nPortuguese: Valor de Liquida\u00e7\u00e3o<\/p>\n<p>Definition: The net amount that would be realized if a business is discounted and its assets are sold individually. The appropriate bases of value and any appropriate additional qualifying assumptions should also be stated.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"42c30c7359fcf811b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-10\" data-target=\"#42c30c7359fcf811b\" href=\"#42c30c7359fcf811b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Liquidity<\/span><\/a><\/h4><\/div><div id=\"42c30c7359fcf811b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Liquidit\u00e9<br \/>\nSpanish: Liquidez<br \/>\nGerman: Liquidit\u00e4t<br \/>\nPortuguese: Liquidez<\/p>\n<p>Definition: A measure of the ease with which an asset may be converted into cash. A highly liquid asset can be easily converted into cash; an illiquid asset is difficult to convert into cash.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"7c5308d0973a0de74\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-10\" data-target=\"#7c5308d0973a0de74\" href=\"#7c5308d0973a0de74\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Loss Given Default<\/span><\/a><\/h4><\/div><div id=\"7c5308d0973a0de74\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Perte en cas de d\u00e9faut<br \/>\nSpanish: P\u00e9rdida dado el incumplimiento<br \/>\nGerman: Verlust bei Ausfall<br \/>\nPortuguese: Perda dada inadimpl\u00eancia<\/p>\n<p>Definition: The percentage amount that a party expects to lose if the counterparty defaults<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-11{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-11{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-11 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">M<\/h1><\/div><style type=\"text\/css\">#accordion-6005-11 .fusion-panel:hover, #accordion-6005-11 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-11 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-11 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-11 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-11 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-11 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-11 .panel-title a:hover, #accordion-6005-11 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-11 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-11 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-11\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"a304cc70ada53132a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-11\" data-target=\"#a304cc70ada53132a\" href=\"#a304cc70ada53132a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Market Cap \/ Market capitalisation<\/span><\/a><\/h4><\/div><div id=\"a304cc70ada53132a\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Capitalisation boursi\u00e8re<br \/>\nSpanish: Capitalizaci\u00f3n de Mercado<br \/>\nGerman: Marktkapitalisierung<br \/>\nPortuguese: Capitaliza\u00e7\u00e3o do Mercado<\/p>\n<p>Definition: Market Capitalization is the share prices times the number of shares outstanding for a publicly traded company.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"98202397533fa387c\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-11\" data-target=\"#98202397533fa387c\" href=\"#98202397533fa387c\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Market Participants<\/span><\/a><\/h4><\/div><div id=\"98202397533fa387c\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Participants au march\u00e9<br \/>\nSpanish: Participantes del mercado<br \/>\nGerman: Marktteilnehmer<br \/>\nPortuguese: Participantes do mercado<\/p>\n<p>Definition: The whole body of individuals, companies or other entities that are involved in actual transactions or who are contemplating entering into a transaction for a particular type of asset.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"6ba8bebdf3cacba0b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-11\" data-target=\"#6ba8bebdf3cacba0b\" href=\"#6ba8bebdf3cacba0b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Market Rent<\/span><\/a><\/h4><\/div><div id=\"6ba8bebdf3cacba0b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Taux du march\u00e9 (tbc)<br \/>\nSpanish: Alquiler de mercado<br \/>\nGerman: Marktmiete<br \/>\nPortuguese: Aluguel no Mercado<\/p>\n<p>Definition: The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm\u2019s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"0bcea170dbd96b3df\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-11\" data-target=\"#0bcea170dbd96b3df\" href=\"#0bcea170dbd96b3df\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Market Risk<\/span><\/a><\/h4><\/div><div id=\"0bcea170dbd96b3df\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Le risque de march\u00e9<br \/>\nSpanish: Riesgo de mercado<br \/>\nGerman: Marktrisiko<br \/>\nPortuguese: Risco de mercado<\/p>\n<p>Definition: Market Risk is often referred to as systematic risk, non-specific risk, non-diversifiable risk or beta. This category includes risks such as interest rates, the economic cycle, inflation, legislation and socio-economic developments.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"ad78927de6afe0a0b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-11\" data-target=\"#ad78927de6afe0a0b\" href=\"#ad78927de6afe0a0b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Market risk premium<\/span><\/a><\/h4><\/div><div id=\"ad78927de6afe0a0b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Prime de risque march\u00e9<br \/>\nSpanish: Prima de riesgo de mercado<br \/>\nGerman: Marktrisikopr\u00e4mie<br \/>\nPortuguese: Pr\u00eamio de risco de mercado<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"4b041ee3945ba393c\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-11\" data-target=\"#4b041ee3945ba393c\" href=\"#4b041ee3945ba393c\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Market Value<\/span><\/a><\/h4><\/div><div id=\"4b041ee3945ba393c\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur de march\u00e9<br \/>\nSpanish: Valor de mercado<br \/>\nGerman: Marktwert<br \/>\nPortuguese: Valor de mercado<\/p>\n<p>Definition: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm\u2019s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"1f6737227fd08bb75\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-11\" data-target=\"#1f6737227fd08bb75\" href=\"#1f6737227fd08bb75\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Market value of debt<\/span><\/a><\/h4><\/div><div id=\"1f6737227fd08bb75\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: La valeur de march\u00e9 des titres de cr\u00e9ance<br \/>\nSpanish: Valor de mercado de deuda<br \/>\nGerman: Marktwert des verzinslichen Fremdkapitals<br \/>\nPortuguese: Valor de mercado da d\u00edvida<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"18ab79902bde7499d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-11\" data-target=\"#18ab79902bde7499d\" href=\"#18ab79902bde7499d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Metric<\/span><\/a><\/h4><\/div><div id=\"18ab79902bde7499d\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: M\u00e9trique<br \/>\nSpanish: M\u00e9trica<br \/>\nGerman: Metrik<br \/>\nPortuguese: M\u00e9trica<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"1a092d4aafea0dc97\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-11\" data-target=\"#1a092d4aafea0dc97\" href=\"#1a092d4aafea0dc97\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Modern Equivalent Asset<\/span><\/a><\/h4><\/div><div id=\"1a092d4aafea0dc97\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Actifs moderne \u00e9quivalent (tbc)<br \/>\nSpanish: Activo Equivalente Moderno<br \/>\nGerman: Modernes \u00c4quivalenzgut<br \/>\nPortuguese: Ativo equivalente moderno<\/p>\n<p>Definition: An asset which provides similar function and equivalent utility to the asset being valued, but which is of a current design and constructed or made using current materials and techniques.