Equivalence of the different discounted cash flow valuation methods. Different alternatives for determining the discounted value of tax shields and their implications for the valuation

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Fernández, Pablo;
  • Subject: Valuation firms; cash flow valuation methods;
    • jel: jel:G30 | jel:F30

This paper addresses the valuation of firms by cash flow discounting. The first part shows that the four most commonly used discounted cash flow valuation methods (free cash flow discounted at the WACC; cash flow available for equity holders discounted at the required r... View more
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