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2013, iss. 1, pp. 38-47
Advantages and limitations of the discounted cash flow to firm valuation
Higher School of Professional Business Studies, Novi Sad
The assessment of the firm value by discounting cash flows may be achieved through free cash flow to equity (FCFE) and free cash flow to the firm (FCFF). Although these two approaches will theoretically have the same results, in reality it is not often the case. The aim of this paper is to find the similarities and differences, and advantages and limitations of these two approaches to assess the firm value. The comparative review of these two models leads to the conclusion about the choice of more adequate approach to assess the firm value.
*** (2001) Premija za rizik na ulaganje u SRJ za period oktobar 2000 - april 2001. Službeni glasnik RS, br. 60
*** (2001) Realna stopa prinosa na ulaganje bez rizika za period oktobar 2001 - april 2002. Službeni glasnik RS, br. 60
Damodaran, A. (2002) Investment valuation: Tools and techniques for determining the value of any asset. New York: John Wiley & Sons
Rodić, J., Filipović, M. (2010) Procena vrednosti preduzeća. Beograd: Asimex
Stowe, J., Robinson, R., Pinto, J., MeLeavey, D. (2002) Analysis of Equity Investments: Valuation. Charlottesville: Association for Investment Management and Research
Vlaović-Begović, S., Bolesnikov, D., Njegić, J. (2011) The importance of value assessment of enterprise by discounting of cash flows for investor. in: IV International Conference Eurobrand, Vršac - Temišvar: TQM Center, 255-265
Zakić, V. (2011) Dodata ekonomska vrednost kao merilo generisanja vrednosti za akcionare. Škola biznisa, (1): 53-61


article language: English
document type: Review Paper
DOI: 10.5937/skolbiz1301038V
published in SCIndeks: 20/06/2013
peer review method: double-blind

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