By Guy Jacquot and Thomas Hachette, published in Décideurs Paroles d’experts, April 2016
Many companies are considering how to value their expertise, particularly that developed by their R&D departments. To do this, finance professionals often use the DCF method, which involves discounting expected future cash flows at the cost of capital. However, this valuation tool, however rational it may be, does not take into account the specific characteristics of the innovation process and can quickly lead – on the basis of seemingly realistic forecasts – to an R&D project being halted or undervalued.
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