Three-Stage Free Cash Flow for the Firm (FCFF) Valuation Model
Originally published: 25/06/2016 14:11
Last version published: 25/06/2016 14:12
Publication number: ELQ-54304-2
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Three-Stage Free Cash Flow for the Firm (FCFF) Valuation Model

Value the equity in a firm with three stages of growth

A three-stage FCFF valuation model, also presented in terms of projected EVA.

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

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Further information

- PV of EVA
- Capital Invested
- PV of Chg Capital in Yr 10
- Firm Value



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