Bir firmanin degerini hesaplamak icin en yaygin ve saglikli yontem firmanin her seneki free cashflow degerlerinin simdiki degerlerinin toplanmasindan ibarettir.  Assagidaki bilgileri Haziran 2000'de calistigim firmada  verdigim bir seminer icin hazirlamistim. Finansal terimlerin Turkceleri icin hazirladigim Ekonomik Terimler Sozlugune bakabilirsiniz.  Konuya tamamen yabanci olanlar burada sunulan bilgileri biraz agir bulabilirler.  Onlara Turkce yazilmis Finans kitaparindan temel bigi almalarini oneririm.  Vaktimin azligi dolayisiyla konuyu Ingilizce olarak yayinlamak zorundayim.  Kusura bakmayin.

Calismanin hazirlanmasinda kullanilan eserler:

Aswath Damodoran "Investment Valuation", John Willey & Sons, 1996, ISBN 0-471-11213-5

Tom Copeland, et al, "Valuation, Measuring and Managing the Value of Companies", John Willey & Sons, 1995, ISBN 0-471-00993-8

John D. Finnerty, "Project Financing, Asset-Based Financial Engineering",  John Willey & Sons, 1996, ISBN 0-471-14631-5

BASIC RELATIONSHIP

Using Discount Cashflow Analysis (DCF)

Value of Investment = Total Present Value (PV) of Future Free Cashflows (CF)

                                + PV of Residual Value at the end Valuation Period                         (Eq.1)

PRESENT VALUE

PV of CF at year-n = (CF)_n / (1+k)ⁿ where k = Discount Rate (%)

Then we can rewrite the Basic Equation (Eq. 1) as follows:

Value of Investment = Σ (CF)_n /(1+k)ⁿ  +  Residual Value/(1+k)ⁿ                                                    (Eq.2)

NET PRESENT VALUE

Net Present Value (NPV) = Initial Investment - Value of Investment                                    (Eq.3)

For more details see the following:

Examples

Discount Rates & Residual Value Estimation

Free Cashflows to Equity for an Unlevered Firm

Free Cashflows for a Levered Firm

Simple Versions of Free Cashflows for a Levered Firm