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This chapter provides an integrated view of how financial debt, quasi-equity instruments, preferred and non-voting shares, capital increases, private placements, equity kickers, and derivatives reshape the link between a firm’s operations and its financing. While none of these instruments change the business itself, they alter risk allocation, cash flow priorities, dilution, and control—ultimately influencing WACC, DCF, Enterprise Value, and Equity Value. By focusing on economic substance rather than legal labels, the chapter offers a coherent valuation framework that captures how modern financing choices redistribute risk and return among investors.

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Beyond Debt and Equity: Valuing Convertibles, Preferred Shares, Equity Offerings, and Derivatives

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  • 发表日期：

    2026年

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  • Roberto Moro-Visconti

摘要

This chapter provides an integrated view of how financial debt, quasi-equity instruments, preferred and non-voting shares, capital increases, private placements, equity kickers, and derivatives reshape the link between a firm’s operations and its financing. While none of these instruments change the business itself, they alter risk allocation, cash flow priorities, dilution, and control—ultimately influencing WACC, DCF, Enterprise Value, and Equity Value. By focusing on economic substance rather than legal labels, the chapter offers a coherent valuation framework that captures how modern financing choices redistribute risk and return among investors.