并购整合估价.pptxVIP

Valuation ;Valuation as a Tool;Business Valuation Techniques;Discounted Cash Flow Valuation;Dividends: The Stability Factor;Valuation: Back to First Principles;Valuation: First Principles;The Valuation Process;The Valuation Process, continued;Total Enterprise Value (TEV);Measuring Cash Flows;Working Capital vs. Permanent Financing;FCFF vs. Accounting Cash Flows;Cash Flow Definition Issues;;An Example, continued;Two Stage FCFF Valuation;Stage 1 Valuation;Stage 2 Valuation;Stage 2 Valuation;Discounted FCFF Example;Discounted FCFF Example (cont’d);Discounted FCFF Example (cont’d);Discounted FCF