Martin,
Thanks for your prompt response.
You correctly explained how the TIR (Tax Internal Rate of Return) works. For sure this is one of the most popular indexes to analyze a discounted cash flow. However, If we export PVSOL cash flow to na Excel, for example, and calculate the Tax Internal Rate of Return using function =TIR, you will figure out that the number you get is completely different from ROA in PVSOL.
Have you ever reproduced in an Excel the ROA outcome you get in PVSOL? I simply cannot calculate it in Excel and thus cannot explain it to my customers.
Thanks again for your time.
Regards,
Rogério.
