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Cash flow discountCapital asset pricing model agro-industry[EN] The estimation of the discount rate is decisive for a reliable economic valuation. The discount rate has to be adjusted for the risks
related to the company, the sector which the company has its market, and the risks related to the investment project. We present a
proposal to incorporate the risk premium to the discount rate. The novelty of the methodology is that difference risk groups according to
activity as a factor to adjust the cost of capital to companies. The study applies the methodology to the Agro-Industrial Complex (AIC)
in Spain. The AIC is formed by industries that add value to farming production. This sector s economic success demands financial
management techniques that assess risk. The conventional method responds neither to the heterogeneity of the economic activities
that make up the AIC, nor to differentiating risk by groups. The proposed methodology distinguishes activity groups in accordance
with the NACE (National Code of Economic Activities) and uses net profitability variability to distinguish the risk in each group. Our
results demonstrate the various levels of risk per group. The results show that among all the groups that form the AIC there are wide
differences between levels of risk; thus, the risk neutral groups present risk levels on the order of 150 times lower than the groups
extreme risk levels.Reserva de todos los derechosAbiertohttp://hdl.handle.net/10251/105806Instituto Nacional de Investigacion y Tecnologia Agraria y Alimentariaapplication/pdf Inmaculada Guaita Pradas Jose Luis Pérez-Salas SagrerasSpanish Journal of Agricultural Research (Online)Inglés
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