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"de41510ec209b0210\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-11\" data-target=\"#de41510ec209b0210\" href=\"#de41510ec209b0210\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Most advantageous market<\/span><\/a><\/h4><\/div><div id=\"de41510ec209b0210\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Le march\u00e9 le plus avantageux<br \/>\nSpanish: Mercado m\u00e1s ventajoso<br \/>\nGerman: Vorteilhaftester Markt<br \/>\nPortuguese: Mercado mais vantajoso<\/p>\n<p>Definition: The market that maximises the amount that would be received to sell the asset or minimises the amount that would be paid to transfer the liability, after taking into account transaction costs and transport costs<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"b3f3e0833989fcd1b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-11\" data-target=\"#b3f3e0833989fcd1b\" href=\"#b3f3e0833989fcd1b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Multiples Valuation Approach<\/span><\/a><\/h4><\/div><div id=\"b3f3e0833989fcd1b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: M\u00e9thode de valorisation par les multiples<br \/>\nSpanish: M\u00e9todo de valoraci\u00f3n por multiplos<br \/>\nGerman: Multiplikatorverfahren<br \/>\nPortuguese: Metodo de Valora\u00e7\u00e3o por m\u00faltiplos<\/p>\n<p>Definition: The Multiples Valuation Approach is a valuation theory based on the idea that similar assets sell at similar prices. It assumes that a ratio comparing value to some firm-specific variable (operating margins, cash flow, etc.) is the same across similar firms.<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-12{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-12{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-12 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">N-O<\/h1><\/div><style type=\"text\/css\">#accordion-6005-12 .fusion-panel:hover, #accordion-6005-12 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-12 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-12 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-12 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-12 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-12 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-12 .panel-title a:hover, #accordion-6005-12 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-12 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-12 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-12\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"93494025ee73b052f\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-12\" data-target=\"#93494025ee73b052f\" href=\"#93494025ee73b052f\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Net Debt<\/span><\/a><\/h4><\/div><div id=\"93494025ee73b052f\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Dette net<br \/>\nSpanish: Deuda Neta<br \/>\nGerman: Nettofinanzverbindlichkeiten<br \/>\nPortuguese: D\u00edvida liquida<\/p>\n<p>Definition: Net debt is all interest bearing debt (often referred to as gross debt) less cash, cash equivalents and marketable securities. Net debt assumes that cash and marketable securities are \u201csurplus\u201d or \u201credundant\u201d and can be used to pay down debt. In practice, It is important to assess whether all cash, cash equivalents, and marketable securities truly are \u201credundant\u201d or readily disposable.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"8f529ca6933f764ac\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-12\" data-target=\"#8f529ca6933f764ac\" href=\"#8f529ca6933f764ac\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Net income<\/span><\/a><\/h4><\/div><div id=\"8f529ca6933f764ac\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Revenu net<br \/>\nSpanish: Utildad Neta<br \/>\nGerman: Jahres\u00fcberschuss<br \/>\nPortuguese: Lucro L\u00edquido<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"941814f4f3f320492\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-12\" data-target=\"#941814f4f3f320492\" href=\"#941814f4f3f320492\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Net Operating Profit After Tax \/ NOPAT<\/span><\/a><\/h4><\/div><div id=\"941814f4f3f320492\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Le r\u00e9sultat net d&#8217;exploitation (RNE)<br \/>\nSpanish: NOPAT<br \/>\nGerman: NOPAT<br \/>\nPortuguese: NOPAT<\/p>\n<p>Definition: Net Operating Profit After Tax (NOPAT) is a company\u2019s after-tax operating profit for all investors, including shareholders and debt holders.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"bb6de2b788874fe14\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-12\" data-target=\"#bb6de2b788874fe14\" href=\"#bb6de2b788874fe14\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Net Present Value<\/span><\/a><\/h4><\/div><div id=\"bb6de2b788874fe14\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur Actuelle Nette<br \/>\nSpanish: Valor Presente l\u00edquido<br \/>\nGerman: Nettobarwert<br \/>\nPortuguese: Valor Presente l\u00edquido<\/p>\n<p>Definition: Net Present Value is the sum of the present values of a time series of future cash flows.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"23ee3f1360a109d3b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-12\" data-target=\"#23ee3f1360a109d3b\" href=\"#23ee3f1360a109d3b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Nominal Cash Flows<\/span><\/a><\/h4><\/div><div id=\"23ee3f1360a109d3b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Flux de tr\u00e9sorerie nominaux<br \/>\nSpanish: Flujos de efectivo nominales<br \/>\nGerman: Nominale Geldfl\u00fcsse<br \/>\nPortuguese: Fluxos de caixa nominais<\/p>\n<p>Definition: Cash flows expressed in monetary terms in a given period or series or periods.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"c23ba927cac9ed344\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-12\" data-target=\"#c23ba927cac9ed344\" href=\"#c23ba927cac9ed344\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Non-Current Assets<\/span><\/a><\/h4><\/div><div id=\"c23ba927cac9ed344\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Actifs non courants<br \/>\nSpanish: Activos no corrientes<br \/>\nGerman: Langfristige Verm\u00f6genswerte<br \/>\nPortuguese: Ativos n\u00e3o circulantes<\/p>\n<p>Definition: Assets that are held long term and intended for use by an enterprise in the production of goods or the delivery of services.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"5db8539c9b5f8269d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-12\" data-target=\"#5db8539c9b5f8269d\" href=\"#5db8539c9b5f8269d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Non-diversifiable Risk<\/span><\/a><\/h4><\/div><div id=\"5db8539c9b5f8269d\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Risques non-diversifiables<br \/>\nSpanish: Riesgos no diversificables<br \/>\nGerman: Nicht-diversifizierbares Risiko<br \/>\nPortuguese: Riscos n\u00e3o diversificados<\/p>\n<p>Definition: See market risk.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"6a2fc371cc70f2f9b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-12\" data-target=\"#6a2fc371cc70f2f9b\" href=\"#6a2fc371cc70f2f9b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Non-operating assets<\/span><\/a><\/h4><\/div><div id=\"6a2fc371cc70f2f9b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Immobilisations hors exploitation<br \/>\nSpanish: Activos no operacionales<br \/>\nGerman: Nicht betriebsnotwendiges Verm\u00f6gen<br \/>\nPortuguese: Ativos n\u00e3o operacionais<\/p>\n<p>Definition: Classes of assets that are not essential to the operations of a business, but may still generate income or provide return on investment.