What a company is worth, and why two experts never say the same thing.
Practise this list
From these 32 words, as many per round as you like — up to all of them: first what is due today, then new ones. First you choose, then you fill the gap, then you write it yourself. Mistakes come back again shortly.
More about this list
The twenty-first entry is o resultado normalizado, and the noun inside it has given English an idiom that left the ledger long ago. On a profit-and-loss account the figure that survives every deduction is printed last, and that position is its name: « the bottom line ». In a report the phrase is still literal, and « the bottom line improved » says that the profit did. Everywhere else it has become the ordinary way of announcing the only thing that counts — « the bottom line is that we cannot afford it » — where no account is in sight and nobody is adding anything up. Two neighbours come off the same page. « In the red » and « in the black » remember the two inks a bookkeeper once used, losses in red and everything else in black, and « to be in the black » needs explaining to nobody. Portuguese keeps o resultado for the figure and has to change words altogether for the other sense: o que interessa é que, no fim de contas. The arithmetic crosses between the two languages without losing anything; the idiom does not cross at all.
The words
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Phrase (29)
valor da empresathe enterprise valuePhraseC2
O valor da empresa inclui a dívida assumida pelo comprador.The enterprise value includes the debt taken on by the buyer.
valor dos capitais própriosthe equity valuePhraseC2
O valor dos capitais próprios é o que sobra depois de pagar a dívida.The equity value is what is left once the debt has been paid.
dívida líquidathe net debtPhraseC2
A dívida líquida desconta o dinheiro que está em caixa.Net debt deducts the cash that is sitting in the till.
método dos fluxos de caixa descontadosthe discounted cash flow methodPhraseC2
O método dos fluxos de caixa descontados depende das previsões.The discounted cash flow method depends on the forecasts.
fluxo de caixa livrethe free cash flowPhraseC2
O fluxo de caixa livre é o que sobra para quem financiou.Free cash flow is what is left for those who put up the money.
valor terminalthe terminal valuePhraseC2
O valor terminal costuma pesar mais do que os anos previstos.The terminal value usually weighs more than the forecast years.
taxa de descontothe discount ratePhraseC2
Uma taxa de desconto mais alta baixa logo o resultado.A higher discount rate lowers the figure at once.
custo dos capitais própriosthe cost of equityPhraseC2
O custo dos capitais próprios não aparece na contabilidade.The cost of equity does not appear in the accounts.
coeficiente betathe beta coefficientPhraseC2
O coeficiente beta mede a oscilação face ao mercado.The beta coefficient measures the swing against the market.
prémio de riscothe risk premiumPhraseC2
O prémio de risco reflete a incerteza do setor.The risk premium reflects the uncertainty of the sector.
hipótese de crescimentothe growth assumptionPhraseC2
A hipótese de crescimento tem de ser explicada por escrito.The growth assumption has to be argued in writing.
horizonte de projeçãothe forecast horizonPhraseC2
O horizonte de projeção raramente passa de alguns anos.The forecast horizon rarely goes beyond a few years.
análise de sensibilidadethe sensitivity analysisPhraseC2
A análise de sensibilidade mostra o que faz mexer o resultado.The sensitivity analysis shows what moves the figure.
comparação com empresas cotadasthe comparison with listed companiesPhraseC2
A comparação com empresas cotadas é rápida e grosseira.The comparison with listed companies is quick and rough.
comparação com transaçõesthe comparison with completed dealsPhraseC2
A comparação com transações usa negócios já fechados.The comparison with completed deals uses transactions already closed.
prémio de controlothe control premiumPhraseC2
Quem compra a maioria paga um prémio de controlo.Whoever buys the majority pays a control premium.
desconto de minoriathe minority discountPhraseC2
A participação pequena sofre um desconto de minoria.The small holding takes a minority discount.
desconto de iliquidezthe illiquidity discountPhraseC2
O desconto de iliquidez atinge quem não consegue vender depressa.The illiquidity discount hits whoever cannot sell quickly.
