Více informací o knize free cash flow approach

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Anotace knihy

Seminar paper from the year 2005 in the subject Economics / Business, printed single-sided, grade: 1.3, California State University Fullerton (California State University Fullerton), course: Theory of Corporate Finance, 21 entries in the bibliography, language: English, abstract: This paper will deal with the procedure and implementations of firm/stock valuationusing FCF approach and WACC the weighted average cost of capital. On the road, thedifferent approaches and methods of firm valuation, the various inputs of WACC and the finalprocedure finding the fair market value of the firm using Pro Forma Financial Statements, willbe discussed. In this valuation method the two main parts contributing to the final value of thefirm are Free Cash Flows (FCF) and the weighted average cost of capital. It is then used the timevalue of money concept along with some educated guesses about the long term sales growth rateand the long term WACC to apply common capital budgeting rules of project evaluation.Besides that, the paper will shortly discuss the influence of capital structure on a firm s value. Itwill come out that there is a difference in value whether the company is leveraged and uses debtor not. When it comes to the different inputs of the WACC, a main focus will be on the requiredrate of return for shareholders. Finding the right beta and an appropriate estimate for the marketrisk premium are the main issues of that part. Therefore, the CAPM model and its specificdeterminants will be analyzed. Thereafter, the nature of pro forma financial statements and thedifferent parts of them will be defined. It will be described how the free cash flows aredetermined and how that leads to the actual valuation procedure. Finally, the paper will focus onthe terminal value as probably the most important and affecting part of the calculated firm valueand its nature as a perpetuity in an investing perspective. The conclusion will finally deal with acritical assessment of the firm valuation process with the FCF method.

Parametry knihy

Zařazení knihy Knihy v angličtině Economics, finance, business & management Business & management

• Plný název: free cash flow approach
• Podnázev: Firm valuation using a DCF-Method and WACC
• Autor: Ralph Johann
• Jazyk: Angličtina
• Vazba: Brožovaná
• Počet stran: 60
• EAN: 9783640159765
• ISBN: 3640159764
• ID: 01613815
• Nakladatelství: Grin Publishing
• Hmotnost: 91 g
• Rozměry: 210 × 148 × 4 mm
• Datum vydání: 10. September 2008

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