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"2d5623b8c3d72f6ac\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-12\" data-target=\"#2d5623b8c3d72f6ac\" href=\"#2d5623b8c3d72f6ac\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Non-specific Risk<\/span><\/a><\/h4><\/div><div id=\"2d5623b8c3d72f6ac\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Risque non-sp\u00e9cifique<br \/>\nSpanish: Riesgo no espec\u00edfico<br \/>\nGerman: Nicht-spezifisches Risiko<br \/>\nPortuguese: Risco n\u00e3o espec\u00edfico<\/p>\n<p>Definition: See market risk.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"b26234d73a5b50f13\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-12\" data-target=\"#b26234d73a5b50f13\" href=\"#b26234d73a5b50f13\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Normalized Earnings<\/span><\/a><\/h4><\/div><div id=\"b26234d73a5b50f13\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: B\u00e9n\u00e9fices normalis\u00e9s<br \/>\nSpanish: Ganancias normalizadas<br \/>\nGerman: Normalisierte Ertr\u00e4ge<br \/>\nPortuguese: Ganhos normalizados<\/p>\n<p>Definition: Earnings adjusted for non-recurring items, over\/under depreciation, profit\/loss on sale of assets, etc. so that earnings reflect the ongoing performance of the company.<\/p>\n[\/fusion_title]<style type=\"text\/css\">#accordion-6005-12 .fusion-panel:hover, #accordion-6005-12 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-12 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-12 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-12 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-12 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-12 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-12 .panel-title a:hover, #accordion-6005-12 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-12 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-12 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-12\"><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"b4a88200bed35ffd1\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-13\" data-target=\"#b4a88200bed35ffd1\" href=\"#b4a88200bed35ffd1\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Objectified value<\/span><\/a><\/h4><\/div><div id=\"b4a88200bed35ffd1\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\"><\/div><\/div><\/div>\nFrench:<br \/>\nSpanish:<br \/>\nGerman: objektivierter Unternehmenswert<br \/>\nPortuguese:<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"1c692ea16faddc5e9\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-13\" data-target=\"#1c692ea16faddc5e9\" href=\"#1c692ea16faddc5e9\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Obsolescence<\/span><\/a><\/h4><\/div><div id=\"1c692ea16faddc5e9\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Obsolescence<br \/>\nSpanish: Obsolescencia<br \/>\nGerman: Obsoleszenz<br \/>\nPortuguese: Obsolesc\u00eancia<\/p>\n<p>Definition: A loss of utility of an asset caused by either physical deterioration, changes in technology, patterns of demand or environmental changes that results in a loss of value.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-3{width:33.333333333333% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-3 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 5.76%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 5.76%;}@media only screen and (max-width:1200px) {.fusion-body .fusion-builder-column-3{width:33.333333333333% !important;order : 0;}.fusion-builder-column-3 > .fusion-column-wrapper {margin-right : 5.76%;margin-left : 5.76%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-3{width:100% !important;order : 0;}.fusion-builder-column-3 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_3 1_3 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-13{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-13{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-13 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">P-Q<\/h1><\/div><style type=\"text\/css\">#accordion-6005-14 .fusion-panel:hover, #accordion-6005-14 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-14 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-14 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-14 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-14 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-14 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-14 .panel-title a:hover, #accordion-6005-14 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-14 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-14 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-14\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"a8efcfd41d04a4b3a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-14\" data-target=\"#a8efcfd41d04a4b3a\" href=\"#a8efcfd41d04a4b3a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Peer Group<\/span><\/a><\/h4><\/div><div id=\"a8efcfd41d04a4b3a\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Groupe de paires<br \/>\nSpanish: Empresas comparables<br \/>\nGerman: Peer Group \/ Vergleichsunternehmen<br \/>\nPortuguese: Empresas compar\u00e1veis<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"48478bd0d18730b42\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-14\" data-target=\"#48478bd0d18730b42\" href=\"#48478bd0d18730b42\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Physical Obsolescence<\/span><\/a><\/h4><\/div><div id=\"48478bd0d18730b42\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Obsolescence physique<br \/>\nSpanish: Obsolescencia F\u00edsica<br \/>\nGerman: Physikalische Obsoleszenz<br \/>\nPortuguese: Obsolesc\u00eancia f\u00edsica<\/p>\n<p>Definition: A loss of utility due to the physical deterioration of the asset or its components resulting from its age and normal usage that results in a loss of value.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"dd0fb7964e11e30bd\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-14\" data-target=\"#dd0fb7964e11e30bd\" href=\"#dd0fb7964e11e30bd\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Plant and Equipment<\/span><\/a><\/h4><\/div><div id=\"dd0fb7964e11e30bd\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Usine et \u00e9quipement<br \/>\nSpanish: Planta y equipos (Inmovilizado material)<br \/>\nGerman: Betriebs- und Gesch\u00e4ftsausstattung<br \/>\nPortuguese: Planta e equipamentos<\/p>\n<p>Definition: A class of tangible asset that is: 1.held by an entity for use in the production or supply of goods or services, for rental by others or for administrative purposes AND 2.expected to be used over a period of time.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"1946f779ba196a132\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-14\" data-target=\"#1946f779ba196a132\" href=\"#1946f779ba196a132\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Portfolio<\/span><\/a><\/h4><\/div><div id=\"1946f779ba196a132\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Portefeuille<br \/>\nSpanish: Portfolio<br \/>\nGerman: Portfolio<br \/>\nPortuguese: Portf\u00f3lio<\/p>\n<p>Definition: An assemblage of various assets or liabilities held or managed by a single entity.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"39a7e2e7df78bf866\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-14\" data-target=\"#39a7e2e7df78bf866\" href=\"#39a7e2e7df78bf866\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Precedent Transaction Analysis<\/span><\/a><\/h4><\/div><div id=\"39a7e2e7df78bf866\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Analyse des transactions ant\u00e9rieures<br \/>\nSpanish: An\u00e1lisis de transacci\u00f3n precedente<br \/>\nGerman: Transaktionsmultiplikator-Methode<br \/>\nPortuguese: An\u00e1lise de transa\u00e7\u00e3o precedente<\/p>\n<p>Definition: Precedents or Precedent Transaction Analysis involves identifying recent acquisitions in the same sector and applying the multiples from these transactions to the financials of the company to be valued.