Free Cash Flow

•Free cash flow to the firm (FCF) – is the cash flow available to all suppliers of capital.

FCF = OCF – NFAI – NCAI
where,
OCF = Operating cash flow
NFAI = Net fixed asset investment
NCAI = Net current asset investment

Valuing the Firm



Constant Growth FCF Valuation Model



FCF Example



Step 1 FCF Valuation



Step 2 FCF Valuation



Step 3 FCF Valuation



Step 4 FCF Valuation




最后修改: 2018年08月14日 星期二 08:38