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1、ATutorialontheDiscountedCashFlowModelforValuationofCompaniesL.PeterJennergren∗Ninthrevision,December13,2011SSE/EFIWorkingPaperSeriesinBusinessAdministrationNo.1998:1AbstractAllstepsofthediscountedcashflowmodelareoutlined.Essentialstepsare:calculationoffreecashflow,forecastingoffutureaccountingda
2、ta(incomestate-mentsandbalancesheets),anddiscountingoffreecashflow.Thereisparticularemphasisonforecastingthosebalancesheetitemswhichrelatetoproperty,plant,andequipment.Thereisanexemplifyingvaluationincluded(ofacompanycalledMcKay),asanillustration.Anumberofothervaluationmodels(discounteddivi-den
3、ds,adjustedpresentvalue,economicvalueadded,andabnormalearnings)arealsodiscussed.Earlierversionsofthisworkingpaperwereentitled“ATutorialontheMcKinseyModelforValuationofCompanies”.Keywords:Valuation,freecashflow,discounting,accountingdataJELclassification:G31,M41,C60∗StockholmSchoolofEconomics,Box
4、6501,S-11383Stockholm,Sweden.TheauthorisindebtedtoTomasHjelstr¨om,JoakimLevin,PerOlsson,KenthSkogsvik,andIgnacioVelez-Parejafordiscus-sionsandcomments.Also,theauthorthankstheTorstenandRagnarS¨oderbergFoundationsandF¨ors¨akringsbolagetPensionsgarantiforeconomicsupport.11IntroductionThistutorial
5、explainsallthestepsofthediscountedcashflowmodel,prominentlyfeaturedinabookbyanauthorteamfromMcKinsey&Company(TimKoller,MarcGoedhart,andDavidWessels:Valuation:MeasuringandManagingtheValueofCompa-nies,5thed.2010).Thepurposeistoenablethereadertosetupacompletevaluationmodelofhis/herown,atleastforac
6、ompanywithasimplestructure.Thediscussionproceedsbymeansofanextendedvaluationexample.ThecompanythatissubjecttothevaluationexerciseistheMcKaycompany.1TheMcKayexampleinthistutorialissomewhatsimilartothePrestonexample(concerningatruckingcompany)inthefirsttwoeditionsofValuation:MeasuringandManagingt
7、heValueofCompanies(Copelandetal.1990,Copelandetal.1994).How-ever,certainsimplificationshavebeenmade,foreasierunderstandingofthemodel.Inparticular,thecapitalstructureofMcKayiscomposedonlyofequityanddebt(i.e.,noconvertiblebonds,etc.).Also,