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"d837eaa2e56724320\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-14\" data-target=\"#d837eaa2e56724320\" href=\"#d837eaa2e56724320\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Present Value<\/span><\/a><\/h4><\/div><div id=\"d837eaa2e56724320\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur Actuelle<br \/>\nSpanish: Valor presente<br \/>\nGerman: Barwert<br \/>\nPortuguese: Valor presente<\/p>\n<p>Definition: The value, as of a specified date, of a future payment or series of future payments discounted to the specified date (or to time period zero) at an appropriate discount rate.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"32ecb7d2334795205\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-14\" data-target=\"#32ecb7d2334795205\" href=\"#32ecb7d2334795205\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Present value of future cashflows<\/span><\/a><\/h4><\/div><div id=\"32ecb7d2334795205\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur Actuelle des flux de tr\u00e9sorerie futurs.<br \/>\nSpanish: Valor Presente de los flujos de caja futuros<br \/>\nGerman: Barwert k\u00fcnftiger finanzieller \u00dcbersch\u00fcsse<br \/>\nPortuguese: Valor Presente dos fluxos de caixa futuros<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"0161a55a80de098cd\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-14\" data-target=\"#0161a55a80de098cd\" href=\"#0161a55a80de098cd\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Price to Book<\/span><\/a><\/h4><\/div><div id=\"0161a55a80de098cd\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Cours\/valeur<br \/>\nSpanish: P\/VL &#8212; Capitalizaci\u00f3n\/Valor Libro<br \/>\nGerman: Kurs-Buchwert-Verh\u00e4ltnis<br \/>\nPortuguese: P\/B &#8212; Pre\u00e7o da A\u00e7\u00e3o\/Valor patrimonial da a\u00e7\u00e3o<\/p>\n<p>Definition: The price to book multiple is defined as the market capitalization (or equity value of common shares) divided by the book value of equity which is total common shareholders\u2019 equity excluding preference shares and minority interest.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"7ead1fcc15d8c3fcf\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-14\" data-target=\"#7ead1fcc15d8c3fcf\" href=\"#7ead1fcc15d8c3fcf\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Price to Earnings<\/span><\/a><\/h4><\/div><div id=\"7ead1fcc15d8c3fcf\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Cours\/b\u00e9n\u00e9fice<br \/>\nSpanish: P\/U &#8212; Capitalizaci\u00f3n\/Utilidad<br \/>\nGerman: Kurs-Gewinn-Verh\u00e4ltnis<br \/>\nPortuguese: P\/L<\/p>\n<p>Definition: The Price to Earnings Multiple is defined as the market capitalization (or equity value of common shares) divided by the earnings belonging to common shareholders.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"e4c0f3419e322bf32\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-14\" data-target=\"#e4c0f3419e322bf32\" href=\"#e4c0f3419e322bf32\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Principal market<\/span><\/a><\/h4><\/div><div id=\"e4c0f3419e322bf32\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: March\u00e9 principal<br \/>\nSpanish: Mercado principal<br \/>\nGerman: Hauptmarkt<br \/>\nPortuguese: Mercado principal<\/p>\n<p>Definition: The market with the greatest volume and level of activity for the asset or liability<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"f73ee62490590eee0\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-14\" data-target=\"#f73ee62490590eee0\" href=\"#f73ee62490590eee0\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Prospective Financial Information<\/span><\/a><\/h4><\/div><div id=\"f73ee62490590eee0\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Information financi\u00e8re previsionnelle<br \/>\nSpanish: Informaci\u00f3n financiera prospectiva<br \/>\nGerman: Vorausschauende Finanzinformationen<br \/>\nPortuguese: Informa\u00e7\u00e3o financeira prospectiva<\/p>\n<p>Definition: Forecast financial data used to estimate cash flows in a discounted cash flow model.<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-14{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-14{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-14 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">R<\/h1><\/div><style type=\"text\/css\">#accordion-6005-15 .fusion-panel:hover, #accordion-6005-15 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-15 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-15 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-15 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-15 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-15 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-15 .panel-title a:hover, #accordion-6005-15 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-15 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-15 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-15\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"bc0c141832a535df7\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-15\" data-target=\"#bc0c141832a535df7\" href=\"#bc0c141832a535df7\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Rate of Return<\/span><\/a><\/h4><\/div><div id=\"bc0c141832a535df7\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Taux de retour<br \/>\nSpanish: Tasa de retorno<br \/>\nGerman: Rendite<br \/>\nPortuguese: Taxa de Retorno<\/p>\n<p>Definition: An amount of income (loss) and\/or change in value realised or anticipated on an investment, expressed as a percentage of that investment.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"1f65ca525f1694ab9\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-15\" data-target=\"#1f65ca525f1694ab9\" href=\"#1f65ca525f1694ab9\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Real Cash Flows<\/span><\/a><\/h4><\/div><div id=\"1f65ca525f1694ab9\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Flux de tr\u00e9sorerie r\u00e9els<br \/>\nSpanish: Flujos de caja reales<br \/>\nGerman: Reale Cashflows<br \/>\nPortuguese: Fluxos de caixa reais<\/p>\n<p>Definition: Nominal cash flows adjusted to exclude the effect of price changes over time.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"26ae666986cb749c5\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-15\" data-target=\"#26ae666986cb749c5\" href=\"#26ae666986cb749c5\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Recognition of an impairment loss<\/span><\/a><\/h4><\/div><div id=\"26ae666986cb749c5\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Comptabilisation d&#8217;une perte de valeur<br \/>\nSpanish: Reconocimiento de una p\u00e9rdida por deterioro<br \/>\nGerman: Erfassung einer Wertminderung<br \/>\nPortuguese: Reconhecimento de uma perda por imparidade<\/p>\n<p>Definition: An impairment loss is recognised whenever recoverable amount is below carrying amount.