Three-Stage Free Cash Flow for the Firm (FCFF) Discount Model

Value the equity in a firm with three stages of growth

discount modelfcfffinancefree cash flow for the firmhigh growthshifting leveragevaluation

- Value of Firm
- Cash and marketable securities
- Value of Debt
- Value of Equity
- Value of Equity options issued by firm
- Value of Equity per Share

Note: this model is being shared with the authorization of Professor Aswath Damodaran from NYU Stern Business School (

This business tool includes
1 Excel Model File

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Further information

Best suited for firms with shifting leverage and growing at a high growth


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