Leveraging Value With Intangibles: More Guarantees With Less Collateral?

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This paper shows how intangibles can create scalable value, levered by debt and serviced by intangible-driven incremental EBITDA and cash flows. Intangibles intrinsically incorporate information asymmetries and may so discourage debt, but are also a vital component of cash generating value, so representing a key factor for debt servicing, with paradoxical effects (more guarantees with less collateral?). Operating leverage is enhanced by scalability, an intrinsic characteristic of many intangibles, with a positive impact on cash generation and consequent debt servicing. Ability to improve cash flows emerges as a key feature of value enhancing intangibles, bypassing their lack of collateral value.
Lingua originaleEnglish
pagine (da-a)241-252
Numero di pagine12
Stato di pubblicazionePubblicato - 2015


  • cash flows
  • information asymmetries
  • intangible valuation


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