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"6cb96b1b50a888818\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-15\" data-target=\"#6cb96b1b50a888818\" href=\"#6cb96b1b50a888818\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Recoverable amount<\/span><\/a><\/h4><\/div><div id=\"6cb96b1b50a888818\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur recouvrable<br \/>\nSpanish: Cantidad recuperable<br \/>\nGerman: Erzielbarer Betrag<br \/>\nPortuguese: Quantia recuper\u00e1vel<\/p>\n<p>Definition: The higher of an asset&#8217;s fair value less costs of disposal* (sometimes called net selling price) and its value in use<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"7ec516ca226f39869\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-15\" data-target=\"#7ec516ca226f39869\" href=\"#7ec516ca226f39869\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Reference transactions<\/span><\/a><\/h4><\/div><div id=\"7ec516ca226f39869\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench:<br \/>\nSpanish: Transacciones de referencia<br \/>\nGerman: Referenz-Transaktionen<br \/>\nPortuguese: Transa\u00e7\u00f5es de refer\u00eancia<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"f1f92e9e223a34d39\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-15\" data-target=\"#f1f92e9e223a34d39\" href=\"#f1f92e9e223a34d39\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Replacement Cost<\/span><\/a><\/h4><\/div><div id=\"f1f92e9e223a34d39\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Co\u00fbt de remplacement<br \/>\nSpanish: Costo de reemplazo<br \/>\nGerman: Wiederbeschaffungskosten<br \/>\nPortuguese: Custo de reposi\u00e7\u00e3o<\/p>\n<p>Definition: The current cost of a similar asset offering equivalent utility.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"57c987119b4ab5db7\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-15\" data-target=\"#57c987119b4ab5db7\" href=\"#57c987119b4ab5db7\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Return requirement<\/span><\/a><\/h4><\/div><div id=\"57c987119b4ab5db7\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Rentabilit\u00e9 exig\u00e9<br \/>\nSpanish: Retorno requerido<br \/>\nGerman: Renditeforderung \/ Rendievorgabe \/ Renditeerwartung<br \/>\nPortuguese: Retorno requerido<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"4734afc9edecf4b48\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-15\" data-target=\"#4734afc9edecf4b48\" href=\"#4734afc9edecf4b48\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Reversal of an impairment loss<\/span><\/a><\/h4><\/div><div id=\"4734afc9edecf4b48\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Reprise d&#8217;une perte de valeur<br \/>\nSpanish: Reversi\u00f3n de una p\u00e9rdida por deterioro<br \/>\nGerman: Wertaufholung bei einer Wertminderung<br \/>\nPortuguese: Revers\u00e3o de uma perda por imparidade<\/p>\n<p>Definition: Same approach as for the identification of impaired assets: assess at each balance sheet date whether there is an indication that an impairment loss may have decreased. If so, calculate recoverable amount.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"6450308ec4be7b0b5\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-15\" data-target=\"#6450308ec4be7b0b5\" href=\"#6450308ec4be7b0b5\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Risk Premium<\/span><\/a><\/h4><\/div><div id=\"6450308ec4be7b0b5\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: La prime de risque<br \/>\nSpanish: Prima de riesgo<br \/>\nGerman: Risikopr\u00e4mie<br \/>\nPortuguese: Pr\u00eamio de risco<\/p>\n<p>Definition: Risk Premium is the excess return that the overall stock market provides over the risk-free rate.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"852c6120c1a7140d4\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-15\" data-target=\"#852c6120c1a7140d4\" href=\"#852c6120c1a7140d4\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Risk-free Rate<\/span><\/a><\/h4><\/div><div id=\"852c6120c1a7140d4\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Taux sans risque ajust\u00e9<br \/>\nSpanish: Tasa libre de riesgo<br \/>\nGerman: Risikoloser Zinssatz<br \/>\nPortuguese: Taxa Livre de risco<\/p>\n<p>Definition: Most analysts use the yield on government bonds to determine the risk-free rate even though they are not entirely risk-free. This is because it is virtually impossible to get a truly risk free rate.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"df4df54dc8cfe4af1\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-15\" data-target=\"#df4df54dc8cfe4af1\" href=\"#df4df54dc8cfe4af1\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Royalty<\/span><\/a><\/h4><\/div><div id=\"df4df54dc8cfe4af1\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Royalties<br \/>\nSpanish: Royalty<br \/>\nGerman: Lizenzgeb\u00fchr<br \/>\nPortuguese: Royalty<\/p>\n<p>Definition: A payment made for the use of an asset, especially an intangible asset or a natural resource.<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-15{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-15{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-15 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">S<\/h1><\/div><style type=\"text\/css\">#accordion-6005-16 .fusion-panel:hover, #accordion-6005-16 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-16 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-16 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-16 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-16 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-16 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-16 .panel-title a:hover, #accordion-6005-16 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-16 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-16 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-16\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"0bbb17dd9a035ee4b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-16\" data-target=\"#0bbb17dd9a035ee4b\" href=\"#0bbb17dd9a035ee4b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Sales<\/span><\/a><\/h4><\/div><div id=\"0bbb17dd9a035ee4b\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Ventes<br \/>\nSpanish: Ventas<br \/>\nGerman: Umsatz<br \/>\nPortuguese: Vendas<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"f510b7e115ccf0e3c\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-16\" data-target=\"#f510b7e115ccf0e3c\" href=\"#f510b7e115ccf0e3c\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Special Assumption<\/span><\/a><\/h4><\/div><div id=\"f510b7e115ccf0e3c\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Hypoth\u00e8se Sp\u00e9ciale (tbc)<br \/>\nSpanish: Supuesto Especial<br \/>\nGerman: Besondere Annahme<br \/>\nPortuguese: Suposi\u00e7\u00e3o Especial<\/p>\n<p>Definition: An assumption that either assumes facts that differ from the actual facts existing at the valuation date or that would not be made by a typical market participant in a transaction on the valuation date.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"0409254acecfce06c\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-16\" data-target=\"#0409254acecfce06c\" href=\"#0409254acecfce06c\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Special Purchaser<\/span><\/a><\/h4><\/div><div id=\"0409254acecfce06c\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Acheteur sp\u00e9cial (tbc)<br \/>\nSpanish: Comprador Especial<br \/>\nGerman: Spezieller Eink\u00e4ufer<br \/>\nPortuguese: Comprador Especial<\/p>\n<p>Definition: A particular buyer for whom a particular asset has special value because of advantages arising from its ownership that would not be available to other buyers in a market.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"23bfc0835df367570\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-16\" data-target=\"#23bfc0835df367570\" href=\"#23bfc0835df367570\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Special Value<\/span><\/a><\/h4><\/div><div id=\"23bfc0835df367570\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur sp\u00e9ciale (tbc)<br \/>\nSpanish: Valor especial<br \/>\nGerman: Besonderer Wert<br \/>\nPortuguese: Valor Especial<\/p>\n<p>Definition: An amount that reflects particular attributes of an asset that are only of value to a special purchaser.