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1、麦肯锡公司价值评估方法详解和案例2011ATutorialontheDiscountedCashFlowModelforValuationofCompanies??L.PeterJennergrenNinthrevision,December13,2011SSE/EFIWorkingPaperSeriesinBusinessAdministrationNo.1998:1AbstractAllstepsofthediscountedcashflowmodelareoutlined.Essentialstepsare:calcul
2、ationoffreecashflow,forecastingoffutureaccountingdata(incomestate-mentsandbalancesheets),anddiscountingoffreecashflow.Thereisparticularemphasisonforecastingthosebalancesheetitemswhichrelatetoproperty,plant,andequipment.Thereisanexemplifyingvaluationincluded(ofacompa
3、nycalledMcKay),asanillustration.Anumberofothervaluationmodels(discounteddivi-dends,adjustedpresentvalue,economicvalueadded,andabnormalearnings)arealsodiscussed.Earlierversionsofthisworkingpaperwereentitled“ATutorialontheMcKinseyModelforValuationofCompanies”.Keywords
4、:Valuation,freecashflow,discounting,accountingdataJELclassification:G31,M41,C60??StockholmSchoolofEconomics,Box6501,S-11383Stockholm,Sweden.TheauthorisindebtedtoTomasHjelstro¨m,JoakimLevin,PerOlsson,KenthSkogsvik,andIgnacioVelez-Parejafordiscus-sionsandcomments.Also
5、,theauthorthankstheTorstenandRagnarSo¨derbergFoundationsandFo¨rsa¨kringsbolagetPensionsgarantiforeconomicsupport.1麦肯锡公司价值评估方法详解和案例2011ATutorialontheDiscountedCashFlowModelforValuationofCompanies??L.PeterJennergrenNinthrevision,December13,2011SSE/EFIWorkingPaperSerie
6、sinBusinessAdministrationNo.1998:1AbstractAllstepsofthediscountedcashflowmodelareoutlined.Essentialstepsare:calculationoffreecashflow,forecastingoffutureaccountingdata(incomestate-mentsandbalancesheets),anddiscountingoffreecashflow.Thereisparticularemphasisonforecas
7、tingthosebalancesheetitemswhichrelatetoproperty,plant,andequipment.Thereisanexemplifyingvaluationincluded(ofacompanycalledMcKay),asanillustration.Anumberofothervaluationmodels(discounteddivi-dends,adjustedpresentvalue,economicvalueadded,andabnormalearnings)arealsodi
8、scussed.Earlierversionsofthisworkingpaperwereentitled“ATutorialontheMcKinseyModelforValuationofCompanies”.Keywords:Valuation,freecashflow,
