TY  - JOUR
AB  - Purpose– The aim of this paper is to answer the question: Do discounted cash flows valuation methods provide always the same value?Design/methodology/approach– This paper is a summarized compendium of ten methods including: free cash flow; equity cash flow; capital cash flow; adjusted present value; business's risk‐adjusted free cash flow and equity cash flow; risk‐free rate‐adjusted free cash flow and equity cash flow; economic profit; and economic value added.Findings– All ten methods always give the same value.Research limitations/implications– The disagreements among the various theories of firm valuation arise from the calculation of the value of the tax shields (VTS). The paper analyses nine different theories.Originality/value– The paper is an analysis of ten methods of company valuation using discounted cash flows and nine different theories about the VTS.
VL  - 33
IS  - 11
SN  - 0307-4358
DO  - 10.1108/03074350710823827
UR  - https://doi.org/10.1108/03074350710823827
AU  - Fernández Pablo
ED  - Carlo Alberto Magni
ED  - Stefano Malagoli
PY  - 2007
Y1  - 2007/01/01
TI  - Valuing companies by cash flow discounting: ten methods and nine theories
T2  - Managerial Finance
PB  - Emerald Group Publishing Limited
SP  - 853
EP  - 876
Y2  - 2024/09/26
ER  -