Tuottoarvomenetelmä

Tuottoarvomenetelmä, sometimes referred to as the income approach, is a valuation method used to estimate the value of an asset by discounting the expected future cash flows. It is commonly applied in real estate and business valuations, where the value is linked to the income the asset is expected to generate.

The core idea is that the value of an asset equals the present value of its anticipated net cash flows over a forecast period, plus any terminal value representing the value at the end of the forecast horizon. Key inputs include the forecasted cash flows (net operating income or equivalent), the time horizon (often 5–10 years), the terminal value, and the discount rate or required yield that reflects risk and return expectations. In real estate, a capitalization rate may be used for stable income streams as an alternative to explicit cash-flow projections.

Calculation typically involves discounting each forecasted cash flow to the present and summing them, with an additional present value of the terminal value if used. The method may be implemented as a direct discounting approach or in conjunction with a capitalization rate for steady-state periods. Sensitivity analyses are common to show how changes in cash-flow projections or discount rates affect value.

Applications include valuing commercial properties, rental portfolios, and businesses where future profitability is central to value. The method requires reliable cash-flow forecasts and appropriate risk pricing; its main limitations are forecast uncertainty and sensitivity to discount rates and market conditions. Related concepts include diskontatun kassavirran menetelmä and other valuation approaches such as the cost and market approaches.