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This chapter develops a coherent framework for valuing holding companies and understanding the persistence of holding discounts. It demonstrates that these discounts are not market anomalies but rather reflections of structural, fiscal, and governance frictions that impede the transmission of value from subsidiaries to parent shareholders. By integrating sum-of-the-parts analysis, look-through cash flow modeling, and friction-adjusted NAV estimation, the chapter transforms group valuation into a rigorous discipline. It also provides a practical roadmap for narrowing discounts through simplification, transparency, and disciplined capital allocation, thereby restoring alignment between asset value and market perception.

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Group Valuation and the Holding Discount Puzzle: The Arithmetic That Refuses to Add Up

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  • 发表日期：

    2026年

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  • Roberto Moro-Visconti

摘要

This chapter develops a coherent framework for valuing holding companies and understanding the persistence of holding discounts. It demonstrates that these discounts are not market anomalies but rather reflections of structural, fiscal, and governance frictions that impede the transmission of value from subsidiaries to parent shareholders. By integrating sum-of-the-parts analysis, look-through cash flow modeling, and friction-adjusted NAV estimation, the chapter transforms group valuation into a rigorous discipline. It also provides a practical roadmap for narrowing discounts through simplification, transparency, and disciplined capital allocation, thereby restoring alignment between asset value and market perception.