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Pascal PIERRE edited section_Building_a_Profitability_Valuation__.tex
almost 8 years ago
Commit id: 5ee1d00cbe78476ca20aaba92903e8dfde50c52c
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\section{Building a Profitability-Valuation framework mounted on a Discounted Cash-Flow model}
\subsection{Identifying the main components of the model}
We will be using the Discounted Free Cash-Flow to Firm model
(\texit{FCFF} (\textit{FCFF} hereafter). As its name suggests, this model effectively discounts all the cash-flows that are/can be distributed to the shareholders and debt holders of the firm. Applying (1) to the firm, we get :
\begin{equation}
EV_{t}=\displaystyle\sum_{i=t+1}^{t+K}\frac{FCFF_i}{(1+R)^i}+EV_{t+K}
\end{equation}