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"56dadc7d696aa380e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-16\" data-target=\"#56dadc7d696aa380e\" href=\"#56dadc7d696aa380e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Specific Risk<\/span><\/a><\/h4><\/div><div id=\"56dadc7d696aa380e\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Risque sp\u00e9cifique<br \/>\nSpanish: Riesgo espec\u00edfico<br \/>\nGerman: Spezifisches Risiko<br \/>\nPortuguese: Risco Espec\u00edfico<\/p>\n<p>Definition: See firm-specific risk.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"1da365421bd46f8ce\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-16\" data-target=\"#1da365421bd46f8ce\" href=\"#1da365421bd46f8ce\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Standard Deviation<\/span><\/a><\/h4><\/div><div id=\"1da365421bd46f8ce\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: \u00c9cart type<br \/>\nSpanish: Desviaci\u00f3n estandar<br \/>\nGerman: Standardabweichung<br \/>\nPortuguese: Desvio Padr\u00e3o<\/p>\n<p>Definition: A measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"3f62bcc8c1407e66e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-16\" data-target=\"#3f62bcc8c1407e66e\" href=\"#3f62bcc8c1407e66e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Subjective value<\/span><\/a><\/h4><\/div><div id=\"3f62bcc8c1407e66e\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench:<br \/>\nSpanish: Valor Subjetivo<br \/>\nGerman: subjektiver Unternehmenswert<br \/>\nPortuguese:<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"14f049efccfff4e3b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-16\" data-target=\"#14f049efccfff4e3b\" href=\"#14f049efccfff4e3b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Synergistic Value<\/span><\/a><\/h4><\/div><div id=\"14f049efccfff4e3b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur synergique<br \/>\nSpanish: Valor sin\u00e9rgico<br \/>\nGerman: Synergiewert<br \/>\nPortuguese: Valor sin\u00e9rgico<\/p>\n<p>Definition: An additional element of value created by the combination of two or more interests where the value of the combined interest is worth more than the sum of the original interests.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"2787a985bfc1cac5e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-16\" data-target=\"#2787a985bfc1cac5e\" href=\"#2787a985bfc1cac5e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Systematic Risk<\/span><\/a><\/h4><\/div><div id=\"2787a985bfc1cac5e\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Risque syst\u00e9matique<br \/>\nSpanish: Riesgo sistematico<br \/>\nGerman: Systematisches Risiko<br \/>\nPortuguese: Risco sistem\u00e1tico<\/p>\n<p>Definition: See market risk.<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-16{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-16{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-16 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">T<\/h1><\/div><style type=\"text\/css\">#accordion-6005-17 .fusion-panel:hover, #accordion-6005-17 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-17 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-17 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-17 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-17 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-17 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-17 .panel-title a:hover, #accordion-6005-17 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-17 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-17 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-17\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"8ef2b9e79d28b6923\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-17\" data-target=\"#8ef2b9e79d28b6923\" href=\"#8ef2b9e79d28b6923\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Tax Amortisation Benefit<\/span><\/a><\/h4><\/div><div id=\"8ef2b9e79d28b6923\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Avantage d&#8217;amortissement fiscal<br \/>\nSpanish: Beneficio de amortizaci\u00f3n de impuestos<br \/>\nGerman: Steuerlicher Amortisationsvorteil<br \/>\nPortuguese: Benef\u00edcio de Amortiza\u00e7\u00e3o Fiscal<\/p>\n<p>Definition: Tax relief available on amortisation of the capitalised asset.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"c32f02d920a809786\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-17\" data-target=\"#c32f02d920a809786\" href=\"#c32f02d920a809786\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Tax shield<\/span><\/a><\/h4><\/div><div id=\"c32f02d920a809786\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Bouclier fiscal<br \/>\nSpanish: Beneficio fiscal<br \/>\nGerman: Steuerersparnis aus der Fremdfinanzierung<br \/>\nPortuguese: Benef\u00edcio fiscal<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"925b86cad48ab4097\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-17\" data-target=\"#925b86cad48ab4097\" href=\"#925b86cad48ab4097\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Terminal Value<\/span><\/a><\/h4><\/div><div id=\"925b86cad48ab4097\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur terminale<br \/>\nSpanish: Valor terminal<br \/>\nGerman: Endwert<br \/>\nPortuguese: Valor terminal<\/p>\n<p>Definition: The value at the end of an explicit forecast period of all remaining projected cash flows.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"6d37c0edc136cbd55\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-17\" data-target=\"#6d37c0edc136cbd55\" href=\"#6d37c0edc136cbd55\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Terminal year<\/span><\/a><\/h4><\/div><div id=\"6d37c0edc136cbd55\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Derni\u00e8re ann\u00e9e<br \/>\nSpanish: \u00daltimo a\u00f1o<br \/>\nGerman: Rentenphase<br \/>\nPortuguese:<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"7f1583db303e076c6\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-17\" data-target=\"#7f1583db303e076c6\" href=\"#7f1583db303e076c6\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Trading multiples<\/span><\/a><\/h4><\/div><div id=\"7f1583db303e076c6\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Les multiples<br \/>\nSpanish: Multiplos comparables<br \/>\nGerman: Handels-Multiplikatoren<br \/>\nPortuguese: M\u00faltiplos compar\u00e1veis de mercado<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"94d3493823098e220\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-17\" data-target=\"#94d3493823098e220\" href=\"#94d3493823098e220\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Transaction multiples<\/span><\/a><\/h4><\/div><div id=\"94d3493823098e220\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Les multiples de transactions<br \/>\nSpanish: Multiplos de las transacciones<br \/>\nGerman: Transaktions-Multiplikatoren<br \/>\nPortuguese: M\u00faltiplos de tansa\u00e7\u00f5es compar\u00e1veis<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-17{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-17{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-17 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">U-V<\/h1><\/div><style type=\"text\/css\">#accordion-6005-18 .fusion-panel:hover, #accordion-6005-18 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-18 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-18 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-18 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-18 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-18 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-18 .panel-title a:hover, #accordion-6005-18 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-18 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-18 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-18\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"56dd5c4660d1f72f5\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-18\" data-target=\"#56dd5c4660d1f72f5\" href=\"#56dd5c4660d1f72f5\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Unsystematic Risk<\/span><\/a><\/h4><\/div><div id=\"56dd5c4660d1f72f5\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Risque non syst\u00e9matique<br \/>\nSpanish: Riesgo no sistematico<br \/>\nGerman: Unsystematisches Risiko<br \/>\nPortuguese: Risco n\u00e3o sistem\u00e1tico<\/p>\n<p>Definition: See firm-specific risk.