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| Tekijä: | Volkart, R. |
| Otsikko: | Umsetzungsaspekte von Discounted Cash Flow-Analysen |
| Lehti: | Zeitschrift für Betriebswirtschaft
1997 : VOL. 67, SPECIAL NUMBER, p. 105-124 |
| Asiasana: | DISCOUNTED CASH FLOW SHARE VALUATION TRANSPORT COSTS FINANCIAL MARKETS USA COMPANIES |
| Kieli: | ger |
| Tiivistelmä: | financial markets transactions. The DCF approach has to be seen as the basic valuation technique, often practiced by use of extended DCF-models. This approach is of increasing importance in continental Europe too, where "traditional" and simplified valuation models still have a significant weight in the evaluation process. DCF analysis can be done on an entity or on an equity level. Whilst the entity approach is based on Free Cash Flows (FCFs) before interest, discounted by WACC, the equity approach requires FCF s after interest and change in debt, discounted by cost of equity. The entity approach is clearly preferred in the anglo-saxon world. In contrast to that some German researchers strongly recommend to work on an equity base. The two different approaches are discussed in this paper. |
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