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1、ATutorialontheDiscountedCashFlowModelforValuationofCompaniesL.PeterJennergren∗Sixthrevision,August25,2006SSE/EFIWorkingPaperSeriesinBusinessAdministrationNo.1998:1AbstractAllstepsofthediscountedcashflowmodelareoutlined.Essentialstepsare:calculationoffreecashflow,forecastingoffutureaccountin
2、gdata(incomestate-mentsandbalancesheets),anddiscountingoffreecashflow.ThereisparticularemphasisonforecastingthosebalancesheetitemswhichrelatetoProperty,Plant,andEquipment.Thereisanexemplifyingvaluationincluded(ofacompanycalledMcKay),asanillustration.Anumberofothervaluationmodels(abnormalea
3、rn-ings,adjustedpresentvalue,economicvalueadded,anddiscounteddividends)arealsodiscussed.Earlierversionsofthisworkingpaperwereentitled“ATutorialontheMcKinseyModelforValuationofCompanies”.Keywords:Valuation,freecashflow,discounting,accountingdataJELclassification:G31,M41,C60∗StockholmSchoolof
4、Economics,Box6501,S-11383Stockholm,Sweden.TheauthorisindebtedtoTomasHjelstr¨om,JoakimLevin,PerOlsson,KenthSkogsvik,andIgnacioVelez-Parejafordiscussionsandcomments.11IntroductionThistutorialexplainsallthestepsofthediscountedcashflowmodel,prominentlyfeaturedinabookbyanauthorteamfromMcKinsey&
5、Company(TimKoller,MarcGoedhart,andDavidWessels:Valuation:MeasuringandManagingtheValueofCompa-nies,Wiley,Hoboken,NewJersey;4thed.2005).Thepurposeistoenablethereadertosetupacompletevaluationmodelofhis/herown,atleastforacompanywithasimplestructure.Thediscussionproceedsbymeansofanextendedvalu
6、ationexample.ThecompanythatissubjecttothevaluationexerciseistheMcKaycompany.1TheMcKayexampleinthistutorialissomewhatsimilartothePrestonexample(concerningatruckingcompany)inthefirsttwoeditionsofValuation:MeasuringandManagingtheValueofCompanies(Copelandetal.1990,Copelandetal.1994).How-ever,c
7、ertainsimplificationshavebeenmade,foreasierunderstandingofthemodel.Inparticular,thecapitalstructureofMcKayiscomposedonlyofequityanddebt(i.e.,noconvertiblebonds,etc.).Also,McKayhasnocapitalleasesorcapitalizedpensionliabilities.2McKayisasingle-divisioncompanyandhasnofo
