September 2012
Intermediate to advanced
216 pages
5h 59m
English
Content preview from Financial Times Guide to Corporate Valuation, The, 2nd Edition
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88 The Financial Times Guide to Corporate Valuation
You now have the enterprise value stemming from the explicit period. In
order to get the enterprise value, you need to add the present value of all
free cash flows after the explicit period to infinity (i.e. the terminal value).
Computing terminal value
Having calculated the free cash flow for the explicit forecast period, we
move on to calculate the free cash flows from the year after the last year of
the explicit period to perpetuity. This value, discounted back to today, is
referred to as the ‘terminal value’ or ‘continuing value’.
As this calculation stretches far into the future, it is difficult ...
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