This paper presents a valuation method, which determines the enterprise value and cost of unlevered equity simultaneously through a numerical search using the enterprise cash flow forecast. The capital cash flow method is derived from the return expectations on the enterprise as a whole (i.e. the return on the asset), meaning that enterprise valuations may be performed without reference to the concept of tax-shield risk. This should come as a relief, as tax-shield risk is not measurable and hence hardly of any practical utility. Source code is provided with which the numerical search can be implemented.