<\/p>\n[\/fusion_title]<style type=\"text\/css\">#accordion-6005-18 .fusion-panel:hover, #accordion-6005-18 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-18 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-18 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-18 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-18 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-18 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-18 .panel-title a:hover, #accordion-6005-18 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-18 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-18 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-18\"><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"106d12d35cd54a86d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-19\" data-target=\"#106d12d35cd54a86d\" href=\"#106d12d35cd54a86d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Valuation<\/span><\/a><\/h4><\/div><div id=\"106d12d35cd54a86d\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\"><\/div><\/div><\/div>\nFrench: Evaluation\/Valorisation<br \/>\nSpanish: Valoraci\u00f3n<br \/>\nGerman: Bewertung<br \/>\nPortuguese: Avalia\u00e7\u00e3o<\/p>\n<p>Definition: (1) The process of establishing the value of an asset or liability; OR (2) The amount representing an opinion or estimate of value<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"2bfde963f58d2bf0e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-19\" data-target=\"#2bfde963f58d2bf0e\" href=\"#2bfde963f58d2bf0e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Valuation Approach<\/span><\/a><\/h4><\/div><div id=\"2bfde963f58d2bf0e\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Approche d&#8217;\u00e9valuation<br \/>\nSpanish: Enfoque de valoraci\u00f3n<br \/>\nGerman: Bewertungsansatz<br \/>\nPortuguese: Abordagem de avalia\u00e7\u00e3o<\/p>\n<p>Definition: One of three principal ways of estimating value. Each valuation approach includes different methods that may be used to apply the principles of the approach to specific asset types or situations.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"b13eac0700f342f70\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-19\" data-target=\"#b13eac0700f342f70\" href=\"#b13eac0700f342f70\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Valuation Date<\/span><\/a><\/h4><\/div><div id=\"b13eac0700f342f70\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Date d&#8217;\u00e9valuation<br \/>\nSpanish: Fecha de la valoraci\u00f3n<br \/>\nGerman: Bewertungsdatum<br \/>\nPortuguese: Data de avalia\u00e7\u00e3o<\/p>\n<p>Definition: The date on which the opinion of value applies. The valuation date shall also include the time at which it applies if the value of the type of asset can change materially in the course of a single day.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"2c23cb5703354d7e3\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-19\" data-target=\"#2c23cb5703354d7e3\" href=\"#2c23cb5703354d7e3\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Valuation Inputs<\/span><\/a><\/h4><\/div><div id=\"2c23cb5703354d7e3\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Donn\u00e9es d&#8217;\u00e9valuation<br \/>\nSpanish: Entradas de valoraci\u00f3n<br \/>\nGerman: Bewertungseingaben<br \/>\nPortuguese: Entradas de avalia\u00e7\u00e3o<\/p>\n<p>Definition: Data and other information that is used in a valuation method. Inputs may be actual or estimated.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"38c13ef673762a0fd\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-19\" data-target=\"#38c13ef673762a0fd\" href=\"#38c13ef673762a0fd\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Valuation Method<\/span><\/a><\/h4><\/div><div id=\"38c13ef673762a0fd\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: M\u00e9thodes d&#8217;\u00e9valuation<br \/>\nSpanish: M\u00e9todo de valoraci\u00f3n<br \/>\nGerman: Bewertungsmethode<br \/>\nPortuguese: M\u00e9todo de Avalia\u00e7\u00e3o<\/p>\n<p>Definition: A specific technique or model used to estimate value. All valuation methods fall within a valuation approach.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"e2f290bad0132cd65\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-19\" data-target=\"#e2f290bad0132cd65\" href=\"#e2f290bad0132cd65\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Valuation Report<\/span><\/a><\/h4><\/div><div id=\"e2f290bad0132cd65\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Rapport d&#8217;\u00e9valuation<br \/>\nSpanish: Informe de Valoraci\u00f3n<br \/>\nGerman: Bewertungsbericht<br \/>\nPortuguese: Laudo de Avalia\u00e7\u00e3o<\/p>\n<p>Definition: A report that communicates a valuation opinion and relevant associated matters to its intended recipient.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"bd99fdc71b0db836a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-19\" data-target=\"#bd99fdc71b0db836a\" href=\"#bd99fdc71b0db836a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Valuation Review<\/span><\/a><\/h4><\/div><div id=\"bd99fdc71b0db836a\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Examen d&#8217;\u00e9valuation<br \/>\nSpanish: Revisi\u00f3n de valoraci\u00f3n<br \/>\nGerman: Bewertungs\u00fcberpr\u00fcfung<br \/>\nPortuguese: Revis\u00e3o de Avalia\u00e7\u00e3o<\/p>\n<p>Definition: The act or process of considering and reporting on a valuation undertaken by another party, which may or may not require the reviewer to provide their own valuation opinion.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"3b3697ac08b8138de\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-19\" data-target=\"#3b3697ac08b8138de\" href=\"#3b3697ac08b8138de\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Value at Risk<\/span><\/a><\/h4><\/div><div id=\"3b3697ac08b8138de\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur \u00e0 risque<br \/>\nSpanish: Valor en riesgo<br \/>\nGerman: Value at Risk<br \/>\nPortuguese: Valor em risco<\/p>\n<p>Definition: The maximum loss that could be expected to be incurred over a nominated time period as a result of movements in identified risk parameters, within a specified level of probability based on statistical analysis of historical price trends and volatilities.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"0b6e8bdd0b3c62e2e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-19\" data-target=\"#0b6e8bdd0b3c62e2e\" href=\"#0b6e8bdd0b3c62e2e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Value in Use<\/span><\/a><\/h4><\/div><div id=\"0b6e8bdd0b3c62e2e\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Valeur d&#8217;utilit\u00e9<br \/>\nSpanish: Valor en uso<br \/>\nGerman: Nutzungswert<br \/>\nPortuguese: Valor em uso<\/p>\n<p>Definition: The present value of the future cash flows expected to be derived from an asset or cash-generating unit.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"aad97b48159c615f9\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-19\" data-target=\"#aad97b48159c615f9\" href=\"#aad97b48159c615f9\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Variance<\/span><\/a><\/h4><\/div><div id=\"aad97b48159c615f9\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Variance\/\u00e9cart<br \/>\nSpanish: Variancia<br \/>\nGerman: Varianz<br \/>\nPortuguese: Vari\u00e2ncia<\/p>\n<p>Definition: Variance is a measure of the dispersion of a set of data points around their mean value. Variance is a mathematical expectation of the average squared deviations from the mean.<\/p>\n<\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">@media only screen and (max-width:1200px) {.fusion-title.fusion-title-18{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-18{margin-top:10px!important; margin-right:0px!important;margin-bottom:20px!important; margin-left:0px!important;}}<\/style><div class=\"fusion-title title fusion-title-18 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:10px;margin-right:0px;margin-bottom:20px;margin-left:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\">W-Z<\/h1><\/div><style type=\"text\/css\">#accordion-6005-20 .fusion-panel:hover, #accordion-6005-20 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-20 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-20 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-20 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-20 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-20 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-20 .panel-title a:hover, #accordion-6005-20 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-20 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-20 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-20\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"673ed0136f470ca38\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-20\" data-target=\"#673ed0136f470ca38\" href=\"#673ed0136f470ca38\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">WACC approach<\/span><\/a><\/h4><\/div><div id=\"673ed0136f470ca38\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Le Co\u00fbt Moyen Pond\u00e9r\u00e9 du Capital (CMPC)<br \/>\nSpanish: M\u00e9todo WACC (Coste Promedio Ponderado de Capital)<br \/>\nGerman: WACC-Verfahren (Weighted Average Cost of Capital-Verfahren)<br \/>\nPortuguese: Metodo WACC (Custo M\u00e9dio Ponderado de Capital)<\/p>\n<p>Definition:<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"12196f9e876dc8e42\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-20\" data-target=\"#12196f9e876dc8e42\" href=\"#12196f9e876dc8e42\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Wasting Assets<\/span><\/a><\/h4><\/div><div id=\"12196f9e876dc8e42\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Actifs \u00e9puisables<br \/>\nSpanish: Desperdicio de activos<br \/>\nGerman: Verfallender Verm\u00f6genswert<br \/>\nPortuguese: Desperdi\u00e7o de ativos<\/p>\n<p>Definition: Assets which in real terms will generally depreciate in value over time.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"901b15e7cfd633b49\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-20\" data-target=\"#901b15e7cfd633b49\" href=\"#901b15e7cfd633b49\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Weighted Average Cost of Capital (WACC)<\/span><\/a><\/h4><\/div><div id=\"901b15e7cfd633b49\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Le Co\u00fbt Moyen Pond\u00e9r\u00e9 du Capital (CMPC)<br \/>\nSpanish: WACC<br \/>\nGerman: Gewichtete Kapitalkosten<br \/>\nPortuguese: WACC<\/p>\n<p>Definition: The Weighted Average Cost of Capital (WACC) incorporates the individual costs of capital for each provider of finance (e.g. debt and equity), weighted by the relative size of their contribution to the overall pool of finance.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"28e79584dd6ae95d6\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-20\" data-target=\"#28e79584dd6ae95d6\" href=\"#28e79584dd6ae95d6\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Working Capital<\/span><\/a><\/h4><\/div><div id=\"28e79584dd6ae95d6\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Fonds de roulement<br \/>\nSpanish: Capital circulante<br \/>\nGerman: Betriebsmittel<br \/>\nPortuguese: Capital de giro<\/p>\n<p>Definition: The amount by which current assets exceed current liabilities.<\/p>\n[\/fusion_title]<style type=\"text\/css\">#accordion-6005-20 .fusion-panel:hover, #accordion-6005-20 .fusion-panel.hover{ background-color: #f9f9fb } #accordion-6005-20 .fusion-panel { border-color:#e2e2e2; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-6005-20 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-6005-20 .panel-title a .fa-fusion-box:before{ font-size: 16px; width: 16px;}.fusion-accordian  #accordion-6005-20 .panel-title a{font-size:24px;}.fusion-accordian  #accordion-6005-20 .fa-fusion-box { background-color: #212934;border-color: #212934;}.fusion-accordian  #accordion-6005-20 .panel-title a:hover, #accordion-6005-20 .fusion-toggle-boxed-mode:hover .panel-title a { color: #65bc7b;}.fusion-accordian  #accordion-6005-20 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-6005-20 .panel-title a:hover .fa-fusion-box { background-color: #65bc7b!important;border-color: #65bc7b!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-6005-20\"><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a class=\"active\" aria-expanded=\"true\" aria-controls=\"43b9dc7f99917f2d7\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-21\" data-target=\"#43b9dc7f99917f2d7\" href=\"#43b9dc7f99917f2d7\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Yield<\/span><\/a><\/h4><\/div><div id=\"43b9dc7f99917f2d7\" class=\"panel-collapse collapse in\"><div class=\"panel-body toggle-content fusion-clearfix\"><\/div><\/div><\/div>\nFrench: Rendement<br \/>\nSpanish: Rendimiento<br \/>\nGerman: Rendite<br \/>\nPortuguese: Rendimento<\/p>\n<p>Definition: The return on an investment. Usually expressed annually as a percentage based on an investment\u2019s cost, its current market value or its face (par) value. Often used with a qualifying word or phrase.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-controls=\"e3685ab454ecb318f\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-6005-21\" data-target=\"#e3685ab454ecb318f\" href=\"#e3685ab454ecb318f\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Yield to Maturity<\/span><\/a><\/h4><\/div><div id=\"e3685ab454ecb318f\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\nFrench: Rendement \u00e0 \u00e9ch\u00e9ance<br \/>\nSpanish: Rendimiento al vencimiento<br \/>\nGerman: Rendite bis F\u00e4lligkeit<br \/>\nPortuguese: Rendimento at\u00e9 o vencimento<\/p>\n<p>Definition: The annual rate of return anticipated on a bond if it is held until the maturity date taking into account the current market price, the par value, coupon interest rate and the time to maturity.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-4{width:33.333333333333% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-4 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 5.76%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 5.76%;}@media only screen and (max-width:1200px) {.fusion-body .fusion-builder-column-4{width:33.333333333333% !important;order : 0;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 5.76%;margin-left : 5.76%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-4{width:100% !important;order : 0;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-3{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-4 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e8ebef;border-style:solid;\" ><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-4{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"100-width.php","meta":{"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9 - 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